Sometimes when a saver needs to find a better interest rate, he has to be flexible. Other times he just needs to be part of the right group. The Houston Police Credit Union is currently offering savers just such an account with a savings account rate paying a whopping 2.02 percent on its account. When the regular market average is somewhere between 0.5 and 0.8 percent, the Credit Union’s rate reward is clearly in another universe.

The problem with a credit union based on careers for the average saver, however, is that it requires employment with a specific agency type to get started. Houston’s offering requires all members to either be current police officers, retired officers, family relatives of officers, or civilian employees or retirees the Houston Police Department.

The standard entry into savings with the Credit Union involves opening a share savings account. This in turn creates the ability to convert the funds to CDs if desired, transfer to retirement accounts, as well as making the saver eligible for borrowing options as well. The Houston Police Federal Credit Union deposits are protected under the federal credit union insurance program, or NCUA, up to $250,000 per account, so no covered savings funds can actually be lost to risk by the institution.

The Credit Union has eleven ATM locations, all of them located in Houston, TX, and most within a police substation. The institution also has three main walk-in offices, again all within city boundaries.

So for those who work with Houston law enforcement, the Credit Union is definitely the way to go, paying on savings deposits as much as 1.2 percent more than national banks in the same area.

If you don't qualify for this deal, check out rates from lenders across the country!