During the past few years, Hanscom Federal Credit Union hasearned kudos from several consumer finance websites for itsautomatic savings program known as CU Thrive, which offerssignificantly better rates than most savings accounts.

Recently the $1 billion, 50,000-member institution headquarteredat Hanscom Air Force Base, Mass., received recognition byGoBankingRates.com for offering one of the best savings rates inthe country.

“In a recent study examining the top deposit rates availabletoday, we found the 'CU Thrive' account from Hanscom Federal CreditUnion to be a highly unique savings product, which offered doublethe rate of the highest-yield one-year certificate of deposit atother FIs in the U.S., ” said Casey Bond,managing editor of the El Segundo, Calif.-basedGoBankingRates.com.

“Not only does Hanscom FCU's CU Thrive account offer a built-inautomatic savings plan, it currently provides one of the highestrates available in the country,” Bond added. “CU Thrive's currentrate is 3.00% APY – compared to the national average savingsaccount rate of only .11% APY, according to our database.”

Hanscom FCU introduced the trademarked CU Thrive account in 2009. Ithas proven to be a popular product, the credit union said.

Members can open a CU Thrive account with as little as $5 bytransferring money from their Hanscom FCU checking account on amonthly, bimonthly, biweekly or weekly schedule. The amount of eachtransfer is flexible and can vary, along with the frequency, aslong as members transfer a total of $5 to $500 per month, thecredit union said.

One year from the time of opening the account, money savedand interest earned is rolled into the member's savings account,said Hanscom FCU officials.

“The idea is to encourage members to save on a regularschedule,” said Paul Marotta, chairman of the board for HanscomFCU. “We call it the autopilot savings plan. Some members are usingit like a super-charged club account. It's great for young people,too.”

The product is an ideal companion to free checking, he said.

“Members can pay themselves first with this “set it and forgetit” program. It's part of the “People Helping People” philosophy weare known for and take very seriously,” Marotta added. “We havealigned with programs through America Saves when promoting CUThrive and it's a great fit.”

Hanscom FCU's CU Thrive has received attention from otherorganizations devoted to highlighting deals for depositors,including FatWallet.com and DepositAccounts.com.

“Once someone benefits from CU Thrive, they like to share thegood news,” said Marotta. “It's nice to be thought of as a friendamong those devoted to thrift. I feel like we are fulfilling ourmission.”