A Southern California credit union has an unusual savings opportunity that mixes investment with charity.
Irwindale-based Rize Credit Union offers an “Impact Certificate,” providing savers with a 3% annual yield for stashing away money for two years.
Additionally, the credit union will donate an amount equal to 2% of the deposit each year to one of three charities of the saver’s choice – foster care groups, Los Angeles wildfire relief, or the Center for Financial Empowerment. Certificates start at $1,000 with details at https://rizecu.com/investment/impact-certificate.
“People love to give,” says Rize CEO Jennifer Oliver, referring to the account’s split focus. “But they don’t necessarily want to give it all. So you can earn a healthy return – and do some good.”
Rize is the newly rebranded version of SCE Credit Union. Its roots date to 1952, when it was established for Southern California Edison’s workforce. But today, any Southern Californian can be a Rize member. The credit union – with $1.3 billion in assets and 70,000 members – has branches in Irwindale, Boyle Heights, Lynwood, Ontario and Las Vegas.
One new charitable focus for the credit union is helping foster children. That effort includes a partnership with two companies – Comfort Cases donates backpacks while Barely Canadian donates sweatshirts.
CEO Oliver says that among the many challenges these kids face is finding a bank with which to do business. Rize opens accounts for foster children as young as 13 without an adult co-owner. Rize will even make the initial $5 deposit and provide gifts from the two companies.
Additionally, for each new credit union member who joins in May – that’s National Foster Care Awareness Month – Rize will get even more gifts for foster kids from the two companies. Credit union memberships start with a deposit as small as $5 and are available online at rizecu.com/makeadifference.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com.
