A state workers credit score union (SECU) is a monetary cooperative owned and operated by its members, who’re usually workers of the state authorities or different public entities. SECUs provide quite a lot of monetary companies, together with checking and financial savings accounts, loans, and funding merchandise.
SECU’s are sometimes in a position to provide decrease rates of interest on loans and better rates of interest on financial savings accounts than conventional banks and credit score unions. It is because they’re not-for-profit organizations which might be owned by their members, moderately than by shareholders. In consequence, SECUs can cross on their financial savings to their members within the type of decrease charges and better returns.