Saving money takes time, especially if you’re saving for a long-term goal like retirement or buying a home. But in a rapidly changing economy, with inflation on the rise and a potential recession looming, time is a luxury many of us can’t afford.
When you need to build up your savings — and fast — OCCU’s Ignite Savings account is the hero that can help you get the job done.
Ignite Savings is a high-yield savings account, which means it pays significantly higher interest than a regular savings account. How much higher? When you open an Ignite Savings account with OCCU, you’ll earn 5.25% APY on the first $500 you deposit.*
That’s 52 times higher than the national average savings account interest rate of 0.1%.
But the earnings don’t stop there. You’ll also accumulate higher-than-average interest on the rest of your balance. To give you an idea of how fast your money can grow in an Ignite Savings account, let’s say you deposit $3,000. In the first year alone, you’ll earn more than $90 in interest.
Member tip: Check out our Ignite Savings calculator if you’d like to get a better picture of how this exceptional account could fit into your financial picture.
Ignite Savings is for EVERYONE
One of the things that makes Ignite Savings so unique is that it’s accessible to everyone. Most high-yield savings accounts require you to maintain a large balance to earn the highest interest rates, which means the more you already have, the more you can earn.
But with the Ignite Savings account, we flipped the traditional model on its head.
With no minimum balance or deposit required, you’ll start earning the highest available interest rate right from the get-go — whether you deposit $50 or $5,000. It doesn’t matter how much income you have or how much money you’re able to save each month; you’ll always get our VIP interest rate. And unlike many other high-yield accounts, your cash stays easily accessible always so it’s readily available whenever you need it.
Anyone can open an Ignite Savings account. Are you a long-time OCCU member? Start raking in your free money today. Just hearing about us for the first time? Open an Ignite Savings account online and we’ll welcome you to the OCCU community within minutes.
Versatile savings for any purpose
If you’re wondering how useful this money tool really is, consider: Some of the financial experts on our team have opened their own Ignite Savings accounts to help meet their personal goals. Below are only a few of the many possible ways you can use your high-yield savings account:
Recession-proof your budget and counteract the effects of inflation with earnings.
Save up quickly for a home remodel project or backyard renovation.
Start a savings account for each child in your family and watch their money grow.
Use it as a first step to put money to work before you start investing.
Replenish your emergency savings faster after an unexpected expense.
Prepare for a wedding or other life event on the near horizon.
Incorporate it into a larger savings strategy.
No matter who you are or how much money you have, we’ve got an Ignite Savings account with your name on it. Free money is yours for the taking – that’s the credit union difference in action, we create more ways to invest in you. Open an Ignite Savings account today, and cash in on this powerful money-building tool.
*Ignite Savings account annual percentage yield (APY) and rate may change. Fees could reduce earnings. 5.25% APY on balances up to $500, 5.25%-3.45% APY on balances $500.01-$2,500, 3.45%-2.23% APY on balances $2,500.01-$5,000, 2.23%-0.85% APY on balances $5,000.01-$25,000, and 0.85%-0.15% APY on balances of more than $25,000.01. First-year earnings are based on a 12-month average.