SAGINAW TOWNSHIP, Mich.–Dow Credit Union is reporting that after opening its first branch in Saginaw County, Mich., it experienced a cumulative $3.4 million in deposits in just one week, “dramatically outpacing already high expectations.”
In a statement, the credit union said Chief Financial Officer Sanjay Ahluwalia believes many in the community identified the credit union as their best option to maximize earnings. As of September, the credit union’s high-yield savings account carries annual percentage yields (APY) up to seven times the national savings average’s APY, according to NerdWallet, Dow CU noted.
Furthermore, the $2.1-billion Dow Credit Union noted its certificate of deposit rates ranked among the best in the nation, earning recent accolades from Business Insider, Investopedia, and The Wall Street Journal.
Role of ‘Member Giveback’ Cited
In addition to favorable rates, Branch Manager Emily Migut said she believes the credit union's Member Giveback program on eligible products was instrumental in recent successes.
“For decades, Dow Credit Union has marked the end of the fiscal year by returning a board-approved percentage of annual earnings to members through rebates and rewards,” the credit union said in a statement. “Though never guaranteed, the board has approved a giveback every year since 1980, awarding $14 million to members in 2022 alone.”
Dow Credit Union has more than 80,000 members.
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