Affinity Federal Credit Union Increases High Yield Savings Rate to 3.50%
The idea to make this change began in the pandemic. It was a time when Affinity knew that its members were looking for better options to help them through a time of crisis. Affinity launched its SmartStart savings accounts in 2020, unique for its inverted interest structure that encourages its members to get started on their savings journey. By creating a high yield savings account that allows customers to use e-statements, Affinity aimed to make the beginning of the savings journey as easy as possible for its customers. By monitoring member feedback and understanding the current state of the market, we adjusted our services to meet our members where they are. We are looking at financial needs on a national level. We are constantly innovating our products in an effort to offer our members the best possible experience. SmartStart has no minimum balance, no monthly maintenance fees, and it allows for easy access to funds when needed with no limitations on transfers and withdrawals. Additionally, the SmartStart account ensures that your funds are federally insured to at least $250,000 and backed by the full faith and credit of the National Credit Union Administration (NCUA), a U.S. government agency. Members can also use online Banking or Affinity’s Mobile Banking App to transfer funds from an external account, deposit checks or set up recurring transfers. We have also made an effort to educate members on the value of saving in a high yield savings account through our financial wellbeing initiatives and financial education content. Affinity has long been committed to putting our member’s wellbeing first. Above all, we know that the inflationary environment the United States is in has put many families into financial hard times. We attempt to embrace the rising rate environment by providing our members with options for a brighter financial future. This account provides a path for members to build up their savings potential and increase their long-term financial wellbeing as a result. This change to increase the interest rate on the SmartStart account directly aligns with Affinity’s values. Affinity knows that it is an especially difficult time for low and middle class Americans to save money. The average American has over 90,000 dollars in debt[5]. This account provides unique advantages to a person in the midst of living paycheck to paycheck and for those who experience financial hardship. We pride ourselves on creating an accessible path to financial wellbeing for members and this is another step towards maximizing their earning potential on their savings compared to traditional bank averages. About Author: Jacqui Kearns is the Chief Brand and Strategy Officer at Affinity Federal Credit Union, which has 20 branch locations in the New York tristate area. Kearns is a passionate executive with over a decade of C-level digital, strategic and operational experience focused on delivering results and customer satisfaction. Serving in her current role since 2016, Kearns is responsible for Strategy, Brand & Member Experience, Data & Insights, Product Innovation, Digital Transformation, Channel Development, Marketing, Financial Well-being and the Affinity Foundation.[1] https://www.bankrate.com/personal-finance/financial-wellness-survey/ [2]....-->
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...