Today, with so many types of bank accounts out there, it's easy to feel inundated with options. And while many larger banks advertise flashy checking account types or sign-up bonuses, these often benefit them instead of you. So what should you do if you want to partner with a financial institution that cares about your interests, instead of just theirs?
If you're a New Jersey healthcare worker, Healthcare Employees Federal Credit Union (HEFCU) is here to help. With straightforward, member-first account options, HEFCU provides the resources and guidance you need to make informed financial decisions.
Let's break down the basics so you can decide what's right for you.
Types of Bank Accounts
Personal banking usually features two core account types: checking accounts and savings accounts. Each serves a unique purpose.
- Checking Accounts: These are designed for your daily financial needs. Great for paying bills, making debit card purchases, or receiving direct deposits. Checking accounts are generally where most of the financial action happens.
- Savings Accounts: These help you build a financial cushion over time. A great place to stash emergency funds or save towards a big goal, some savings accounts allow you to earn interest each month, accruing additional money over time.
Most people choose to open a checking account and a savings account at their financial institution. This makes it easier to automate transfers, manage your budget, and set money aside before you're tempted to spend it.
Considering that a majority of Americans (59%) can't cover a $1,000 emergency expense, setting up the right accounts is more important than ever.
Specialty Account Options at HEFCU
In addition to the two standard account types HEFCU offers, we offer a few specialty account options that certain people may be interested in.
Share Certificates (CDs)
If you're looking to grow your savings and benefit from a higher yield, Share Certificates are an excellent option. By locking in your money from 6 to 60 months, you'll earn a higher dividend rate than a traditional savings account.
As Share Certificates require a minimum deposit of $1,000, they're ideal for medium to long-term savings goals. Early withdrawals can incur penalties, so ensure you deposit funds you won't need right away.
IRA Accounts
Planning for retirement? If you're not, you should be, and HEFCU's IRA savings options are a great place to start. As contributions grow over time and are generally tax-free upon qualified withdrawal, an IRA account helps you build a strong financial foundation for the future.
IRA funds are federally insured up to $250,000 through the NCUA.
Greenlight: Banking for Kids
Financial literacy should begin at a young age, and HEFCU makes that possible. Greenlight is a debit card accompanied by smart financial tools for families. The free subscription lets you assign chores, automate allowance payments, and help your child set savings goals. All of this comes with real-time alerts and parental control.
The program also comes with Greenlight Level Up™, a financial literacy game that makes learning about money fun and accessible, no matter your child's age.
How to Select a Financial Institution
If you're wondering how to pick a bank, you'll want to look beyond flashy advertisements and promotions and instead focus on long-term value and trust. Big banks may offer temporary sign-on bonuses, but credit unions like HEFCU are built to serve you, not shareholders.
Some good questions to ask include:
- Do they charge monthly maintenance fees?
- Are their loan rates competitive?
- Do they offer personalized support and guidance when you need it?
HEFCU checks every box.
Our not-for-profit structure equates to lower fees, better rates, and a commitment to your financial well-being. With nationwide account access, user-friendly digital banking tools, and a wide range of account types, we're here to support New Jersey healthcare workers and their families at every stage of life.
Opening a Personal Banking Account at HEFCU
Opening a bank account should never be complicated, and at HEFCU, it's simple. With a $5 minimum deposit in a Primary Savings account, your membership is established, giving you access to all of our accounts, tools, and services.
After becoming a member, you can opt to open additional accounts that align with your financial goals. Whether that's a Free Checking account, a Share Certificate for longer-term savings, or an IRA for retirement planning, we have an account type for you.
The process of opening an account at HEFCU is fast, convenient, and secure. You can begin the process online, visit one of our two branches, or speak with someone from our team.
No matter where you are on your financial journey, we can help you take the next step and feel confident while doing so.
Choose an Account That Works for You
As you work to support the health of others, HEFCU is here to help ensure your financial health. Whether you're looking for flexibility, savings power, or low fees, we can help you select an account that will work for you.
Think it might be time to open up a bank account? We're here to make banking simpler, smarter, and more personal, allowing you to focus on what matters most - your future. Reach out to us today!
