Granite Credit Union

Name

Granite Credit Union

Legal name

Granite Federal Credit Union

Website

https://granite.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Community banking services
• Consumer lending products
• Retail deposit accounts
• Credit union mortgages
• Small business banking

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Loans: Primary revenue source from auto loans, mortgages, personal loans, adventure loans, home equity loans, and business loans. Interest rates vary by product and creditworthiness.
2. Fee Income: Various banking fees including overdraft fees, NSF fees, wire transfer fees, and account service fees on certain products.
3. Credit Card interchange: Revenue from Visa credit card transactions including cashback rewards funded from interchange fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Granite Credit Union is a member-owned, not-for-profit financial cooperative serving Salt Lake County, Utah that provides consumer and business banking products including deposit accounts, consumer loans (auto, adventure, personal, QCash small-dollar), mortgages, Visa credit cards, business checking and savings, and commercial lending. It offers both in-person branch service and digital banking through online and mobile channels, with specialized services for ITIN holders, youth, and the Hispanic community.

Product overview

Granite Credit Union operates as a community-chartered credit union serving Salt Lake County, Utah, offering a comprehensive suite of consumer and business banking products. The institution provides traditional deposit accounts (checking, savings, certificates, IRA, HSA) alongside a full lending portfolio including auto loans with innovative vanishing-rate pricing, adventure/recreational loans, personal loans, QCash small-dollar loans, and complete mortgage services (traditional, HELOC, reverse, construction). Business banking encompasses checking, savings, Visa cards, commercial real estate, construction, vehicle, and equipment lending with payroll and payment processing services. The credit union differentiates through member-centric products like the Dividend+ high-yield checking account, BankOn-certified Simple Spend account for unbanked populations, ITIN-based services for immigrant communities, and community outreach through its GCU Foundation scholarship and grant programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Dividend+ Spend Account High-yield checking account for Utah residents that earns dividends on balances of $5,000 or more, with tiered APY starting at 0.20% and reaching up to 2.00% APY for $250,000+ balances. Bonus dividend rates available on Money Market accounts when bundled with Dividend+.
• Basic Spend Account Traditional checking account with full functionality including debit card, courtesy pay, line of credit access, and free online banking for individual members.
• Simple Spend Account Checkless spending account designed as a first account for youth ages 12-18 or as a second-chance account, featuring no fees, no overdraft possibility, and BankOn certification.
• Money Market Accounts Higher-yield savings account with tiered interest rates; bonus rates available when linked to Dividend+ Spend Account.
• Savings Certificates Term-based deposit accounts with fixed rates and higher dividends than standard savings; penalties apply for early withdrawal.
• IRA (Individual Retirement Accounts) Retirement savings accounts including Traditional, Roth, and SEP-IRA options with tax-advantaged growth.
• HSA (Health Savings Accounts) Tax-advantaged accounts for medical expenses, available to members with high-deductible health plans.
• Youth Accounts Savings and spending accounts for children and teens including First-Step Savings Certificates, designed to establish healthy financial habits early.
• Visa Signature Cashback Credit card earning 1.5% cash back on all purchases with no annual fee and variable rate pricing.
• Rewards Visa Credit card earning reward points redeemable for gift cards, merchandise, and travel, paired with a low variable rate.
• Low-Rate Visa No-frills credit card offering one of the lowest variable rates available, with all standard Visa benefits and no annual fee.
• Vanishing Rate Auto Loan Auto loan featuring automatic rate reductions of 0.05% for every 3 consecutive months of on-time payments, with rates that never increase. Available in 48 to 84 month terms.
• Adventure Loans Financing for recreational vehicles including boats, motorcycles, snowmobiles, ATVs, side-by-sides, jet skis, trailers, and RVs.
• QCash Digital small-dollar loan platform providing $200-$2,000 loans at 28% APR with no credit check, using deposit history to determine eligibility and offering a lower-cost alternative to payday loans.
• Personal Loans Unsecured loans for various personal expenses with flexible terms from 12 to 48 months and fast approval.
• Traditional Mortgage Long-term conventional mortgage loans for home purchases with competitive rates, flexible terms, and local approval for Utah homebuyers.
• Short-Term Mortgage Refinance mortgage with terms of 5-12 years designed to accelerate payoff and save on total interest compared to traditional 30-year mortgages.
• Home Equity Line of Credit (HELOC) Revolving credit line using home equity with 10-year draw period, variable rates, and the convenience of a Visa credit card access.
• LowPay Home Equity HELOC variant with a 5-year draw period and 10-year repayment, offering lower monthly minimum payments compared to traditional HELOC.
• Second Mortgage Loans Lump-sum home equity loans with fixed rates and predictable monthly payments, available without refinancing the first mortgage.
• Reverse Mortgage Loan product for homeowners aged 62+ allowing conversion of home equity into proceeds without monthly mortgage payments, available as lump sum, line of credit, or monthly payments.
• Construction Loans Real estate financing for custom home building in Utah with quick draw processing (typically 48 hours), low closing costs, and flexible funding options.
• Business Visa Business credit card available in Low Rate and Rewards options with 25-day grace period and no annual fee.
• Business Line of Credit Revolving credit line for Utah businesses providing access to funds as needed with lower rates than business credit cards.
• Commercial Real Estate Loans Commercial property financing with competitive fees and rates, terms up to 84 months, and local approval.
• Commercial Construction Loans Construction financing for commercial facilities with variable rates and terms up to 84 months.
• Business Vehicle Loans Vehicle financing for business use including cars, vans, and trucks with competitive rates and flexible terms.
• Equipment Loans Business equipment financing with rate matching competitors, enabling businesses to maintain up-to-date machinery and equipment.
• Small Business Checking Basic business checking account with no minimum balance, free mobile pay, free bill pay, free debit card, and free box of checks.
• Organizational Checking Checking account for larger businesses with basic features for managing daily expenses.
• Money Market Checking Business checking account that earns interest on balances while maintaining liquidity for business expenses.
• Business Cashback Checking Business debit card earning 1% cash back on total monthly debit card spend, available to DBAs, sole proprietors, partnerships, LLCs, corporations, and organizations.
• Business Savings Business savings account with low minimum opening deposit, earning dividends on monthly balance.
• Always Insured - ICS Money Market Insured Cash Sweep money market ensuring deposits above $250,000 are insured through network participation, with balances up to $25,000,000 and consolidated single-account view.
• Business Builder Money Market Tiered dividend money market with higher rates on lower balances to help small businesses build wealth faster while maintaining liquidity.
• Business Savings Certificates Term certificates for businesses with minimum $500 investment, terms up to 5 years, and no sales commission or investment fees.
• Business Retirement (SEP-IRA) Simplified Employee Pension IRA for business owners to invest in employee futures and their own retirement with flexible contributions.
• Payroll Services Payroll processing service through PayLogics consolidating payroll, HR, timekeeping, and benefits management as an all-in-one HCM solution for business members.
• Payment Processing Merchant services through Select Bankcard offering next-day deposits, EMV terminals, mobile wallet solutions, NFC, secure gateways, mobile swipers, and QuickBooks integration.
• Remote Deposit Remote deposit capture service allowing electronic check deposits without visiting a branch.
• Business Visa Cards Business credit cards in Low Rate and Rewards options with 25-day grace period and no annual fee for business members.

Quantifiable outcome

• Vanishing Auto Loan rate reduction: 0.05% decrease every 3 months of on-time payments
• +2 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• TruStagecoreTechnology or IntegrationTruStage provides Debt Protection loan insurance product that can cancel all or part of protected loan payments in case of job loss, death, or disability. Available as optional coverage on auto loans with low monthly premiums.
• Allied SolutionscoreTechnology or IntegrationAllied Solutions provides Guaranteed Asset Protection (GAP) coverage that helps avoid financial loss by waiving deficiency between auto loan payoff and actual cash value if vehicle is totaled or stolen.
• Route 66 WarrantycoreTechnology or IntegrationRoute 66 Warranty provides Mechanical Breakdown Protection (MBP) extended warranty with over 33 years of experience, fully insured contracts, $0 deductible, 30-day money-back guarantee, and nationwide coverage.
• PayLogicscoreTechnology or IntegrationPayLogics provides all-in-one human capital management solution consolidating payroll, human resources, timekeeping, and benefits management for business members.
• Select BankcardcoreTechnology or IntegrationSelect Bankcard provides payment processing services including next-day deposits, EMV terminals, mobile wallet solutions, secure gateways, mobile swipers, and QuickBooks integration.
• Co-op Credit Union (Shared Branch Network)coreChannel Partner/ Reseller/ DistributorCo-op Credit Union provides access to shared branch network with thousands of surcharge-free ATMs and branches nationwide for Granite Credit Union members.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• America First Credit Union: The largest credit union in Utah and one of the largest in the U.S., serving members across the state including Salt Lake County. Comparable to Granite as a Utah-headquartered, full-service community credit union offering consumer and business banking, with overlapping product suite including auto loans, mortgages, and deposit accounts.
• Mountain America Credit Union: Utah-headquartered community credit union serving Salt Lake County and broader Utah with a full suite of consumer and business banking products. Directly comparable as a Utah-based cooperative competing for the same Salt Lake County members.
• Utah First Credit Union: Utah community credit union with overlapping Salt Lake County membership. Explicitly comparable because former Granite CEO Lynn Kuehne served as its President/CEO, indicating direct operating overlap and likely similar product positioning and member demographics.
• Digital Federal Credit Union (DCU): Large community-charter credit union with a strong digital-first platform and member-centric product innovation (e.g., dividend rewards, digital banking). Comparable to Granite in community-charter cooperative structure and emphasis on technology-enabled member value.
• Lake Michigan Credit Union: Michigan-based community credit union of comparable scale offering full-service consumer and business banking. Comparable as a similarly structured community cooperative with a comparable product suite and member demographic.
• Alliant Credit Union: Nationwide community-charter credit union with a digital-first delivery model and broad product suite including checking, savings, auto loans, mortgages, and Visa cards. Comparable to Granite as a community cooperative competing on member-friendly rates and digital banking experience.

Regional players

• Goldenwest Credit Union: Utah-headquartered credit union with operations across the Wasatch Front including Salt Lake County. Comparable to Granite as a regional cooperative offering full-service consumer and business banking, though it serves a broader multi-county charter.
• Desert Financial Credit Union: Arizona-headquartered community credit union of similar size and structure to Granite, offering a comparable consumer and business banking suite. Comparable as a similarly positioned community-charter cooperative but serving a different geographic market.

Emerging players

• SoFi: Digital-first national bank and fintech offering checking, savings, auto loans, personal loans, mortgages, and credit cards with competitive rates. Comparable to Granite as it targets the same consumer demographic with branchless, technology-led economics that pressure community credit union value propositions.
• Chime: Digital-first consumer banking platform offering fee-free checking, savings, and credit products targeted at younger and underbanked consumers. Comparable to Granite because it competes for the same Salt Lake County consumer and youth/student segments with mobile-first, no-fee positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/GraniteCU
• YouTubeyoutube.com/channel/UC5ssDJpoAM4TPvGj63nJxTA
• Facebookfacebook.com/GraniteCU
• LinkedInlinkedin.com/company/granite-credit-union
• Instagraminstagram.com/granitecu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Granite Credit Union