The account holders can either choose a Cash Account with 3.655% APY or Money Market Fund with a 4.80% yield return rate.
The new program is meant to retain and grow customer deposits for FFB account holders and will serve as a platform for other community banks and credit unions.
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Businesses will be able to implement similar value propositions with the help of Unifimoney’s multi-asset digital wealth management solution and FFB’s payments infrastructure.
Customers will have access to Unifimoney’s Robo-advisory and commission-free trading of thousands of stocks, digital assets, precious metals, and mutual and exchange-traded funds.
John Symcox, chief innovation officer at First Fidelity Bank, welcomed the new yield savings program.
“Community banks are seeing significant outflows of deposits, especially to investing and fintech platforms offering money market funds and high APY accounts”, Symcox said.
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By GlobalData“In response, we created an innovative new deposit and money movement solution specifically for our BAAS clients and launched that first with Unifimoney. This allows us to attract and grow consumer deposits and enable other community financial institutions to do the same”, he continued.
Unifimoney: company background
Unifimoney is a US-based provider of digital banking platforms and debit card services.
In April 2021, the company teamed up with Railsbank to roll out the Unifi Premier credit card, allowing users to redeem rewards in investment assets of their choice. The decision came in response to lowering consumer interest in points and rewards-based travel credit cards.
Unifimoney CEO Ben Soppitt joined Symcox in offering his remarks on the new collaboration with FFB.
“Consumers are actively seeking better ways to gain yield on their cash and we give them choices in how to achieve that. This is an example of the power of combining a traditional community bank and a fintech to deliver innovation, growth and value to customers that would be impossible otherwise”, Soppitt stated.
