These days, as you might imagine, the Credit Union spends a lot of time trying to help our member-family address the immediate effects of inflation. Today I’d like to focus on this, and also touch on how we keep our eye on the longer-term: how we help members plan for a financially independent “happily ever after.” Also, a bit of news on a big initiative we’re working on for you.
To help counter inflationary pressures on your wallet, we constantly monitor the market to give you the very best rates and terms for products that we think will help make the most difference. Our exceptional Certificate and Online Savings rates are two good examples and offer some of the best rates in the U.S. And if you like the convenience of Checking with Direct Deposit, you’ll be generously rewarded. Our High Yield Checking account earns a formidable 4% on balances up to $5,000. Admittedly, even these generous options don’t erase the impact of inflation, but they do help take the edge off it.
On the other side of the balance sheet, our loans remain very competitive. The mortgage company we own, Community Mortgage Funding, recently introduced a new combo loan that lets you buy with no or low down payment while avoiding the typical need in such circumstances for expensive Private Mortgage Insurance. And for those who own your home, we’re offering exceptional home equity loan rates to let you freshen up your space and add value in the process.
Still on the topic of loans, a shout out and congratulations to those who qualified for the student debt forgiveness of up to $20,000. And here’s a suggestion. Rather than simply accepting the lower debt payments you’ll be making when forgiveness kicks in, consider taking some of that forgiven debt that you no longer need to give Uncle Sam, and pay yourself instead. Invest in one of our high-yield savings or checking accounts. It will take a bit of budgetary discipline to save rather than spend this, but your future self will thank you for the extra wealth you accumulate. This is especially important if you don’t already have an emergency savings account.
For those who paid off their student debt a while ago and don’t qualify for forgiveness, the only consolation I can offer is that cutting debt is a valuable wealth-building habit that can enhance your credit score, and save you tens and even hundreds of thousands of dollars in loan interest in years to come. So kudos to you.
Our Financial Wellness Check is a great place to start developing wealth-building habits. It can help you identify easy ways to earn more and avoid common financial missteps and traps that can drain wealth. Unless you happened to win a share of the recent $1.3bn Mega Millions jackpot, I also encourage you to read our blog post “Daily habits that make building wealth easier” for a bit of inspiration. You’ll also find a lot more expert advice throughout our Money Matters Blog on a host of financial topics. Everything from how to psych yourself out of making impulse buys you quickly regret, to home buying strategies in a sellers’ market.
Before I go, I promised you some news. It’s just a teaser for now, sorry. But soon I’ll be announcing the formal roll out of a major initiative that will make Online Banking, and access to our products, services and support, much easier. It also represents a whole new way to bank and I think you’ll be pleasantly surprised. We know it will be a positive change and I can’t wait to share it with you.
President & CEO