Latest news with #AmplifyCreditUnion
Business Journals
a day ago
- Business
- Business Journals
Amplify Credit Union launches Changing Austin podcast for business and nonprofit leaders
When you've historically been one of the fastest-growing cities in America, it can sometimes take a moment to measure exactly how far you've come. That's the goal of Changing Austin, a new business podcast produced by Amplify Credit Union. This series brings together leaders from across industries to talk about how businesses and nonprofits can honor the spirit of yesterday's Austin while meeting the needs of the Austin of tomorrow. At first blush, a podcast may seem like a strange endeavor for a regional credit union. But to hear the Amplify team describe it, Changing Austin is evidence of the good ideas that can come from listening to your customers. 'One of the first things we do with any new member is sit down to better understand their organizational challenges,' Julie Macaluso, vice president of commercial banking at Amplify, said. 'Invariably, these conversations focus on the ways in which each business and nonprofit has adapted to the decade's many challenges. The more stories we heard, the more we wanted to hear, and the seed for something like Changing Austin was planted.' expand Each episode of Changing Austin will run 30 minutes, with episodes released on the first and third Friday of the month. Episodes will be available in video format via YouTube as well as audio-only on platforms like Spotify and Apple Podcasts. Guests will come from a cross-section of Austin's business, civic and nonprofit communities, with a particular emphasis on the organizations that are transforming or being transformed by Austin's rapid growth. The first four episodes of Changing Austin will feature conversations with: Mason Ayer, CEO of Kerbey Lane All Day Cafe The Honorable Denise Hernández, presiding judge of County Court at Law #6 Davon Barbour, president and CEO of the Downtown Austin Alliance Kara Hanaoka, executive director of Good Work Austin The series is hosted by Stacy Armijo, chief experience officer at Amplify. With 16 years in public relations and two years as a lecturer at the University of Texas at Austin's Moody College of Communications, she brings deep expertise in media relations to every conversation. 'Our goal for Changing Austin was to recreate the kinds of conversations you have over drinks with an old friend,' Armijo said. 'What Austin means to people is rooted as much in philosophy as it is in business, and I want our audience to feel like they've pulled up a chair to listen to a really smart person wax poetic about our great city.' Each episode shares how guests and their organizations are bridging the gap between the Austin of yesterday and the one of tomorrow. expand 'In our first episode, you'll hear Mason talk about the evolution of Kerbey Lane Cafe from Austin's favorite 2 a.m. hangout to your family's favorite restaurant,' Armijo said. 'That's a great example of changing with our community without sacrificing what made your business special in the first place.' While Amplify's own community of business and nonprofit leaders will appear throughout the series, the focus of Changing Austin goes far beyond the credit union's book of business. 'Amplify may not be the biggest fish in the pond but our contrarian streak often puts us at the cutting edge of conversations about Austin's future,' Armijo said. 'Changing Austin is about providing a platform for the people who inspire us. I hope our listeners are inspired too.' Amplify Credit Union offers fee-free banking and award-winning lending to anyone who lives or works in Texas. In 1967, the organization was founded as the credit union for IBM employees in Austin. Today, it provides digital-first banking and lending services to over 50,000 members, including home loans, checking & savings accounts, commercial lending, and more.
Yahoo
4 days ago
- Business
- Yahoo
What is a business high-yield savings account, and do you need one?
Every business needs a place to deposit savings for potential liabilities, upcoming tax payments, and more. When you're choosing a destination for your excess cash, a business savings account may seem like the obvious choice — but a business high-yield savings account (HYSA) could be an even better option. Although business HYSAs can be hard to find, your account balance will earn higher interest rates than it would in a regular business savings account — in some cases as high as 4% APY. This embedded content is not available in your region. A business HYSA is a high-yield savings account available to businesses only. These accounts pay higher interest rates than regular business savings accounts, which often reward you with as little as 0.01% APY. Business HYSAs come with several benefits. Like other business savings accounts, business HYSAs give you a risk-free place to store your excess cash. They also allow you to separate your personal savings from your business savings. And when linked to a checking account, they can help you avoid overdrafting. However, the competitive interest rates on business HYSAs are an added incentive. How much more interest can you earn with a business HYSA versus a regular business savings account? Most business HYSAs currently offer APYs between 3% and 4%. At those rates, if you keep $50,000 in an HYSA with daily compounding interest for one year, you could earn somewhere in the range of $1,523 to $2,040 in interest. There aren't many major banks that offer business HYSAs, but Live Oak Bank, Stearns Bank, and Amplify Credit Union are among a handful of financial institutions that currently offer accounts with above 3% APY. Unlike consumer HYSAs, you have to run a business in order to open a business HYSA. To qualify for one of these accounts, you'll need to provide business-related information and documents to the bank. The specific documents depend on your business structure, but at minimum, they usually include: Government-issued ID and Social Security number for all account signers EIN (if applicable) Name of an individual with significant management responsibility Additionally, some business HYSAs have features designed specifically to support businesses versus individuals. For example, some accounts allow business owners to grant access to certain employees or financial officers, with the ability to create role-based permissions for viewing, transferring, or managing funds. Others are designed to easily sync with accounting software such as QuickBooks. And since businesses often deal with a higher volume of transactions, some business HYSAs come with higher limits on withdrawals and transfers. Business HYSAs are not one-size-fits-all. Yes, you'll want to find an account with a competitive interest rate, but it's important to evaluate other features before deciding whether a particular account is a good fit. Here's a checklist of what to look for to ensure a business HYSA will best serve your needs: Rates: Interest rates are competitive. If there are rate tiers, your average deposit balance will easily qualify for a high rate. Fees: The account either has no monthly maintenance fees, or you can easily qualify to have them waived. The fees are competitive for specific services you plan to use, such as domestic and international wires. Balance requirements: If there is a minimum opening deposit requirement and/or a minimum average daily balance requirement, you can easily meet them. Deposit insurance: The bank offers FDIC or NCUA insurance to cover deposits up to the federal maximum of $250,000. Accessibility: You can easily access the banking services you need, whether through a mobile app, local ATMs, or a physical bank branch. It's also worth noting that some banks review your ChexSystems report to determine if you qualify for a business account. These reports show your history of managing personal bank accounts, including red flags like overdrafts and bounced checks. If you have negative information in your reports, you may need to find a bank that doesn't use ChexSystems to approve applications. Yes, if you're a sole proprietor, you can apply for business HYSAs or other types of business bank accounts. Just like HYSAs for individuals, the interest you earn on a business HYSA is taxable. Your bank will provide you with a Form 1099-INT each year to show you how much interest you need to report on your tax return. Read more: How to avoid taxes on savings account interest Some banks and credit unions do not have deposit insurance for business accounts, including business HYSAs. Before applying for a business bank account, be sure to check the financial institution's website to see what insurance is provided.
Yahoo
13-03-2025
- Business
- Yahoo
How could the Trump trade war affect Central Texas?
The Brief On March 12, President Trump's 25% tariffs on all aluminum and steel imports took effect Canada then announced more than $20 billion in retaliatory tariffs against the U.S. starting March 13 Texas Agriculture Commissioner Sid Miller gives his perspective TEXAS - The global trade war continues to heat up, with many wondering how the tariff battle between the U.S. and other countries could affect people in Central Texas. What we know On Wednesday, March 12, President Trump's 25% tariffs on all aluminum and steel imports took effect. Within hours, Canada announced more than $20 billion in retaliatory tariffs against the U.S., set to take effect on Thursday, March 13. Also, the European Union announced plans to roll out $28 billion in tariffs starting in April. What's next On Wall Street Wednesday, the Dow Jones was down for the third straight day amid ongoing uncertainty over the trade battle. President Trump's Commerce Secretary Howard Lutnick is set to meet Thursday, March 13, with Ontario Premier Doug Ford, to discuss the tariff situation between the U.S. and Canada. Local perspective "I think America as well as Central Texas is feeling the impacts," said Kendall Garrison, CEO of Austin-based Amplify Credit Union. "That's going to impact the prices at the pump," said Garrison. "Your guacamole is going to be more expensive. That's just the way it is." Garrison says tariffs are affecting local businesses. "I spoke with a friend that runs a brewery here in Austin, and he was talking about the price of aluminum cans that he has to buy so he can fill those cans and ship those to, to bars and restaurants and retailers," said Garrison. He says tariffs could also hit the housing market. "It's going to raise the price of new construction. But what it is also doing, is causing sellers to reevaluate," said Garrison. "The inflationary impacts in the economy drive inflation in mortgage loan rates." "Let's hope that cooler heads prevail," said Garrison. What they're saying Meanwhile, retaliatory tariffs from China went into effect Monday, specifically targeting agriculture. "Well, it was to be expected obviously," said Texas Agriculture Commissioner Sid Miller. China has put a 15% tariff on chicken, wheat and corn from the U.S., and 10% on soybeans, pork, beef and fruit. "Well, I think you see some short-term disruptions in market volatility," said Miller. "I would say just hang tight. Maybe a little rocky road ahead, but it's going to get really good after that." "This could be a good thing in the long term that we spread our risk out and find more customers and be more diverse in our marketing," Miller added. Miller says he's confident Trump's tariffs will ultimately boost the economy, and believes the U.S. Department of Agriculture will help farmers navigate any short-term pain. "Well I think [Agriculture Secretary] Brooke Rollins is prepared to do the same thing reaching into the CCC, Commodity Credit Corporation, to prop these farmers up. We don't want any of them going out of business," said Miller. The Source Information from interviews conducted by FOX 7 Austin's John Krinjak and previous coverage
Axios
05-03-2025
- Business
- Axios
Trade war escalation: Austin faces big blow from Trump's tariffs
Texas stands to take the hardest hit of any state under the Trump tariffs on Mexico, Canada and China, leaving businesses and consumers bracing for higher prices and economic fallout. Why it matters: If foreign goods cost 25% more, someone has to absorb the difference — either businesses or consumers. Some estimates suggest the new tariffs could cost the average U.S. household $830 a year — and that's before factoring in retaliatory tariffs from Canada, China and Mexico. State of play: Trump triggered a global trade war Tuesday by slapping 25% tariffs on exports from Canada and Mexico and 20% on China. The tariffs on imported goods could cost the Texas economy an estimated $47 billion, per economic research firm Trade Partnership Worldwide. The big picture: The tariffs will affect big-ticket items like cars and machinery, but also consumer staples. Zoom in: "An avocado that you buy at the grocery store is not going to be 75 cents, it's going to be a dollar," Kendall Garrison, CEO of Austin-based Amplify Credit Union, recently told Fox 7 Austin. "That ripples throughout the entire economy: the prices you pay for food at the grocery store or at your local restaurant." Bryan Winslow, co-founder of Austin's St. Elmo Brewing Company, recently told KVUE that in anticipation of tariffs he ordered 400,000 aluminum cans that his suppliers bought a while ago. 💸 Follow the money: Canadian tariffs could blow a hole in the profitability of the Pflugerville-based news organization Community Impact, CEO John Garrett told the Austin Business Journal. A 25% tariff on the paper the company sources from Canada could cost Community Impact — which prints 2.5 million newspapers every month — as much as $75,000 a month. The other side: Trump campaigned on using tariffs to revive domestic industries. Threat level: "Because Texas is the origin, destination or transit point of two-thirds of binational trade, clearly, Texas will be more affected than other states that are not as integrated," Tony Payan, the director of the Center for the U.S. and Mexico at Rice University's Baker Institute, tells Axios.
