Unifimoney and First Fidelity Bank Announces Enhanced Yield Savings Program for Community Banks and Credit Unions to Grow Deposits

Unifimoney and First Fidelity Bank launch an enhanced yield savings program giving account holders the choice of a Cash Account with 3.655% APY or Money Market Fund with a 4.80%.

OKLAHOMA CITY & SAN FRANCISCO–(BUSINESS WIRE)–#communitybanks–Today Unifimoney Inc. (Unifimoney), a multi-asset digital wealth management platform for Community Banks and Credit Unions, and First Fidelity Bank (FFB), a $2.7 billion-asset community bank headquartered in Oklahoma City, announced a new program to help retain and grow customer deposits for FFB account holders and as a platform for other Community Banks and Credit Unions to offer the same.

With interest rates at the highest level in almost a decade, consumers are suddenly seeking to achieve a combination of high yield and safety with their cash deposits. The enhanced yield savings program offers FFB account holders the choice of where and how to use their deposits with a Money Market Fund or FDIC insured Cash Account. Both options will be available to FFB customers who have created a Unifimoney account in April. Unifimoney also enables account holders to invest in traditional securities as well as alternative assets including gold, silver and platinum for those seeking to diversify further.

The solution is designed to enable other community financial institutions to implement similar value propositions for their account holders with a combination of Unifimoney’s multi-asset digital wealth management solution and FFB’s institutional payments infrastructure. Unifimoney’s platform includes Robo-advisory and commission free trading of thousands of stocks, ETF’s and Mutual Funds, digital assets and precious metals in addition to the cash account.

“Community Banks are seeing significant outflows of deposits especially to investing and Fintech platforms offering money market funds and high APY accounts,” said John Symcox, Chief Innovation Officer at First Fidelity Bank. “In response we created an innovative new deposit and money movement solution specifically for our BAAS clients and launching that first with Unifimoney which allows us to attract and grow consumer deposits and enable other Community FI’s to do the same.”

Unifimoney CEO Ben Soppitt said, “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.”

The enhanced yield savings platform is available to all Community Banks and Credit Unions immediately with Unifimoney already integrated with Jack Henry Banno, Q2 and Alkami online and mobile banking.

For more information visit www.unifimoney.com and www.ffb.com

About Unifimoney

Unifimoney is a multi-asset turnkey digital wealth management platform that serves Community Banks and Credit Unions to enable them to offer a compelling range of investment services to their customers. The Unifimoney platform today includes both passive and active investing in traditional equities and ETF’s, digital assets and precious metals. Unifimoney RIA, a wholly owned subsidiary of Unifimoney Inc. is a SEC registered RIA. Unifimoney is part of the ICBA 2022 ThinkTech Accelerator Program.

First Fidelity Bank

First Fidelity Bank, OK is a family owned institution dedicated to the success of our customers on their financial journey. Bringing together technology and relationships, First Fidelity Bank is a leader for banking innovation. For over 100 years First Fidelity Bank has been a stable and innovative bank, competing with the largest institutions while maintaining the identity of our community banking relationships.

Contacts

Unifimoney: [email protected]
First Fidelity Bank: [email protected]