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Affinity Federal Credit Union Increases High Yield Savings Rate to 3.50%

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The rate increase allows members to achieve their saving goals even faster

When it comes to choosing a savings account, it is important to offer a product that allows your  to put their money  to work. Currently, 42% of Americans say that money negatively impacts their mental health[1]. When money is a stressor members need to have a bank or credit union working in their favor. The national average[2] APY for savings accounts is just .17%. While this is up .07% from last year, it still means most customers are seeing dismal returns on their money. Most Americans are receiving a tenth of a percent or less[3] on their savings in time when inflation already has Americans stressed about pinching pennies. Because of this the demand for high yield savings accounts is poised to increase.

Finding a high yield savings account isn’t always easy. Some accounts come with minimums, service charges, and other miscellaneous fees. Affinity Federal Credit Union[4] is proud to offer an account with 3.5% APY on the first 5,000 dollars. This is 34 times the national average. Affinity recently announced this increase of its SmartStart savings rates from 2.00% to 3.50% annual percentage yield (“APY”) on the first $5,000 and 0.35% to 1.00% APY on all balances above $5,000.The SmartStart Account also offers 0.35% to 1.00% APY on all balances above $5,000. Aside from the new rate putting SmartStart account far above the national average there are also other other unique features that make this account accessible for savers in all stages of life.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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