Credit unions in New Mexico

Credit union: In the state of New Mexico, there are 41 headquartered credit unions that operate over 150 active branches for their members. In New Mexico, close to 919,000 residents are members of these cooperatives. The state has an estimated population of just over two million residents, which means almost half of the state’s residents enjoy the benefits of credit union membership. The biggest credit union in terms of assets is Sandia Laboratory Federal Credit Union. The biggest in terms of members is Nusenda Credit Union, with almost 209,000 members. Both cooperatives have been serving New Mexico residents for over 70 years.

Like other states, credit unions in New Mexico have membership requirements. There are a few who admit members based on their place of employment. This is quite common in credit unions. However, lots of cooperatives in the state are community-based. As parts of New Mexico are still very rural, these credit unions bring financial services to areas that would be overlooked otherwise.

Car insurance: As a state, rates in New Mexico are quite low. Drivers in New Mexico pay rates that are at least $100 below the national average each year. However, drivers in Albuquerque experience higher rates than the rest of the state. This is most likely because the area is highly urban, and auto insurance claims are higher in urban areas. 

Check with your credit union to see if they offer any discounted rates to their members. Even if you are paying the low prices that most of the state does, that doesn’t mean you shouldn’t be on the lookout for ways to save money!

It does not appear that credit unions in New Mexico underwrite their own auto insurance plans. However, several partner with TruStage, a company that helps credit unions provide discounted car insurance to their members. There are a couple that offer insurance products to their members through their own private insurance companies.