The primary difference between checking and savings is that a checking account is used for cashing or depositing checks, paying bills, and taking care of other spending needs, while a savings account is used for putting money aside for a specific purpose or emergency expenses. Most Americans have both a checking account and savings account for managing their money. When you become a customer at a traditional bank, you typically begin by opening up a checking account. However, when you join St Anne Credit Union to take advantage of our New Bedford banking solutions, your membership starts by opening up a credit union savings account called a Main Share Account.
Savings and checking account management are often activities that many consumers overlook when it comes to putting their money to work for them. Instead, they think of money market accounts, certificates of deposit (CDs), and other programs to maximize their savings and money management abilities. Members of St Anne Credit Union in New Bedford can take advantage of all of these opportunities and more. However, the best way to get started on a path of smarter money management is to begin with your credit union savings and checking accounts. There are a lot of helpful tools, methods, and techniques that can be used to your advantage as a member of St Anne Credit Union.
Benefits of Checking Accounts
While the only time you might think about your checking account management is when you deposit your paycheck, look at the account to see if a direct deposit came through, or to find out how much money is left over after paying your essential bills, there’s much more to checking account management that can be discovered. Checking accounts offer the use of debit cards, checks, and can be accessed through SUM ATMs right here in New Bedford, Southeastern Massachusetts, and across the country. Most checking accounts pay little to no interest, so most members choose to put money aside into an interest-paying credit union savings account instead.
Please speak with a representative at our credit union in New Bedford to learn all you can about our checking account opportunities, monthly fees, options for waiving fees, and access to our full network of SUM ATMs. There are lots of other benefits, including online New Bedford banking solutions and a FREE starter kit for our Share Draft Checking Account when you join St Anne Credit Union. Our starter kit can help you maximize the tools and resources available to support your quest for better checking account management. You can sign-up to receive monthly e-statements for free to help save compared to the cost of paper statements, which are currently $5 a month. Our team can help you get the most out of your experience at St Anne Credit Union.
Benefits of Savings Accounts
With all of our “Share” plans, including the Main Share credit union savings account, interest is paid and compounded monthly and paid from the day-of-deposit to the day-of-withdrawal. That being said, the current interest rates for all of our New Bedford banking solutions can be found on our website. When you join St Anne Credit Union in New Bedford, it takes just $25 to open a regular savings account and become a member. This account is required before you can open any other type of savings account, checking account, or obtain a loan with our credit union. Some of our credit union savings accounts will have higher interest rates than others, and credit unions in New Bedford often pay higher rates than traditional banking institutions.
There are limits to the amount of money that can be transferred or withdrawn from savings accounts in the United States due to federal limits. In most cases, that means no more than six times per month online or at the credit union in person, as well as other common methods. If you go over the maximum limitations, it could result in a fee or have your savings account converted to another type of savings or checking account management program. Speak with a representative to find out all of the rules regarding Main Share, Christmas Club, Certificate of Deposit (CD), Money Market Deposit, and IRA Share Account programs. You can view our current rates for all types of accounts at St Anne Credit Union via our website.
Which Account is Best for You?
While some accounts are required for membership and others that are necessary for paying bills, cashing checks, and performing other services related to checking account management, there are still lots of New Bedford banking solutions that you can choose based on your needs. Look for accounts that offer the best interest rates and lowest service fees, while still providing you with the terms that will suit your requirements. Got questions? Our team at St Anne Credit Union in New Bedford can help you make an informed choice. Just give us a call at 508-993-0011 or stop by our local branch on Union Street in New Bedford, Massachusetts. St Anne Credit Union offers membership opportunities to individuals who work or live in either Plymouth or Bristol counties right here in Southeastern Massachusetts.