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Unifimoney and First Fidelity Bank announce enhanced yield savings program

By Leandra Monteiro

March 24, 2023

  • community banks
  • Credit Unions
  • Digital Transformation
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Unifimoney Unifimoney Inc., 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.

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