CFCU members save an average of $214 per year!
The Credit Union National Association (CUNA) estimates that Communication Federal Credit Union provided $20,229,260 in direct financial benefits to 94,920 members during the twelve months ending in March 2021. That works out to approximately $214 in average savings per member when compared to big banks!
Here are some of the many ways your CFCU membership can save you save money:
|Membership Benefit||Estimated Annual Savings|
|Finance your next auto loan at CFCU1||$332|
|Switch to a free PayMe Checking account and start earning cash back2||$200|
|Lock in your savings with a Certificate3||$44|
|Refinance your mortgage with CFCU4||$418|
Loyal members5 who use credit union products and services extensively save even more! CUNA estimates that CFCU’s high-use member households received $1,048 in direct financial benefits in the same twelve-month period.
1 Financing a $30,000 new automobile for 60 months at Communication Federal Credit Union will save members an average of $332 per year in interest compared to what they would pay at a banking institution in the state.
2 Savings when compared to a checking account with a $12 monthly fee and combined with the average annual PayMe Checking cash back earned of $56. Member must enroll in eStatements and receive a monthly direct deposit of $500 or more to qualify for cash back rewards.
3 Savings assumes a 1 year certificate account with an opening deposit of $10,000 at 0.75% APY* compared to the same initial deposit at the average 1 year certificate rate of 0.31% APY*.
4 Interest savings compared to the local bank average for a 30 year fixed rate 1st mortgage in the amount of $200,000.
5 A “loyal member” is assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed rate mortgage, $5,000 in an interest-bearing checking account, $10,000 in a one-year certificate account, and $2,500 in a money market account.
* APY = Annual Percentage Yield. Rates and fees used for this report were accurate as of 8/11/2021 and are subject to change without notice.