A credit union is a not-for-profit financial organization owned and operated by its members for the benefit of all who belong - and founded on the philosophy of "people helping people". Therefore, any "profits" earned by the credit union are returned to the members in the form of dividends and other benefits and services. Through this cooperative effort, members typically enjoy greater access to free or discounted services, higher savings rates and lower loan rates as compared to most for-profit financial institutions.