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Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.

If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, we may require membership into an approved association at no cost to you.

You can also qualify for membership by being a family member of a current or potential Listerhill member.

With only $5, you can join Listerhill today and start taking advantage of a lifetime membership.

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4 Ways to Be Eligible For Credit Union Membership

Credit union membership offers many benefits, like lower interest rates and fewer fees, that most big banks can’t match. Read about credit union eligibility here.

Credit unions have advantages that some big banks can’t match. When exploring the benefits of a credit union, you’ll typically find lower interest rates for loans, lower fees and higher savings rates, and a variety of resources to put you on the path to financial success.

At Listerhill Credit Union, we believe in membership for life. Even if you retire, move away, or change employers, you have a lifetime membership. Read below for four different ways toward your credit union eligibility with us!

1. Be Local

To become a member of a credit union, you need to have a common bond with the other members. Most modern-day credit unions must actively have a Community Charter. This means that credit union membership is open to everyone who lives in a specific geographic location, usually a city or county.

At Listerhill, if you live in the states of Alabama, Georgia, Mississippi, or Tennessee, you are eligible to become a member.

2. Join By Association

Not near a branch? No problem! You have credit union eligibility anywhere in Alabama if you join the Alabama Consumer Council or the Athens State Alumni Association. In Tennessee, Georgia, or Mississippi, you can also become eligible for membership if you join the Athens State Alumni Association.

This membership is initiated at no cost to you and doesn't require any setup outside of the normal Listerhill membership application process.

Learn about Listerhill's new associational membership

3. Family Membership

You can also qualify for membership by being a family member of a current Listerhill member.

To qualify, you must be an immediate family member of a current member. This includes spouses, children, siblings, parents, grandparents/grandchildren, step-parents/children/siblings, and adoptive relationships. We also take into consideration potential members. Credit union eligibility also counts if you live and share household expenses with a current member.

4. Other Credit Union Eligibility Options

The three options previously mentioned are unique to becoming a Listerhill member, but there are other ways to achieve credit union eligibility.

Generally speaking, other ways include options like your employer establishing a relationship with a credit union, and all employees are invited to join. Employees, students, or family members of students specific to certain school districts could also be an avenue to membership with your local credit union!

Your Membership Matters

At Listerhill, our vision is to value people over profit — all members profit individually and collectively. We work passionately to exceed expectations, seek improvement and make our community a better place! With only $5, you can join us as a member today.

Learn more about how you can be eligible to join Listerhill

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Frequently Asked Questions

  • How do I know what kind of interest I have?

    If you are not sure what kind of interest your loan has, check your loan documents or contact your lender.

    (Source: Banzai)

  • Is Simple or Compound Interest Better?

    It depends on what you need! If you are saving money in an account or being repaid for a loan, compound interest may be a good choice for you.

    If you are borrowing money, you may be able to pay less over time with simple interest.

    (Source: Banzai)

  • How do you calculate interest on a savings account?

    The simplest way to calculate interest is to use an online savings calculator like this one. But if you want to do the math yourself, you can plug your information into the compound interest formula of A = P (1 + r/n)^(nt).

    (Source: Banzai)

  • How does compound interest work?

    Compound interest means that the money you earn in interest also earns interest, rather than just the principal. Basically, the amount of interest you earn will grow every time interest is added (or compounded) rather than staying the same. This makes it ideal for savings accounts. The formula for calculating compound interest is A = P (1 + r/n)^(nt). The variables for this formula are:

    • A = Total amount
    • P = Principal or staring amount
    • r = Annual interest rate
    • n = Number of times interest is added per time period
    • t = Number of time periods

    (Source: Banzai)

  • What is an average interest rate?

    Interest rates vary greatly depending on the type of account, supply and demand, and what the Federal Reserve sets. For a typical savings account, you could expect anywhere from 0.01-0.08%. For a high yield savings account, on the other hand, it’s not uncommon to see interest rates of 0.2%-0.6%. A CD (certificate of deposit) can earn 0.07-1.2%, or even higher, depending on the length and financial institution.

    (Source: Banzai)