7 Credit Union Member Benefits You May Not Be Using Yet
When most people think about credit union membership, they think about the basics: a checking account, a car loan, maybe a savings account. But as a First New York member, your membership can do a lot more than hold your money.
Because First New York is a member-owned, not-for-profit credit union, our focus is serving members rather than stockholders. That means membership can come with lower fees, competitive rates, added convenience, and a surprising number of extras that many existing members may not realize they already have access to.
1. Your checking account may come with more value than you think
First New York’s checking options are designed to go beyond simple day-to-day spending. Members can access All Access and Choice accounts with features like no monthly minimum balance requirements, no per-check charges, free online and mobile banking access, and a free Visa® Debit Card. The Choice account also adds the opportunity to earn dividends* when balance requirements are met.
There are also several overlooked debit card benefits tied to these accounts, including Tap-to-Pay, surcharge-free access at SUM and CO-OP ATMs, Visa® Purchase Alerts, card controls, and even identity theft protection through IDProtect on eligible accounts. Your everyday checking account may be doing much more heavy lifting than you realized.
2. Digital banking can do much more than show your balance
A lot of members log in to mobile banking simply to check transactions, but First New York’s digital tools go much further. Through My First New York, members can transfer funds, pay bills, deposit checks on the go, manage debit and credit cards, view statements, set custom alerts, and more.
My First New York also includes Pay a Person, which lets members send money directly from a First New York checking account** through online or mobile banking. The service includes recurring payment scheduling, security questions to prevent fraud, and does not impose any fees.
3. Credit union access is not limited to your local branch
If you think First New York access stops at your nearest branch, good news: it doesn’t. Members have access to CO-OP Shared Branching, which provides more than 5,600 shared branches and 30,000 surcharge-free ATMs across all 50 states. That can be especially valuable when traveling, moving, or handling banking needs outside the Capital Region.
First New York members can also use online banking, mobile banking, and ITM kiosks even when a local branch is closed. In other words, “local credit union” does not mean “limited access.”
4. Savings options may go far beyond a standard account
Many members open a savings account and stop there, but First New York offers several ways to grow funds depending on your goals. Our savings lineup includes Share Certificates, IRAs, Money Market accounts, and Premium Money Market accounts, with certificate terms ranging from 3 months to 5 years. Certificate dividends are compounded and posted monthly,*** and NCUA insurance applies to qualifying deposits.
A particularly unique option is the Lucky Savers Share Certificate.**** Eligible members aged 18 and older can make deposits into the account and earn chances to win monthly and quarterly cash prizes, while still building their own savings balance. It’s a clever mix of saving discipline and incentive, making your savings account a little more fun without turning it into chaos.
5. Loan and credit products may help members save in unexpected ways
Even long-time members sometimes miss the full range of borrowing options available to them. First New York products include auto loans, mortgages, personal loans, solar loans, home equity lines of credit, and Visa® credit cards. Our auto loan offerings include new, used, lease-like, and refinancing options, along with perks such as up to $150 cash back on refinances† and the ability to defer a first payment for up to 120 days†† on eligible loans.
Our Visa® Credit Card also packs in several benefits members may overlook, including a 4.99% promotional APR,††† no annual fee, a 25-day interest-free grace period, ScoreCard rewards points, Tap-to-Pay, Digital Wallet compatibility, no balance transfer fee, and Visa® Purchase Alerts. Members exploring home projects can explore First New York’s Home Equity Lines of Credit, a lower-cost alternative to higher-interest financing options.
Sometimes the best member benefit is simply knowing your options before borrowing elsewhere.
6. Membership perks may extend to your family, too
Credit union membership is not always just about the primary account holder. In many cases, family-oriented benefits are part of the value.
Our youth savings accounts, teen debit card options, educational incentives, and scholarship opportunities can all help families introduce smart money habits early. These offerings can make it easier for parents and grandparents to teach kids how to save, spend responsibly, and build financial confidence over time.
First New York’s KIDS Banking Program allows minors to open a KIDS Savings account for just $2, †††† and enrolled kids can access exclusive events, contests, and rewards. ††††† The program is designed to create a more personal and encouraging banking experience, because financial education tends to stick better when it feels rewarding instead of intimidating.
7. Some of the best benefits have nothing to do with traditional banking
One of the most underrated parts of credit union membership is access to support beyond checking and lending.
First New York offers Financial Wellness Checks, which include personalized discussions around topics like debt management, credit score improvement, mortgage readiness, retirement planning, and using home equity. Appointments can be scheduled in person, by video chat, or by phone.
Members can also access Retirement & Investment Services consultations at no cost or obligation, with support around retirement planning, education funding, insurance, and investment planning.
On top of that, we offer several extras members probably do not associate with a financial institution at all: use of our Community Room, a discounted New York DMV-approved defensive driving course, a discounted 5-hour pre-licensing course, and a Capital District YMCA offer that waives the sign-up fee. First New York also hosts free, family-friendly Member Appreciation Days at each branch location with food, entertainment, and giveaways as well as Shred Days for free paper shredding.
These extras are part of what makes membership feel like more than just having an account.
Why it pays to revisit your membership
If you’ve only been using your membership for one service, now is a great time to take a second look. You may already have access to tools, products, and perks that could help you save time, reduce costs, build stronger financial habits, or simply get more value from your relationship with First New York.
Sometimes the most valuable benefits are the ones that have been there all along, just waiting to be used.
*No minimum to open, no minimum to open for students with valid Student ID, and $1 minimum to open for youth accounts. Earn dividends if average daily balance is greater than $1,000. No monthly service charge with Direct Deposit, My First New York Bill Payment Service, or if you maintain a $1,000 average daily balance. Dividends are compounded monthly. Fees may reduce earnings on this account.
**Eligible checking accounts are Premium Money Market, Money Market, All Access Checking and Choice Checking.
***Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate. Dividends compounded monthly. Penalty may be imposed for early withdrawal. Fees could reduce earnings on the account. Minimum balance $500 on Share Certificates. Minimum balance $250 on IRA Certificates. Rates set weekly. All certificate terms are eligible for IRAs (except the 3, 5, 15 and 25 month). Certificate is automatically renewed for same length as initial term. All Share Certificate Specials Exclude IRAs.
****Prize period runs from October 1, 2025 until September 30, 2026. Business and trust accounts, as well as employee accounts from any participating institution, are not eligible to win prizes. An initial deposit of $25 is required to open and additional deposits can be made throughout the term. The initial deposit and all subsequent deposits mature 12 months after the date that the initial deposit was made. A penalty for early withdrawal may apply. The APY is subject to change without notice. Rates set weekly. Dividends compounded monthly. Official rules at www.savetowin.org.
†Minimum loan amount eligible for cash back offer is $7,500 and actual amount of cash back will be determined by final amount financed. Does not apply to existing First New York loans. Cannot be combined with any other offers. Offer valid during promotional period only. All cash back offers will be reported as dividends.
††Interest will begin and continue to accrue from the date of loan disbursal and become due once payment begins.
†††Annual Percentage Rate. Promotional APR is applicable for all purchases made during the first 90 days of card ownership. Offer valid during the promotional period only. After the 90-day promotional period, the rate is based on Prime Rate, as published in the Wall Street Journal, plus a margin. APR on those purchases will remain at 4.99% through the initial 90-day promotional period. The Prime Rate as of 12/31/2025 is 6.75%. The APR will not exceed the ceiling, or highest APR, which is the NCUA usury rate in effect at the time. As of 05/04/2023, the NCUA usury rate was 18.00% APR. Rates are subject to change at any time and are subject to approval. Offer valid for existing First New York credit card holders only. Offer not valid for current cardholders currently in another promotional program. For Fee information, read our Promotional Visa® Credit Card Disclosure at FirstNewYork.org.
††††The $2 is composed of $1 for the child and $1 for the joint member on the account.
†††††In-school banking and its features are available only at participating schools. If you’re an administrator, teacher, parent, or guardian who’d like to participate, please call or email Michelle LaVoy, (518) 393-1326,1802 / Michelle.LaVoy@firstnewyork.org.