Some years, like this one, just seem more eventful than others. Artificial intelligence is rapidly reshaping our world. And the quest to redefine other worlds is picking up, too. It seems like virtually every other month, a new mission takes off for the moon in anticipation of setting up permanent bases and, one day, colonies. Credit Union branches in space – now there’s an intriguing thought!
Back down on earth, our domestic economy is also picking up, with fears of recession fading and inflation and price rises moderating. However, now is not a time for complacency. It’s an election year, and this can bring political and economic uncertainty. Inflation, though down, is still too high and continues to sap our finances. Despite our optimism, we must temper this with caution and invest prudently for security and the future. That’s where we come in.
Deposit yields are still high, but for how much longer? Now is a great time to reap the rewards. You may be planning for a vacation, a new car, or another large purchase, and we can help fund it with high-yield accounts that are right up there with the best. Like our Variable Rate Certificate, which earns an opening 5.75% APY*, or our No Penalty Certificate, which earns 5.00% APY** and lets you withdraw funds once every calendar month without a penalty. If you’re expecting a tax refund or have received an annual bonus recently, why not put some of it to work? Deposit it in our High Yield Checking account to earn 5.00% APY† on balances up to $5,000.
Looking further out and recognizing that saving is a lifetime habit, not just a near-term convenience, I also want to acknowledge those looking to save for the long term, like retirement. We offer an excellent High Yield IRA Savings Account paying a market-leading 3.50% APY‡. And for self-employed Members, don’t forget about our SEP IRA, which has special tax and flexible contribution advantages.
Before I wrap up, I want to update you on our new digital banking platform, Tulee. We are working hard to enhance and expand its capabilities, recently releasing a Credit Score tool. We also plan to launch Skip-A-Pay, Commercial Real Estate Inquiry, and Debit Card Overdraft tools shortly.
I am optimistic for the rest of this year, mindful of the challenges and uncertainties we face, domestically and globally, but reassured that as a Credit Union family, we are strong. We are so strong that in recognition of our superior performance and outstanding reputation, we were recently awarded Newsweek magazine’s “Best Regional Banks and Credit Unions 2024” honor. This is given yearly to only 250 financial institutions out of a possible 8,700 regional banks and credit unions nationwide.
Thanks to our Members for helping us get here and for your trust in us to do the right thing for you.
*APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month.
Variable Rate Certificate 36-Month Term (Variable Rate Certificate) No additional deposits accepted (other than dividends) during certificate term renewals. Fund your account with a minimum deposit of $1,000. Annual Percentage Yield (APY) rate is based on current Federal Funds Rate Upper Limit of 5.50% APY plus a 0.25% spread. Yield rate is 5.75%% APY. Base rate is 5.60% APR. Rates are subject to change on the first day of each calendar month following account opening. No bonus dividends (no jumbo bonus and no DDEP bonus). At maturity, account renews into the same product: Variable Rate Certificate 36-Month Term renews into a Variable Rate Certificate 36-Month Term; Variable Rate IRA 36-Month Term renews into a Variable Rate IRA 36-Month Term. Early withdrawal penalties may be imposed and fees could reduce earnings and/or principal. APY interest rate will follow the Federal Funds Rate Upper Limit. Rates are subject to change on the first day of each calendar month following account opening. Rates are subject to change without notice. Rate may not be combined with any other rate increase/bonus. Regular share certificate requirement on a 365 day basis. IRAs qualify for Variable Rate Certificate. Minimum balance to obtain the available rates for Variable Rate Certificate 36-Month Term advertised annual percentage yield is $1,000. Fund your account with a minimum deposit of $1,000. Early withdrawal penalties may be imposed and fees could reduce earnings and/or principal. Refer to our TISA Disclosure for terms and conditions. Federal regulations require dividends be paid from available earnings; dividends are contingent upon this regulation.
**Limited Time Offer No Penalty 9-Month Certificate Account / Yields are subject to change without notice. This is a promotional yield of 5.00% APY. Bonus Dividend may not be combined with any other dividend increase/bonus. Annual Percentage Yield (APY) is calculated on a 4.89% base rate, $1,000.00 minimum balance, regular share certificate requirement on a 365 day basis. IRA share certificates do not qualify for this promotion. Deposit must be new funds to the Credit Union and may not be transferred or withdrawn and deposited back into the Credit Union from any existing Credit Union account. No additional deposits accepted (other than dividends) during certificate term. Normal substantial penalty for early withdrawal of certificate funds will be waived as follows: 1) No withdrawals within the first 30 days of setting up the certificate 2) One withdrawal allowed per calendar month after the initial 30 days no withdrawal. Fees and other conditions may reduce earnings. The 9-Month promotional No Penalty Certificate will automatically roll over to a 9-Month Certificate at maturity. Federal regulations require dividends be paid from available earnings; dividends are contingent upon this regulation. Refer to our TISA Disclosure for terms and conditions. *APY = Annual Percentage Yield. Rates and terms are subject to change at any time. Fees could reduce the earnings on an account. No Additional deposits are allowed. No withdrawals prior to maturity date subject to terms; penalties will be waived after the first 30 days.
†An initial deposit of $20 is required to open any Checking Account. High Yield Checking is an interest earning checking account eligible for up to 5.00% APY interest on the average daily balance in the checking account up to $5000 (five thousand dollars) and 0.20% APY on balances over $5000. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. High Yield Checking will earn up to 5.00% APY interest and is eligible for up to $10 (ten dollars) in ATM surcharge rebates per statement cycle subject to the following: 1) $1,000 (one thousand dollars) monthly minimum direct deposit, 2) eStatements, and 3) 10 Debit Card Point of Sale (PIN and Signature based) posted transactions using the Farmers Insurance Federal Credit Union Debit Card. Posted transactions count toward monthly minimums. Interest earned will be credited to the account at the end of the statement period. Additional restrictions apply: I must be a Member in good standing with a valid email address on file with the Credit Union. Qualifying transactions must post and clear the account during the monthly qualification cycle. Should the account not qualify for ATM surcharge rebates and/or the 5.00% APY interest, and for balances in excess of $5000, the account will earn 0.20% APY (twenty basis points) on the checking account balance. Transactions may take one or more business days from the transaction date to post to the account. At the time of the statement cycle date you will verify the combined products and services used since the previous cycle date to determine the qualification for the 5.00% interest and the eligibility for the ATM surcharge rebate. In the event that my monthly $1,000 ACH direct deposit credit does not come in for a 60 day period, the loan discount and the rate bump-up on the certificate will also be discontinued. Current interest rates and the annual percentage yield may be found at the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned, ATM surcharge rebate amounts and qualifying dollar amounts for interest earned are subject to change at any time. APYs, ATM surcharge rebate amounts and eligibility criteria are subject to change at any time. Fees may reduce earnings. Accounts with one calendar month of no activity will be assessed an inactivity fee of $5.
Rate bonus for $1,000 monthly Direct Deposit into a Farmers Insurance Federal Credit Union Checking account.
‡APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month. Consult your tax advisor regarding tax consequences and your specific situation.
