Arvada, CO, April 28, 2019 --(PR.com
)-- Partner Colorado Credit Union today announced it exceeded its goal by 200% in the credit union’s recent three-month High-Rate CD promotion ended March 31, a result of its strategy to further retain and expand deposit relationships. Members were invited to open a new 12-, 18- or 24-month Certificate of Deposit (CD) or increase the term of an existing Partner Colorado CD.
The High-Rate CD topped Partner Colorado’s best rates, offering a 3.00% APR for a 24-month term. The promotion resulted in 659 promotional CDs opened for $20,027,620 and 43 new members.
According to credit union industry analysts, the loan-to-share ratio for credit unions is the highest it has been in 20 years, underscoring the need for deposits. “What makes the credit union thrive is attracting and retaining deposits,” says Doug Fagan, Partner Colorado Chief Financial Officer. “Our business is bringing money in and lending money out. If we don’t have half of that equation, we’re not doing our job. Offering a competitive CD is part of our ongoing strategy to hit our member growth, retention and core deposit goals.”
Partner Colorado’s savings products are ideal for all types of savers, with competitive rates, low minimum balance requirements and the ability to make recurring contributions. “Making sure our members are comfortable and confident with saving and budgeting is what we do,” said Fagan. “Between this High-Rate CD and our standing savings offers, members can continue to come to Partner Colorado for market leading rates and excellent service.”
About Partner Colorado Credit Union
Established in 1931, Partner Colorado Credit Union is a member-owned not-for-profit cooperative with total assets exceeding $400 million. The credit union serves more than 32,000 members throughout the Denver metro area and offers a wide range of financial products and services, including checking, savings, home and auto loans. Members benefit from the unique advantages of a credit union, including lower interest rates on loans and higher yields on savings. Partner Colorado actively supports the community by donating funds and employee volunteer hours to many Denver metro area organizations. Partner Colorado is federally insured by the NCUA and is an Equal Housing Lender. For more information, visit partnercoloradocu.org.