Your local credit union has a lot of different programs designed to help its members save money. When most people think about setting money aside, they immediately think about opening a credit union savings account. While savings accounts are good, a credit union money market account can be even better.
While very similar to a regular savings account, credit union money market accounts have additional features that are designed to help you increase your yields even faster. They offer a lot more flexibility and are the best choice for members who don’t need to access their money directly or on a regular basis. This type of account is for people who are looking for new ways to invest and “grow” their money.
Features of a Credit Union Money Market Account
Your New Bedford credit union can provide a lot of unique features and options to help you save and earn more money. Here is an overview of some of the benefits and unique aspects associated with a credit union money market account:
Limited Withdrawals – Most credit unions will also restrict the number of allowed withdrawals within a month. Limitations can range anywhere between three to six each month.
Higher Interest Rates – While there are restrictions associated with using a money market account, there are also distinct benefits. Higher and improved interest rates are perhaps the biggest reason for using one of these types of accounts. Because of the restrictions about withdrawal and balance thresholds, a credit union money market account has the ability to pay a higher interest rate compared to a traditional credit union savings account.
Credit Union Savings Account vs. Money Market Account
The real difference between choosing to invest your money in a traditional credit union savings account versus a credit union money market account is how you will be using the account. A traditional savings account is better for individuals who might need to use those funds for emergencies, such as home repairs, medical bills, car repairs or other situations where access to cash immediately is required.
Credit union members who are looking for more of a long-term savings investment are better suited for a money market account. Members who only need periodic access to their funds will be able to keep their money invested for longer periods of time and, as a result, will enjoy higher interest rates. A credit union money market account will help you grow your money much faster than a traditional savings account.
Other Ways to Save Money in New Bedford
In addition to credit union money market accounts, your New Bedford credit union has several other methods available to help you increase your savings and put your money to work for you. Some of the programs available through St. Anne Credit Union in New Bedford include:
Start Here: Main Share Account
Traditional savings account requiring a minimum of $25 to open a new account. This type of account can be used to set up your membership within St. Anne Credit Union. Before you can open any of the other savings program accounts listed below, you must first have a Main Share account.
Special Savings: Christmas Club
All you need is $1 to open up a Christmas Club account at St. Anne Credit Union. This type of account is continuous, allowing you to utilize the same account year after year without having to open a brand new account. The balance of this account will be transferred automatically to your Main Share account each year during the first week of October.
Long Term Savings: CD Account
Members must invest a minimum of $1,000 to open a Certificate of Deposit (CD) account. Choose from term investments ranging between six months and five years. Interest can be paid out monthly by check or left in the account to be compounded each month.
Retirement Savings: IRA Share Account
This retirement savings plan is sponsored by the US government and is known formally as an Individual Retirement Account. Individuals must invest a minimum of $500 to open an IRA Share account and tax incentives are available through this type of investment.
Open Your Credit Union Savings Account Today
Whichever type of savings program appeals to you and your financial situation, the best time to start saving is today. St. Anne Credit Union in New Bedford, Massachusetts has been serving members in Bristol and Plymouth counties since 1911, providing a variety of savings programs and solutions. If you have questions about the savings programs, interest rates or investment opportunities available through St. Anne Credit Union, please visit our website or stop by and see us at our Union Street location.