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Is iTHINK Financial a Bank or a Credit Union?
iTHINK Financial is a credit union, not a bank. Credit unions are owned by their members rather than shareholders, with earnings returned through competitive rates, lower fees, and higher savings yields
Who Can Join?
Membership is available to eligible people who live, work, worship, or attend school in approved Florida or Georgia counties, participating employer groups, and eligible family members.
Frequently Asked Questions About iTHINK Financial
Find quick answers about iTHINK Financial, membership, insurance and our services.
What is iTHINK Financial?
iTHINK Financial is a member-owned, not-for-profit credit union headquartered in Delray Beach, Florida, serving members across Florida and Georgia. Founded in 1969, iTHINK Financial offers checking and savings accounts, vehicle and personal loans, mortgages, credit cards, business banking and wealth management. Deposits are federally insured to at least $250,000 by the National Credit Union Administration.
Is iTHINK Financial a bank or a credit union?
iTHINK Financial is a credit union, not a bank. Credit unions are owned by their members rather than shareholders. Earnings are returned to members through competitive loan rates, lower fees and higher deposit yields. Deposits at iTHINK Financial are federally insured by the National Credit Union Administration, rather than the FDIC, at the same coverage level of at least $250,000 per depositor.
Who can join iTHINK Financial?
Membership is open to people who live, work, worship or attend school in an approved county in Florida or Georgia; employees and retirees of participating employers; and eligible immediate family and household members of current members. Opening a savings account with $5 begins a lifetime membership. Learn more about joining iTHINK Financial.
Is iTHINK Financial federally insured?
Yes. Deposits at iTHINK Financial are federally insured to at least $250,000 per depositor by the National Credit Union Administration, a federal agency. Credit unions are not FDIC insured; NCUA insurance provides the same standard coverage amount provided by FDIC insurance.
What is iTHINK Financial's routing number?
The iTHINK Financial routing number, also called the ABA number, is 267077627. Use it for direct deposit, wire transfers and automatic payments. For help with a specific transfer, call 800.873.5100 or email serviceplus@ithinkfi.org.
Where is iTHINK Financial located?
iTHINK Financial is headquartered in Delray Beach, Florida, with branches throughout Florida and Georgia. Members also have access to CO-OP Shared Branch locations nationwide. Find a branch or ATM near you.
Is iTHINK Financial the same as IBM Southeast Employees Credit Union?
Yes. iTHINK Financial was formerly known as IBM Southeast Employees Credit Union, or IBMSECU. The credit union adopted the iTHINK Financial name in 2020. Existing member relationships and the routing number carried over through the rebrand, and membership is no longer limited to IBM employees.
What products and services does iTHINK Financial offer?
iTHINK Financial offers checking and savings accounts, money market accounts, certificates and IRAs, vehicle loans, personal loans, mortgages, home equity lines of credit, Visa credit cards, business banking and lending, and wealth management services. Members can also use Digital Banking for features such as mobile deposit, bill pay and account transfers. Explore personal banking products and services.
Is iTHINK Financial connected to iTHINK Financial Amphitheatre?
iTHINK Financial is the title sponsor of the iTHINK Financial Amphitheatre and the Tabernacle Presented by iTHINK Financial. iTHINK Financial is a financial institution and does not operate either venue, sell tickets or manage events.
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Why You Should Open a High-Yield Savings Account This Year
By: iTHINK Financial | Jan 08, 2020
Americans are proving that they’re not setting aside savings as much as they should, with nearly 70% of Americans having less than $1,000 in savings. However, the good thing about saving is that it’s never too late to start. That’s why it’s time to advance your annual income and consider a high-interest savings account to start the new year on the right foot.
What Is a High-Yield Savings Account?
Unlike traditional savings accounts, a high-yield savings is known for just that—a high interest rate or annual percentage yield that helps you boost your savings by year’s end. This savings vehicle makes a great additional saving strategy to your existing financial portfolio or investments for a particular fund such as emergencies or vacations.
High-yield savings accounts typically pay 20-25 times the national average of a standard savings account and can range depending on the interest rates. This form of saving account can be opened at your current bank or credit union if everything aligns, but it may be smart to shop around for the top-paying institution before you’re locked in.
What to Look for in a High-Yield Savings Account?
Not every place offers the same APY percentage or charges the same fees when it comes to high-yield savings accounts. If you’re in the market for one, it’s best to browse around and compare options before making the investment. Here’s a few things to keep in mind when you’re comparing high-yield savings accounts:
Interest rate
Being the focal point of a high-yield savings account, the interest rate will determine how much you can accrue over a year’s time. For example, if your annual percentage yield (APY) is 1.5% and you deposited a total of $2,000 in your account over the span of a year, your year-end total would be $2,150. Compared to a traditional savings account rate of .01%, you could accumulate extra cash from high-yield savings accounts, simply by prioritizing savings.
Initial deposit and minimum balance
To get started on high interest savings, many banks and credit unions require an initial deposit. In addition, some also require a minimum balance moving forward. It’s important to consider both of these factors and whether you’re comfortable with setting aside this amount of money to keep your account away from fees or invalidated interest rates.
Fees
Fees can be incurred through various penalties on a high-yield savings account. Be sure to check with the bank or credit union that you open your account with to inform yourself of potential charges to your account. These fees could be caused by dropping below the minimum threshold or exceeding the limit of six withdrawals per month.
Accessing your money
If you’re looking to invest in a savings account, accessing your money shouldn’t fall first in priority. But if an emergency were to arise and you need to get your hands on the extra cash, you should consider the process to withdraw your funds. This is especially important if restrictions apply between your savings account and your primary bank. Research limitations on linked accounts and whether your bank has an app for easy access to your money.
Is a High Interest Savings Account Right for You?
Consider your financial standing—are you in a position to put aside extra money right now into a savings account? Do you have enough money in your account to confidently avoid fees and meet the minimum balance? Do you need immediate access to all of your money right now?
These are questions you should ask yourself before considering a savings account. A high-yield savings account can help accelerate your income and put your financial goals back on the forefront for the new year so you can feel confident in your saving strategy for 2020. Learn more about iTHINK Financial’s high-yield savings accounts and find out if it’s a right fit for you and your finances.
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