At Great Lakes Credit Union (GLCU), “Banking for a Greater Good” means making financial tools, resources, and guidance accessible to more members in the communities we serve. One important way we do this is by removing barriers that can stand between our members and their financial goals. That’s why we’re proud to share that our website is now available in Spanish! 

Members and visitors can now view key information about our products, services, and resources in Spanish simply by clicking the “Español” link in the upper right-hand corner of glcu.org. With this new feature, Spanish speakers can more easily explore accounts, loans, educational resources, and more. 

Our website, however, is just one part of our commitment to serving the Spanish-speaking community. Read on to learn more about the additional Spanish-language resources available through GLCU. 

Juntos Avanzamos: A Commitment to Serving Hispanic and Immigrant Communities 

GLCU is honored to hold the Juntos Avanzamos (“Together We Advance”) designation, a national recognition awarded to credit unions that demonstrate a strong commitment to serving Hispanic and immigrant communities. Over 15% of GLCU’s membership identifies as Hispanic. To better serve our diverse membership base, GLCU employs 50 certified bilingual staff members across the organization. 

The Juntos Avanzamos designation represents GLCU’s commitment to: 

This recognition underscores GLCU’s ongoing work to meet members where they are —linguistically, culturally, and financially. 

Olive Offers Support in Spanish 

Our digital tools are also evolving to better support Spanish-speaking members. Olive, GLCU’s AI assistant, has become even smarter and more accessible by offering support in Spanish. 

Spanish-speaking members can use Olive to: 

Whether a member is looking for branch hours, account information, or guidance on how to get started with a new product, Olive can provide quick, convenient help in their preferred language.  

New ATMs with Spanish-Language Options 

GLCU’s new fleet of ATMs includes a range of enhanced features, including the option to complete transactions in Spanish. When using one of our updated ATMs, members can select Spanish on-screen and navigate: 

This added language option helps ensure that more members can bank confidently and independently. 

Moving Forward — Together 

Making our website available in Spanish is an important step in our broader mission to support financial stability and inclusion in our communities. From our Juntos Avanzamos designation, to Olive’s bilingual support, to Spanish-language options at our ATMs, GLCU is committed to offering resources that reflect the diversity of the members we serve. 

To explore our new Spanish-language website experience, visit glcu.org and click the language toggle in the upper right-hand corner. For online banking members, our desktop and mobile online banking experiences will be translated to Spanish at a later date. 

En Great Lakes Credit Union (GLCU), “Banca para un bien mayor” significa hacer que las herramientas, los recursos y la orientación financiera sean accesibles para más miembros en las comunidades a las que servimos. Una forma importante en que lo logramos es eliminando las barreras que pueden interponerse entre nuestros miembros y sus metas financieras. ¡Es por eso por lo que nos enorgullece compartir que nuestro sitio web ya está disponible en español! 

Los miembros y visitantes ahora pueden ver información clave sobre nuestros productos, servicios y recursos en español simplemente haciendo clic en el enlace “español” en la esquina superior derecha de glcu.org. Con esta nueva función, las personas que hablan español pueden explorar con mayor facilidad cuentas, préstamos, recursos educativos y más. 

Sin embargo, nuestro sitio web es solo una parte de nuestro compromiso de servir a la comunidad de habla hispana. Siga leyendo para conocer más sobre los recursos adicionales en español disponibles a través de GLCU. 

Juntos Avanzamos: Un compromiso de servir a las comunidades hispanas e inmigrantes 

GLCU tiene el honor de contar con la designación Juntos Avanzamos, un reconocimiento nacional otorgado a las cooperativas de crédito que demuestran un sólido compromiso con el servicio a las comunidades hispanas e inmigrantes. Más del 15% de la membresía de GLCU se identifica como hispana. Para servir mejor a nuestra diversa base de miembros, GLCU cuenta con 50 empleados bilingües certificados en toda la organización. 

La designación Juntos Avanzamos representa el compromiso de GLCU para: 

Este reconocimiento subraya el trabajo continuo de GLCU para encontrarse con los miembros dondequiera que estén: lingüística, cultural y financieramente. 

Olive ofrece apoyo en español

Nuestras herramientas digitales también están evolucionando para apoyar mejor a los miembros de habla hispana. Olive, la asistente de IA de GLCU, se ha vuelto aún más inteligente y accesible al ofrecer soporte en español. 

Los miembros de habla hispana pueden usar a Olive para: 

Ya sea que un miembro busque el horario de las sucursales, información de su cuenta o guía sobre cómo empezar con un nuevo producto, Olive puede brindar ayuda rápida y conveniente en su idioma de preferencia.

Nuevos cajeros automáticos (ATM) con opciones en español 

La nueva flota de cajeros automáticos de GLCU incluye una gama de funciones mejoradas, incluida la opción de realizar transacciones en español. Al utilizar uno de nuestros cajeros actualizados, los miembros pueden seleccionar español en la pantalla y navegar por:

Esta opción de idioma adicional ayuda a garantizar que más miembros puedan realizar sus operaciones bancarias con confianza e independencia. 

Avanzando juntos

Poner nuestro sitio web a disposición en español es un paso importante en nuestra misión más amplia de apoyar la estabilidad financiera y la inclusión en nuestras comunidades. Desde nuestra designación Juntos Avanzamos y el soporte bilingüe de Olive, hasta las opciones en español en nuestros cajeros automáticos, GLCU se compromete a ofrecer recursos que reflejen la diversidad de los miembros a los que servimos.

Para explorar nuestra nueva experiencia de sitio web en español, visite glcu.org y haga clic en el selector de idioma en la esquina superior derecha. Para los miembros de la banca en línea, nuestras experiencias de banca electrónica tanto en versión de escritorio como móvil se traducirán al español en una fecha posterior. 

Every year on International Credit Union Day, credit unions across the globe celebrate their unique role in the financial world. International Credit Union Day highlights the decades of progress, resilience, and people-centered missions that the worldwide credit union movement has fostered.  

As we celebrate International Credit Union Day on October 16th, 2025, let’s explore the defining moments that have shaped the credit union landscape across the globe. 

1850s: The Birth of a Movement 

The credit union movement began in the 1850s in Germany. Farmers and workers sought ways to pool their resources, support each other, and gain financial independence. This foundational concept—people helping people—remains at the heart of credit unions worldwide. 

1909: Credit Unions Arrive in the U.S. 

The first American credit union—St. Mary’s Cooperative Credit Association—was established in 1909. St. Mary’s Cooperative Credit Association set the standard for cooperative financial services in America, opening the doors for millions to receive fair, community-focused access to financial services. 

1934: The Federal Credit Union Act 

Recognizing the value and impact of credit unions, President Franklin D. Roosevelt signed the Federal Credit Union Act in 1934. This legislation enabled the creation of federal credit unions, allowing credit unions to flourish and provide financial empowerment across the nation. 

1938: Local Milestones—Great Lakes Credit Union 

Great Lakes Credit Union was founded in 1938. Over the past 87 years, GLCU has grown from a single location on the Naval Station Great Lakes in North Chicago, to 23 branches across Illinois and Indiana. GLCU has lived out the credit union movement’s “people helping people” philosophy through our “banking for a greater good” mission, with a dedication to financial empowerment and community giveback. 

1948: The First International Credit Union Day 

In 1948, members across the globe came together to celebrate the first International Credit Union Day, marking a tradition that unites credit union members in recognition of shared values, achievements, and a vision for the future. 

1970: Building Global Connections 

The momentum continued with the establishment of the National Credit Union Administration (NCUA) and the World Council of Credit Unions in 1970. These organizations foster greater collaboration, ensuring safer, stronger, and more inclusive financial services for people everywhere. 

2025: A Global Movement 

Today, there are more than 411 million credit union members worldwide—evidence of the movement’s enduring appeal and positive impact. Credit unions empower individuals to achieve financial wellbeing and strengthen communities through inclusion, education, and support. 

Join the Celebration 

As we honor International Credit Union Day, let’s remember the milestones that brought us here. Credit unions—no matter where they’re located—have always been about people working together, lifting each other up, and building a better future for all. Whether you’re a lifelong member or new to the community, take a moment to celebrate the difference credit unions make, today and every day. 

Happy International Credit Union Day from Great Lakes Credit Union! 

Saving money can be a challenge. Life gets busy, routines take over, and setting money aside often falls off the to-do list. 

But saving for the future doesn’t have to be hard; GLCU’s Spend and Save Program makes it simple by automating the process. It’s an easy, hands-off way to build savings for emergencies, major purchases, or future goals.

How Does the Spend and Save Program Work?

The Spend and Save Program is simple by design — that’s why it’s so effective. It’s a hassle-free way to set money aside while you go about your day.

Every time you use your GLCU debit card for any purchase — whether you’re buying groceries, filling up your gas tank, dining out, or purchasing anything else — the amount is automatically rounded up to the nearest dollar. The “spare change” from each transaction is then transferred from your GLCU checking account into your GLCU savings account. Your savings grow quietly in the background without you doing anything to make it happen.

Let’s say you grab lunch at your favorite cafe for $9.45. With GLCU’s automatic savings program, your purchase is rounded to $10.00, and the extra $0.55 is transferred to your savings account. With no extra effort, your routine purchase helped you take a step toward your savings goals.

Although the amounts may seem small, they can add up over time, especially with frequent purchases. Just think about your daily routine and how many transactions you make. Maybe your typical day includes morning coffee, lunch, gas, groceries, and a quick stop at the dry cleaner. Over a month, those small amounts can potentially grow into $20, $30, or even $50 in additional savings.

Spend and Save Fits into Your RoutineWorks for Everyone

Do you often forget to add to your savings? There’s no need to change your spending habits with the Spend and Save Program—everything happens automatically. Just use your debit card, and the extra change will be deposited into your savings account.

The Spend and Save Program is also a good option for those with tight budgets. Because the round-up amounts of up to $0.99 per transaction are small, they’re unlikely to strain your finances. There are no enrollment or ongoing fees, and no withdrawal fees when you need access to your funds. It’s a simple, flexible way to save for your goals—on your terms.

Busy with work, family, or life in general? Spend and Save works automatically once it’s set up, helping you grow your savings without any extra effort. You can go about your day while your balance steadily increases, no extra steps, no stress.

What You Need to Get Started

To get started with the Spend and Save Program, you’ll need both a GLCU checking account and savings account. The two accounts work together in the program. When you make purchases with your Visa® debit card, money is drawn from your checking account. The extra change is then transferred to your savings account.

GLCU’s checking account simplifies your everyday banking. Features include:

GLCU offers four savings accounts that can be used with the debit card savings program:

Share Savings: Enjoy no monthly fees with our basic savings option and gain flexible access to your funds when you need them.

Special Savings: Ideal for emergency funds, paying for college, rainy days, and other needs.

Holiday Savings: Save for the holidays all year long so you can celebrate with friends and family, without the financial stress.

Youth Savings: Young members learn the value of saving with a simple, rewarding youth savings account built just for them.

An essential key to the Spend and Save Program is using your Visa® debit card for your everyday purchases. The program activates every time you use your card while shopping in-store or online. Each transaction is an opportunity to save money with your debit card to bring you one step closer to your financial goals.

How to Open an Account and Enroll

Opening GLCU checking and savings accounts and enrolling in the Spend and Save Program is quick and easy. It just takes a few minutes to set everything up.

Members can open accounts and enroll by following these steps:

  1. Open a GLCU checking account: This will be your primary spending account. It comes with a free Visa® debit card for your everyday transactions. You can apply online, visit a branch, or call by phone.
  2. Open a GLCU savings account: When you make purchases, the extra change will be transferred to this account. You can open a savings account at the same time you open a checking account.
  3. Enroll in Spend and Save: Once both accounts are active, enroll in Spend and Save online, at a branch, or by phone.
  4. Start using your Visa® debit card: Every time you make a debit card purchase, the amount will be rounded up, and the “change” will be transferred to your savings account.

There are no fees to enroll in the Spend and Save Program, and there is no complicated setup process. You’re also not locked into anything. You can cancel or pause the program at any time.

Make Every Purchase Work for Your Future

Saving money doesn’t require a lot of planning, a detailed spreadsheet, or sacrificing the things you enjoy in life. Enroll in the Spend and Save Program today so every debit card purchase you make helps you achieve your savings goals — without any extra effort on your part.

New to GLCU? 

Open a Checking Account

Already a member?

Start Saving With Every Purchase

The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.

A debit card is a convenient way to manage your daily spending needs. Whether you need to grab lunch, fill up your gas tank, pay for groceries, or handle unexpected expenses, a debit card gives you instant access to your money when you need it. There’s no need to carry a lot of cash around — just swipe or tap your card to complete transactions quickly so you can be on your way or focus on the next thing on your to-do list.

Debit cards have features that make spending easier and more secure. Not all debit cards are the same, however. Some have more or fewer features than others. That’s why it’s important to compare debit cards to find the best option for your needs.

Here are the top five best debit card features you should look for to help you save time, protect your money, and get the most out of your day-to-day banking.

1. 24/7 Access to Your Money

With a debit card, you’ll have immediate access to the funds in your checking account, whenever and wherever you need them. You don’t have to wait for business hours to get cash. You can conveniently use your debit card with any merchant that accepts card payments—buying groceries in the evening, filling up your gas tank early in the morning on the way to work, or grabbing a late-night meal.

You can also use your debit card to withdraw cash at ATMs. Most banks and credit unions allow you to make withdrawals from their ATM network without incurring fees. Many also partner with nationwide ATM networks, which gives you access to thousands of ATMs across the country without additional charges.

2. Real-Time Fraud Protection and Alerts

The best debit cards feature security measures that operate continuously to safeguard your funds. Be sure to look for a debit card that has real-time alerts and zero-liability protection for unauthorized purchases to protect you from fraud.

With real-time alerts, you will receive a text message, email, or mobile app notification every time a transaction occurs. This offers an important layer of protection in case your card information falls into the wrong hands. If you receive an alert for a purchase you don’t recognize, you can take quick action to protect your hard-earned money.

If a fraudulent purchase does occur, zero-liability protection ensures you won’t be held financially responsible. You can contact your card issuer right away if you detect suspicious account activity to stop the fraud and begin the dispute process. Your card issuer will most likely cancel your card immediately to prevent additional unauthorized transactions and will issue you a replacement card with a new number.

3. Convenient Contactless Payments

Another important debit card feature to look for is contactless payment technology. This allows you to complete transactions by simply holding your debit card—or even your smartphone or smartwatch with a digital wallet—near a payment terminal. Payments are fast, secure, and don’t require inserting your card or handing it to a cashier., making the process more hygienic as well.

Contactless debit cards are equipped with modern EMV chips—tiny, embedded microchips. that offer stronger security than traditional magnetic strips. Unlike strips that can be easily skimmed, EMV chips generate a unique, one-time code for each transaction, making it much harder for criminals to clone your card or use it fraudulently.

4. Spending Controls and Budgeting Tools

With the right features, a debit card can help you manage your spending. This enables you to take control of your finances, monitor where your money is going, and help you save for a short- or long-term goal.

Debit cards with spending controls let you set spending limits, which helps you control how much you spend per day or in certain categories. You can also access your account online or with mobile banking anytime to check your balance. This helps to prevent overdraft fees, and it also ensures your transactions go through without a hitch.

Some banking platforms automatically categorize your debit card purchases into groups like groceries, dining, entertainment, and transportation. This simplifies expense tracking to help you stay on budget. Instead of wondering where your money went at the end of each month, you can see exactly how much you’ve spent in each category and make adjustments as needed.

5. Earn Valuable Rewards

Many debit cards offer rewards programs that let you earn points or cash back on your everyday purchases. Similar to credit cards, you can earn valuable rewards just for buying the things you need and buy anyway — like groceries, gas, clothing, and other essentials.

If a debit card offers reward points, they may be offered only for certain categories. Other debit cards offer points for everything you buy, depending on the card issuer. The points you earn can be redeemed for merchandise, gift cards, or other perks.

With cash back, you’ll earn a percentage of your purchase, often between 1% and 2%. The rewards can usually be redeemed as a gift card or applied directly to your account as a statement credit. Over time, points and cash-back rewards can really add up, offering a smart way to save money or treat yourself without tapping into your savings or overspending.

The Right Tool for Everyday Spending

Because of the many benefits that a debit card can offer, it’s much more than a replacement for cash. It’s a tool you can use to manage your finances. It can help you stay within budget, earn rewards, and make your everyday spending safer and easier.

Ready to experience the convenience and control that comes with a feature-rich debit card?

Discover GLCU Debit Card Features

The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.

A digital wallet offers a fast, secure way to pay—no physical wallet required. Even if you leave your wallet at home, you can still make purchases using your mobile device or smartwatch. Adding your GLCU debit card to your digital wallet makes it easier to manage your money when you’re on the go. It works with all major digital wallet platforms, so you can quickly check out at stores, shop online, or make in-app purchases.

What Is a Digital Wallet?

A digital wallet is when your smartphone or smartwatch acts as your wallet. Instead of carrying cards, your payment information is securely stored on your device, which allows you to make purchases by tapping or holding your device near a payment terminal.

The three contactless payment platforms include:

Getting started is easy. Just add your GLCU debit card to your preferred platform, and it becomes your mobile wallet debit card. Once added, your card details are encrypted and securely stored, giving you a fast, convenient way to pay wherever contactless payments are accepted.

Digital Wallet Benefits

Digital wallets let you pay in seconds, which saves valuable time. You no longer have to dig through your wallet or purse, look for exact change, or insert your card in a payment terminal. Digital wallet payments are accepted by many retailers that take debit or credit cards, including grocery stores, gas stations, restaurants, and online shops.

Digital wallets are secure. When you make a purchase, your card number isn’t used. Instead, a unique encrypted token is used for each transaction. This makes it nearly impossible for anyone to steal your information. Plus, if you ever lose your smartphone or smartwatch, you can remotely lock or wipe it clean to protect your account from unauthorized purchases.

Digital wallets also eliminate the need to carry multiple cards, which prevents them from being lost or stolen. You’ll receive instant notifications for every transaction, which makes it easy to spot suspicious activity. Digital wallets aren’t just for payment cards — they can also store loyalty cards, gift cards, membership cards, event tickets, coupons, plane tickets, transit passes, and more.

A Debit Card That’s Built for the Way You Bank Today

GLCU’s Visa® debit card is designed to work seamlessly with modern digital wallets. Adding it to Apple Pay, Google Pay, or Samsung Pay just takes minutes. Once set up, you can enjoy secure, contactless payments with many retailers, both in person and online.

Security is our top priority. Your Visa debit card includes continuous fraud monitoring to check for suspicious activity. If anything is discovered, you’ll be alerted right away with Visa Fraud Text Alerts.

If your card is lost or stolen, you can get a replacement quickly. And if your information does fall into the wrong hands, you’re protected with Visa’s Zero Liability Policy. You won’t be held responsible for any unauthorized transactions.

The Account That Connects You to Modern Banking

It’s easy to get started with a GLCU Visa debit card and digital wallet payments. When you open a GLCU checking account, you’ll receive a debit card packed with features that you can link to your digital wallet. The account is more than a place to store your money. It offers a variety of features that simplify money management and support your everyday financial needs.

GLCU’s checking account features include:

With so many features, a GLCU checking account is more than a way to access your money. It’s a smart way to manage your finances, providing real-time information to help you make informed financial decisions.

Make the Switch to Fast, Secure Payments

Digital wallets aren’t the future of payment—they’re already here. From your morning coffee to a stop at the gas station, a digital wallet offers a fast, safe, and convenient way to pay.

Ready to take advantage of a digital wallet? Open a GLCU checking account today to get a Visa debit card that works with all major digital wallet platforms, including — Apple Pay, Google Pay, and Samsung Pay. It just takes a few minutes to set up your card with your preferred digital wallet to start making fast, secure payments with your mobile device.

New to GLCU? 

Open a Checking Account

Already a member? 

Link Your Debit Card Now

The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.

Most people use their debit card for their daily spending needs without giving it a second thought. They usually see their debit card as little more than a tool for spending. But what if your debit card could do more? What if it could help you grow your account balance?

The right debit card, when paired with the right checking account, becomes a powerful way to earn interest. With GLCU’s Free High-Yield Checking Account, you can earn up to 5.00% APY* on your balance when you use your Visa® debit card. You’re already buying the things you need, so why not get rewarded for it?

Let’s break it down so you can make the most of your debit card—and stop leaving money on the table each month.

A Debit Card that Earns Interest

GLCU’s Visa® debit card is perfect for all of your daily spending needs. You can use it for anything, including in-person retail purchases, online transactions, and ATM cash withdrawals. You’ll receive a debit card when you open a GLCU checking account, so you can start using it right away. It’s also compatible with Apple Pay, Google Pay, and Samsung Pay for added convenience.

Do you enjoy traveling and exploring new destinations? Maybe you need to travel for work. If so, our Visa® debit card can be used to access ATMs anywhere in the U.S. without incurring a fee. You can conveniently make withdrawals, deposits, and more while on the go.

You can also rest easy knowing your debit card comes with several built-in security features, including data encryption and fraud text alerts. Your account will be continuously monitored for suspicious activity, and you will be notified immediately if anything turns up. If your account information does fall into the wrong hands, you’ll also be protected with our zero liability policy, which means you won’t be responsible for unauthorized transactions.

Perhaps the one benefit that truly sets our debit card apart is its ability to earn interest. When paired with our Free High-Yield Checking Account, your everyday purchases work to grow your balance. It’s a smart way to get more value from the spending you’re already doing.

The Free High-Yield Checking Account

Most checking accounts are little more than places to store your money. They may come with a free debit card and access to online banking, but not much else. Accounts typically earn little or no interest.

GLCU’s Free High-Yield Checking Account stands out by making your regular spending more rewarding. Instead of sitting idle, your money can earn up to 5.00% APY* when you use your Visa® debit card for common purchases.

The APY you earn depends on your balance and the number of monthly debit card transactions:

The more purchases you make each month, the more interest you can potentially earn on balances up to $10,000. Even if you have fewer transactions in a month, you’ll still earn interest, but at a lower rate.

Additional Account Benefits

Earning up to 5.00% APY* is a powerful way to grow your balance without locking your money away in a CD. Your funds are available when you need them, which means you never have to sacrifice convenience for growth. But the benefits don’t stop there — the Free High-Yield Checking Account offers even more features to help you manage your money:

How to Start Earning a Great Rate

Getting started with a Free High-Yield Checking Account and Visa® debit card is quick and easy for members:

1. Get Started Online: Conveniently open a Free High-Yield Checking Account online or drop by a branch. The process is simple and just takes a few minutes to complete. We’ll reach out and let you know when your account is ready if you’re getting started online, typically within one business day.

2. Receive Your Debit Card: You’ll receive a Visa® debit card right away if you open an account in a branch. If you open an account online, you’ll receive a debit card in the mail within five business days.

3. Fund Your Account: Deposit funds into your account by transferring money online or at a branch. You can also set up direct deposit to ensure your paycheck is automatically added to your account to save time and give you quicker access to your money.

4. Earn Interest: Start using your debit card for your daily spending needs to earn a great rate on your account balance.

Get the Most from Your Everyday Spending

Your debit card isn’t just a way to pay—it’s a powerful tool to boost your savings. With GLCU, every swipe, whether it’s your morning coffee or weekly groceries, works hard to grow your account balance.

Why settle for ordinary when you can earn up to 5.00% APY* on your spending? Open a Free High-Yield Checking Account today and start turning routine purchases into real rewards that add up fast.

Start Earning 5%

* APY = Annual Percentage Yield. All dividend rates and APY may change at any time, as determined by the GLCU Board of Directors. The APYs shown above assume that all principal and dividends remain on deposit for the entire term. Fees could reduce earnings on the above accounts. The dividend rate may be calculated using two different rates. The dividend rate will appear as a blended APY on your monthly statement.

Tier 1: Accounts with 0-19 debit card transactions per month balances of $1.00 and over, will earn 0.05% APY.
Tier 2: Accounts with 20-39 debit card transactions per month and enrolled in e-statements will earn 2.75% APY on balances between $0-$10,000. Balances $10,001 and above will earn .05% APY.
Tier 3: Accounts with 40 or more transactions per month and e-statements will earn 5.00% APY on balances between $0-$10,000. Balances $10,001 and above will earn .05% APY. 

The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.

Did you know that you can access certain services from your credit union at thousands of locations across the U.S.? Through the CO-OP shared branch network, credit union members have access to more than 5,600 branch locations and nearly 30,000 ATMs nationwide, in addition to locations overseas.

Read on to learn more about shared branching.

What Is a Shared Branch Credit Union?

When your credit union is part of the CO-OP shared branch network, you can visit another credit union within the network and complete transactions, make withdrawals, transfer money, print your statement, and check your balance – just as you would at your local branch.

For example, if your local credit union is based in Chicago and you’re visiting New York City and need to access an ATM or make a deposit, you can download the CO-OP ATM and Shared Branch Locator app (available on iOS and Android) to find a credit union in your network nearby. Or you can text your ZIP Code to 91989 and you’ll get a text back that shows the in-network ATMs and credit union service centers near you.

When visiting a CO-OP shared branch location, just show your account number and identification to gain access to services.

What Are the Benefits of Shared Branch Credit Unions?

Aside from having access to other credit union branches, another benefit of the CO-OP shared branch network is the ability to use thousands of ATMs without paying any fees. There are even select ATMs in convenient locationssuch as Costco, Dunkin Donuts, 7-Eleven, and more. In addition to the more than 30,000 ATMs located in the U.S., you can access 117 ATMs across 10 countries free of charge.

It’s a common misconception that accessing credit unions isn’t as convenient or easy as accessing services at large banking institutions. With access to 5,600 locations across the U.S., the CO-OP shared branch network offers access to more brick-and-mortar locations than many big banks. That means you won’t have to travel as far if you need to visit a branch in person, saving you time and effort.

According to the CO-OP, 62 million members across 1,688 credit unions in the U.S. can access the shared branch network – that represents approximately half of credit union members nationwide.

Increasing Access to the Credit Union Movement Across the U.S. and Beyond

With shared branching, credit union members enjoy the flexibility of conducting their banking needs across the country, and even internationally – providing more access to branches and ATMs than many large banking institutions. With half of U.S. credit union members benefiting from this network, shared branch credit unions exemplify how cooperation can enhance member service and convenience.

Shared branching awareness week is May 19 – 23, 2025. Download the CO-OP ATM Shared Branch Locator app or text your location to 91989 to find a location near you today.

Do you have debt you need to pay off? If so, you’re not alone. As of August 2023, the total debt carried by American households exceeded $17 trillion. The average household had a balance of slightly less than $102,000 during this period.

The good news is that there are things you can do to manage paying down your bills. The strategies below will be a lifeline for helping you keep your head “above water” while you embark on your journey. They will allow you to regain control over your finances while steadily reducing the stress and financial burden.

Watch our video on Debt Management below for a brief overview, then continue below for a more comprehensive blueprint.

What Is Debt Management?

A debt management plan helps you take control of your finances and work toward a more stable future. It provides a clear path to organizing and reducing what you owe. The primary goal is the timely payment of your existing obligations while minimizing interest accumulation and costs.

Successful management offers a range of long-lasting benefits, including:

Reduced Financial Stress

Having a clear and actionable game plan can reduce the emotional and psychological stress that often comes with money troubles. Understanding how to manage repayments reduces stress and keeps you focused on achieving your goals.

A Road Map to Steer Clear of Bankruptcy

A well-planned strategy helps you avoid drastic measures like bankruptcy and the lasting impact it can have on your credit. Staying organized ensures you are ready to handle unexpected expenses that life may bring. This proactive approach builds stability and boosts your confidence in managing your finances effectively.

Improved Credit Score

Sticking to a structured debt repayment plan can boost your credit score. Regular, on-time payments strengthen your credit profile, opening the door to better loan terms and financial opportunities.

Greater Financial Flexibility

Successfully managing your obligations frees up more of your income for savings, investments, or other goals. This newfound flexibility allows you to build a stronger foundation and prepare for future expenses or emergencies.

Effective Debt Management Strategies

Managing your finances effectively requires focus and consistent effort. Staying organized helps you maintain progress and regain control of your money. Here are several proven strategies you can use to regain control:

Assess Your Debt Situation

Understanding your financial situation is the first step toward creating a realistic plan. Review your credit report to identify everything you owe, including balances, interest rates, and minimum payments. This provides a clear picture of what you owe and helps prioritize repayment.

Create a Budget

Review your bank account activity regularly to understand your income and spending patterns. Break down your expenses into categories to see where your money is going. Use this information to create a realistic monthly budget that aligns with your goals.

Prioritize Debt Repayment

High-interest debts, like credit cards, often cost the most over time, so tackling these early on can save you money. Alternatively, some prefer to start with smaller ones to build momentum. Consistency is key to whichever approach you choose. Paying more than the minimum whenever possible will help you reduce your principal balance faster.

The Snowball, Avalanche, and Power Payment Methods

Debt management involves choosing the correct method(s) for paying off your bills as quickly as possible. There are three key approaches to consider:

The Snowball Method: This method starts by targeting the smallest balance first. After paying it off, apply that payment amount to the next smallest balance. Repeat this process until you’ve fully paid off all balances. The snowball method builds momentum and gives you a sense of accomplishment as you progress.

The Avalanche Method: Focus on paying off bills with the highest interest rates first. Continue this process with each account until you’ve paid off all your bills. The long-term financial benefit of the avalanche method is that it may save you more money in interest payments over time.

The Power Payment Method: After paying off one loan, you apply its monthly payment to another balance to pay it down faster. This method boosts your progress and builds momentum as you work toward full repayment.

Consider Debt Consolidation

Debt consolidation loans are a viable way to simplify your payments and potentially lower interest rates. This process involves taking out a single loan to pay off multiple debts. This leaves you with a single and more management monthly payment. It can be especially beneficial if you have high-interest credit card bills or student loans.

Negotiate with Creditors

Don’t hesitate to negotiate with your creditors. Many prefer reduced payments over the risk of receiving nothing at all. Reach out to discuss your circumstances and explore options for repayment terms that work better for you.

Financial freedom begins with the steps you take today. Staying focused and consistent will allow you to transform your monetary challenges into growth opportunities. Every action you take strengthens your foundation and improves your ability to handle future challenges with confidence. 

How GLCU Can Help You Achieve Financial Freedom

At Great Lakes Credit Union, we offer a range of practical solutions tailored to your unique situation. For example, our debt consolidation loans allow you to simplify multiple payments into one monthly payment. We also offer Debt Protection services that shield you from the financial impact of unforeseen life events.

Our members have access to expert financial advisors whenever they need guidance. We provide free credit counseling services and a variety of educational resources. Regularly held workshops and one-on-one consultations give you the knowledge you need to take control of your finances.

Take the First Step Towards a Debt-Free Future Today!

We understand that managing debt can feel overwhelming, but you don’t have to face it alone. Our team is here to provide the tools, resources, and personalized support you need to take control of your finances.Click below to learn more and see how we can help you get out of debt.

Join GLCU Today for Expert Debt Management Support!

Contact GLCU for Personalized Financial Advice

The information in this post is for educational and informational purposes only and does not constitute investment or financial advice.

You should consult a licensed financial advisor before investing in any financial product or service.

Imagine hitting your 40s and realizing your retirement nest egg is…well, more like a few stray twigs and feathers. While it’s not quite time to panic, it suddenly becomes clear that you’d be in a much better financial position had you started saving much sooner in your career.

The good news is that early retirement planning will allow you to build wealth steadily over the decades. You’ll eventually reach your 40th birthday and have peace of mind knowing you’re on track to a financially secure future.

Read on to learn more about saving for retirement in your 20s and 30s.

The Importance of Early Retirement Planning

You’ve probably heard that retirement is getting more expensive as the years go by. In 2022, The Bureau of Labor Statistics (BLS) reported that the average retiree spends around $55,000 annually. That roughly breaks down to around $2,100/mo. income you’ll need for basic retirement necessities. 

Retirement planning involves taking all these considerations and developing a comprehensive strategy to ensure a financially secure future. This often involves setting financial goals, estimating future expenses, and determining the best savings and investment vehicles.

The continued rising cost of living and inflation mean that you will likely need to save a significant amount to maintain your desired lifestyle in retirement. This reality underscores why beginning your retirement planning journey in your 20s and 30s isn’t just a good idea – it’s necessary for long-term financial well-being.

One popular and smart way to save for retirement is to set up an Individual Retirement Account (IRA). These plans offer tax advantages that help your savings grow over time. The ability to choose from various investments, such as mutual funds within the IRA, further amplifies this growth potential. 

Understand Compound Interest

Compound interest is one of the fundamental concepts you must grasp when planning for early retirement. It’s often described as “interest on interest”. It’s when interest accumulates on your initial investment (principal) over time, and you earn additional returns. As a result, your wealth doesn’t just grow linearly; it expands exponentially.

Think of compound interest as a snowball effect. The more time you give your money to grow, the bigger it becomes. For example, if you invest $5,000 annually with an average annual return of 7%, you would have approximately $1.1 million in 40 years.

Key Takeaways

Key Takeaway 1: Compound interest multiplies your wealth significantly over time. Early saving and investing are critical for building a strong financial future.

Key Takeaway 2: Build strong savings habits by saving consistently from your 20s or 30s. Automate your savings to ensure regular contributions, and review your plan periodically to make necessary adjustments.

Key Takeaway 3: Fully leveraging your company’s 401k plan by maximizing employer match and increasing contributions annually can significantly boost your retirement savings.

Key Takeaway 4: Managing debt effectively is essential for freeing up more resources for retirement investment. Build an emergency fund, pay off high-interest debts, and live within your means to stay on track.

Develop Good Savings Habits

Establishing strong saving habits forms a cornerstone of successful retirement planning. These consistent actions over time significantly contribute to building a substantial nest egg. Implementing the following strategies can make saving feel less like a burden and more like a natural part of your financial life:

Start Early and Consistently Save: Small and regular contributions can grow significantly over time with the help of compound interest. The key is to start as early as possible and be consistent with your savings.

Implement a “Pay Yourself First” Strategy: Automatically deposit a set amount into your savings or investment account when you receive your paycheck. This ensures that your savings remain a priority rather than an afterthought.

Increase Savings with Every Raise or Bonus: Consider increasing your savings whenever you receive a raise or bonus. Doing so will boost your savings without affecting your current lifestyle.

Review and Adjust Your Savings Plan Regularly: Periodically assess your financial situation and adjust your savings plan as necessary. As your income, expenses, and financial goals change, so should your savings plan.

Leverage Technology: Budgeting apps, financial calculators, and automatic transfers make saving easier and more consistent. These tools let you track your spending and establish better financial habits while keeping you on track.

Prioritize Long-Term Financial Security: Be mindful of your spending habits and aim to eliminate unnecessary expenses. Always prioritize your long-term financial security over immediate short-term pleasures. This mindset will help you stay focused on your retirement goals.

Cultivating strong savings habits is key to ensuring a secure retirement. Adopting this strategy will allow you to roll with life’s punches as you save throughout your career.

Take Advantage of Your Company’s 401k

A 401k is a retirement savings plan many employers in the United States offer. It allows you to contribute a portion of your pre-tax salary to tax-deferred investments. You do not pay taxes on contributions and earnings until you withdraw them in retirement.

The IRS has raised the annual contribution limit in 2025 to $23,500. The $500 increase over last year’s limit might seem small. However, it adds up to an additional $10k by itself over 20 years. With a 7% annual return on investment, that additional $10,000 could grow to over $20,000. This growth can make a meaningful difference in your retirement savings.

If your employer offers a 401k plan, here’s how you can maximize it:

Maximize Employer Match: Many employers offer a matching contribution up to a certain percentage of your salary. This is essentially free money that can significantly boost your retirement savings. Many employers offer to match 50% of your contributions, up to 6% of your salary. Contribute 6% to receive the full match and maximize your benefits.

Increase Contributions Annually: Most 401k plans allow you to adjust your contribution levels annually. As your salary increases over time, consider increasing your contributions proportionally.

Don’t Withdraw Early: Withdrawing from your 401k before age 59.5 typically results in a penalty. You’ll also lose the benefits of tax-deferred growth. Only consider this as a last resort.

Take Advantage of Catch-up Contributions: If you are age 50 or older, you can make catch-up contributions to your 401k. This lets you contribute more than the standard annual limit. It is an effective way to grow your retirement savings if you began saving later in life.

Fully leveraging your company’s 401k plan allows you to amass substantial retirement savings with tax benefits. The key is to start as soon as you’re eligible, contribute consistently, and avoid early withdrawals.

Avoid Debt (If Possible)

Debt blocks progress toward your retirement goals by diverting funds you could otherwise invest in your future. Here’s how you can navigate and avoid debt to enhance your retirement planning:

Establish an Emergency Fund: Save three to six months’ worth of living expenses. This helps you cover unexpected costs without relying on high-interest debt like credit cards or personal loans.

Pay Off High-Interest Debts: Debts such as credit card balances, personal loans, and some student loans usually have high interest rates. Aim to pay these off as quickly as possible. The interest you pay is money you could invest towards your retirement.

Live Within Your Means: It might sound like basic advice, but it’s essential. Avoid overspending and accumulating unnecessary debt. Stick to your budget, and save for large purchases in advance rather than relying on credit.

Use Credit Wisely: While it’s best to avoid debt, it’s also important to build a strong credit history. Use credit cards judiciously, and pay off your balances in full each month to avoid interest charges.

Avoiding unnecessary debt lets you redirect those funds into retirement investments. Over time, this approach builds financial stability and provides greater freedom to achieve your long-term goals.

Types of IRA Accounts

GLCU offers a variety of IRA options tailored to meet your unique retirement savings needs. Each type provides distinct advantages, allowing you to customize your savings strategy effectively. Here are three IRA accounts to help you get started:

IRA Savings: This account helps you grow your money faster with daily dividends. Flexible funding options allow you to contribute at your own pace and consistently build your retirement savings.

IRA Money Market Accounts: Diversify your retirement portfolio with this higher-yield account. It offers competitive interest rates and easy access to funds when needed, providing a balanced approach to retirement saving.

IRA Share Certificates: These certificates offer a secure way to save for retirement with fixed terms and guaranteed returns. They provide competitive rates, ensuring stable, long-term growth.

Optimize Your Retirement Strategy with Expert Help

Consulting with a financial professional can help you maximize your retirement planning efforts. They offer advice tailored to your financial goals. This guidance lets you better understand and choose from the many financial products available.

At Great Lakes Credit Union, we offer our members free access to financial advisors who provide personalized retirement strategies. Click below to schedule a consultation and start achieving your financial objectives.

Speak to one of our financial advisors and start investing today!

The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.

What is an IRA?
An individual retirement account (IRA) is an investment account that helps you save for retirement.

There are four popular types of IRAs — traditional, Roth, SEP and SIMPLE — and all offer tax benefits that reward you for saving. You can open an IRA at credit unions and, depending on the type of IRA, your contributions may be tax-deductible, or withdrawals may be tax-free.

How do IRAs work?
Investing in an IRA allows your money to grow and compound. You can invest in stocks, bonds and other assets. How your account balance grows over time depends on how your account is invested and how much you contribute to the IRA.

IRAs have annual contribution limits. Generally, you must have earned income to contribute to an IRA. There are also withdrawal rules. You may face a 10% penalty and a tax bill if you withdraw money before age 59 1/2, unless you qualify for an exception.

What are the types of IRAs?
There are four popular types of IRAs: traditional, Roth, SEP and SIMPLE.

Traditional IRA
A traditional IRA is a tax-advantaged plan that allows you significant tax breaks while you save for retirement. Anyone who earns money by working can contribute to the plan with pre-tax dollars, meaning any contributions are not taxable income. The IRA allows these contributions to grow tax-free until the account holder withdraws them at retirement and they become taxable. Earlier withdrawals may leave the employee subject to additional taxes and penalties.

Contributions:
Contributions to traditional IRAs are often tax-deductible. For example, contributing $6,000 to a traditional IRA could reduce the amount of your taxable income by $6,000. Then, in retirement, withdrawals from traditional IRAs are taxable as ordinary income. The contribution limit for traditional IRAs in 2021 and 2022 is $6,000 per year. People 50 and older can contribute up to $7,000 per year.

If you’re married and you or your spouse has a retirement plan at work, the amount of your traditional IRA contribution that you can deduct is reduced, or eliminated altogether, once you hit a certain income. You can still make contributions, but they won’t be tax-deductible. If you and your spouse don’t have retirement plans at work, then you can deduct your IRA contribution no matter how much your income.

Distributions:
Generally, you can take distributions from a traditional IRA starting at age 59 1/2. If you take money out before then, you may have to pay a 10% penalty (there are some exceptions). You must start taking required minimum distributions when you reach age 70 1/2 or 72, depending on your birthday.

Pros:
–Offers some valuable tax benefits, and it also allows you to purchase an almost-limitless number of investments – stocks, bonds, CDs, real estate, etc.
–No tax owed until you withdraw the money at retirement.

Cons:
–Can be costly to access your money because of taxes and additional penalties.
–Requires you to invest the money yourself. You’ll have to decide where and how you’ll invest the money, even if that’s only to ask an adviser to invest it.

Roth IRA
A Roth IRA is a newer take on a traditional IRA, and it offers substantial tax benefits. Contributions to a Roth IRA are made with after-tax money, meaning you’ve paid taxes on money that goes into the account. In exchange, you won’t have to pay tax on any contributions and earnings that come out of the account at retirement. It’s an attractive option for investors who have a long time before they retire.

Contributions:
In 2021 and 2022, the annual contribution limit is $6,000 ($7,000 if 50 or older) for modified adjusted gross incomes below $140,000 for single filers in 2021 ($144,000 in 2022) or $208,000 for people married filing jointly ($214,000 in 2022).

Pros:
–Ability to avoid taxes on all money taken out of the account in retirement, at age 59 ½ or later.
–Provides lots of flexibility, because you can often take out contributions – not earnings – at any time without taxes or penalties.
— Can be opened by anyone. Your employer does not need to offer access to a Roth IRA as a benefit.

Cons:
–You need to decide how to invest the money or have someone do that job for you.
–There are income limits for contributing to a Roth IRA.

SEP IRA
SEP IRAs are for self-employed people or small-business owners with few or no employees. Similar to traditional IRAs, the contributions are tax-deductible. Investments grow tax-deferred until retirement when distributions are taxed as income. SEP IRAs require proportional contributions for each eligible employee if business owners contribute for themselves.

Contributions:
In 2022, contributions are limited to 25% of compensation or $61,000, whichever is less. In 2021, the limit was 25% of compensation or $58,000. There’s no catch-up contribution at age 50+ for SEP IRAs.

Distributions:
SEP IRAs require minimum distributions beginning at age 72.

Pros:
–For employees, this is a freebie retirement account.
–For self-employed individuals, the higher contribution limits make them much more attractive than a regular IRA.

Cons:
–There’s no certainty about how much employees will accumulate in this plan.
–The money may be too easily accessible. If you tap the money before age 59 ½, though, you’ll likely have to pay a 10 percent penalty on top of income tax.

SIMPLE IRA
SIMPLE IRAs (Savings Incentive Match Plan for Employees Individual Retirement Accounts) are for small businesses with fewer than 100 employees. The same benefits are provided to all employees. Similar to traditional IRAs, the contributions are tax-deductible. Investments grow tax-deferred until retirement when distributions are taxed as income.

Contributions:
Employee contribution limits for a SIMPLE IRA in 2022 are $14,000 per year ($13,500 in 2021) for those under age 50. People age 50 and older can make an additional $3,000 catch-up contribution.

Employer contributions are mandatory. The employer has a choice of whether to contribute a 3 percent match or make a 2 percent non-elective contribution even if the employee saves nothing in his or her own SIMPLE IRA.

Pros:
–Opportunity for workers to make pre-tax salary deferrals and receive a matching contribution. To the employee, this plan doesn’t look much different from a 401(k) plan.

Cons:
–The employee contribution has a limit of $14,000 for 2022, compared to $20,500 for other defined contribution plans.

Is it better to have a 401(k) or IRA?
You can have both. You can get the full employer match on your 401(k), and open an IRA to boost your retirement savings.

If you don’t get an employer match, if you plan to max out your 401(k), or if your 401(k) has narrow investment options or high fees, it might be a good idea to invest primarily in an IRA.

The big difference between an IRA and a 401(k) is that employers offer 401(k)s, while you would open an IRA yourself through a credit union.

If you have an old 401(k), you can also move that money into a rollover IRA. A benefit of a rollover IRA is that when done correctly, the money keeps its tax-deferred status and doesn’t trigger taxes or early withdrawal penalties.

Savings account versus IRA
IRAs and savings accounts are two very different but very powerful financial tools. IRAs are helpful for preparing for retirement while savings accounts are great for housing money you need in the short term.

Taking full advantage of both and knowing how to use them will put you on the path to financial success.