We beat the banks and this is how we did it! Closed until further notice
Our SmartMoney savings accounts for low- and moderate-income households earn up to 21% and continuously up to 45 months.
Families with qualifying children earn $3 for every $1 saved toward their education. And those looking to purchase their first home, continue their education or open a small business earn between $2 and $2.50 for every $1 saved. If all that sounds incredible, it is.
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| EXAMPLE | INITIAL DEPOSIT | AFTER 6 MONTHS | AFTER 12 MONTHS | |
| Amount You’ve Deposited | $50 | $300 | $600 | |
| Amount You’ve Saved | $50 | $390 | $763 |
Here how it works:
- Open an account with a minimal initial deposit ranging from $20 to $50.
- Continue making deposits on a monthly basis from 12 to 18 months
- Roll over your account for another 15 months with monthly deposits of $40
- Extend your account for an additional 12 months with monthly deposits of $40 (over three years of high interest saving, combined!)
- Every deposit earns you more benefits, including a high interest subsidy of 18% Annual Percentage Yield (APY) or more.
- No monthly bank fees or charges. You can leave your account open for up to 12 months. No early withdrawal penalties.
- The money you earn is yours to spend any way you like.
- On Chex Systems? Doesn’t matter! Account is available to all who qualify by income and residency
- *Account available to County of Los Angeles, California residents ONLY
Contact Program Manager Hassan Nicholas / hassan@risela.org for more information.
