Whether a student is in university, college or community college, being financially literate is essential.

According to the Annual Factbook, the majority of students who attended El Camino College from 2022-2023 are 19 years old or younger. Following are students between ages 20 to 24. The rest are between ages 25 to 55 plus.

Students at this stage of their lives are learning how to manage their finances, budget, use credit and debit cards, and more.

However, data shows that 45% of students attending two-year colleges have taken a financial literacy course.

That is less than half the college population and means that most students have not learned how to most effectively manage their money.

Usually, the first step for students to manage their finances is to create a debit card to hold their money and a credit card to build their credit through a bank.

But students often overlook the benefits that come with creating a debit and credit card through a credit union.

Banks and credit unions both offer similar financial services like checking and savings accounts, loans and investment options.

However, banks are for-profit enterprises, while credit unions are not-for-profit, member-owned cooperatives. This difference can impact rates, fees and customer service.

Credit unions offer higher savings rates, lower loan rates and fewer to lower fees compared to banks. They are insured by the National Credit Union Administration (NCUA).

Here are the top five credit unions in the South Bay.