FREMONT, OH (June 8, 2026) |
Fremont Federal Credit Union today announced the launch of HiLo Checking, an innovative new checking account designed to help members build savings while earning one of the highest yields available on a checking account.
The product was created in response to a troubling financial reality facing many Americans. According to the Federal Reserve, 37% of adults could not cover a $400 emergency expense using cash or savings alone, while 13% reported they would be unable to cover the expense at all.
For Fremont Federal Credit Union President and CEO Nicholas Cray, those statistics highlight an opportunity for credit unions to make a meaningful difference.
"Financial wellness doesn't begin with a six-month emergency fund or a large investment portfolio," said Cray. "It begins with the first thousand dollars. When someone has even a modest financial cushion, they're better equipped to handle life's surprises, avoid costly debt, and start building long-term financial security."
HiLo Checking was built specifically for members who are just beginning that journey. The account pays an industry-leading 10.47% APY on qualifying balances up to $1,500, allowing members to earn meaningful dividends while continuing to use their account for everyday spending.
As Fremont Federal Credit Union studied the financial habits of consumers with limited savings, one trend became clear: many people rely almost entirely on their checking account. Paychecks are deposited, bills are paid, and everyday purchases quickly follow. Traditional savings products certainly have a place, but for many households, checking accounts are where their money actually lives.
"We realized that if we wanted to help people build savings, we needed to meet them where they are," Cray said. "Rather than asking members to move money into a separate account they rarely use, we created a checking account that rewards the everyday financial behaviors they're already practicing."
HiLo Checking is designed to encourage engagement and help Fremont Federal Credit Union become members' primary financial institution. Revenue generated through everyday debit card use is returned directly to participating members through the account's exceptional yield.
"We're not interested in attracting deposits that simply sit on the sidelines," Cray said. "We're interested in building relationships. The same debit card activity that members are already using to buy groceries, fuel their cars, and pay for everyday expenses helps make this account possible. As a member-owned cooperative, returning that value back to members is exactly what we're supposed to do."
The account has already gained traction with younger consumers, first-time account holders, and members looking for a more rewarding alternative to traditional checking products.
"There's a huge difference between having a little savings and having none at all," Cray added. "If HiLo helps a member avoid a payday lender, keep a credit card balance from growing, or weather an unexpected car repair, then we've accomplished exactly what we set out to do."
For more information about HiLo Checking, visit FremontFCU.com, stop by any branch location, or speak with a member service representative.
