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Credit unions generally provide financial benefits to members through lower loan rates, higher savings rates, and fewer fees than banking institutions.
America’s Credit Unions estimates that Openland provided $5,923,116 in direct financial benefits to its 44,215 members during the twelve months ending March 20241.
These benefits are equivalent to $134 per member or $281 per member household2.
The per-member and per-household member benefits delivered by Openland are substantial. But, these benefits are reported as averages. Mathematically, that means the total benefits you provide are divided across all members (or all member households) - even those who conduct very little financial business with the credit union.
For example, financing a $30,000 new automobile for 60 months at Openland will save members an average -$43 per year in interest expense compared to what they would pay at a banking institution in the state. That’s approximately -$215 in savings over 5 years.
Further, loyal members3 - those who use the credit union extensively - often receive total financial benefits that are much greater than the average.
America's Credit Unions estimates that Openland provided loyal high-use member households $755 in direct financial benefits during the twelve month period.
Openland excels in providing member benefits in many loan and savings products. In particular, Openland offers lower loan rates on the following accounts: used car loans, credit cards loans. Openland also pays its members higher dividends on the following accounts: share draft checking, certificate accounts, IRAs.
1Rates and fees as of 07/08/2024
2Assumes 2.1 credit union members per household.
3A "loyal member" is assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed rate mortgage (a 30-year fixed rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest/dividend checking account, $10,000 in a one-year certificate account, and $2,500 in a money market account.
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Great service! Always helpful whatever my banking needs happen to be.Rhonda – Member
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