VIENNA, Va.--(EON: Enhanced Online News)--Navy Federal Credit Union made 2016 a record year by growing its savings portfolio 14 percent from the previous year by $7 billion, the largest growth in recent years. Navy Federal will round off 2016 with nearly $60 billion in its savings portfolio.
“Just this year, we’ve given back roughly $430 million in dividends to our depositors”
The past year gave way to an economic environment ripe for borrowing, but Navy Federal members saw the value in their savings grow. “Just this year, we’ve given back roughly $430 million in dividends to our depositors,” says Joan Cox, senior vice president of savings products at Navy Federal Credit Union.
Products such as certificates and IRAs play a vital role in increasing the value of member savings. In addition, the credit union offers free financial tools and award-winning service to help members achieve their savings goals. “In short, it pays to be a member. Those who save with us see significant returns in comparison to returns offered by our key competitors,” Cox explains.
Much of the credit union’s savings growth can be attributed to savings specials throughout the year as well as every day savings products like the Special EasyStart Certificate, which is geared toward members in the early stages of saving. Members are able to use this product to start saving incrementally with smaller deposits at a 3 percent Annual Percentage Yield, a market leading rate.
In addition to encouraging savings within the membership, the credit union recently launched a retirement and savings section on its financial education site, Making Cents. Launched earlier this year, the site is host to articles and advice for individuals looking to improve their financial well-being.
“We are fully committed to helping our members find new ways to continue saving responsibly,” says Cox.
About Navy Federal Credit Union: Navy Federal Credit Union is the world’s largest credit union with more than $79 billion in assets, 6 million members, 294 branches and a workforce of over 14,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard Active Duty, civilian and contractor personnel and their families. For additional information about Navy Federal, visit https://www.navyfederal.org.