What Are the Must-Have Credit Union Calculators?

To compete online and be a trusted resource for your members, you need to provide them with answers at life’s biggest moments. The data is clear: Financial calculators on your most popular product pages keep people on your site longer and increase conversions. 

So how do you choose the right calculators? You can weigh a number of factors in your decision:

  • Feedback from the lending team. Simply ask which topics and questions are most valuable during the buying process.
  • SEO and keyword opportunities. Look at search data to find relevant trends.
  • Your most popular products. Key products need supporting tools to promote them online.
  • New products launches. Calculators can help you promote and increase adoption of new offerings, such as a new self-service online savings account.
  • Key marketing campaigns. Enhance your website with interactive options for upcoming campaigns, like a summer mortgage refi promotion.

With the right calculators, you should be able to boost your SEO and capture precious website traffic, keep members engaged with a great personalized experience, and eventually, convert them into opening a new account.

Credit unions already have a few key competitive advantages: Lower fees and better interest rates on savings accounts and loans, for starters. They are also well-known for their dedication to their members and excellent customer service. 

Calculators will help highlight the financial advantages that members can access with real numbers, while also enhancing the digital experience on your website so it aligns with your brand reputation for top-notch service.

Quality Over Quantity

No, you don’t need ALL the calculators. Less really is more when it comes to the interactive tools that you hand-select for your members. You don’t want to overwhelm your site visitors with a lot of noise, but you do want to provide enhancements to their digital experience. 

Focus on buying the best calculators that can directly answer your members’ most important questions as they experience life’s biggest milestones. Some of those might be how much they can earn by opening a high-yield savings account or IRA, or what their monthly auto loan or mortgage payment would be if they chose you as a lender.

Though Signal Intent offers a variety of calculators across different verticals, here are five of the most popular calculators that every credit union website should consider starting with:

Auto Loan Calculator (see it in action)

According to The National Credit Union Administration, as of December 2020, five-year loans for new cars at banks had an average interest rate of 4.81%, compared with 3.09% at credit unions. So you’ve got that going for you. Now you want to show your members just how much savings that actually means for them in real dollars each month.

How it works: Based on the loan information entered (the total cost, down payment amount, interest rate, and term), borrowers can figure out what their monthly car payment will be. It’s a great way to illustrate how your competitive auto loan rate beats the competition.

Example: Floating Widget on Affinity FCU’s Auto Solutions Page

Mortgage Calculator (see it in action)

Credit unions are all about building personal relationships with members – relationships that can make the mortgage process easier to get through. With more personalized service from a credit union that actually knows them, members may even have an easier home lending approval process and score a lower interest rate. This can help convince homebuyers that a credit union mortgage can be a better option than going with a large bank.

How it works: Prospective homebuyers can figure out how much their monthly mortgage payment will be after inputting the home price, interest rate, and mortgage length. It’s perfect for illustrating how just a slightly lower interest rate can significantly increase savings over time. And that’s a win for you!

CD Calculator (see it in action)

Credit unions sometimes promote very competitive CD rates to attract potential new members. Some even offer simplified membership requirements in order to bring in new business. If you’re using this tactic, a sleek financial calculator can be a great addition to your page. That way, when prospective CD customers land on your page after searching for competitive rates, they can feel confident you’re a trustworthy institution and see how much they can earn by doing business with you.

How it works: Enter in your deposit amount, term, and interest rate to see the future value of your CD. Members can run different numbers to help decide which product choice or term length is best for them.

Roth IRA Calculator (see it in action)

Creating long-standing relationships with members means being there for them in the short term as well as supporting their future financial goals. Retirement accounts like Roth IRAs are a great example of the magic of compound interest – as an interactive financial calculator will clearly illustrate. 

How it works: This calculator crunches a lot of complex numbers, but members will find it super simple to use. They can get an idea of how their IRA balance can grow over time based on annual contribution, expected rate of return, and even the marginal tax rate they expect to pay.

Savings Interest Calculator (see it in action)

Though savings accounts aren’t offering huge amounts of interest these days, credit unions can sometimes generate new business with a competitive APY offer. Allowing members to see how their hard-earned dollars can grow over time via an online calculator can help convince them to open a new account.

How it works: Members can figure out how much a high-yield savings account could be worth after a set amount of time based on an initial deposit, regular contributions, and APY.

Ready to get started?

Check out our full library of calculator templates or start your free trial and customize your first calculator today.

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