Weekly Rate Update - Aflac Federal Credit Union Offering 2.41% APY Savings Account

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Aflac Federal Credit Union is offering a 2.41% APY savings account for its members, and that's no quack.

Work for Aflac? If so, don't overlook one of the perks of the job. Aflac Federal Credit Union is offering a 2.41% APY savings account for its members, and that's no quack. The average national savings account rate for local banks is 0.21% while for online banks it is 0.80%. That gives you a sense of how competitive this rate is. The rate holds for deposits up to $100,000.01. The rate on deposits over this limit drops to 1.10% APY which is still highly competitive.

Like most credit unions, Aflac has a restricted field of membership. That means not everyone can join the credit union and open an account. To quality for membership, you must be an employee of Aflac, or the spouse of an empolyee. If you qualify, you can call them and request a membership packet. The packet also contains instructions for how to open a savings account.

Aflac is a medium sized credit union with $168 million in assets. It has a Texas Ratio of 15.14%, which is higher than the national average of 10.34% but not high enough to be a big concern. It is NCUA insured, and is located in Columbus, GA.

Our weekly update came out a few day late this week because of the holiday. I'll be back to the normal Monday schedule after the New Year. Happy New Year and here's to higher deposit rates in 2012 (although I think we may have to wait until 2013).

Look for the best savings account rates in your area by clicking the "Savings" tab above.

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Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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