You’ve heard it before, but I'll say it again—this is a great place to save your money and see it grow! And there are some very good reasons to save — given our remarkably long run of economic growth in the U.S. and globally. There is a sense — and some “leading economic indicators” to back this up — that we might be ready for a reversal sooner, rather than later.
So having a “rainy day” fund for downturns, the loss of employment or income reduction is a necessity. Even without a recession, personal emergencies crop up periodically and having cash to take care of these without having to use a credit card or loan “Band Aid®” makes sense. While we love lending you money at great rates — and will always support our members when they need a hand — our responsibility is to help you manage debt as constructively as possible. For this reason, we encourage you to use loans to build wealth and opportunity — for example a student loan as an investment in your child’s future, or a home loan through our Community Mortgage Funding organization.
To help your money work harder for you, we recently increased savings rates substantially — our 18-Month Certificate and Online Savings account to name just two. However, we felt that we needed to get you more excited about saving, which is why we developed TWO new savings accounts designed to make saving an even smarter and more compelling option!
Last month we introduced our Rainy Day savings account that provides a safe home for emergency funds and offers a phenomenal 3% earnings rate on balances up to $2,000 — thereafter, our lower but still excellent membership-savings rate. This really is an outstanding opportunity to save, and I encourage you to take full advantage of it.
Feeling lucky to have access to rates most banks simply don’t offer? Well, sometimes luck needs a little push, which is why we introduced a second new savings account, called Lucky Savings. Unlike games of chance, with this account you can only win. For every $25 invested you get one entry into a prize pool that rewards a lucky member with $1,000 each month. The more $25 savings increments, the better your chances. For example, deposit $500 in a month and get 20 chances to win. Better yet, the money you save stays put and grows with a healthy interest rate. There are a few restrictions, like using new funds and not making excessive withdrawals within a year. After all, the idea is to encourage you to save!
If this has piqued your interest, please, put cash aside and let it grow. Think of the peace of mind savings represents and the freedom it gives you to pursue your goals, knowing that if the worst happens, you’re covered.
Laura Campbell, CEO