Novation Credit Union Info + Review

Novation Credit Union will be my focus here. We’ll be going over some important info and reviewing this CU in Oakdale, MN. I’ll cover a little history, membership eligibility, and what they can offer you.

Advertiser Disclosure: We receive compensation if you sign up for financial products or services mentioned in this article in the blue buttons. For more info on that, click here.

Routing #: 296076068*

A Little History

They were started in the mid-50s by a group of employees (like many CUs). In this case, it was a group of people from 3M. Originally, they only operated on Friday afternoons, the day 3M employees got paid.

Since that time, the field of eligibility has been opened up significantly. You no longer need to be a 3M employee to work with them (depending on where you live). However, many members still are.

Check Your Personal Loan Rate with SoFi

Novation Credit Union Membership Eligibility

This is definitely a more exclusive credit union. In order to be eligible, you need to meet one of three requirements.

You can either be a 3M employee or retiree. You can also be an immediate family member of a current member.

Currently, people living in McLeod County, MN are also eligible to join.

They define your immediate family as a grandparent, parent, spouse, sibling, child, grandchild or roommate.

Their Offerings

You can find a lot of the same products at Novation Credit Union that you would find at a bank. They have a variety of personal checking and savings products.

There aren’t any business offerings at this credit union yet, so, you need to look elsewhere for any small business needs.

They can offer you a handful of different loan products. Those include new or used car loans, private student loans, recreational loans, student loan refinancing, lifestyle loans, and lines of credit. Plus, you can also get VISA products at Novation Credit Union.

In addition to the loan products I just mentioned, they also offer a lot in the area of real estate. You can get home mortgages, first time homebuyer services, home equity loans, home improvement loans, and even help buying or selling a home.

They have a chosen team of RE/MAX Results agents available for that.

Other Services at Novation Credit Union

Those that I just mentioned aren’t the only financial services they provide. You can also get a lot of investment services there.

Those include Estate Planning, IRAs, Education Funding, Insurance Planning, Asset Allocation, Retirement Planning, and Mutual Funds. They have an in-house team to help you.

Novation Credit Union also offers insurance products through a partnership with the TruStage Insurance Agency. TruStage works with a few different credit unions.

The insurance they have is auto, home, life, accidental death & dismemberment, and health.

Account Management Services

Novation is competitive with banks/other credit unions in terms of account access and management tools. They have a mobile app, along with ebanking, eStatements, eDeposit, and ebranch services.

There’s also secure BillPay and 24/7 phone banking. If you really need to check your account balance at 2:30 in the morning, more power to ya!

Novation Credit Union – Final Thoughts

Check Your Personal Loan Rate with SoFi

If you are one of the almost 95,000 people who work at 3M, consider Novation as a potential credit union to keep your money at. They have all the same services that an average bank would and then some.

They also have competitive rates, as low as 8.90% APR on VISA products and as low as 1.99% APR on some auto loans. Those are at the time of this writing, so, they could change. However, assuming market conditions stay consistent, they probably won’t very much.

If you’re a 3Mer or live in there area, check them out.

Do you have a review on Novation Credit Union? Send it to info@thiscollegelife.com to be included here.

*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.

*This site is not affiliated with the Credit Union mentioned in this article.