On June 1st, the University of Hawai`i Federal Credit Union (UHFCU) launched Hawaii’s first no minimum balance, high-yield savings account and has already garnered over $1 million in deposits in just a few days with its popular “Warrior Savings” account.
High-yield savings accounts, which are increasingly offered to customers through the Internet and often provide higher interest rates than traditional savings accounts available through most banks, have risen in popularity in the past few years. The new Warrior Savings account blends the best of both worlds by offering an exceptional interest rate along with local service and accessibility here in Hawaii.
The Warrior Savings account offers a 2.00% Annual Percentage Yield (APY), which is among the best interest rates in the nation. There are no minimum balance requirements or monthly fees, and the accounts are NCUA insured. Opening the account only takes a few minutes online at UHFCU.com or at any branch. Current students, faculty, staff, alumni of the UH System, as well as their household and family members, are eligible to open the account.
“Our entry into the high-yield savings arena is a logical evolution and an exciting opportunity for UHFCU as well as our local community,” said UHFCU President and CEO Travis Bow. “Our goal is to help ALL consumers become smart borrowers as well as smart savers – not only the folks who happen to have a significant amount of savings already. We’d like to ensure everyone gets a chance to earn a high-yield rate on their funds. We’re excited to offer a convenient, fast and easy way for consumers to bank smart and have an accessible means to save money for college or other important financial goals.”