Building wealth is like building a community. It is the result of a lot of hard work and thoughtful strategies diversified across many sectors over a long period of time. Olympia Federal Savings (OlyFed) takes its role in building the local community to heart, by putting people and their best interest first. while fulfilling its mission to help the people of the region build their wealth.
There is a reason why Savings is their last name; they’ve been helping South Sound families reach their financial goals for more than 100 years. Just recently, OlyFed added another new innovative product to help their customers save more effectively: Companion Savings, is a hybrid of a savings account and a CD. The account provides a high-yield like a CD; however, there are no time limits and you can withdraw funds anytime without penalty.
How OlyFed Diversifies
A mutual company held accountable to its depositors and borrowers, OlyFed is invested in the local economy by providing banking services to local people and small businesses. Look around the community, many businesses and homes you see today were and are financed by OlyFed. Some of the very first mortgages written in all of South Sound were underwritten by OlyFed. And it wasn’t just loans. Over the years, locals have used the bank for savings and checking too. In fact, they’ve used OlyFed for every major step in their lives: opening their accounts with their first jobs, later financing cars and homes and also saving for retirement.
But Olympia Federal Savings has always known that providing financial services to the community is only one part of what it means to be local here. Throughout the years, OlyFed has diversified their investments in the community. They have sponsored events, charities, scholarships and provided countless philanthropic gifts and grants. Every year 10 to 15 percent of their profits go to charity. Keep an eye out, every time you see that OlyFed logo, you know the bank was there with its team providing meaningful support and involvement throughout the community.
How OlyFed Customers Can Diversify
Just as OlyFed has diversified their investments in the local community, they want their customers to have the opportunity to diversify their savings as well. That’s why they created a new product, unlike any offered in the area, a Companion Savings account.
Stability and security are the greatest draws to CD investments. When the money is deposited, the principal is protected. As long as the funds are not withdrawn early, CDs return specified rates and mature like clockwork.
However, wouldn’t it be great if the high CD rate was available without term requirements? That’s what OlyFed thought, and they came up with something unique, a Companion account, a hybrid of sorts that comes with a great rate and the predictability and protection of a CD without early withdrawal penalties.
The Companion Savings account works alongside the CD, earning a great interest rate, but with liquidity, which allows the funds to be withdrawn at any time. When a customer’s CD matures and they decide to renew it, they can add more funds to their companion savings account. Or, if they buy new CDs, they can add more funds then too. And, once the two accounts are established, they operate independently, allowing the Companion account to remain open, even after all CDs have matured.
There are a few stipulations to the hybrid account. Funds must be deposited when a CD is opened or renewed. And the CD must have a term of 12 months or longer. The Companion account works really well with IRA CDs too, but can’t be used with add on or bump rate CDs.
“This product offers great piece of mind and predictability,” says Ryan Betz, vice president of marketing and public relations for OlyFed, “and it can be a great option to protect the nest egg you’ve built.” Beyond protecting retirement savings, CDs are also a great way to save for long-term goals, like buying a home or putting money away for your children’s college tuition, because they offer such predictability, says Ryan.
Building up your savings in OlyFed helps contribute to the local community. While your CDs and Companion Savings account are earning interest and safely insured by the FDIC, OlyFed is making that money work hard for our community. Your savings allows OlyFed to lend to entrepreneurs growing their hometown business and in helping families buy their first home or build their dream house. Those investments and purchases support our local tax infrastructure, strengthening and enhancing our parks, schools and so much more. Even better, OlyFed doesn’t sell their loans so customers get the care and support they need.
In an increasingly complex world, where globalism seems to be dominating the economy and the everyday person can feel like just a number in big world; OlyFed reminds us there is another option out there. OlyFed puts you the local customer first, because they believe as a neighbor and owner of the bank your contributions to our community are the keys to helping us all thrive and flourish.