As the financial industry becomes more complex, customers are now looking for alternatives to traditional bankingOne alternative that has gained traction in recent months is credit unions.

A credit union is a member-owned, nonprofit financial cooperative that provides savings, loans, and other financial services to its members. Members will pool their savings to provide each other with credit at a low interest rate.

In a time of economic crisis, credit unions have become vital for members when it comes to offering low interest rates and fees for financial services.

FinTech Magazine takes a look at some of the most highly-assetted credit unions as of December 2023.

10. Randolph-Brooks Federal Credit Union

Total assets: $18.29 billion

Randolph-Brooks Federal Credit Union is a credit union headquartered in Texas, United States, that is incorporated and regulated under the authority of the National Credit Union Administration. It serves more than one million members from a full-service branch network, with over US$18 billion in assets as of March 2024.

The credit union is currently the largest in Texas and the tenth largest in the United States, based on total assets. The organization prides itself on being a financial cooperative dedicated to helping members save time and money, as well as earn money.

9. Mountain America Credit Union

Total assets: $18.4 billion

Mountain America Credit Union is a federally chartered credit union headquartered in Utah, United States, regulated under the authority of the National Credit Union Administration. It is the second largest credit union in the state and operates as a nonprofit, member-owned financial cooperative that seeks to improve the lives of its members.

In July 2024, the company extended its partnership with cloud-based digital solutions to service provider Alkami Technology for another five years to continue leveraging its digital banking platform, as well as data and marketing solutions.

8. Alliant Credit Union

Total assets: $18.47 billion

Alliant Credit Union is an American credit union headquartered in Chicago, United States, which ranks among the largest credit unions in the country. It currently serves over 600,000 members nationwide, operating exclusively online.

The union was officially founded as the United Airlines Employees’ Credit Union (UAECU) by United Airlines employees in 1935. Over the years, the union has expanded its membership and extended its services to numerous sponsor organizations and communities.

7. America First Credit Union

Total assets: $19.34 billion

America First Credit Union is a federally chartered credit union headquartered in Utah, United States. As of January 2020, the credit union was the sixth largest credit union in the United States in terms of total members, along with 131 branches and over one million members.

To be eligible for America First membership, members must live, work, worship, attend school, conduct business, or volunteer in any county or city in their membership area. This includes Utah, Idaho, Oregon, New Mexico, Arizona, and Nevada.

6. Golden 1 Credit Union

Total assets: $21.12 billion

Golden 1 Credit Union (Golden 1) is a credit union headquartered in Sacramento, California. Currently, Golden 1 serves its members throughout California through more than 70 branches and 30,000 cooperative ATMs across the United States.

Founded in 1933, the union’s vision was to create a financial cooperative where Californians could pool their financial resources to help each other. Today, it boasts a reputation as one of the largest credit unions in the country, as it continues to provide solutions with greater value.

5. SchoolsFirst Federal Credit Union

Total assets: $29.22 billion

SchoolsFirst is a federally chartered credit union that provides personal services to California school employees and their families. It is currently the largest credit union in California by asset size, with over 1.4 million members.

The union also offers investment and retirement solutions, personal and auto loans, as well as mortgages, debit and credit cards. Every decision made is aimed at serving the best interests of its members, continuously providing its members with world-class personal service to help them improve their financial lives.

4. Boeing Employee Credit Union

Total assets: $29.87 billion

Founded in 1935, BECU is an American credit union headquartered in Washington, D.C. For much of its history, it was called Boeing Employees’ Credit Union and originally served Boeing Company employees. It is now a member-owned, nonprofit credit union committed to improving the financial well-being of its members and communities.

Likewise, the union holds a number of community giving initiatives that help support the vital work of organizations that support the places where its members live. It also offers its members lower interest rates on loans, lower fees, and benefits and discounts to help their savings grow.

3. Pentagon Federal Credit Union

Total assets: $34.79 billion

Pentagon Federal Credit Union, commonly known as PenFed, is a federally chartered credit union in the United States based in the state of Virginia. It is incorporated and regulated under the National Credit Union Administration and has over 2.8 million members as of December 2023.

In addition to a variety of loans, savings and deposit accounts, PenFed also offers credit cards and other financial servicesThe union is driven to serve our members and the community by working with its members to empower and create lasting change.

2. Credit Fund for State Employees

Total assets: $54.57 billion

State Employees’ Credit Union is a state-run credit union in North Carolina, regulated under the Credit Union Division of the North Carolina Department of Commerce. Since 1937, the credit union has been a trusted financial services provider to our members, helping them achieve their financial goals.

The second largest credit union in the United States, it serves approximately 2.8 million members through 275 branches and more than 1,100 ATMs.

1. Navy Federal Credit Union

Total assets: $170.8 billion

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