CONSUMERS KEEP MONEY CLOSE TO HOME

With home safe sales up 75% over the past year, consumers are on a flight for safety. Many are finding soft landings locally at their community banks and credit unions where they can earn up to 7% interest on their checking accounts, feel the safety of a locally-owned bank, and know their deposits are fueling growth in their own community.

“Amid this market turmoil, people are stashing cash close to home,” says Don Shafer, co-founder of BancVue and FIRST ROI, the creators of www.CheckingFinder.com, a resource to help consumers find community banks and credit unions that offer free, high-yield checking accounts. “Community banks and credit unions are trusted neighbors that offer safety and some of the best interest rates on the market. And if that isn’t enough, people enjoy that their deposits are being put to work in their local communities.”

The more than 16,000 community financial institutions across the U.S. are certainly seeing money flow in from people cashing out of investments. An October survey by the Independent Community Bankers of America reveals that 70% of community banks saw an uptick in deposits in the past year. Part of the attraction has been driven by consumers seeking safer, high-yield checking accounts. In fact, BancVue, is witnessing accounts opening at a rate of every 59 seconds.

“Selected community banks and credit unions are now offering free checking accounts with CD-like yields,” says Shafer. “Unlike the mega banks, these community institutions are taking the savings realized from consumers using electronic services and returning it to the consumer in the form of higher interest rates.”

CheckingFinder.com is one resource for consumers to find community banks and credit unions that are offering free, high-yield checking accounts. The site enables consumers to search by rate, distance from their home, and best annual returns based on average account balance and ATM usage and then open the account online.

“While megabanks may have branches, community financial institutions have roots. And, consumers are being paid to return to their roots,” concludes Shafer.