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Transformational Deposits

Click Here to Make a Transformational Deposit of $50,000 or Less

Click Here to Make a Transformational Deposit of More Than $50,000 or to Have a Representative Contact You

  Learn More with Our Frequently Asked Questions  

Traditional banks use low/no-cost checking and savings accounts to fund their lending activities. However, Hope Credit Union serves one of the nation’s most impoverished regions, a place from which wealth has been extracted for generations, and where families have limited ability to build savings and other assets. Consequently, HOPE’s ability to secure local deposits is constrained.

As a result, HOPE must import capital into communities like Itta Bena to finance small businesses, housing, healthcare and other vital needs.  Previously, this has been in the form of certificates of deposits, often from depositors seeking a high rate of return.  As a result, HOPE’s overall cost of funds is 1% higher than banks and credit unions that operate in affluent markets, with ready access to low-cost checking and savings accounts.

To address this challenge, HOPE seeks to import $100 million in low-cost, federally insured Transformational Deposits into opportunity deserts across the Deep South. Socially conscious depositors can help us achieve that goal by choosing to open a certificate or money market account at below-market rates.

Download HOPE’s Transformational Deposits Brochure and presentation.

  Share Certificate Money Market Account¹
Description Credit Union Equivalent of a Bank Certificate of Deposit Hybrid Checking and
Savings Account with up to
6 Withdrawals per Month
Minimum Deposit $1,000 $1,000
Term 12, 24, 36, or 60 Months2 Demand Deposit Account
Rates3 (APR/APY4) .10%/.10% .10%/.10%
Interest Earnings Paid Monthly, Quarterly, or Annually
Reinvested as Principal
Contributed to HOPE as a Tax-Deductible Donation
Federal Insurance Up to $250,000 Per Depositor

Just five fully insured $250,000 Transformational Deposits would exceed the deposit base for entire towns like Itta Bena, fueling catalytic development in low-wealth communities.  They also fortify HOPE’s ability to be a first-responder to help the underbanked navigate crises such as Hurricane Katrina, 2008 Financial Crisis and the COVID-19 pandemic.

Both individuals and organizations, including businesses and nonprofits, can make Transformational Deposits in HOPE. You can see how your support makes a differences for families and communities across the Deep South by checking out our latest Impact Report or Quarterly Report. You may also want to learn more about other ways to support our work.

Click Here to Make a Transformational Deposit of $50,000 or Less

Click Here to Make a Transformational Deposit of More Than $50,000 or to Have a Representative Contact You

  Learn More with Our Frequently Asked Questions  

You can contact our Investor Relations Department at 877-654-4673 (HOPE) for assistance with making a transformational deposit or to get more information.

1Variable-rate account; rates may change after the account is opened.
2Early withdrawal penalties apply to all share certificate accounts.
3Rates are subject to change. Rates effective as of 6/30/20. Fees could reduce earnings.
4“APY” is “Annual Percentage Yield”.