One of the most difficult things that people have to overcome when they want to start saving money is finding ways to help them save it. A traditional savings account can be helpful, but there are other ways to help consumers to set money aside each month and to watch it grow. St Anne Credit Union in New Bedford has five distinct ways that you can start saving and growing your money right now, and it all starts with a basic credit union savings account.
All you need to do to become a member of this credit union in New Bedford is to be a resident of or work in Bristol or Plymouth counties in Southeastern Massachusetts. You don’t need to belong to a special industry, union or group, you just need to work or live in one of these two counties. To begin your membership all you need to do is open up a basic credit union savings and you are on your way to learning new ways to save money and put it to work for you in a whole new way.
Start With a Goal
Why do you want to save money? Are you saving up to create an emergency fund? Do you want to make a large purchase of a vehicle or home in the future? Would you like to start saving to send your kids to college or put money away for your retirement? St Anne Credit Union in New Bedford can help you to meet all of these goals through our line of savings opportunities and services. Credit union savings is similar to traditional banking savings, but as a credit union member you will enjoy higher interest rates and increased opportunities that you just won’t find at a regular banking institution.
Whether your goal is to save for the future or save with a particular purpose, St Anne Credit Union in New Bedford can help. If you aren’t sure where to get started, contact our office and speak with one of our customer service agents. They can direct you to the best credit union savings account options that will help you to grow your money, increase your monthly savings and take advantage of all the services and opportunities available to our members. Set your goals, have a target figure in mind and then start working to reach that goal and meet your financial needs.
Choose a Credit Union Savings Solution
The next step if to figure out what type of savings solution would work best for your particular situation. St Anne Credit Union in New Bedford has five distinct savings solutions for you to choose from to help meet your goals. From the basic Main Share credit union savings account that you will use to open your first account with our institution, to more specific savings opportunities like our Christmas Club savings account, Certificate of Deposit (CD), Money Market savings and IRA Share accounts, select the option that will help you to grow your money and put it away until the day that you need to use it.
- MAIN SHARE – As with all of our “share” plans, the interest on this account is paid and compounded on a monthly basis and is paid from the day of deposit all the way to the day that you withdraw the funds. This is our regular savings account and the minimum amount required to open a Main Share account is just $25. This is what you will use to open your membership at St Anne Credit Union in New Bedford. Before you can open any other type of savings account, checking account or get a loan through our local office, you must have a basic Main Share credit union savings account.
- CERTIFICATE of DEPOSIT – Known in the industry as a CD, the certificate of deposit is a great way to boost your interest earnings and grow your money. A minimum $1,000 is required to open up a certificate of deposit at St Anne and our members have the option to receive their interest monthly via check or simply leave it in the account to compound the interest each month. CD terms range from six months to five years, so make sure to speak with an account representative to figure out which type of program will best suit your financial needs.
- MONEY MARKET – This type of credit union savings is a variable rate account. The minimum amount required to open up a money market deposit account is $2,500. It is important to understand that if the minimum amount drops below the $2,500 mark, the interest rate that is paid on the money market credit union savings account will drop to the basic NOW Account rate. In order to maintain the high interest earnings of a money market account at your credit union in New Bedford, you must keep a $2,500 minimum balance at all times.
- CHRISTMAS CLUB – Seasonal savings that will help you to reduce costs associated with credit card interest and other fees from holiday shopping can come through the use of an annual Christmas Club credit union savings account. A minimum deposit of $1 is all that is required to join the Christmas Club at St Anne Credit Union in New Bedford. These accounts are continuous, allowing you to use the same passbook year after year to avoid having to open a brand new account. Start saving your money at any time and the balance will automatically be transferred to your Main Share account in the first week of October, just in time for holiday shopping.
- IRA SHARE – This type of account helps you to start saving for retirement. Whether you are self-employed or just looking to increase your retirement savings, the IRA Share Account at St Anne Credit Union in New Bedford can help. This is a government supported retirement savings plan that offers tax incentives to participants. A minimum $500 deposit is required to open up an IRA account, making it easy for our credit union savings members to begin putting money away for retirement.
Open a Credit Union Savings Account Today
If you live or work in Bristol or Plymouth county in Southeastern Massachusetts, stop by the St Anne Credit Union in New Bedford to open up your first credit union savings today. Our team will help you figure out what type of credit union savings account will help you to meet your goals and can tell you all you want to know about our IRA Share, CD, Money Market and Christmas Club savings account opportunities.