When it comes to choosing the place where you will open up a checking or savings account, it is important to think about your long term financial future and any investment or savings opportunities that could come with it. One of the biggest differences between joining a large national bank and opening up a local credit union savings account, is a more personal relationship for credit union members. Credit unions treat members like members, you are not just an account number or summed up by the total in your savings account.
The basic checking, savings and investment options are all available at your local credit union. However, because credit unions are non-profit organizations, there are often considerable incentives that go along with membership. These incentives include reduced fees, higher interest rates on savings or investment opportunities. Many members will also seek to get a credit union home loan or auto loan through their local St Anne Credit Union in New Bedford. All it takes is a Share Savings account to get things started and begin opening doors to some unique savings, investment and loan opportunities.
Credit Unions Growing in Popularity
While credit unions have been around for a long time, in fact our own St Anne Credit Union in New Bedford is the oldest in Southeastern Massachusetts, having been established in 1911, they have really grown in popularity in recent years. Part of the cause seems to be a general distrust in the banking system nationwide. Another reason is because once people find out about all of the benefits associated with starting a credit union savings account, checking account or getting a credit union home loan, they appreciate the different approach.
While the credit union hours in New Bedford may be shorter than some super huge national bank that keeps its employees hopping six to seven days a week and you might have to stop in the local branch every now and again to work with a representative on getting a credit union home loan or auto loan in person, the payoff is worth it. That personal touch associated with working alongside people in your community, of being a member that actively participates as a part owner in a financial institution instead of a number on an account – those are just some of the rewards that come from joining your local credit union.
Become a Member, Become a Shareholder
Both banks and credit unions have shareholders, however the difference is that in a credit union, the shareholders are the members, the account holders themselves. Your New Bedford credit union has a responsibility to its members and is a non-profit institution. What that means is that, unlike banks, they focus on providing more value for their members instead of focusing on creating financial returns for shareholders.
Traditionally, a credit union savings account will pay out a higher interest rate than a savings account at a bank. The same holds true for money market account and home equity line of credit accounts. Your local St Anne Credit Union in New Bedford will also usually be able to offer lower interest rates for a credit union home loan or car loan for members than they would receive a typical bank.
More Reasons to Join
In addition to all of these benefits, there are still more reasons to join by opening a credit union savings account. Credit unions make an effort to provide their members with more free services and customer service opportunities. Some will offer free seminars, others will offer special savings programs, such as the Christmas Club available at St Anne Credit Union in New Bedford. Some banks may offer programs like these as well, but at a fee, even for account holders.
Most credit unions have a smaller membership due to the area in which they are located and the criteria for membership. This is intentional. It allows the credit union to reduce the amount of bureaucracy that is often seen at other financial institutions, making it easier to members to renegotiate a credit union home loan, auto loan or to get an extended line of credit. While large banks may have more conveniences built in, such as more online options and longer hours than the credit union hours in New Bedford, they simply cannot out do the advantages associated with simply signing up for a credit union savings account.
How to Become a Member of St Anne Credit Union New Bedford
If you would like to become a member, all it takes is to open a credit union savings account. Once you open what is called a Share Savings account at St Anne Credit Union in New Bedford, you open yourself up to a whole lot of other financial opportunities. Special savings programs, investment opportunities, credit union home loan and car loan options, checking accounts and much more. To find out more about St Anne Credit Union or to get details, such as directions to our location or credit union hours in New Bedford, give us a call at 508-993-0011.