Tag: certificate

New Finances for 2019

A lot of us start off the new year with resolutions to improve our financial well-being. Since Wauna Credit Union’s Mission statement is to provide opportunities for our members to improve their financial well-being, we thought we were well suited to help you achieve your resolutions.

Keep Your Savings Safe

For most of us our new year’s resolution boils down to having more money, while we can’t help you earn more money at work, we can help you earn more money on your savings. That’s why we’re excited to offer two new savings opportunities that pay a higher dividend than you’ll get elsewhere. The 9-month certificate has a 2.019% APY and the 13-month certificate has a 2.229% APY.

A lot of people are unsure about certificates, because they really haven’t been something that’s been top of mind, but certificates are really a great way to generate a little extra while keeping your money insured by the NCUA.

For example, if you deposited $50,000 into the 9-month certificate in January you’d have an extra 762 and change at the end of September without lifting a finger. If you chose the 13-month certificate you’d have an extra 1,220.92 at the end of its term.

Maybe just as important, is the money you put into a WCU certificate stays in the community. A lot of our members who are nearing, or in retirement, have certificates since they know the benefits. A lot of those certificates are held by the big national banks, which means your money is used to pay dividends to stock holders, or make loans to big national corporations who have nothing to do with the northwest.

Spend Less and Save More

Balance Transfer 2.99% 2X rewards

The other way we can help you is by helping you give less of your money away every month. That’s why we are so happy to bring back two programs, our balance transfer special kicks off on the second of January, and our cash back/no payment special starts mid-month.

The Balance transfer gives you a break on your credit cards. We’re giving people a great introductory rate on balance transfers to a WCU credit card. You get a rate of 2.99% if you transfer a credit card or loan balance to one of our Rewards Visa. To sweeten the pot, we’re also offering 2 rewards points for every $1 you transfer.*

The Rebate promotion frees up your monthly payment for a couple of months, and puts a little bit of cash back in your pocket. Simply refinance an existing loan from another institution with Wauna and you’ll get no payments for 60 days and 1% cashback, up to $500 as a thanks.^

Disclosures

Balance Transfer
*APR-Annual Percentage Rate. The special 2.99% Introductory Rate applies to qualifying balance transfers processed through April 30, 2019. The Introductory Rate will begin on the transaction date(s) during the promotion period, and remain in effect through the 6th billing cycle, at which time the account holder’s original Credit Card Account Agreement terms will apply. VISA Rewards accounts also earn two (2) Rewards Points for each $1 of the approved total balance transferred. Balance transfers from other accounts issued by Wauna Credit Union, or any amount of debt which would cause the account holder’s credit card balance to exceed their credit limit, are prohibited. A Balance Transfer Fee of 3% of the total balance to be transferred, or a minimum fee of $20, whichever is greater, will be assessed at the time the balance transfer request is approved. This special promotional offer ends at close of business April 30, 2019. Complete promotion details available at waunafcu.org. Membership with Wauna Credit Union is required.

2019 Loan Rebate
^Special Promotional Terms: Upon loan approval, current and new Wauna CU members who refinance a loan currently financed elsewhere to Wauna Credit Union qualify to receive: 1. an immediate Cash Rebate equal to 1% of the approved loan value 2. 60-Days No Payments (interest will continue to accrue during the 60-day period); and, 3. Wauna CU will pay the vehicle title transfer fee up to $100 (member is responsible to pay any additional amount). Qualifying Loans: Auto, Truck, SUV, Van, Motor home, trailer, boat, watercraft, motorcycles, side-by-sides, quads, and unsecured loans such as home furnishings, tuition, personal loans, etc.). Minimum loan amount to qualify for special terms: $2,000; Maximum rebate allowed is $500 per qualifying loan. These special, promotional financing terms end at close of business April 30, 2019. Rates & financing are offered based on applicant’s credit worthiness and term of the loan. Note: the promotional cash rebate paid to a member may be forfeit if the loan balance is paid in full within 180-days of the loan funding date. Membership with Wauna CU required to be eligible for this special offer.

Certificate or Money Market?

Are you looking to generate income from your savings? Why not have your hard-earned money get out there and work for you? Well, we can certainly help by getting you started in either a Money Market or Certificate account.

But how do you decide which is best for you? Certainly, each investment has advantages and disadvantages. By figuring out market conditions alongside your own financial circumstances, you can work to make the best decision to fit your needs.

What is a Certificate?

A certificate is a special type of deposit that earns dividend income. When you invest in a certificate, you are depositing your money into the credit union for a pre-determined length of time (often 1 year and up). At the end of that time, your deposit “matures” and you are returned your money with the additional dividend payment. Generally, (and this can vary) the longer you keep your funds in a certificate, the higher the yield. What’s more is that many folks don’t know these funds are federally insured by the National Credit Union Association (NCUA).

The catch: Should you need access to your funds earlier than the term agreed upon, you’ll likely pay an early withdrawal fee. You may even lose some or all of the money accrued.

What is a Money Market Account?

Money Market accounts are like savings accounts but often pay you higher rates. Like a certificate, they too are federally insured and so have very little risk. Money Markets usually require a higher minimum balance and while you can make withdrawals, the number of withdrawals you are able to make over a given time is restricted. Thus, they are less liquid than a checking account but more liquid than many other investments, for example.

The catch: If you are not planning on using the funds in your Money Market account, you may be missing out on a higher yield.

What are some of the differences between the two?

  • When you invest in a certificate, everything is pretty clearly defined from the get-go. You can calculate the expected earnings. You also know your fixed rate and how long you plan to tie up your funds.
  • It may be harder to plan long-term with a Money Market account, as the rates vary over time and the funds aren’t locked up for any particular term length. This makes calculating your investment results less clear.
  • With a certificate, the longer the term, the more likely you will receive a higher yield. This can be advantageous, should rates decrease as you are tied to a better rate. Of course, you won’t have immediate access to your funds for a longer period of time.
  • Money Market accounts are easier to access than certificates. Although, keep in mind that there are limits on the number of withdrawals you can make.
  • Both Money Market accounts and certificates are federally insured by the NCUA up to $250k.
  • With Money Market accounts the dividend rate is directly proportional to your deposit amount and not to maturity (as is the case with a certificate). That being said, Money Market accounts might make more sense to a larger depositor.

So which is right for me?

Each of these products have their benefits. However, if you’ve a higher cash balance but need quick access to your funds, a Money Market account might make more sense for you. On the other hand, if you don’t mind locking up your savings for a bit, then you may want to look into a certificate.

Clearly, we all have our own, unique financial situation. If you are looking into investing, it’s never a bad idea to get in touch with a financial advisor, or learn more on our website investment page.

Wauna Specialty Accounts: Certificate, Money Market, and IRA Accounts

What’s a Certificate

Save with a certificateSaving for your future is one of the most important decisions you can make – the sooner you start, the more you’ll have. It’s an easy way to create peace of mind for many reasons, and while there are many reasons to save, there are also many ways to save.

For some, the saving has reached a point where funds are simply waiting for bigger and better opportunities. This is where a certificate might just come in handy.

But what is a certificate? How does it work? And how do I know if it’s right for me?

In many ways, a certificate is a lot like your traditional savings account. But, in a lot of ways it isn’t. Similar to the bank issued Certificates of Deposits (CDs), with a certificate , you are agreeing NOT to touch your deposit/s for a set amount of time. The longer the term length of the certificate you choose, the longer you are committing to keeping those funds with your financial institution.

Of course, investing all of your money into a certificate isn’t going to be the fastest way to grow your portfolio. However a good rate can make all the difference in your financial plan. The one big advantage over a savings account is that with a certificate the rates are almost always higher.

Additionally, certificate specials will have fixed rates, meaning the rate won’t change during the term of the certificate. But remember, with a savings account you can move your cash in and out as often as you’d like. Early withdrawal penalties can differ, but with a certificate account, if you don’t plan ahead, you could end up losing some or all of the interest you’ve accrued.

By making smart decisions with investments certificates can be a viable option for solid returns on your deposit/s. And at Wauna Credit Union, your funds are insured up to $250,000 through the National Credit Union Administration.

Contact your local Wauna Credit Union branch to see if a certificate is right for you. Our mission is to provide you with opportunities to build your financial well-being. It’s important that we offer options and alternatives that make sense for you.

Take a look at our current our Certificate Special here.