Patelco, one of California's largest credit unions, has launched a reverse-tier money market product that is offering rates as high as 3% as part of an effort to fund an expanding loan portfolio and stay ahead of anticipated rate increases across the market.
The credit union, which is based in Pleasanton and has $4.2 billion in assets and about 286,000 members, said its newly-structured Money Market Select Account and Money Market Select IRA Account offer a 3% APY on balances of $2,000 or less, 2% on balances between $2,000.01 and $5,000, 1% on balances between $5,000.01 and $10,000, 0.50% on balances between $10,000.01 and $50,000, 0.25% on balances between $50,000.01 and $100,000, and 0.20% on balances between $100,000.01 and $9,999,999.
The credit union said the new rates "far exceed money market APY offerings by competitive financial institutions."
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