Once upon a time America was imbued with the virtues of a savings-driven culture. Credit cards were possessed by few, and loans required substantial down payments, resulting in risk-averse borrowing on the part of banks. All that is long gone, and savings rates reduced to guttersnipe provisions, but whenever an option comes to my attention which breaks the mold, I feel inclined to document readily. In point, it is worth discussing the DCU Primary Savings Account, a decent vehicle for those looking to generate some added cash.
Structurally, the product is set up no different from any other savings accounts, though the status of credit union creates some intrigue. Those who do not meet residence or employment requirements will need to purchase membership in a local organization, which is somewhere between 10-35 bucks. Once through the door, DCU gives members the option of a savings accounts generating 6.17 percent interest on balances up to $1,000. That might seem meager, but it does equate to over sixty dollars annually in returns, and certainly doesn’t end there. Beyond the threshold, account holders will rake in 0.25 percent, which is about the same as Navy Federal’s Share Savings Account. That’s not too bad at all.
The application process is quick enough despite obligatory agreement acknowledgements, and funds can be moved right away, so the bar to entrance is merely qualification-based. One question to consider though is the online banking layout, which looks suspiciously like Bank of America’s outdated insurance software scheme. This is rather immaterial where finances are considered, but nevertheless:
Alternatively, a number of other possibilities are available:
- BayPort Credit Union offers a 5.00 percent APY on balances of $500, 3.00 percent on balances up to $2,000, and 0.15 percent after that. Only catch is limited membership openings and an age cap of 24 on the accounts.
- The Mango Debit Card program allows users to earn 6.00 percent APY on balances in a savings account up to $2,500, and then 0.10 percent beyond that point. To qualify one must make purchases totaling $1,500 monthly, however. Further, a $5.00 fee is charged monthly if direct deposits of $800 are not made.
- The PayPal Prepaid Card has a savings account providing 5.00 percent APY on balances up to $1,000, and then 0.50 percent after. It does however demand a monthly fee of $4.95, which may cut away at the interest earned.
Happy saving!
ECONOMIC COMMANDER 