FOLSOM, Calif., Jan. 31, 2024 /PRNewswire/ — Citing its commitment to help its members build financial freedom, SAFE Credit Union paid out a total of $57 million in dividends to its members, an impressive 423% increase in 2023 over the previous year.
“As interest rates rose in 2023, SAFE was pleased to be able to offer our members higher dividends on our savings products,” says SAFE Credit Union Chief Financial Officer Alexis Fitzpatrick. “We offered numerous ways for depositors to maximize their savings, including certificates, money market accounts, and even dividend-earning checking accounts.”
In all, SAFE paid out $57 million in dividends to members in 2023, compared to $11 million in 2022. “It has been 15 years since those who save with us have benefitted at this level,” Fitzpatrick says.
SAFE Credit Union is a not-for-profit financial institution that distributes profits among its 236,000 members through dividends and lower interest rates on loans.
In 2023, SAFE offered a variety of ways for its members to take advantage of the higher interest rate environment. It offered a series of special certificates that offered highly competitive rates, as well as significantly increased its dividend rates on its regular certificates. It saw more members sign on to its new Level Up Money Market account that pays up to 3.30% APY.
“We are so pleased that we provided our depositors with highly competitive rates that helped them benefit even more from saving with SAFE,” Fitzpatrick says. “And we are so happy that we provided our members with such an astounding amount of dividends in 2023. It all comes back to our member-first culture.”
Fitzpatrick says that SAFE will continue to provide products and services in 2024 that will help members save.
“We will be flexible as we address changing economic conditions and quickly pivot to provide members with the best solutions for them to maximize their money,” Fitzpatrick says.
About SAFE
SAFE Credit Union is a not-for-profit, state-chartered credit union in Northern California with over $4.7 billion in assets and more than 236,000 members. Insured by NCUA.
SOURCE SAFE Credit Union
