FAIRBORN, Ohio — To help those who need an incentive to save more, Wright-Patt Credit Union has launched a new account that carries a 7% annual percentage yield.
The TrueSaver account pays a dividend of 7% annual percentage yield on the first $500 of savings. After that amount is reached, the annual percentage yield drops to 1.7%. The goal, the $1.2 billion credit union said, is to offer a kick start to those who might not be encouraged to start saving.
Those under the age of 18 automatically qualify, according to the credit union. Persons over that age need to have an "active" Wright-Patt credit union checking account, eStatement or direct deposit.
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"At most financial institutions, only the biggest savers get the highest savings rates. But we've changed all that with our groundbreaking TrueSaver program, which gives you the opportunity to earn our very highest savings rate…from your very first penny saved," the credit union wrote on its Web site.
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