Whether you want to save your tax refund or start up an account to use for a specific purpose, it is important to figure out the best place to put your money. You don’t want to keep it buried in the backyard or hide it between your mattresses. That’s no way to grow your money. If you’re going to build savings at St Anne Credit Union, you have three primary methods: share savings, money market account or a certificate of deposit in New Bedford. Credit union online banking can help you to monitor and manage your savings. Learn how to divert excess cash from your credit union checking account to your savings so you can achieve your goals even faster.
St Anne Credit Union Share Savings Account
When you join a credit union in New Bedford, you start by opening up a share savings account. Unlike traditional banking institutions, which would typically start with a checking account, at St Anne Credit Union we begin our relationship with a Share Savings account. The Main Share account requires just $25 to open and get started on the road to savings. Before you can open any other type of savings account or get a credit union loan, you must first have a Main Share Savings account. This is what begins your membership and establishes you with our organization.
In addition to a Share Savings account, you can also open a separate Christmas Club Account. It takes just $1 to join this type of continuous, passbook account that allows you to save money for holiday spending without having to rely on high-interest rate credit cards or loans.
A savings account will typically yield the lowest interest rate of any type of savings opportunity at a credit union or banking institution. It is a basic account without any minimum balance requirements. There are no penalties for early withdrawal, and most savings accounts can be monitored through credit union online banking access. Funds can usually be transferred from savings to checking easily without lengthy delays. Account holders can also typically withdraw savings via the ATM with their credit union debit card.
Certificate of Deposit in New Bedford
One of the best ways to watch your money grow is to open a certificate of deposit or CD account at your local credit union in New Bedford. We require a minimum balance of $1,000 to open a CD account. Receive a monthly check for interest or leave it in the account to be compounded monthly with the original deposit amount. The terms for a CD can range between six months to five years, depending on the options that you select.
Some advantages associated with a certificate of deposit in New Bedford include higher interest rates, fixed interest rates for the term of the account, and no fees if the account reaches maturity.
While similar to a savings account or money market account, a certificate of deposit in New Bedford has some very strategic differences. To purchase a CD account, you need to deposit a minimum amount. Account holders are prevented from making a withdrawal for a specific length of time while it matures. If you withdraw funds before the CD matures, there will be a penalty. Speak with an agent at St Anne Credit Union in New Bedford to find out about penalties, CD lengths, and other details.
New Bedford Money Market Account
Another great option to grow your money is to open a money market variable rate account. The minimum balance required to open this type of account is $2,500. The penalty for dropping your balance below the minimum is that the account and interest rate would drop to the NOW Account rate. If you have specific questions about the New Bedford money market account options at St Anne Credit Union, call and speak with a representative.
The goal of this type of savings is to put the money away and forget about it while it earns interest and grows. So if you have money that you know you won’t be using for the next six months or more, consider a money market account.
While very similar to a “regular” savings account, the major difference between a New Bedford money market account and a regular savings account is that the funds get invested in many different types of financial markets. This is what makes the interest rate higher than a typical savings account. Most money market accounts only allow a limited number of withdrawals each month. You can view more information about this type of account on your St Anne Credit Union online banking access or speak with an agent to get details.
Vist St Anne Credit Union in New Bedford
If you are interested in learning about opening a credit union checking account, savings account, money market account, or certificate of deposit in New Bedford, give us a call. Our representatives can answer any questions that you might have about credit union online banking, savings, and other financial opportunities. Call today at 508-993-0011 or visit our branch location on Union Street in New Bedford, MA.