If you’d like to play the video of this post, you’ll find it here.
Summer’s here, and in addition to longer days, vacations, and barbecues, this also means the holiday season is just around the corner. I’m only half joking. The pace of life is so hectic that before we realize it, the New Year’s Eve ball will drop in Times Square. According to one large study, the average American is so busy that they have under five hours of free time for themselves a week. I know the feeling. The study also found that six in ten of us regularly put off basic tasks like cleaning and banking for lack of time.*
The irony is that in our new world of higher prices, elevated interest rates that won’t budge, and extra pressure on our budgets, we need a lot more time to find ways to cut debt, reduce expenses, and free up cash. These dual pressures – lack of time and higher costs – can create an unhealthy mix of stress, worry, and financial insecurity that’s bad for our wallets and can negatively impact our physical and mental health.
Where am I going with this? I like to think that we do two jobs really well for you, our Credit Union Member. We help you stay on track to achieve financial stability and independence with excellent value and nationally award-winning banking services and products. And we help you get through life’s financial stresses and strains with what I’ll informally call “financial therapy.” No, this isn’t some new-age program to help you achieve financial enlightenment. What we do, dare I say, is not unlike a therapist, is listen to you – what are your ambitions, goals, and financial problems? Then, we can help you plan for the future, resolve financial issues, and give you sound, practical guidance.
We have many practical resources and tools to guide you and help you adapt to new financial challenges, opportunities, and horizons. In addition to putting your cash to work in high-yield accounts, currently earning up to a nation-leading 5.75% APY**, and the personal guidance I just spoke about, we also have many excellent online resources. To start, I recommend making banking faster and more convenient by downloading our digital banking app, Tulee. Then, periodically visit our Financial Education Center for best-in-class interactive learning modules on everything financial. Want to boost your credit score or have a productive family conversation about money but not sure of the best approach? These and a host of other topics are covered in the Center. Want something less formal? Scan our Money Matters blog. You’ll find topics as varied as “Know Your Money Psychology Style,” “Trick Yourself Into Saving More,” “Strategies for Talking to Elderly Parents about Finances,” and “Successful Money Management in a Multigenerational Household.” I also highly recommend taking our Financial Wellness Check once a year. Just a few relaxed minutes online, and optionally in person too, with one of our counselors, can help you uncover easy ways to earn more and improve your financial health and outlook.
I’ll be back in October with more updates, including new banking services coming to Tulee! In the meantime, enjoy your summer, be safe, and stay healthy.
*SWNS, “Average American has only four and a half hours of free tine a week,” Medium.com. 10 April 2019. Accessed 6 June 2024.
**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.
