Banks and Credit Unions are the Same Right? Not Quite!
If you're looking at opening an account at either a credit union or a bank, you may be wondering what the differences between the two are. Today, we're going to dive in and explain the major differences between banks and credit unions.
From profit models to fees and customer service, let's analyze exactly what the benefits and drawbacks are to each. We want you to make an educated decision going forward. You've worked hard for your money, and you should pick a financial institution that will provide you with the exact kind of service that you need.
Bellwether was excited to be among the Best Companies to Work For in NH for 2018. Congratulations to all of the companies who made the list, it is a tremendous honor to be included alongside the best NH has to offer. Continue reading for the full press release from Business NH Magazine.
It's Never Too Early To Start Saving
Anyone who has a checking account more than likely also has a savings account. Many banks will automatically open the two together, giving the owner easy access to both with their online username and password. During the opening process, though, the banker will often tell the account holder of the various benefits that the savings account offers, including accrued interest and zero fees. But these benefits don't just apply to those who have a checking account. A savings account, when opened on its own, can provide a myriad of advantages—especially for children.Read More
Pre-Qualification vs Pre-Approval: What's the Difference and Why is it Important?
Buying a home, especially for the first time, is exciting, nerve-wracking, and sometimes a bit scary as well. There are a myriad of new terms to learn, and the process is rarely as straightforward as one might expect. One of the most confusing aspects is obtaining financing. Mortgage companies, banks, and other financial institutions offer a selection of mortgage products, and each has its own process. One thing that consumers often misunderstand are the terms mortgage pre-qualification and pre-approval. They sound similar, and they are in some ways. However, there are also some distinct differences that new home buyers should understand.
Mortgage pre-qualification and pre-approval both offer a home buyer some valuable information and benefits. In fact, the terms are often used interchangeably, despite the fact that they do not necessarily mean the same thing. First of all, let's take a look at the similarities between these two mortgage terms:
Your time, well spent
Whether you've received some cash from a relative or are saving any money you have leftover from your paycheck, at some point it is worthwhile to think about a Certificate . Regular savings accounts don't get extremely good interest rates, so starting to explore the other products that your credit union can provide is just good sense... and makes cents! You see what I did there, financial pun for the win!
What is a Certificate?
Simply, these products involve you committing a particular amount of money to a new account for a certain amount of time; often CDs run for as little as 12 months and as many as 72 or more months. For that whole time, you receive a much higher interest rate than a typical savings account, and the rate is often higher and higher depending on the amount of months you've selected for your CD. This means that the longer you are able to keep your money "locked up," the more returns you receive during that time. This does mean that there are penalties for removing money early; knowing that you won't withdraw the money is part of how banks and credit unions can get such a good rate of return on your money.Read More