Federal employee credit unions are an attractive benefit to offer your employees. As more and more companies are forced to cut many traditional employee incentives due to rising costs, offering memberships to a federal employee credit union can be a valuable incentive to bring aboard good, long-term workers.
Federal employee credit unions operate like most banks and membership definitely has its perks. Federal employee credit unions come with benefits like lower interest rates on various loans, and lower upfront fees. Members also typically enjoy higher interest returns on savings accounts and CDs. There are even special promotional offers that only federal employees credit unions can offer to their members including deals on vacations, hotels and theme parks. Business managers and recruiters can offer such an incentive to potential workers in situations like the following:
1. To attract long-term, reliable secretarial staff to military bases or government offices for employment.
2. To retain postal workers including mail carriers with the attractive benefit of a federal employee's credit union.
3. To recruit support staff for federal offices.
Action Steps
The best contacts and resources to help you get it done
Benefit from higher returns on savings accounts with a credit union for federal employees
When it comes to high interest rate savings accounts like money market accounts or a CD, the higher the rate the better. Higher rates mean more money in your employees' pockets. This is just one great benefit to belonging to a credit union for government employees and is a great talking point when recruiting.
I recommend: A lot of government agencies have their own federal employee credit unions.
Interior Federal Credit Union is for volunteers and employees of the Department of the Interior and all of the agencies that it houses.
Congressional Federal Credit Union serves members of Congress, their family and staff.
A credit union for government employees gives access to low interest rates on home mortgages
Be sure to point out that a credit union for government employees offers specific services and benefits like low mortgage rates. A federal government credit union will typically have lower rates on mortgage loans than traditional banks and other mortgage resources. Credit unions for federal employees can be a huge help to prospective home buyers by getting them the best monthly rate on their loan.
I recommend: Pentagon Federal Credit Union and
America's Credit Union offers its members competitive rates on mortgage loans. Each is a credit union for federal employees and military families.
Save hundreds of dollars when buying a car through a federal employee credit union
Whether employees are looking for a new car or a used car, credit unions for federal employees can make buying a car much more pleasant.
I recommend: USA Federal Credit Union offers auto loan services and membership is open to active and retired military, members of the Civil Service, Federal Civilian Employees and Department of Defense employees and contractors, just to name a few.
Navy Federal offers auto loans and leasing options to members including Army, Navy, Air Force and Marine Corps active duty personnel, retirees and reservists, National guard, DoD civilian employees and family members.
Tips & Tactics
Helpful advice for making the most of this Guide
- Be sure to include the perks of membership at a government employee credit union when sending an offer letter outlining salary and benefits to a potential employee. Dividends are returned to the members when there are excess funds which is a benefit that is often overlooked.
The official source of Federal Employees Credit Unions is
the Federal Employees' Credit Unions page at Business.com
Related Resources from Business.com
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