There are many reasons why people join a credit union in New Bedford, but one of the biggest advantages is that choosing a credit union over a bank gives you opportunities to save money and take control of your finances that you just won’t find anywhere else. While getting a checking, savings and certificate of deposit in New Bedford will be very similar whether you are at a bank or at a credit union, the interest rates that you can earn, the options for increasing your savings, the discounted fees and other perks of saving and investing locally can really pay off.
St Anne Credit Union in New Bedford has a very well-rounded line-up of checking, savings, loans and investments for locals who live or work in Bristol and Plymouth counties to choose from and use to their advantage. While a savings account at your local credit union is a great place to deposit and grow your money, you will also be able to increase your financial options even faster with a New Bedford money market account from St Anne Credit Union. In addition to taking advantage of all the opportunities available through this popular credit union in New Bedford, here is a list of five things you can do now to help gain better control over your personal or household finances.
Tip #1 – Choose Direct Deposit Solutions
While having the option to do direct deposit for your paycheck relies heavily on your employer, taking advantage of this opportunity can really benefit you in a number of ways. St Anne Credit Union in New Bedford can help you make sure that your direct deposit goes directly into your Share Savings or Share Checking account to reduce the amount of time you have to think about your money. Financial advisers tell their clients that the “out of sight, out of mind” approach to direct deposit helps to decrease the likeliness for account holders to be tempted to spend the money. Moving money from checking to savings and vice versa can be done easily without having to hold the money in your hands.
Tip #2 – Consider a Certificate of Deposit in New Bedford
There are many reasons why you might choose to get a certificate of deposit or CD at your credit union in New Bedford. A CD will pay out a higher interest rate than a basic savings account and will give you other advantages that will help you to put your money to work for you and boost your savings. You are required to open a certificate of deposit in New Bedford for a specific amount of time. If you withdraw your investment before that time, you will be charged a fee. However, after you meet the requirements of the CD at your New Bedford credit union you can withdraw the funds or move it over to another certificate of deposit once it matures. Speak with a representative at St Anne Credit Union in New Bedford about minimums and requirements for putting your money into a CD.
Tip #3 – Check Out Money Market Accounts
Another great option for credit union members who want to grow their money without a lot of risk, a New Bedford money market account could be just the tool you need to help increase your savings. Similar to a CD account, a money market account has a minimum opening balance. It is a variable rate account. What that means is that instead of there being a fee placed as a penalty for early withdrawal, if your balance drops below the minimum $2500 investment, your interest rate will drop to the standard NOW Account rate instead of at the higher money market account interest rate. If you have any questions about opening a New Bedford money market account at St Anne Credit Union, contact one of our customer service agents direct.
Tip #4 – Create an Emergency Fund Account
When you are working to save money it is important to have a safeguard for you to fall back on in case of an emergency. Your car breaks down, your home needs essential repairs, you miss a couple days at work because of the flu – there are lots of reasons why you might fall short on cash to pay important bills at one time or another. Experts recommend that you have a minimum of $500-1000 in an emergency fund account that can be used to take care of unexpected expenses so you won’t have to dip into your certificate of deposit, money market account or other savings investments. Speak with a customer service agent at St Anne Credit Union in New Bedford about savings account solutions that can be used for your emergency fund.
Tip #5 – Find New Ways to Save Money
Be on the lookout for new ways to put money into your savings accounts at your local credit union in New Bedford. Establish goals, put money into your account every month and redirect savings that you make in other areas, such as grocery shopping, skipped lattes, reduced interest rates on loans or paid off credit cards, to your savings account instead. Putting change in a jar and then bringing it to your New Bedford credit union when it gets full, as well as putting the money you save via coupons or other discounts, into savings can help you build your account even faster.
Take Control at St Anne Credit Union in New Bedford
With all of the account options and financial opportunities available to members of our New Bedford credit union, you can truly take control over your finances and begin planning for your future. Whether your goal is to buy a house, pay for a child’s education, plan for retirement or learn how to live debt-free, you can find a way to do it all at your local credit union. Contact a representative to learn more and get started saving for your future today!