Selco Community Credit Union Cd Rates – The Fed says interest rates will be “higher than previously expected.” Here’s an easy way to take advantage of it
Jerome Powell called for even higher interest rates during testimony before the Senate Banking Committee on Tuesday; this could mean even better prices for savers.
Selco Community Credit Union Cd Rates
Fed Chairman Jerome Powell testified before the Senate Banking, Housing and Urban Affairs Committee on Tuesday. mandel ngan/Agence France-Presse/Getty Images
Selco Community Credit Union
As part of continued efforts to curb inflation, Federal Reserve Chairman Jerome Powell told lawmakers on Tuesday that Americans should expect future interest rate hikes to be “higher than previously expected.” While that could put more stress on spending and the overall cost of borrowing, industry experts say consumers still see an incentive to save.
Mark Hamrick, chief economist and Washington bureau chief for Bankrate.com, said: “The higher return on savings may come before the fight against inflation is won.” We’re already seeing this, with many savings accounts and CDs paying between 4.3% and 4.5%.
The average annual percentage yield (APY) of high-yield savings accounts and CDs continued to rise as the Fed raised interest rates. While the average interest rate on savings accounts is low, some high-yield savings accounts today offer interest rates that haven’t been available in decades.
While the average 12-month fixed CD rate is just 1.36%, competition from banks and credit unions has driven that higher as well. Here are the highest CD prices available today (see the full list here):
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While that’s really high, Nicolas Bunio, certified financial planner at Retirement Wealth Advisors, says the Fed’s expected rate hike could mean more buying opportunities for long-term investments next year.
“As interest rates rise, pushing stocks and bonds down, this could be a buying opportunity for long-term investments,” Bunio says, adding that he believes “CDs and savings account rates will rise and this is good. You can deposit extra money.
Over the past 12 months, consumer prices, including food, gas, transport and housing prices, rose a total of 6.4%, according to government data. “Inflation has affected many parts of the consumer market,” says DealNews.com consumer analyst Julie Remhold, including everything from gas to eggs to hotels to furniture. True, the price of food has increased by 10.1%, the price of new cars by 5.8%, and the price of clothes by 3.1% in the past year.
Needless to say, it’s getting harder and harder to find a place to set up a savings account. According to a recent Bankrate survey, 35% of US adults had monthly credit card debt. Additionally, in a recent Bankrate survey, 68 percent of respondents said they would not be able to make ends meet for a month if they lost their jobs today.
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With consumers feeling the pinch, Hamrick says it’s even more important to look for the highest prices available to keep the money you’re putting down. “In keeping with the benefits of shopping around for the best price,” advises Hamrick, “avoid the first offer or option for a bundled product.”
Bunio adds that it’s important to make sure that any bank or credit union you use for CD savings or investments is insured. “You need to know about FDIC insurance protection,” says Bunio. “If a bank fails, the federal government will give you up to $250,000 per bank.”
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Top 10 Paid CDs of January 2024 “If you’re looking to snag a high-performance CD, now might be the best time to do it,” says one expert.
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Andrew Schilling is a Picks reporter who writes about saving, retirement, investing and other personal finance topics. Previously, he was executive vice president of Financial Planning magazine and a reporter and editor at the Queens Ledger/Brooklyn Star newspaper group. You are here: Home / Banking Bonuses / SELCO Community Credit Union Check Bonus: $100 Promo (Oregon Only)
Selco Community Credit Union is currently offering Oregon residents a generous $100 bonus when they sign up and open a new checking account via direct deposit or bill pay. To claim the bonus, mention Audubon Society when you open your checking account, then make $100 in recurring direct deposits using promo code Lift OR make bill pay transactions to 3 different recipients for 3 consecutive months. After opening an account with a LiftBP promotional code.
If you qualify, online and mobile banking, no monthly fees and no minimum balance requirements, free access to over 30,000 ATMs and more. You can enjoy great account features like! If you are interested now, please visit your local branch as soon as possible!
Eligibility: If you live or work in Benton, Douglas, Klamath, Multnomah, Baker, Grant, Lake, Polk, Clackamas, Harney, Lane, Wasco, Coos, Hood River, Lincoln, Washington, Crook, Jackson, Lynn, Yamhill, Curry . . , Jefferson, Malheur, Deschutes, Josephine or Marion County in Oregon are eligible to join. Any family member who lives in one of the eligible counties can join. Check out their membership page for more information.
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Fifth Third Bank Checking: Get $325 when you open an eligible Fifth Third checking account and make a qualifying direct deposit of $500 or more within 90 days of account opening.
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If you are an Iowa resident and are interested in a new banking experience, the Selco Community Credit Union promotion is for you! For a limited time, just complete a few simple requirements and you’ll be on your way to a generous $100 bonus and great account features to enhance your banking experience. Plus, $100 will be donated to the Audubon Society, which helps conserve local birds and wildlife! If you are interested in no direct deposit bank bonuses, you can see the full list of no direct deposit bank bonuses. However, if this isn’t for you, check out our full list of banking deals for all your banking needs!
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Non-necessary cookies are cookies that are not absolutely necessary for the website to function and are used specifically to collect personal user data through analytics, advertisements or other embedded content. User consent is required before enabling cookies on your site A total of 61 teachers representing 56 schools in Oregon, including 22 in Lane County, were awarded more than $53,000 in SELCO Community’s annual SPARK program Credit Union. ! Creative Education Grants Program.
SPARK! Creative Learning Grants are designed to support teachers who have creative ideas for the classroom but do not have funding for these projects.
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