If you are looking for new ways to save, grow, and manage your money, consider joining a credit union. Many hard-working residents in Southeastern Massachusetts are searching for alternatives to traditional banks and are finding what they need at St Anne Credit Union in New Bedford. Switching to credit union savings and checking account management programs can help you to earn more interest, reduce fees, and gain access to tools that will help you get in control. While each membership begins with a New Bedford Share Savings account, there are lots of great products and programs available to help you maximize every penny that you deposit into your credit union account.
Maximize Your Interest Earnings
When you join a credit union, you become a member – not a customer. That means that as a member, you not only get a say in how things are done, but you will be treated much differently than you are used to at a traditional banking institution. Once upon a time, most banks paid customers a decent amount of interest for savings accounts; but today, they pay next to nothing, making it challenging to grow your money under these conditions. Online-only banks introduced higher interest rates for savings accounts when they were new, but have since dropped the returns that they pay to their customers.
Credit union savings accounts are a safe way for people to grow their money and maximize their interest earnings. A New Bedford Share Savings account will typically pay significantly higher than a traditional bank savings account. Other options, including money market accounts and certificates of deposit (CD) accounts, will pay even more, depending on how much you invest – and for how long. Credit unions have continued to demonstrate better returns on savings accounts by offering their members the best interest rates available in the local area that they serve. Similar to the Federal Deposit Insurance Corporation (FDIC) insurance for deposits of up to $250,000, credit union members are also protected in the same way by the National Credit Union Administration or NCUA.
How It Works at St Anne Credit Union in New Bedford
To become a member at St Anne Credit Union, you begin by opening up a Share Savings account, which is also known as our Main Share Account. It’s a regular savings account that requires just $25.00 to open and establishes your membership with the credit union. Before you can open any other type of checking, savings, or loan account with St Anne Credit Union in New Bedford, you must have a Main Share account for credit union savings. Other criteria for becoming a member includes either working or living in either Bristol or Plymouth counties in Southeastern Massachusetts.
Effective June 13, 2019, the current savings account interest rate for the Main Share was 0.10 percent with a minimum $25.00 balance required. Our Christmas Club Savings account paid 0.05 percent, and there was no interest paid for our Share Draft Checking account. Money market accounts vary depending on the amount of your deposit, ranging from 0.10 to 1.00 percent. Certificates of deposit (CD) range depending on the minimum balance and the length of the investment, providing interest rates that begin at 0.45 percent all the way up to 2.65 percent for 15-month CDs or 2.85 percent for 60-month CDs, with a $1,000 minimum balance required. There is a substantial penalty for early withdrawal on this type of account.
Comparing Banks to Credit Unions
This is just one of the areas where credit union savings beat traditional banking institutions. Credit unions offer many advantages over traditional banks, yet avoid all of the negative issues associated with an online-only bank. Higher APY interest rates, the best customer service in the entire banking industry, and opportunities for checking account management, savings, and financial growth are just some of the benefits of credit union membership. If you are ready to make a change and break away from the constraints of traditional banking, consider a move to St Anne Credit Union in New Bedford. We have proudly served our membership for over a hundred years. The New Bedford City Council has recognized St Anne Credit Union for our service and commitment to the local region. Give us a call at 508-993-0011, visit our website, or stop by our location on Union Street during office hours.