Nusenda Credit Union review: New Mexico financial institution with a free savings account
Nusenda Credit Union has branches in Albuquerque, Las Cruces, Rio Rancho, Santa Fe, Socorro, Taos, and Valencia.
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Overall credit union rating
| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.75 |
| Money market account | 3.25 |
| CD | 3.5 |
| Trustworthiness | 4.5 |
| Total | 3.75 |
Pros and cons
| Pros | Cons |
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Nusenda Credit Union Savings Account
The
You'll earn 0.35% APY if you have an account balances over $100. According to the FDIC, the average savings account pays around 0.30% APY, but you can still find more competitive interest rates at other institutions.
Nusenda Credit Union Essential Checking
You might find
With this account, you won't have to pay overdraft fees if you overdraw up to five times in a 12-month span. If you overdraw six or more times in a 12-month span, there is a $10 overdraft fee when you pass the yearly free limit. You could also opt for free overdraft protection to avoid overdraft fees.
Nusenda Credit Union Money Market Account
The
However, if you would prefer to get a money market account with a debit card or paper checks, you'll want to consider other financial institutions. This account doesn't offer these features.
Nusenda Credit Union Share Certificate
Nusenda Credit Union offers a variety of terms and pays solid interest rates compared to other brick-and-mortar banks. It notably has a 12-month share certificate special that pays a competitive interest rate.
How Nusenda Credit Union works
Nusenda Credit Union has 20 branches throughout New Mexico.
It also is part of the CO-OP Shared Branch and ATM networks. You'll have access to 5,500 shared branches and 30,000 surcharge-free ATMs throughout the US.
Customer support is available by phone or live chat from 7:30 a.m. to 6 p.m. MT or Saturdays from 8 a.m. to 3 p.m. MT.
The credit union's mobile is rated 4.6 out of 5 stars in the Google Play store and 4.5 out of 5 stars in the Apple store.
Nusenda Credit Union bank accounts are federally insured by the NCUA. Up to $250,000 per depositor is secure in a bank account.
How to join Nusenda Credit Union
To become a member of Nusenda Federal Credit Union, you or a family member must live, work, or go to school in out of the following counties in New Mexico:
- Dona Ana
- Luna
- Otero
- Sierra
- Socorro
- Taos
- Valencia
If you don't meet these requirements, you may call the credit union's customer service or visit a local branch to discuss additional eligibility options.
All members must open the
The role of community development financial institutions
CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
In 2022, Nusenda Credit Union gave $630,000 in grants to over 100 local organizations and non-profits that supported education, healthcare, the environment and wildlife, the arts, and community services. The credit union also has free monthly webinars covering a variety of personal finance topics, like understanding credit and learning to set personal finance goals.
Nusenda Credit Union trustworthiness and BBB rating
We include ratings from the Better Business Bureau so you can see how an institution responds to customer dilemmas.
Nusenda Credit Union received an A- rating from the BBB because it has six customer complaints on the BBB website.
A good BBB rating doesn't necessarily guarantee a great relationship with a financial institution, though. Consider talking to current customers or reading online customer reviews to see if Nusenda Credit Union may be suitable.
Nusenda Federal Credit Union hasn't been involved in any recent public controversies.
Nusenda Credit Union vs. WaFD Bank
Washington Federal, Inc. (WaFD Bank) is a regional bank on the West Coast with branches in New Mexico. Banks do not typically have eligibility requirements, so deciding between these two institutions might depend on which bank accounts you'd like to open.
WaFD Bank might be a better choice if you're looking to avoid monthly service fees on a checking account. The
If you'd looking for a free savings account, Nusenda Credit Union will likely be your go-to option. The
Nusenda Credit Union vs. Enterprise Bank & Trust
Enterprise Bank & Trust is also a community development financial institution. It has 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico.
Enterprise Bank & Trust has a free checking account, while Nusenda Credit Union has a free savings account. If you are considering opening a CD or money market account, Enterprise Bank & Trust lets you open these accounts with less money upfront, but Nusenda Credit Union may pay higher rates.
Frequently asked questions
What does Nusenda Credit Union offer?
Nusenda Credit Union is a financial institution in New Mexico. It offers bank accounts, business bank accounts, credit cards, auto loans, personal loans, mortgages, commercial loans, and personal finance workshops.
Can anyone join Nusenda Credit Union?
To become a member of Nusenda Federal Credit Union, you or a family member must live, work, or go to school in one of these New Mexico counties: Dona Ana, Luna, Otero, Sierra, Socorro, Taos, or Valencia.
If you don't meet these requirements, you may contact customer service or visit a branch to discuss other eligibility options.