Thursday, October 19, 2023

SECU Increases Money Market Savings Account Rate!  

            .... 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% ...