Is it better to deposit my 500 in a commercial bank or a cre

Is it better to deposit my $500 in a commercial bank or a credit union? Explain your answer.

Solution

A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its member\'s credit at competitive rates as well as other financial services.

They provide better interest rates than commercial banks.

So it will be beneficial to deposit the money with the credit union.