.... some good news from SECU!
According to the last regulatory report, 460,000 SECU members have a Money Market Savings Account (MMSA) at the credit union with aggregate balances of over $18 billion, yep that's billion with a "b"! Big bucks in anybody's playbook.
The SECU MMSA has long been the preferred savings account for members - great rate with superior flexibility. Many retired SECU members rely heavily on interest from their savings and investments to pay for those costly meds and never-ending doctor visits! (Just wait you'll find out!)
SECU members have been loudly grousing about the 1% interest rate being paid on the MMSA. With the recent surge in overall market rates, many other financial institutions are paying 3%, 4%, or even 5% on comparable money market savings accounts. The loss of income to SECU members is substantial.
👍 The good news is that the SECU Board and management have heard the members' concern. This week the SECU Board increased your MMSA rate from 1% ...
... to 1.1%!
On a $20,000 balance that will get you enough extra income to buy 1 cup of coffee, once a month!
... but, "in fairness" that's not enough for a pumpkin latte at Starbucks.... just a small, hot and black at Mickey D's... so enjoy!**
** Maybe we can work up to a monthly McMuffin by the end of the year!