Conscious Banking: Introducing The Provident Bank's Worry-Free Savings Account
/Maximizing the interest you earn on your savings accounts is an easy way to start the process of getting your money to work for you. In addition to interest rates, we also need to be mindful of how the financial institution is using our money. They need to be reinvesting the dollars in our accounts into projects, businesses, and efforts that support the environment and marginalized communities. After all, a thriving economy and environment benefits all of us.
In my new Conscious Banking articles, I will feature bank accounts that are offering a great return and are doing good in the community. This is to help you align your savings and investing accounts with your values.
In this article, I’d like to introduce you to The Provident Bank’s Worry-Free Savings account.
About The Worry-Free Savings Account
During Covid-19, a lot of people are transferring their money from investments into cash. The Worry-Free Savings account is designed for people that are looking to insure excess deposits beyond the Federal Deposit Insurance Corporations (FDIC) coverage limit of $250,000, and still earn a relatively decent rate.
This account comes with no monthly maintenance fees and earns a competitive rate. At the time of this article’s publish date of 5/11/2020, the interest rate is 1.15% APY on balances over $250k and 0.75% APY on balances $50k-249k.
The Provident Bank launched this account to support its community during the crisis by giving them a safe place to hold their cash. They are able to do this because the bank is insured by the Depositors Insurance Fund (DIF), which is a private fund for eligible banks in Massachusetts to insure depositors for every dollar that they keep with the bank. This gives you the ability to keep your cash in one place because you don’t have to split your money across multiple banks in order to insure all of your cash deposits.
The Provident Bank’s Innovative Approach To Covid-19
When the SBA announced the Payroll Protection Program as part of the CARES Act, The Provident Bank quickly realized its extensive portfolio of commercial customers presented a significant challenge. They came to the realization that even with their full staff working round-the-clock, they wouldn’t be able to provide the necessary support all at once for all of their clients.
So, their team searched for a partner that they knew could help their clients get the money that was desperately needed. After many conversations and a few tries, they found a great partner in Lendio to provide the bank with additional resources to meet the needs of as many people and businesses in their community as possible. This new partnership allowed all of their customers to apply for critical funding to retain employees throughout and after the crisis.
Since the opening bell of the first PPP loan window, their dedicated staff and the Lendio team have processed hundreds of applications worth millions of dollars in funding and saving thousands of jobs.
Innovation and creative solutions is a must going forward for financial institutions. Provident Bank is a great example of an institution committed to supporting the community while also remaining ahead of the curve.
About The Provident Bank
The Provident Bank is a commercially focused community bank that is the 10th oldest bank in the country being founded in 1828 in Amesbury, Massachusetts. As a result of a strategic focus in 2006, The Provident transitioned from a typical small community bank to a sophisticated commercial bank now serving customers across the country. At year-end 2018, The Provident Bank had assets just below $1 billion and had the second-highest amount of C&I commercial loans outstanding of all banks with assets under $1 billion. 2019 was another transitional year as the bank completed a second step capital offering and was fast-tracking its commercial loan growth.
To learn more, visit The Provident Bank’s website.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is now enjoyed by readers in over fifty countries with the same dream of achieving financial freedom without living frugally.
