Where You Keep Your Money Matters
By Craig Boivin, UMass Five College Federal Credit Union
Published in Northampton Living in April 2025
Expert Contributor
Craig Boivin
Banking Services
413-256-5500
umassfive.coop
As we plan for the future, we often focus on ways to improve our lives – whether it’s through healthier habits, better financial management or finding ways to give back. One impactful choice that benefits both you and your community is keeping your money local. Choosing where you deposit and manage your funds can have a profound impact, not just on your financial health, but on the prosperity of the place you call home.
The Power of Local Banking
When you choose to deposit your monies with a local credit union like UMassFive, you’re doing more than just earning a competitive return on your accounts – you’re actively contributing to the economic well-being of your community. Every dollar you save with us doesn’t just sit idle; it fuels loans to help your neighbors buy homes and expand their small businesses, so that local initiatives flourish.
This philosophy reflects the very foundation of credit unions. Credit unions were established by underserved communities of people who pooled their money together to fund projects, provide accessible loans and improve their collective quality of life. That cooperative spirit still thrives today.
How Your Deposits Make a Difference
Your deposits at a local credit union serve a dual purpose: to help you achieve your financial goals while strengthening your community’s financial health. Here’s how:
Affordable Loans for Local Borrowers
Your savings enable us to provide low-cost loans to local individuals, families and small businesses. Whether it’s a first-time homebuyer securing a mortgage, a new business just opening its doors or a local family needing an auto loan, your deposits make these opportunities possible.Community Investment
Unlike large corporate banks that often funnel deposits into large-scale investments far from home, credit unions prioritize local projects and businesses. That means the money you save with us stays in the community, funding projects that benefit local residents and create jobs.Your Financial Security and Growth
Whether you’re building an emergency fund, saving for a major purchase or planning for the future, credit unions offer a variety of accounts designed to maximize your financial stability. From traditional savings accounts to high-yield term deposits, our options ensure your money works for you while supporting your local economy.Personalized Member Service
At a credit union, you’re not just an account number: You’re a valued member. We take the time to understand your financial goals and provide tailored solutions to help you succeed. Our commitment to financial education and one-on-one support ensures you have the knowledge and tools to make informed decisions about your money.
Your Money, Your Community
Where to bank is more than a financial decision. When you opt to place your hard-earned money in a local credit union, you’re choosing to invest in the people and places you care about most. You’re helping to create a cycle of financial wellness that benefits everyone, from the small business owner down the street to the next generation of homeowners in your neighborhood.
As you set your financial goals, consider the impact of keeping your money where it matters. Join us in strengthening our local economy, supporting our neighbors and building a brighter financial future – together.
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