Credit union
A not-for-profit financial cooperative owned by its members, offering checking, savings and loans much like a bank.
Members join through a shared link, like an employer, a school or where they live, and elect a volunteer board. Profits go back to members as lower fees, lower loan rates and higher savings rates.
Federally insured credit unions are covered by the NCUA up to the same standard amount the FDIC covers at banks.
Example
On a $20,000, 60-month car loan, an example credit union rate of 6.5% instead of a bank's 7.5% saves about $567 in interest.