PLEASANTON, Calif.—The $4-billion Patelco Credit Union has restructured its Money Market Select Account and Money Market Select IRA Account with APYs as high as 3% on balances to $2,000.
Patelco CU said the rates exceed competitors’ rates in the market, according to Bankrate.com.
“The accounts are uniquely designed in a reverse tier structure delivering higher APY earning potential to smaller, entry-level accounts to encourage members to reignite their savings,” the credit union said in a statement.
“We see these new accounts as a game-changing opportunity to help members see the benefits of setting goals and saving toward them,” said Patelco President and CEO Erin Mendez in a statement.