Supporting people in their financial journey takes a community.
Together we can make an impact.2022 Impact Report
Make your money work for a greater good. You have the power.
In order to provide financial opportunities to our members in a sustainable and responsible way, Express Credit Union relies on these 3 pillars of support:
As a Community Development Financial Institution (CDFI) funding from the CDFI Fund provides the credit union with the capital and loss reserves necessary to increase our lending and account services to underserved communities.
Express CU has been awarded over $6 million in funding through CDFI grants between 2019-2023.
This funding allows us to create unique products and services, offer second chance accounts, keep our fees and loan rates low, and hire the right staff to provide valuable personalized service to our members in their primary language.
If it weren’t for the CDFI Fund*, Express wouldn’t have the financial capital to fully deploy our community development mission.
Our community partners help Express connect to the community mission and meet people where they are at.
27% of new members in 2023 have been referred by community partners.
This demonstrates how our partnership model is one of the best ways for Express to connect with the communities we serve.
We collaborate with our partners to identify needs and find solutions that help members become financially resilient and reach their goals.
Social Impact Depositors
Social Impact Depositors, or Deposits, are the funds that Express CU needs to provide loans to our mission members.
Low to moderate income members don’t tend to have the deposit balances that members at other mainstream financial institutions may have. Therefore, we rely on deposits from social impact depositors to bring in funds to then lend out.
We’re currently sourcing new deposits and have a goal to obtain $5 million in deposits by the end of 2023.
Learn more about Express Credit Union’s impact on communities in our social impact reports.
What is a Social Impact CD?
A zero-risk insured Social Impact CD provides funds for Express that are lent to low-income members and
relying on overpriced predatory finance companies.
Your $50,000+ CD expands our lending capacity and helps cover the cost of providing free accounts to unbanked and underbanked people in Washington State.
Choose from 1 year, 2 year or 3 year CD maturities. Many find that multiple CDs with staggered maturities provide added flexibility.
Select the amounts for your Social Impact CDs. $50,000 and higher CDs with aggregated balances up to $250,000 are insured with the National Credit Union Administration (NCUA).
A $50,000 Social Impact CD with Express CU provides 15 low-income Washington Families with access to fair and affordable financial services, whereas a $50,000 CD at a bank only benefits the shareholders.
With a Federally insured Social Impact CD, you can make real change and positively impact families in your
Apply to open your CD account today.
Social Impact CD - Options
|Account Type||Deposit Amount||APY*|
|12 months||$50,000 - $99,999||4.75%|
|24 months||$50,000 - $99,999||2.75%|
|36 months||$50,000 - $99,999||2.75%|
* APY = Annual Percentage Yield. Rates accurate as of 1/1/2023. Will automatically renew into same term certificate of deposit at maturity, unless otherwise notified. Rates for renewed certificates will be in accordance to current rates at that date. $10.00 early withdrawal fee PLUS: 30 days interest forfeiture for terms 12 months or less; 90 days interest forfeiture for terms greater than 12 months. Account approval, qualifications, limits, enrollments and other requirements may apply. For more information, view our Certificate Truth-in-Savings Disclosure.
What Our Members Say
I wanted to invest in a Social Impact CD with ECU because it would allow me to, in some small way, extend to others the generosity that has been extended to me through my big & privileged family. ECU can offer loans to families that, due to systemically unjust policies, might otherwise have them disallowed. This is what I want to counter, and Social Impact CDs give me an avenue to do so. In short — it’s the right thing to do.”
- Judy P., Social Impact depositor since 2016
Ever since the day I first walked into Express to ask about opening an account years ago, every single Express staff member who has ever assisted me has been extraordinarily and consistently welcoming, helpful, and supportive of my situation, my goals, and my needs. I have never felt judged or ashamed by anyone at Express CU, and that has given me the confidence to press ahead in rebuilding my financial life. I share my story to bring hope to others like myself”.
- Miriam R., member since 2012