List of Banks & Credit Unions
in Toa Payoh

A credit union is a non profit financial institution that’s owned by the people who use its financial products. Credit union members can access the same kinds of products and services as offered by a traditional bank, such as credit cards, checking and savings accounts, and loans. Members elect a board of directors to manage the credit union to ensure that their best interests are represented. Credit unions aim to serve members by offering competitive products with better rates and fees than you see with a for-profit bank. Like a bank, credit unions charge interest and account fees, but they reinvest those profits back into the products it offers, whereas banks give these profits to its shareholders. Since a credit union is owned by members, you’ll need to meet eligibility requirements in order to qualify to open an account, apply for a credit card or take out a loan. The eligibility requirements differ across credit unions.