HONOLULU—Saying its responding to the high cost of living, Hawaii State Federal Credit Union has launched Always Saving, a new high-yield savings account it said is designed to help members build financial stability over time.
The account rewards steady balance growth with tiered interest rates, offering up to 5.00% APY) on balances up to $5,000 and up to 3.00% APY on balances above $5,000.
“We see firsthand how rising housing, food, and everyday living costs are making it harder for many of our members to build their savings,” President and CEO Andrew Rosen said in a statement. “As a member-owned credit union, we have a responsibility to respond to those challenges in ways that are practical and accessible. This account is designed to encourage consistent saving behavior and reward steady progress, helping members build long-term financial stability.”
Hawaii State said the Always Saving account is designed for individuals and families working to build emergency savings, plan for future goals, save for important milestones, or everyday needs. The account offers a base rate of 0.05% APY, along with the opportunity to earn up to 5.00% APY on balances up to $5,000 and up to 3.00% APY on balances above $5,000 when monthly balance growth is achieved.
No Set Monthly Contribution
“Unlike many high-yield accounts that require large balances or complex activity, there is no set monthly contribution required to qualify for a higher rate, provided the account balance increases from the previous month,” Hawaii State FCU. “This allows members to establish their own savings goals and save at their own pace while still benefiting from increased earnings as their balance grows. The Always Saving account provides a structured way to build savings while reinforcing positive financial habits.”
