Is it better to have a business account with a credit union or a bank?

The credit union's answer is that credit unions offer advantages over traditional banks for business accounts. As not-for-profits, they typically offer better interest rates and charge fewer fees, in the interest of supporting members of their union and of their community.

Are business savings accounts taxed?

Yes. Any savings account, personal or business, that earns interest is treated as taxable income. Greater Nevada issues a 1099-INT form to members who earn more than $10 in interest, which can be used to file taxes.

Who is eligible to open a health savings account?

Only people with qualified high-deductible health plans. Those plans have lower premiums and higher deductibles than traditional plans and are considered a form of catastrophic coverage. Opening an HSA with Greater Nevada also requires qualifying for membership, which is open to anyone who works or lives in Nevada, or who has an immediate family member who does.

USDA lenders

Greater Nevada Credit Union

Greater Nevada Credit Union is a member-owned cooperative chartered on 24 January 1949 as Nevada State Employees Federal Credit Union, operated at the time by Nevada Employment Security Department staff in their Carson City offices. It ended that first year with 82 members and has since grown into a statewide institution.

Personal membership is open to anyone who lives or works in any of Nevada's 17 counties, and to members of their immediate family. Commercial membership requires the business to be registered and to have a physical location in Nevada.

The product set runs from checking, savings, share certificates, IRAs and health savings accounts to mortgages and home equity, auto, recreational vehicle and personal loans, credit cards and business digital banking. Affiliates carry the specialised work: Greater Nevada Mortgage, Greater Commercial Lending, and Greater Nevada Financial Services, the credit union's financial services subsidiary powered by Cetera Wealth Services LLC.

Deposits are federally insured by NCUA and the credit union lends as an Equal Housing Lender. It has announced a proposed merger with America First Credit Union and publishes a page explaining what the partnership would mean for members, which is worth reading before opening a long-term account.

Best for

Nevada residents and Nevada-registered businesses with a physical location in the state. Membership is limited to people living or working in Nevada's 17 counties, so out-of-state borrowers cannot join.

What they do

Personal and business checking and savings
Share certificates (CDs), IRAs and HSAs
Mortgages and home equity lending
Auto and recreational vehicle loans
Personal loans and lines of credit
Credit cards
Business digital banking
Commercial lending through Greater Commercial Lending
Mortgage lending through Greater Nevada Mortgage
Financial planning and wealth management
Insurance and protection strategies

Details

Attribute	Value
Founded	1949
Ownership	Cooperative
Memberships	Federally insured by NCUA, Equal Housing Lender

What stands out

Chartered on 24 January 1949 as Nevada State Employees Federal Credit Union, ending its first year with 82 members.
Personal membership is open to anyone living or working in any of Nevada's 17 counties, and their immediate family.
Commercial membership requires a business registered with a physical location in Nevada.
Deposits are federally insured by NCUA and the credit union lends as an Equal Housing Lender.
Has announced a proposed merger with America First Credit Union.

Common questions

Is it better to have a business account with a credit union or a bank?: The credit union's answer is that credit unions offer advantages over traditional banks for business accounts. As not-for-profits, they typically offer better interest rates and charge fewer fees, in the interest of supporting members of their union and of their community.
Are business savings accounts taxed?: Yes. Any savings account, personal or business, that earns interest is treated as taxable income. Greater Nevada issues a 1099-INT form to members who earn more than $10 in interest, which can be used to file taxes.
Who is eligible to open a health savings account?: Only people with qualified high-deductible health plans. Those plans have lower premiums and higher deductibles than traditional plans and are considered a form of catastrophic coverage. Opening an HSA with Greater Nevada also requires qualifying for membership, which is open to anyone who works or lives in Nevada, or who has an immediate family member who does.