Credit unions have been growing considerably in recent years. While total assets in federally insured credit unions totaled $1.57 trillion in 2019, that figure had risen to $2.31 trillion by March 2024 — marking an increase of about 47% in less than five years.
Currently, the 10 largest credit unions hold approximately $359 billion worth of deposits and $427 billion in total assets.
Here’s a breakdown of the biggest credit unions in the U.S. by total assets, according to the National Credit Union Administration (NCUA).
| Rank | Credit Union Name | Total Assets |
|---|---|---|
| 1 | Navy Federal | $178 billion |
| 2 | State Employees’ | $55.9 billion |
| 3 | Pentagon Federal | $34.4 billion |
| 4 | SchoolsFirst | $30.6 billion |
| 5 | Boeing Employees | $30.2 billion |
| 6 | Golden 1 | $20.5 billion |
| 7 | America First | $20.3 billion |
| 8 | Alliant | $20.1 billion |
| 9 | Mountain America | $19.3 billion |
| 10 | Suncoast | $18.2 billion |
1. Navy Federal Credit Union
Navy Federal is the largest credit union in the country. It has around 355 branches (which rivals one or two of the biggest banks in the U.S.), mainly in the Northeast, and more than 13 million members, totaling $151.4 billion in deposits. The credit union offers a full host of financial products and services, including deposit products like checking and savings accounts and credit products like credit cards and auto loans.
In order to be a member, you or a family/household member must have a tie to the armed forces, the U.S. Department of Defense or the National Guard.
Assets: $178 billion
Headquarters: Vienna, Virginia
Learn more: Read Bankrate’s review of Navy Federal.
2. State Employees’ Credit Union
Chartered in 1937, State Employees’ is the second largest credit union in the U.S. It has more than 275 branches, all in North Carolina. With more than $45 billion in deposits, State Employees’ has nearly 2.8 million members. Membership is open primarily to employees (and their families) located in North Carolina.
Assets: $55.9 billion
Headquarters: Raleigh, North Carolina
Learn more: Read Bankrate’s review of State Employees’ Credit Union.
3. Pentagon Federal Credit Union
Although it’s the third largest credit union by total assets, Pentagon Federal (also known as PenFed) ranks second in number of customers, with more than 2.8 million members. Its deposits total $29.6 billion. The credit union has just 48 branches scattered across the U.S., but provides a full spectrum of financial products, including certificates of deposit (CDs) as well as money market, checking and savings accounts. PenFed membership is open to anyone.
Assets: $34.4 billion
Headquarters: McLean, Virginia
Learn more: Read Bankrate’s review of PenFed Credit Union.
4. SchoolsFirst Federal Credit Union
SchoolsFirst is a California-based institution servicing over 1.3 million members. With more than $25 million in total deposits, it maintains 69 branches. The credit union serves educational communities in California.
As such, membership is open to current or retired school employees living in California or those with a family member who belongs to the credit union. Membership is also open to employees living in California whose company primarily offers direct services to a school or district in California, or college students enrolled in eligible education programs with a student teaching requirement.
Assets: $30.6 billion
Headquarters: Tustin, California
Learn more: Read Bankrate’s review of SchoolsFirst Federal Credit Union.
5. Boeing Employees Credit Union
Located mostly in the Northwest, Boeing Employees’ Credit Union is the largest credit union in Washington state. BECU has more than 1.4 million members, and they hold more than $25 billion in deposits at the credit union. Membership is currently open to those who live, work or go to school in Washington state, residents of select counties in Oregon, Idaho and South Carolina, and those who are affiliated with partner companies like Boeing.
Assets: $30.2 billion
Headquarters: Tukwila, Washington
Learn more: Read Bankrate’s review of Boeing Employees’ Credit Union.
6. Golden 1 Credit Union
Golden 1 Credit Union was chartered in 1933. Today, it serves more than 1 million members and has more than $17 million in total deposits. The credit union offers a full range of financial products, including deposit and loan products, and maintains 63 branches scattered throughout California.
Membership is open to anyone who lives or works in California. Non-Californians may also become members if a family member or domestic partner is a current member or if they are a member of a Select Employee Group.
Assets: $20.5 billion
Headquarters: Sacramento, California
Learn more: Read Bankrate’s review of Golden 1 Credit Union.
7. America First Credit Union
Founded in 1939, America First Credit Union is a Utah-based institution, where most of its branches can be found. The credit union has 1.4 million members with $17.9 billion worth of deposits. Membership is open primarily to those who live,work, worship or attend school in Salt Lake, Utah and Juab Counties, but it’s also open to those who reside in portions of Arizona, Nevada, New Mexico, Idaho and Oregon.
Assets: $20.3 billion
Headquarters: Riverdale, Utah
Learn more: Read Bankrate’s review of America First Credit Union.
8. Alliant Credit Union
Alliant Credit Union has more than 850,000 members, and it has more than $15 billion in deposits. The online-only credit union doesn’t maintain any branches.
Membership in Alliant is open to current or retired employees (and their families) of businesses and organizations that partner with Alliant in the U.S. Membership is also open to people who live or work in one of the communities near the company’s headquarters in Chicago, and Alliant Credit Union Foundation digital inclusion advocates.
Assets: $20.1 billion
Headquarters: Chicago, IL
Learn more: Read Bankrate’s review of Alliant Credit Union.
9. Mountain America Credit Union
Located solely in western states, Mountain America is the 9th largest credit union in the U.S. It has more than 1.2 million members, totaling $16.9 billion in deposits. The credit union has more than 100 branches in Utah, New Mexico, Arizona, Idaho, Nevada and Montana.
Membership eligibility is mostly limited to those living in portions of Utah, but membership can also be extended to family and household members. Additionally, employees and volunteers of select organizations are eligible to join.
Assets: $19.3 billion
Headquarters: Sandy, Utah
Learn more: Read Bankrate’s review of Mountain America Credit Union.
10. Suncoast Credit Union
Suncoast Credit Union has more than $15 billion in total deposits. The credit union’s branches are located mostly in Florida. You can become a member if you live, work, attend school, or participate in religious activities in the counties served by Suncoast Credit Union. Alumni of Florida College are also eligible.
Assets: $18.2 billion
Headquarters: Tampa, Florida
Learn more: Read Bankrate’s review of Suncoast Credit Union.
Bottom Line
Credit unions have experienced significant growth in recent years, with the top 10 holding billions of dollars in assets and serving millions of members. While eligibility requirements vary, anyone can join a credit union and take advantage of its full range of financial products and services. As the banking environment continues to change, it’s worth considering credit unions as a viable alternative to traditional banks.
