The saying, “comparing apples to oranges,” is meant to show the difficulty in comparing two completely different items, despite the fact that they are both fruit. When it comes to comparing banks and credit unions, it is more like comparing red apples to green apples, the Red Delicious variety to a Granny Smith. They are both fruit and they are both apples, but they do have some rather obvious differences. If you are thinking about opening up a credit union checking account or savings in Southeastern Massachusetts, consider St Anne Credit Union in New Bedford.
Our Savings & Checking Plans
Like other financial institutions, St Anne Credit Union in New Bedford offers our members the opportunity to take advantage of our credit union online banking program, use ATMs all over the region and even learn how to grow their money through our New Bedford Share Savings and other savings and investment opportunities. Before we can talk about what is different or the same between banks and credit unions, it is important to know what you can expect to get when you join St Anne Credit Union in New Bedford, Massachusetts.
- MAIN SHARE SAVINGS – This is the initial account that you will get when you become a member of our credit union in New Bedford. The Main Share Savings requires a minimum of $25 to start the account and it establishes your membership within the credit union. You must have a Main Share Savings account in order to open a credit union checking account or any other type of account at St Anne Credit Union.
- NOW CHECKING – If you want to have a checking account to use for paying bills, writing and cashing checks, you will want to open a NOW Checking account. There is no minimum required to open one of our checking accounts and there is no monthly service charge. The day you open your account, we will give you a starter kit to help you figure out how to use it to your advantage. Each month you will receive a statement that includes copies of your checks.
- CHRISTMAS CLUB – A great way to put some cash aside for the holidays, our Christmas Club is a St Anne Credit Union tradition. Open your account with just a dollar and start adding money whenever you want to build up your savings for holiday shopping. Our club accounts are “continuous,” which means that you can use the same passbook year after year to avoid having to set up a new account for the next year. The first week of October, we automatically transfer your Christmas Club savings to your Main Share account so you can take advantage of all the seasonal sales!
- MONEY MARKET ACCOUNT – If you are looking for a simple way to grow your savings without having to take a course in financial management, a money market account is a great solution. The minimum required to open a money market account is $2,500 and if your balance drops below that minimum, the interest rate drops from the higher money market rate to the current NOW account rate. No penalties, no fees – just higher interest if you can maintain that minimum balance for your account.
- CERTIFICATE OF DEPOSIT (CD) – Another popular method for increasing your savings, a certificate of deposit or CD as it is commonly known, requires a minimum $1,000 deposit and there are terms attached to it ranging between six months and five years. Members have the option of receiving interest each month in the form of a check or just leaving the interest in the account to be added to the balance and compound on a monthly basis.
If you have any questions about any of the options for saving and managing your money at St Anne Credit Union in New Bedford, contact one of our customer service agents. We can help you launch your membership with a New Bedford Share Savings account, help you get set up with a credit union checking account and even help you learn more about our credit union online banking options. When you think about traditional “banking services” that you might be experienced with at another financial institution, you will get the same services here, but there is a unique difference.
The Real Difference Between Banks and Credit Unions
When you join a credit union you become a member. When you go to a bank, you open an account and become a customer. Membership means that you are part of the group that profits from the success of the credit union. As customers at a bank, shareholders and board members benefit from the profits of the bank – not the customers. At a credit union everything is non-profit, which means that any profits that come from investments and other financial opportunities, get passed on to the members in the form of lower interest rates, discounted fees and other services.
To become a member of St Anne Credit Union in New Bedford where you can enjoy a New Bedford Share Savings or credit union checking account, as well as other great opportunities, all you need to do is work or live in the Southeastern Massachusetts counties or Bristol or Plymouth. Some credit unions require you to work at a certain place or be associated with a certain group, but all we require is for you to work or live in one of these two counties. Stop by our New Bedford, Massachusetts location on Union Street or give us a call at 508-994-0011 to learn more about our services, such as credit union online banking, or to find out how to join!