What are credit unions?

A credit union is like a friendly team that helps people save money and borrow money, just like friends helping each other.

Imagine you and your classmates all put some of your lunch money into a shared piggy bank. When someone needs extra money for a special treat, the group lends them some from the piggy bank. That’s kind of how credit unions work, but with grown-ups and real money!

Credit unions are like a big, friendly piggy bank run by people who all know each other, maybe neighbors, coworkers, or family members. Instead of a bank, they have a credit union, which is like a special club for saving and borrowing.

When you join a credit union, you become part of the team. You can save your money there, and if you need more money later, like for a new bike or a video game, the team lends it to you.

It’s like having a group of friends who all help each other out with money, just a little bit more organized!