SUITLAND, Md., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Costs continue to rise, with the average American household spending an anticipated $5,200 this year, mostly on gas and groceries. Andrews Federal Credit Union announced today that it will offer a new savings product specifically designed to fight the effects of inflation.
The credit union's new Inflation Buster Share Certificate will offer members an industry-leading 5.00% APY on a 7-month Share Certificate. While the national average savings account interest rate hovers around 0.16% APY, this higher interest rate can help members recoup some of the extra costs they've incurred while paying more to cover the costs of inflation.
According to Andrews Federal President and Chief Executive Officer Ken Orgeron, the credit union's board and leadership team designed the new savings tool as one of several resources to support members through challenging economic times. "The average consumer has faced multiple economic challenges since 2020," Orgeron said. "At Andrews Federal, we've continued to create strategic resources that support members through these challenges and give them additional options for saving and managing their finances through adversity."
Consumers must be members of Andrews Federal Credit Union to access the Inflation Buster Share Certificate rates. The 5.00% APY rate will be available through Dec. 2, 2022. Following the promotional period, the credit union will continue supporting and assisting members through these challenging economic times.
About Andrews Federal Credit Union
Founded in 1948, Andrews Federal has grown to serve more than 130,000 members in the District of Columbia, Maryland, Virginia, New Jersey, and military installations in central Germany, Belgium, and the Netherlands.
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Contact Information:
Ashley Baldeon
Marketing Manager
abaldeon@andrewsfcu.org
3017025382
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