A state employees credit union (SECU) is a financial cooperative owned and operated by its members, who are typically employees of the state government or other public entities. SECUs offer a variety of financial services, including checking and savings accounts, loans, and investment products.
SECU’s are often able to offer lower interest rates on loans and higher interest rates on savings accounts than traditional banks and credit unions. This is because they are not-for-profit organizations that are owned by their members, rather than by shareholders. As a result, SECUs can pass on their savings to their members in the form of lower fees and higher returns.