5 Financial Products You NEED To Be Aware Of

July 22, 2022

Ever wondered if there were products banks weren’t telling you about?

We put together 5 lesser known financial products that could INSTANTLY help your pocketbook!

  1. CREDIT CARD BALANCE TRANSFER: This is a key member benefit – whether or not we’re running a special rate promotion. Most people have a credit card interest rate well over 20% (national average is around 16%). With a credit score above 760, you can drop your balances to as low as 10.99% and possibly eliminate your interest payout by half or more!
  2. SECURED LOANS ON SAVINGS: Why write a big check for a major purchase if you don’t have to? With a secured loan, you have the opportunity to keep money in your account to guard against emergencies. A secured loan will borrow against your savings account for only 1.50% above the rate you’re earning! There is no prepayment penalty, and many people do this instead paying a higher interest rate on a vehicle loan.
  3. HIGH YIELD CHECKING ACCOUNT: This is a great product to have with interest rates rising. Set up direct deposit and keep the required minimum balance in your account and you’re set. A high yield checking account rewards you with an interest rate higher than many savings and Money Market account rates, all for just using your checking account.
  4. LADDERED (aka “Bump-Up”) CDs: In a rising rate environment, members can see more savings twice! The first time they see the lift will be when they jump into our certificate at 2.50% for 36 months, a higher rate than many other banks and credit unions out there. Second time will be if and when they use the BUMP on a laddered product to get whatever the next hot rate is! You essentially win twice on this product.
  5. NON-ESCROWED MORTGAGES: People don’t realize by getting into an escrow account on a mortgage, they are essentially allowing their lender to make money on their money. Get a lower rate on a mortgage by going 15 or 20 years, pay your own taxes through it, and minimize the amount of fees for that loan ($799 closing costs is a low amount in the industry).

*Bonus Item Alert!

  • PLEDGE LOANS ON FREE / CLEAR TITLED VEHICLES: Need money faster than the usual 30 day average to get a home equity loan or line closed? Have a paid off car? The interest rates for cars on an installment basis are frequently lower than those on equities in our current rate environment. We can get members cash when pledging a free/clear title as quick as the same day they submit the application. If you cannot wait and like low rates, do this!


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