If you are looking for new options to help you increase your savings, the best place to start is by joining a credit union in New Bedford. Whether you want to take advantage of credit union savings interest rates or get a certificate of deposit in New Bedford, St Anne’s Credit Union can help you find the solution that is right for your needs. There are lots of great ways to save and invest your money wisely without taking unnecessary risks. For example, a New Bedford money market account is just as easy to open and maintain as a traditional credit union savings account, but it pays out at a much higher rate of interest.
What is a Certificate of Deposit (CD) Account?
With a certificate of deposit in New Bedford, you choose the terms that work best for you. The longer the investment term, the greater the interest rate received for this type of credit union savings. At St Anne Credit Union, a minimum balance of $1,000 is required to open a CD account at our credit union in New Bedford. The terms can range from a mere six months to long-term five-year investments. You can receive the interest earned monthly by check, or you can choose to leave it in the account to compound monthly to earn even more on your investment.
Consider what is known as a “CD ladder,” which is an investment approach that allows you to spread out your investments into multiple CD accounts so you will get the best-possible rates while still keeping your cash accessible to you in case of emergency. One example would be to invest your money into five $2,000 CD accounts instead of just one $10,000 account. The first CD account would be a one-year account, the second would be a two-year account, the third would be a three-year account, the fourth would be a four-year account, and the fifth would be a five-year account. When the first CD matures, you can either take it all out or invest it into another one-year or multi-year account, depending on your finances.
What is a Money Market Account?
Similar to a certificate of deposit account, a money market account is designed to earn you more interest over time. At St Anne Credit Union, the minimum required to invest in a money market account is $2,500. If you need to have access to those funds for any reason and your balance drops below the $2,500 minimum, your interest rate for a New Bedford money market account would drop to the same rate as our Main Share savings account. Out of all the different types of credit union savings outside of the Main Share account that is required to become a member, a money market account is by far the simplest and easiest to use.
Check the current credit union savings interest rate chart on our website for accurate figures, but at the time of this writing the interest rate for our Main Share account was 0.10% APY with a minimum $25 balance required and our New Bedford money market account interest rate was 0.50% APY for $2,500 to $10,000, 0.80% APY for $10,001 to $50,000, and 1.00% APY for $50,001 and over.
Credit Union Savings Accounts
Even if you don’t have the amount of money on hand to invest in a New Bedford money market account or certificate of deposit (CD) account, you can still earn more in a Main Share savings account when you join St Anne Credit Union in New Bedford. Credit unions typically have a slightly higher than the average rate on interest-bearing accounts than traditional banks. In some cases, they might even pay out more in interest than a web-based online savings account. Check with a representative to find out how much you could earn with a Main Share, Money Market or Certificate of Deposit in New Bedford when you join St Anne Credit Union.
Contact our team by calling 508-993-0011 or stop by our local branch on Union Street in New Bedford, MA. Take advantage of 24/7 access to all of your accounts with our Online Banking program, gain access to cash at SUM ATMs all over Southeastern Massachusetts and across the country, and ask about our auto and home loan options for even more ways to save when you join a credit union in New Bedford.