Celebrating its 50th year of service, ECCU expands its service offerings to give members two new financial vehicles to reach their investment goals; in conjunction, ECCU will donate $20 to selected nonprofits for each new account opened.
BREA, Calif., (July 2014) — In conjunction with its 50th year anniversary, Evangelical Christian Credit Union (ECCU) is expanding its personal banking services to better address the evolving financial needs of members by introducing a direct savings account and a high-yield certificate, both with competitive rates leading the market today. Two of the key drivers of this initiative are ECCU’s commitment to spur financial education among members and help individuals beat the national savings average.
“Savings account rates across the United States are dangerously low,” said Mark Holbrook, president and chief executive officer for ECCU. “Americans are putting away only 4.30 percent of their personal income into their nest eggs — that’s more than 10 percentage points lower than we were saving in the mid-1970s.* Our new direct savings account is a nearly effortless way for members to build an emergency fund or earmark savings for a purchase, while our high-yield account is for the serious saver with a larger financial goal in mind, such as buying a car or establishing a college fund.”
In addition, ECCU is aligning its consumer offerings with social causes that support its mission. The credit union will donate $20 to one of four designated nonprofit organizations for every new member. Consumers can direct these funds to go to Compassion International, International Princess Project, Open Doors USA or The Sheepfold.
The ECCU On-Purpose Savings account offers a competitive .60 to .75 percent annual percentage yield (APY) with a minimum opening deposit of $50. Consumers can get these terms because ECCU is largely an online bank. The direct savings account — also called an online savings account — appeals to on-the-go consumers who prefer to be able to manage their lives online.
The ECCU High-Yield Account is a certificate with a market-leading 1.25 percent APY on a minimum $10,000 opening deposit. This account gives consumers the best rate on large balances for fixed periods.
The On-Purpose Savings and High-Yield Certificate are only two of the financial solutions, online tools and membership benefits ECCU will be rolling out to its personal banking members as the credit union seeks to deliver a greater breadth of services to individuals. For most of its 50-year history, ECCU has been known primarily as a commercial banking institution, offering churches, Christian schools and other Evangelical ministries with specialized financial services to help them build their ministries. ECCU will continue to expand this core customer focus while rolling out additional financial services for individuals as part of its next phase of growth.
Entering its 50th year of service, ECCU is a credit union for individuals and growing ministries across the country united by Evangelical Christianity. ECCU leaders have developed its financial services over decades of serving churches, Christian schools and other Evangelical ministries. Its more than 8,000 members comprise of an alliance of Christian churches, parachurch ministries, schools, workers and individuals. ECCU is largely an online bank with headquarters in Orange County, Calif. Please visit eccu.org for more information.
*Trading Economics, “United States Personal Savings Rate.”