They can create saving products such as junior saving accounts for the children. Credit Unions provide lending products for their members. And credit unions can provide insurance coverage for their members as well. One of the reasons people explain why they don’t want to open an account with a commercial bank is that because banks charge fees to keep their accounts.
While paying fees is something that we all cannot avoid because provision of banking services costs money, in a credit union the interests, fees and charges that are paid by members is distributed back to the members as net interest income.