ROCHESTER, MN — First Alliance Credit Union has introduced an “Impact CD,” which it is describing as a high-balance savings tool designed for members who want to help make a difference in the community.
According to the $284-million First Alliance, “instead of resting quietly in an account that compounds in silence, Impact CD funds will be hard at work helping families afford homes and vehicles, expand their businesses, and provide safe and affordable access to financial solutions for individuals with ITINs or those needing a fresh financial start.”
The Impact CD behaves like a conventional, fixed terms of five-, seven-, or 10-year maturities, but also includes a feature allowing members to add to their principal balance at any time during the term, “meaning you can increase your impact without resetting the clock.”
An Annual Report Provided
First Alliance said that each year Impact CD holders will receive the credit union’s Annual Financial and Community Impact Report, which “showcases the impact of their deposit from the moment it reaches our vault to the moment it becomes a family’s front door, startup’s first store front, or the first steps to rebuilding after a financial setback.”
Additionally, the credit union said “impact makers who wish to widen their ripple effect” can direct the interest they earn to the First Alliance Credit Union Foundation. Plus, those with exceptionally large balances may opt-in for supplemental share-protection that extends deposit coverage beyond the $250,000 NCUA limits, through a partnership with American Share Insurance, it added.
‘Shared Possibility’
The new certificate is a “way to turn private prosperity into shared possibility,” President/CEO Brent Rempe said in a statement.
In the past 12 months alone, deposits at First Alliance fueled credit-building programs for more than 550 people, placed 31 families in safe, affordable homes, delivered nearly $5 Million to 55 entrepreneurs, and unlocked fair financing for 175 immigrant neighbors through ITIN loans, proof that well-aimed capital can change lives, the credit union said.
“Our community has shown us what happens when we listen to its needs,” Rempe added in a statement. “This innovative CD invites impact makers to become co-authors of that story to watch their wealth safeguard their own future and someone else’s at the same time.”
