CEO Connect- High Yield Savings Accounts
“Online banks” have become very popular in the last 10 years by promising higher savings rates.
They claim to be able to pay higher rates on savings accounts because they don’t have overhead expenses, such as branch operations, employees, etc.
We developed two high-yield accounts to better compete with the offerings of these “online banks.” The Name It Save It and the Premier Savings accounts offer higher overnight interest rates as compared to our more traditional savings and money market accounts.
The Name It Save It account rate was just increased to 2% (as of September 1) and it allows you to make one free withdrawal per year. I am happy to announce that we will soon be allowing four withdrawals per year on this account. This account currently has a $50,000 deposit limit. We encourage you to use this account to save for a large purchase and as the name implies, you may name the account however you wish. For example, some of our members use this account to save for a down payment on a house or a car. They can easily name their account “Down Payment” to help keep them motivated. Other members build toward the $50,000 limit to take full advantage of the high rate.
The Premier Savings account was created for members that have higher deposit balances and it has a $250,000 deposit limit. This account can be used just like the Name It Save It account. This account offers higher rates for higher balances similar to many money market accounts. Please check our Savings page for the current rate offerings.
Please consider these high-yield savings accounts as you seek to earn higher rates on your deposits. Our contact center team and our branch member service teams are happy to help you open these accounts so you can reach your goals even faster.
Dennis Halpin, President/CEO