Review: Community Financial Credit Union's 10% High Yield Savings Account

Pros of CFCU’s 10% HYSA ✅

High APY on Initial Savings 💸

For those just starting to save or looking to set aside a small emergency fund, earning 10.00% APY on balances up to $1,000 can significantly accelerate savings growth.

Low Opening Requirement 👐

The account can be opened with just $5, making it accessible for virtually anyone.

No Minimum Balance to Earn Dividends 💰

This means that every dollar deposited starts earning interest immediately, which is not the case with many other savings accounts that require a higher minimum balance to start earning interest.

No Monthly Fees 🙌

This is a great advantage, especially for those who prefer to maintain smaller balances in their savings accounts.

Cons and Considerations 🤔

Limited High Yield Benefit ⚠️

The 10.00% APY only applies to balances up to $1,000. For amounts beyond this threshold, the APY drops to 0.10%. While the high yield on the first $1,000 is attractive, the significantly lower rate on additional balances might be less appealing for those looking to deposit larger amounts.

Membership Requirement 💜

To open an account, you must be a member of Community Financial Credit Union. You can qualify for membership if you live, work, attend school, or worship in the state of Michigan you are eligible for CFCU membership!

Variable Rates 📈

As with most financial products, the rates are subject to change. While the 10.00% APY is attractive now, there is no guarantee it will remain the same in the future.

Final Thoughts.

If you’re seeking a high return on a modest savings balance and meet the membership criteria, Community Financial Credit Union’s HYSA could be a great option. For those with larger sums to save, it might be worth comparing other options to ensure your savings work as hard as possible for you.

Looking To Sign Up? 👀

You can sign up for a UFCU membership through Debbie! CFCU has partnered with Debbie to offer extra cash rewards for signing up for their accounts and reaching your financial goals (like paying off debt and saving). To get access, sign up for the Debbie app, and use the code CFCU during the process to start the account opening process and earn your first $5.

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