Social Impact Deposits

Deploying your funds creates positive change in Washington communities

Express Credit Union exists to provide access to fair and affordable financial services to those in our community with the greatest need. Express creates options that contribute to building financial stability for 1,000s of families in Washington State.

Providing free accounts, fairly priced services and high levels of support to low income households incurs costs that exceed the modest revenues generated in such member relationships.

Revenues generated through lending to members coupled with a healthy deposit base allows Express to cover those unmet costs. This provides the means to create opportunities for low income persons who are on the path to becoming fully engaged members with capacity to save and borrow.

Opening a zero risk insured Social Impact CD provides funds that are lent to low income members and people relying on overpriced predatory finance companies. Your $50,000+ CD expands our lending capacity and helps cover the cost of providing free accounts to unbanked and underbanked people in Washington State.

Make true Community Impact – Help us promote Economic Equity in WA State.

Social Impact CD	6 months	12 months	24 months	36 months
$50,000-$99,999	0.45% APY	0.75% APY	1.10% APY	1.50% APY
$100,000+	N/A	1.25% APY	1.50% APY	1.75% APY

Opening an Social Impact CD starts with a few easy steps

1. Apply for membership online or talk to an Express CU specialist about the Social Impact CD that’s right for you

• Contact your ECU specialist by phone or email
• Tell us about yourself or organization, learn more about supporting our mission and programs

2. Establish your membership with Express CU

• A CU specialist will assist you with the membership process for individuals and organizations

3. Open your Social Impact CDs with maturities and amounts that fit your needs

• Choose from 1 year, 2 year or 3 year CD maturities. Depositors find that multiple CDs with staggered maturities provide added flexibility.
• Select the amounts for your Social Impact CDs. $50,000 and higher CDs with aggregated balances up to $250,000 are insured with the National Credit Union Administration (NCUA).

Doubling the benefit of your Social Impact CD

You can earn market rate interest on your Social Impact CDs. Instantly double your impact by choosing to receive a reduced rate on your Social Impact CDs. Choosing to accept a reduced interest rate provides Express CU with more resources to offer no cost accounts to unbanked people in our community. A little goes a long way – foregoing $50 or $100 of interest income a year allows Express CU to provide dozens of additional free accounts to underserved people.

Supporters of Express CU’s financial access through Social Impact Deposits include:

• The Medina Foundation
• The Housing Development Consortium
• The Russell Family Foundation

Actively supporting financial health solutions

Many households face challenges in overcoming barriers to financial opportunity and achieving financial resiliency. About one third of people living and working in King County are without bank accounts or access to non-predatory lenders.

You can be part of the solution. Express CU relies on broad support to provide affordable financial services and secure alternatives to banks, payday lenders and check cashers. With the collective help of diverse groups – individuals, local businesses, community organizations and large nonprofits – Express CU will have the resources needed to fulfill our mission.

Your deposits at Express CU in savings, checking and CD accounts provide funds to expand our lending capacity to low income and unbanked members.

Your purchases with an Express CU debit card generate revenue that helps cover the cost of providing free accounts to people with access barriers.

Your credit cards and loans from Express CU help balance out the higher risk of lending to members with low or marginal credit scores.

As a supporting member of Express CU you help underserved people gain access to fair and affordable services. We offer a full menu of financial products that meet the needs of our diverse membership base.

Learn more from our 2018 Impact Report

Supporting members chose to be here because

• You embrace the compassionate spirit of the Express CU mission
• You appreciate the personal service and human touch of a smaller financial institution
• You understand that opening an account with Express CU and fully using our menu of financial services directly supports other Express CU members.

Your support of Express CU starts with

• opening an account membership
• • Once your accounts are opened you continue to actively use them
• applying for a credit card or loan

Your deposits support your neighbors and community

*APY=Annual Percentage Yield. Rates accurate as of 4/8/2019.Will automatically renew into same term certificate of deposit at maturity, unless otherwise notified. Rates for renewed certificates will be in accordance to current rates at that date. $10.00 early withdrawal fee PLUS: 30 days interest forfeiture for terms 12 months or less; 90 days interest forfeiture for terms greater than 12 months. Account approval, qualifications, limits, enrollments and other requirements may apply. For more information, view our Certificate Truth-in-Savings Disclosure.