Put Your Money To Work
Royal Credit Union’s high-yield savings account helps members reach their goals faster
Saving money is one thing, and making sure that money is actually growing is another. Whether you’re building an emergency fund, saving for a future purchase, or simply looking for a better place to keep your funds, finding the right savings account can make a real difference.
We connected with Courtney Ricci, branch manager at Royal Credit Union’s Altoona office, to talk about how Royal’s high-yield savings account helps members get more out of the money they’ve already worked hard to save.
What is a high-yield savings account?
“It’s a savings account that earns a higher dividend rate than a standard savings account. That’s really the heart of it. You’re still able to get to your money when you need it, but in the meantime, it’s earning a lot more than it would sitting in a basic account.”
Who is this account a good fit for?
“Honestly, just about anyone who wants to earn more on their savings. I talk with members every day who have money set aside for different goals, whether that’s an emergency fund, a future vacation, a vehicle purchase, or simply peace of mind. If that money is sitting in an account earning less, a high-yield savings account can help it work harder for them.”
What is the first thing you tell members about it?
“That they don’t have to choose between growth and access. A lot of people think earning a better rate means locking their money away, and that’s just not the case here. Your money stays available, it just happens to be earning more while it sits there.”
Why are people paying more attention to savings rates right now?
“People are becoming more aware that where they keep their money matters. Even a small difference in rates can add up over time. Members work hard for their money, so naturally they want to make sure it’s earning as much as possible while they save.”
How does this account help people reach their financial goals?
“One of the biggest challenges with saving is feeling like progress takes too long. When your savings earns a higher dividend rate, your money has more opportunity to grow alongside the deposits you’re making. It can be really motivating for members to see their balances increase more quickly as they work toward a savings goal.”
What do members think after opening one?
“The best sign to me is when members start telling their family and friends about it. I’ve had people open one and then come back a couple weeks later saying they told their kids or a coworker to do the same. When someone’s excited enough to share it, you know it’s making a difference.”
What do people need to open and get the most out of this account?
“The nice thing is there’s no minimum balance to open, so you can start with any amount. To earn the qualified rate, we just ask for a relationship with Royal. You’ll need to be a member with a primary savings account, have an active Royal checking account, and receive at least $500 in qualifying direct deposits into that checking account every 60 days. If someone isn’t a Royal member yet but is interested in our high-yield savings account, we can get them started and open their checking account and high-yield savings account at the same time.”
How does someone open a high-yield savings account?
“You can open a high-yield savings account online in just a few minutes or stop into any Royal office and we’ll walk you through it. We’re always happy to talk through your goals and make sure it’s the right fit.”
Insured by NCUA.
Royal Credit Union
26 office locations in Wisconsin and Minnesota
Phone: (800) 341-9911
Website: www.rcu.org/HighSavings
