Basic savers can't seem to find a break. Most savings accounts are below 1 percent interest per year, and there doesn't seem to be any relief in sight. So when a financial institution offers a rate earning that is well above the higher end of the range, it gets people's notice.
Pioneer Muslim Federal Credit Union is currently offering customers a whopping 2.5 percent savings account annual rate, which applies to regular savings accounts without requiring any special account status and is basically unheard of in the current market.
Pioneer Muslim is a local community credit union generally servicing the Sugar Land, Texas, region, and has been in operation since its establishment in 1981. The institution offers a wide variety of personal banking tools ranging from savings accounts to home mortgage loans. For businesses, Pioneer offers general business banking as well as specific loan lines for equipment and security as well as general commercial financing.
The minimum requirements to set up a savings account involves a starting balance deposit of $110. The accounts are insured under FDIC and the data can be accessed in person as well as online via the Internet.
While Pioneer does warn that rates can change per the decisions of the bank board, the rates offered on all of Pioneer's bank accounts are highly competitive, ranging from 2.2 percent to as much as 3.5 percent for education savings accounts.
There is no question that Pioneer Muslim Federal Credit Union pays the best in interest. The real guess that matters is how long these rates will remain far higher than the general market.