It’s a New Year, and you’re a “new” you – it’s time to take control of your finances! If you have been thinking about joining a credit union in New Bedford, consider all of the benefits that can come from opening a credit union checking account. Similar to the services that you would expect to get at a traditional banking institution, there are clear advantages to working with New Bedford banking solutions at St Anne Credit Union. From opportunities to support checking account management, savings, loans, and investments, as well as nationwide ATM access and online banking services, let us show you all the ways that a credit union can provide you with all the tools you need to succeed.
What is a Credit Union?
You might have heard that credit unions are only for people who work at a certain place or who work in a specific certain industry. While this can be true in some situations, St Anne Credit Union in New Bedford is open to anyone who works or lives in Plymouth or Bristol counties in Southeastern Massachusetts. To open an account, you just need to deposit $25 into a Main Share Savings, which starts your membership. When you join a credit union, you become a member, not a customer. Members have many advantages over traditional banking customers, including benefits which can include reduced or eliminated fees, higher interest earnings for savings, or decreased interest rates for loans.
A credit union is a cooperative (co-op) financial institution – a not-for-profit organization that is owned and run by its members – not a group of stockholders. Any earnings that are made through the credit union are returned to its members through a variety of benefits, such as the fees and interest rates mentioned above and improved services. While credit unions offer all of the same services that you would expect from a bank, including checking, savings, money market accounts, certificate of deposit (CD) investments, and IRA accounts, there are other perks and opportunities available as well. The deposits made into a credit union are federally insured by the National Credit Union Share (NCUS) insurance fund, which is similar to the FDIC insurance offered by banks.
One of the significant advantages of joining a credit union in New Bedford is all of the ways that you can use our financial tools to help grow your money. The Main Share Savings is used to start your membership, but once you are a member, you can open a Share Draft Checking account and explore our other New Bedford banking solutions. A Christmas Club Account takes just $1 to open, but helps you to save money for holiday shopping instead of running up the balances on your credit cards each year. Other tools can help you to make smart decisions with your money, invest in your future, and become a better saver. Certificate of deposit (CD) accounts and money market deposit accounts can help you earn more interest than the basic savings account and grow your money in terms of six months to five years.
You can also start saving for your retirement. A minimum balance of $500 is required for an IRA Share Account, which is a government-sponsored retirement savings plan. This plan offers tax incentives to individuals who participate. You can speak with a representative at St Anne Credit Union to discuss your options for savings and checking account management or learn more about how to open an IRA Share, certificate of deposit, or money market account. These tools are designed to help our members make the most out of their savings and financial management through increased support and opportunities. Make sure to also ask about options for e-statements for checking and savings accounts, credit card access points for St Anne Credit Union Visa cards, SUM ATM location searches, and of course, online banking.
What to Expect
When you join St Anne Credit Union in New Bedford, you can expect to be treated differently than you have been treated at any other banking institution. No matter how nice and friendly the tellers and bank managers are your local branch, they just cannot match the opportunities that are available to you when you join a credit union. As a member, you get a say in how things are run. Each member gets a vote and a voice in the election of our Board of Directors. Each member also receives a share of profits through dividends. To learn more about all of the benefits available when you open a credit union checking account and savings at St Anne Credit Union, give us a call at 508-993-0011. You can also visit our local branch at 93 Union Street in New Bedford.