Credit Union Difference

What Sets Credit Unions Apart?

Credit unions offer a community-focused, member-owned alternative to traditional banking services. Unlike for-profit banks, which prioritize shareholder profits, credit unions serve the needs of their members. This fundamental difference influences all aspects of credit union operations, including the products they provide and the values they promote.

Additionally, credit unions are closely connected to local communities. This enables them to deliver personalized service and a strong commitment to financial education that goes beyond simple transactions. Many credit unions enhance financial wellness by providing free workshops, counseling, and youth savings programs.

Discover why credit unions are not only different but also make a positive impact by exploring the following resources.

The Difference Between Credit Unions and Banks

Credit Unions

Ownership: Member-owned; each member is a part-owner.
Income Model: Not-for-profit; earnings returned to members via better rates and lower fees.
Governance: Democratically controlled; one member, one vote.
Focus: Focused on members' needs, not shareholders.
Rates & Fees: Offer higher savings rates, lower loan rates and fewer/lower fees.
Community Involvement: Often community-based and mission-driven.
Service Approach: Personalized, relationship-based service.
Eligibility: Must meet membership requirements (location).

Traditional Banks

Ownership: Shareholder-owned; focused on maximizing investor returns.
Income Model: For-profit; profits go to shareholders.
Governance: Controlled by a board elected by shareholders.
Focus: Prioritizes profit over customer needs.
Rates & Fees: Often lower savings rates, higher loan rates and more fees.
Community Involvement: Less locally focused; community involvement varies.
Service Approach: Standardized service; may be less personal.
Eligibility: Open to the general public with no membership restrictions.

The Ascentra Difference

What Sets Ascentra Apart?

Unlike banks, we don’t answer to stockholders or investors, we answer to YOU. As a local, democratically controlled not-for-profit, each member of Ascentra Credit Union owns a share in the credit union. When you join Ascentra, you are not a customer you're a member-owner and are treated as such.

We put people before profits. Those profits then go back to you, in the form of lower interest rates on loans, higher returns on your deposits, and lower fees.

For our 40,000 members who directly benefit from our cooperative model, it's more than just about financial services, it’s about being part of an organization made up of people who genuinely care about your financial well-being and the communities we serve. An organization that is always listening, caring, and doing what’s right.

Ascentra Scholarship Program

Each year, Ascentra offers up to $15,000 in scholarships to assist student members planning to further their education through undergrad programs, continuing education (post graduate) or through trades/vocational programs.

Applications open in October and close in March of each year.

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Ascentra Foundation

The mission of the Ascentra Credit Union Foundation is to improve the quality of life for the membership of Ascentra Credit Union and further the philanthropic outreach in the communities we serve.

$1,035,092

in local charitable
contributions since 2015

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Investing in Your Family's Future with 529 Plans

Apr 1, 2026

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Planning for a child or grandchild’s education is one of the strongest ways families can help them get started financially. 529 college savings plans offer a tax advantaged way for parents, grandparents, and other family members to save for education expenses, and can be a cornerstone of long term financial planning.

A 529 plan is a state sponsored savings account designed to help families invest for future education costs. Your contributions grow tax deferred, and withdrawals used for qualified education expenses are tax free at the federal level. This includes tuition, fees, books, supplies, and depending on the plan, certain apprenticeship and K-12 expenses.

Iowa offers the ISave 529 Plan, a college savings plan where contributions grow tax free and can be used for qualified education expenses. Iowa residents may also enjoy a state income tax deduction for contributions. Learn more and open an account at isave529.com.

Illinois families can choose between two Illinois 529 College Savings plans. These plans also offer tax deferred growth and, for Illinois taxpayers, a state income tax deduction. Bright Start is known as one of the nation’s highly rated 529 plans. Find plan details and links at illinoistreasurer.gov/college-savings.

How families benefit:

Tax advantages: Contributions may reduce your state taxable income in both Iowa and Illinois.
Flexible use: Funds can pay for college, vocational schools, and other qualified programs.
Family involvement: Parents and grandparents can contribute, creating a legacy of support.
Control: The account owner retains control of funds and can change the beneficiary if plans change.

Getting started is simple, and every contribution, no matter the size, can make a meaningful difference over time. By taking advantage of the tax benefits and flexibility 529 plans offer, families can build a strong foundation for future education expenses while easing the financial burden down the road.