Why High-Interest Checking is a Game-Changer for Your Financial Growth

In an era where financial institutions are evolving rapidly, one constant is that credit unions often still offer better interest rates compared to traditional banks. This is because they operate on a not-for-profit basis, which means they focus on serving their members rather than generating profits. This unique model allows them to pass on savings directly to their members, making them an outstanding choice for anyone looking to bank smarter and grow their wealth. Wheelhouse Credit Union’s member-focused approach enables it to pass on savings directly to its members through enhanced savings rates and reduced loan rates. With features like mobile apps, online banking, and robust cybersecurity measures, Wheelhouse can also provide the same level of technological convenience and security as larger banks, ensuring that members can manage their finances efficiently and safely, no matter where they are.

Greater Earnings Opportunities

High-interest checking accounts can significantly grow your wealth by offering higher interest rates than traditional ones. For instance, if you maintain a balance of $10,000 in a checking account with a 3.00% Annual Percentage Yield (APY), you would earn $300 in interest over a year. This is a substantial increase compared to the mere $10 you might earn with a 0.10% APY*from many financial institutions. Over time, the benefits of a high interest rate become even more pronounced as your balance grows and interest compounds, turning your checking account from a simple transactional tool into a valuable asset for wealth accumulation. This financial empowerment is a key benefit of high-interest checking accounts.

Inspired Plus Checking¹

Does your current checking account come with roadside assistance? Probably not. Inspired Plus Checking from Wheelhouse provides additional protections and money-saving perks you may not even consider when evaluating a financial institution. These extend well beyond the standard rewards points for debit and credit card usage, which are included with Inspired Plus. For a modest fee, account holders can earn up to 3.00% APY*, obtain cell phone protection, sleep well with ID theft protection and credit monitoring, travel confidently with roadside assistance, earn fuel rewards points, take advantage of health savings on everyday items, obtain peace of mind with accidental death insurance, and more. The Inspired Plus Checking account is designed to provide you with a comprehensive suite of benefits that can save you money and provide peace of mind. Research shows that annual savings can reach upwards of $1,094 annually by accessing all benefits.

Security and Customer Support

Security is paramount in banking, and Wheelhouse excels in this area, too. Employing state-of-the-art encryption and multi-factor authentication ensures your financial data remains secure against potential threats. This robust security system is designed to provide you with peace of mind, knowing that your financial information is safe. Additionally, a user-friendly interface and robust customer support system provide further reassurance–a “phone branch” is well prepared with San Diegans ready to help other San Diegans. Whether you need assistance with account issues or have questions about features, support is readily available to address your concerns wherever you are located at the time.

WheelhouseCU.com | 619-297-4835

* APY = Annual Percentage Yield. Rates are effective as of 09/09/2024 and are subject to change without notice.

¹ To receive the APY of 3.00%, you must make a minimum of 20 qualifying purchase transactions using your Wheelhouse^® Visa^® Debit Card associated with an Inspired Plus Checking account per calendar month and maintain an average daily balance of $75,000 or higher. No minimum balance is required to earn dividends. Inspired Plus Checking is a variable rate account. The APY may change after account opening. APY is accurate as of the last dividend declaration date. Fees could reduce earnings on the account. Inspired Plus Checking requires an initial minimum deposit of $10, monthly direct deposits totaling $450 or more, an active digital banking registration, eStatements within 90 days of account opening, and a monthly fee of $9 (nine dollars). If requirements are not met and maintained, the account will be converted to a Basic Checking Account, which may be subject to different terms, conditions, and restrictions, and access to BaZing® will be removed.

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