While there are many options available to consumers today that might not have been available just a few years ago, there’s still something to be said for managing your money locally. Sure, you could sign up for a home loan online or put your money into a virtual savings account, but do you really know who you are working with when you never meet them face to face? If you are looking for an auto or home loan in New Bedford, you should consider joining your local credit union. Whether you want to refinance an existing loan, purchase new property, or start growing your money for the future, you can count on the team at St Anne Credit Union to help you achieve your goals.
Credit Union Home Loans
As you might already know, credit unions and banks are very similar, especially in the type of services that they offer to their customers. The primary difference is that a bank is “for-profit,” while a credit union is “non-profit.” What that means is that when you join a credit union you are not just a customer, but a profit-sharing member. If there is a profit at the end of the fiscal year, credit union members share in the benefits. Those benefits can include higher interest rates on savings, lower or eliminated fees on a home loan in New Bedford, as well as other types of savings and advantages. When you work with a bank, their primary goal is to make profits for shareholders, so they really aren’t working for you.
If you want personal customer service, you just can’t be a credit union. So whether you want to learn how to profit from a certificate of deposit in New Bedford or would just like to get a better rate on a credit union home loan, make sure to stop by St Anne Credit Union. Our team will work with you to make sure that you get the best rate on a home loan in New Bedford. In some cases, processing fees, application fees, and other incentives can also be made available to our members. There are many benefits to getting your home loan or even opening a New Bedford money market account at your local credit union in Southeastern Massachusetts.
Certificate of Deposit & Money Market Accounts
If you are looking to grow your money beyond a basic Share savings account, you should consider starting either a money market account or certificate of deposit in New Bedford. Currently, at St Anne Credit Union, you can open a New Bedford money market account with a minimum balance of $2,500.00. The incentive is to keep the money in the account at the minimum rate in order to receive the higher interest rate. However, if you drop below the mininum $2,500.00 minimum balance, your account will drop to the interest rate paid for the NOW Account. The more money that you put into your money market account, the higher the interest rate. Speak with one of our agents for current interest rates and other incentives.
Getting a certificate of deposit (CD) in New Bedford is also easy to do at St Anne Credit Union. The minimum required to open a CD account is currently set at $1,000. You must keep this minimum balance throughout the duration of the deposit account, as there is a substantial penalty for early withdrawal. This is different from a money market account, so you should definitely work with a customer service agent to learn about all of the terms and requirements before opening a certificate of deposit (CD) account. The investment periods available range between six months and 60 months, or five years. The longer the investment period, the higher the rate and Annual Percentage Yield (APY) that is paid out to the member.
Safeguarding Your Finances at St Anne Credit Union
While most people are aware that their money is backed at a bank by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, they are unaware of the same backing program available at credit unions. With a credit union, your deposits are backed by the National Credit Union Administration (NCUA), which St Anne Credit Union in New Bedford is a member of, up to $250,000 per person, per ownership category.
Online banking, excellent customer service, multiple ATM locations throughout Southeastern Massachusetts and across the country – credit unions provide everything that traditional banking institutions can provide, but they do it with the member in mind. In fact, members of St Anne Credit Union can utilize ATM machines that bear the SUM logo, which do not charge surcharges or convenience fees. Just another great reason of many to join your local credit union! Give us a call at 508-993-0011 or stop by our location on Union Street in New Bedford, Massachusetts to learn more about becoming a member of St Anne Credit Union.