Hanscom Offers 6% Savings Yield
To celebrate its 60th anniversary, Hanscom Federal Credit Union is offering its members a special savings account with a rare 6% annual percentage yield.
The $1 billion credit union at HanscomAir Force Base, Mass., said the return is available to members who open a CU Thrive account May 4-10.
“Our CU Thrive account offers built-in automatic savings, with a return that really motivates members to build their savings,” said Paul Marotta, board chairman of Hanscom FCU. Founded in 1953, the credit union now serves nearly 53,000 members and is the fifth largest credit union in Massachusetts, according to Marotta.
Hanscom FCU said it ended 2013 on a financial high with a 4.2% increase in share/certificate growth of $38.3 million, loan growth of 10.6% to $691.1 million and new member growth of 8.2%, a 2% jump from 2012.
In addition, return on assets was 0.58%after returning roughly $260,000 to members through a1% loyalty dividend, according to the credit union. At the end of last year, Hanscom FCU said it had a net worth to asset ratio of 9.3%.
Members affected by the federal government shut down in 2013 took out nearly $1millionin interest-free Life Line loans as well as approximately 400, fee-free, skipped loan payments to carry them over, according to the credit union.