Salal Credit Union always strives to assist underserved people in the financial industry, and nowhere has this been truer than in the cannabis industry. This includes both the owners of cannabis businesses and the employees who serve the cannabis industry every day. Our most recent product offering is the Partner Advantage Savings account, which offers a high-yield interest rate with flexible access to the funds held in the account.
Cannabis is currently undergoing a rescheduling process at the federal level from Schedule I to Schedule III, which would open up financial services for the industry. Still, this process is likely to take a long time. “Even though recreational cannabis has been legal in many states for years, it still isn’t legal at the federal level. It continues to limit banking options for those working in the industry,” said Amy Ridley, Salal’s Business Development Manager. “Cannabis industry employees have limited options for everyday banking, as well as long-term investment and retirement planning. Salal is always looking for ways to close this gap.”
Our new Partner Advantage Savings account is just one of the ways we’re tackling the disparities between the cannabis industry and other businesses. “We saw an opportunity to strengthen relationships with this important segment of members who already have business relationships with Salal by offering a high-yield, liquid consumer product,” Amy recounted. “While these members could already benefit from the higher rates on our certificates of deposit (CDs), we recognized the need to offer a liquid account that provides more flexibility than a fixed-term CD.”
The Partner Advantage Savings account combines these financial benefits with the personalized customer service that Salal always aims for. “This savings account requires a minimum balance of $50,000 to earn the high-yield rate,” Amy elaborated, “and the benefits of the account are an attractive interest rate, along with access to a dedicated team who can assist with any consumer banking needs.”
We know you may already have a savings account, so we want to make it easy for you to open a new Partner Advantage account. “The application can be started online at your convenience or by working directly with a Salal team member, virtually or in person,” Amy said. “No minimum deposit is required to open the Partner Advantage account, only to earn the high-yield rate, so you can open it and then transfer the money at your convenience within 30 days. We offer multiple options for transferring your funds, and our team can help identify the best option for you.”
Amy is working closely with the entire Business Services team to help spread the word about this new offering. “When a new or existing business member wants information about personal accounts for themselves or their employees, they are connected with me and our consumer banking team,” Amy explained. “This is my opportunity to share Salal’s information about our consumer offerings, Workplace Banking program, and the Partner Advantage account.”
So, don’t be shy about contacting Amy with any questions. “One of my favorite parts of my role is visiting our business banking members and talking with business owners and their employees,” she shared. “I see how proud they all are of their amazing work, and it’s a wonderful opportunity to learn more about their banking needs so that I can continue to be an advocate.”
And because we’re continually seeking to mitigate the disadvantages faced by the cannabis industry, the Partner Advantage Savings account is reserved just for our business members. “We feel that it’s important to show that we see and hear the needs of our business banking partners, in part through offering this product,” Amy said. “We embrace the cannabis industry and will continue to consider and advocate for their banking needs.”
We’re Here to Help
Would you like to discuss consumer banking services for yourself or your employees? Please reach out to your Business Officer or Business Services at 206.298.9398 or BusinessServices@SalalCU.org, and we’ll be happy to help!
