The Latest Reason to Give Your Bank the Boot
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Perhaps it was the tasty lollipops. Or perhaps, the attractive vinyl checkbook covers. For whatever reason many years ago, you opened your first checking account. How and why you chose your bank, you can’t recall. But you’ve been stuck with the high fees and low returns ever since. Maybe it’s time to make a change.
If you've got over $1000, you deserve better.
Let’s talk about how most banks make money. Customers make deposits and banks generate profits for themselves. First, come the fees they charge you. ATM fees, overdraft fees. So frustrating! But that’s not even the worst of it. Most banks turn around and provide loans (home, car, student, etc) earning interest for themselves by lending out your money!
So what's the alternative? Non-Profit Credit Unions.
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Credit Union Case Study: PenFed
It turns out you can do a lot of good when you pass profits along to your customers. PenFed is a not-for-profit credit union initially established to serve those serving our country at the Pentagon. In the past, membership at PenFed was more restrictive, but today you no longer need any connection to the military or defense department. But still, not everyone qualifies to open an account.
Are you eligible to bank with Penfed.org? Find out with 2 easy steps:
1. Click OPEN NOW
2. Look for the blue button under "not yet a member."
As a nonprofit, PenFed is able to forgo many of those fees charged by traditional banks. Chief among them: monthly maintenance fees. But zero fees is just the beginning. The institution’s biggest benefit is actually a category marked by more, not less. Their real advantage? Interest. PenFed offers an interest rate 13x[1] the national average. Their simple calculator tells a compelling story: a $25,000 emergency fund kept in a traditional bank account for three years would earn $8. At PenFed, the interest earned would be over 56x when you take into effect compounding! Just like your low-interest-yielding savings account, an account with PenFed is federally insured up to $250,000.
Can you get an account at the Credit Union PenFed?
Check Membership Criteria at PenFed.org in 2 steps by clicking "OPEN NOW" then look for the blue button under "Not yet a member"