Savings Account Deal for Tuesday, June 11, 2013: Pioneer Muslim Federal Credit Union

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Pioneer Muslim Federal Credit Union joins the list of credit unions that are making it clear their customers shouldn’t look anywhere else for a better savings account interest rate. Pioneer Muslim is clearly an opportunity, currently offering a 2.50 percent rate of return on deposits. Further, Pioneer's IRA savings accounts pay even more at 3 percent.

Established in 1981, Pioneer Muslim Federal Credit Union was created to help provide financial services to Momin residents of Texas who had migrated from Sidhpur Gujarat, India. Today, the Credit Union has an office in Austin, Texas, and its headquarters in Houston, Texas. Pioneer Muslim provides a full-service complement for its members, ranging from all the standard personal banking services and retirement help to various business banking services as well. The institution covers all the major lending categories as well. Eligibility is determined by being a religious member of the Momin Community from Sidhpur Gujarat.

The share savings account with Pioneer does have a minimum balance requirement open, but the amount is a minimal $110 for an initial deposit. There is no monthly fee, and the interest gets paid on deposits totaling more than $250. Account access can be had by phone, in-person for Texas residents, and online through the Internet. Further, all deposits are federally insured up to $250,000 per accountholder via the National Credit Union Association Insurance Fund (NCUA).

So for those who are part of the Momin community, they have a wonderful opportunity to enjoy a great savings rate literally unbeatable in most banks and credit unions around the country.

About Paul Knag

Paul Knag is a former executive for American Home Mortgage and founder of online lender He founded in 2007. Paul lives in New York with his wife and children.

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