While low interest rates have been a good thing for borrowers, when it comes to earning interest on your savings or operating accounts, you haven’t had a lot of options.
For a limited time, Red Deer and Central Alberta Servus Credit Union branches are offering a High Yield Savings Account with a 2 per cent per year interest rate – a far cry from the 0.2 to 0.5 per cent typically offered on similar accounts.
“One of the biggest things we hear from our business clients is that they want a higher return on their savings accounts, but they also want to able to access their money if they need to, something they can’t do with a traditional term deposit, for example,” explains Rod Ryckman, Servus Credit Union’s Regional Manager Business Banking.
This year, from June 1 to Sept. 30, business owners operating a business in Red Deer and surrounding communities can put their surplus operating funds and reserves to work with the special 2 per cent per year interest rate on a High Yield Savings Account.
What does this mean for you? Your money is available to you, when you need it, with few restrictions on how you can access it.
“We can help your business maximize its potential by choosing the right investment and savings options,” Ryckman says.
As of Dec. 1, the account’s interest rate reverts to the credit union’s standard High Yield Savings Account rate at the time of conversion. According to Ryckman that means that to get the most benefit from this promotion, the earlier you take advantage of it, the better.
“If you sign up for the HYSA in June, you’ll really maximize the benefit of this offer,” he says.
The initiative is open to both new and existing Servus business banking customers, but is for new funds only. The minimum deposit required to take advantage of the offer is $5,000, with the maximum set at $5 million.
Servus Credit Union, Alberta’s largest credit union, is a member-owned, community-based financial institution with roots dating back to 1938.