HONOLULU–University of Hawai`i Federal Credit Union (UHFCU) launched this state’s first no minimum balance, high-yield savings account and grabbed more than $1 million in deposits since its June 1 launch.
The credit union said its new “Warrior Savings” account is designed in part to compete with deposit accounts available from online providers.
“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,” UHFCU said.
The product is making its debut as numerous credit unions have moved to increase rates in order to attract more deposits.
The Warrior Savings account is paying 2.00% APY, with no minimum balance requirements or monthly fees. Accounts can be opened at either UHFCU.com or at any branch. The $630-million credit union serves University of Hawaii faculty, staff, alumni of the UH System, as well as their household and family members.
‘A Logical Evolution’
“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.”