Before you open a new bank account, consider going local!

New to town

If you have just moved to the Somerville/Cambridge area for work or school, you may be interested in opening up a local bank account. If you haven’t scoped out the area as far as banks go, no sweat, there surely isn’t a shortage of options! You could go completely online at Capital One. But perhaps you’d like something largely known and based solely on convenience and easy access, like Bank of America.

Whatever your determining factors may be, we just wanted to write a quick post about Credit Unions and why banking locally with one could be beneficial for you and the community where you live. For starters, you’d be participating in the local economy!

Banking local

The perk about our Credit Union, Community Credit Union in Davis Square, is that you do not need to be a part of a specific school, business, or organization to join. You only need to live, work OR worship within 25 miles from our local headquarters in Lynn, MA. This 25 mile radius covers the majority of the Cambridge, Somerville and greater Boston metropolitan area.

Our Credit Union Branch in Davis Square and our other two locations in Peabody and Lynn, are 100% member-owned. We are also a not-for-profit. This means that there are no outside shareholders that we are passing off profits to. In addition, we are run by a volunteer board of directors who receive no compensation from our Credit Union. Our depositors and borrowers are members of our community.

Our benefits

And although we aren’t technological pioneers, we do have access to the latest technologies when it comes to banking! We keep it basic, simple and easy to use.

One of the other perks is that we offer accounts, like Kasasa Checking, that do not have a monthly maintenance fee or a minimum balance requirement. In addition, this account allows you up to $20.00 per month in ATM refunds. It’s also an interest bearing checking account paying up to 2% APY, HUZZAH!

We have no desire to give you more of what you don’t need. Every recommendation is given based off your needs. Why open up multiple checking accounts when you only need one?

We have no hidden agendas and keep everything we do transparent and open to you as the potential member. Our goal is to simply help you reach your personal financial goals.

We have about 6,000 members between our three branch locations who are either individuals and/or businesses members . Our staff speaks over 8 different languages and would love to accommodate your preferred language.

We also go to great lengths to keep all of your information safe and confidential.

Your deposits are insured 100%. This means that no matter the amount that you deposit, it is all covered. We pay extra insurance premiums so that you can have peace of mind.

We also offer mortgages, and if you’d like to deal with a local lender who will service your mortgage for the life of the loan, we might be your people.

Community Involvement

We want to support local efforts and projects. Some of those things that we have supported over the years have been the Young Entrepreneurs Academy, The North Shore Community Development Coalition, The Latino Business Association, and we are avid members of the Somerville Local First and local Chambers of Commerce. We are able to focus our giving + donations to be super local. It feels good to be embedded in the communities where we are located, and we are proud to get to know our members on a personal name basis.

No matter where you open up an account, consider local banking. We’d love to get to know you anyways, so stop by one of our branches and say hey!