BASKING RIDGE, N.J., March 2, 2020 /PRNewswire/ -- Affinity Federal Credit Union today launched its new SmartStart Savings account, featuring an inverted interest structure that will encourage members to build up their savings and increase their financial wellbeing.
At a time when 40% of Americans don't have enough savings to cover a $1,000 emergency expense, the SmartStart Savings account provides members with the ability to earn a higher savings rate on lower deposit amounts while maintaining the kind of liquidity many people prefer.
"We have been meticulously observing not only the feedback of our members and employees, but also market trends and financial needs on a national level," said John Fenton, CEO and President of Affinity. "We hear the needs of our members, which is exactly why we are innovating our products and offering a new option to help them prioritize their financial wellbeing and reach their savings goals even faster."
The inverted tier structure provides the highest interest rate option of 2.00% on balances under $2,500, allowing members a competitive interest rate that is higher than the national average. As members build their savings balance, the interest rate lowers, and upon reaching a $5,000 balance, the interest rate levels off to that of Affinity's other savings account rates.
Among the features of the SmartStart Savings account, there are no new money requirements, no checking requirement and no direct deposit or minimum balance requirements. These benefits allow members to get started on their savings journey with whatever amount of money they have and supports growth without additional fees or requirements. This also allows members to keep their funds liquid without the time commitment that many investment accounts require.
For more information on the SmartStart Savings account, and Affinity's other products and services, visit here: https://www.affinityfcu.com/banking/savings/index.aspx
With more than 20 branches across the tri-state area, Affinity is the largest credit union headquartered in the state of New Jersey, proudly ranking in the top 2% of all credit unions in terms of asset size. It is a member-owned, not-for-profit, full-service financial institution federally insured by the National Credit Union Administration (NCUA). For more information, visit affinityfcu.com.
SOURCE Affinity Federal Credit Union