Joining a credit union in New Bedford can be a great alternative to working with a bank. There are a lot of reasons why many people choose to join credit unions in the first place, but there are still many credit union members that don’t take full advantage of all the opportunities available to them through their New Bedford credit union membership.
In this article we are going to talk a little bit about the credit union loan opportunities available to members and how you can use them to get the most out of your New Bedford credit union membership at St. Anne Credit Union. Whatever you need, from home loans to car loans, savings investment opportunities and basic checking services, your credit union in New Bedford can help you make the most out of your membership opportunities.
By far the biggest opportunity available to members is your New Bedford credit union membership itself. While banks have customers, credit unions have members. Banks have shareholders that they report to when they make financial and business decisions.
- Credit unions make decisions based upon the benefits that will be received by their members.
- Credit union members are actually owners and have an equal vote for board members who govern the credit union.
- Credit union members receive dividends at the end of the year through increased savings account interest, reduced fees and other opportunities, based upon the success of the credit union.
Members enjoy a number of credit union loan opportunities. Home mortgage loans, equity loans, car loans, motorcycle loans and personal loans are all available through your New Bedford credit union membership.
- Loans that are typically given to credit union members are much better than what you would receive as a customer at a bank.
- Credit unions give better annual percentage rates (APRs) than bank loans.
- Credit union members are more likely to be approved for credit union loan opportunities through their credit union in New Bedford than they would at a bank.
Credit union members can also take advantage of a wide variety of savings opportunities, on which the basic credit union membership is based. To become a member of a credit union in New Bedford all you need to do is open a Main Share Account with a minimum investment of $25. This establishes your membership at St. Anne Credit Union in New Bedford and allow you to open up other types of savings accounts, checking accounts and loans.
Savings opportunities available through your New Bedford credit union membership include the following options:
- Christmas Club – All it takes is $1.00 to open one of these accounts. Club accounts are continuous at St. Anne Credit Union, allowing you to use the same passbook each year so you don’t have to keep opening new accounts. A great way to save for the holidays all year long.
- Certificate of Deposit (COD) – Open a CD account with a minimum of $1,000 and choose terms that range between six months and five years to help put your money to work for you.
- Money Market Deposit Account – A variable rate account that requires a minimum of $2500 to open. Must maintain a minimum balance of $2500 or the account will be converted to a NOW account and rate.
- IRA Share Account – Start saving toward your retirement with this government-sponsored retirement savings plan. Enjoy tax incentives and keep a minimum $500 balance to take advantage of this opportunity for credit union members.
Another benefit of joining a credit union in New Bedford is the savings and investment education that you will receive. St. Anne Credit Union provides credit union members with the knowledge and tools about important financial matters that they need to become stronger, more educated consumers.
- Information on everything from basic home budgeting to full-scope financial planning.
- Consultation and advice to help credit union members make more informed decisions based on their individual needs.
- Opportunities to ask questions about available credit union loan opportunities and savings accounts that will help members maximize their options.
Credit Union Members in New Bedford, Massachusetts
When you decide to get a New Bedford credit union membership, there are a few things you have to know. In order to qualify to become a member at the credit union in New Bedford, you must live or work in Plymouth or Bristol counties in Southeastern Massachusetts.
As a member you become a shareholder in St. Anne Credit Union and have a voice in how things are run. You get an equal vote in the election of the credit union’s Board of Directors and receive a share in any profits that are many through dividends. You can join St. Anne Credit Union by visiting the New Bedford location at 93 Union Street or by calling 508-993-0011.