Joining a Credit Union May be the Answer to Getting the Best California Savings Account
Looking for the best California savings account rates will help the money you keep around for emergencies work a little better for you. The difference between current California savings rates can be significant, on the order of a quarter of a point.
Where to Find the Highest California Savings Account Rates
For the family looking for the best place to save money in California, here’s a helpful list of the best banks and credit unions for savings.
– F&A Federal Credit Union: 1.01%
– First Federal Bank of California: 1.01%
– Aftra-SAG Credit Union: 1.00%
– Centennial Bank: .8%
– Fresno Police Department Credit Union: .75%
Benefit of Banking With California Credit Unions
Note that most of the best rates are offered by California credit unions. This is because credit unions are run on a not-for-profit basis. Rather than answering to shareholders, they answer to members. When profits are made, they aren’t pocketed by the owners; rather, the membership decides on the best way to use the money. This can be in the form of higher rates on things like savings accounts, or it can be in the form of lower fees or interest rates on services like mortgages.
Another advantage of getting the best California savings rates from a credit union is investing in your local community. Credit unions tend to do this, as opposed to commercial banks who send the profits to wherever the shareholders might be or whatever place offers the highest return on investment. Investing in a credit union isn’t just helping yourself, it’s helping the community in which you live, an attractive prospect to lots of people looking to do good by themselves and others.
We’re past the end of the first financial quarter of the year and it’s time to start taking a look at your finances. If you’re not getting the interest rates offered by one of the banks above, start looking for places to put your money that will do more for you. In the retail world the question is “why pay more?” In the world of personal finance and banking the question is “why settle for less?”