Conscious Banking: Introducing Patelco Credit Union's Money-Market 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 Patelco Credit Union’s money-market account. Full disclosure, at the time of this article, they are one of my private clients. However, my fiancé and I had been banking with them for at least three years before I started working with them professionally. We love everything they do for the community and their members.
A money-market account is just like a savings account, but with a higher interest rate. You can check out my 60-second video to learn more about these accounts.
About Patelco’s Money-Market Account
Grabbing a mimosa at Tribune restaurant in Oakland, CA. A couple of blocks from one of Patelco's branches.
The difference with Patelco’s money-market account is that they offer higher interest rates to those that are in the beginning stages of their savings journey. At many banks, only accounts with very high balances can enjoy higher savings rates. But at Patelco, they care about their member’s financial well-being, and do their best to reward you for healthy saving practices. Therefore, the first $2,000 deposited in their Money Market Select account earns a very high rate of interest. This is a really good account for building up your emergency savings.
With the Covid-19 pandemic and the Fed slashing interest rates, Patelco did reduce their interest rate offering from 3.0% to 2.0%. However, this is still much higher than most savings accounts.
In addition to this higher savings rate, Patelco has been doing an incredible job with supporting their members’ needs during this economic crisis.
Patelco Credit Union’s Community Support During Covid-19
At the time of this article’s publishing they have:
Approved 700+ mortgage deferrals
Approved 9,400+ consumer loan deferrals
Distributed over $5 million in member relief loans
Waived over $700,000 in fees
Helped over 10,500 members during this economic crisis
These are the types of financial institutions we need to invest our money into and entrust with our savings. Patelco Credit Union understands that institutions need to focus on a triple bottom line. People, planet, and profits. When the people and the planet thrives, profits will soar. Not the other way around. Click here to learn more about their money-market account.
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.
