![]() This is the biggest difference between credit unions and banks. What is the difference between a credit union and a bank?Ĭredit unions, unlike banks, are based on a cooperative or "co-op" model in which the members are also the owners. You can also view our branches, shared branching locations and ATMs by visiting Affinity locations. Our digital tools, such as the Affinity Mobile Banking App and Online Banking, make it easy to manage your account and deposit checks right from your phone. The account must remain open and funded with the $5 during your membership with Affinity. This is not a transactional account, and these funds will not earn dividends. This ownership happens when you establish your $5 membership account, which gives you one par value share in Affinity. Affinity is owned and controlled by members who use its services. With Affinity you are more than a member, you are part owner. If you are not eligible through one of these paths, you have the option to join by making a one-time $5 donation to the New Jersey Coalition for Financial Education or the Connecticut Jump$tart Coalition. To apply online click here: Apply onlineĪlmost anyone can be eligible for membership! We have relationships with over 2,000 businesses, associations and clubs, and you can join Affinity through your association with one of them. You have to join Affinity as a member, then apply for a SmartStart Savings account. How do I open a SmartStart Savings account? Can I open a joint savings account with my spouse or another family member? While there is no minimum balance to keep your account open, you must have at least some money in your account to earn dividends on it. Do I have to maintain a minimum balance to earn dividends? Our IRA, ESA, and HSA savings accounts work differently because they are subject to different regulatory requirements. Otherwise, there is a $2 per month paper statement fee. Our SmartStart Savings account features no minimum opening deposit, no minimum balance requirements and no monthly service fee if eStatements 3 are selected. Are there minimum account requirements for savings? Otherwise, there is a monthly fee of $2 for paper statements. Our savings accounts have $0 monthly maintenance fees with eStatements 3. Does Affinity charge a monthly maintenance fee for savings? At Affinity, certain accounts like SmartStart Savings earn dividends as a reward for keeping your money in the account. Yes, because you’re guaranteed a certain rate of return on your high-yield savings account.Ĭredit unions are member-owned and not-for-profit, so any extra funds are returned to members in the form of dividends, reduced loan rates and products and services designed to enhance your financial wellbeing. And with Affinity, you can use your ATM card to get cash from your savings account at any ATM or transfer money any time using the Affinity Mobile Banking app.Ĭan you earn money with a high-yield savings account? Funds in a high-yield savings account are liquid – you don't have to sell anything or make a complicated transaction to get to your money. While it may be more modest than the return you could receive elsewhere, there's low risk involved, and your savings are certain to grow over time. Savings accounts promise a guaranteed rate of growth – in the form of dividends. Your money has a guaranteed rate of return.Funds in a credit union high yield savings account are federally insured by the NCUA up to $250,000 2. High-yield savings accounts are a good place to keep money – especially funds you may need to access on short notice – because they provide three key benefits: Depending on your needs, yes – a high-yield savings account can be a worthwhile place to put at least some of your money.
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