There has been a lot of talk about interest rates lately. Are you wondering how dividend rates and interest rates may affect your finances? We break it down for you…
 
Savings Rates
Sikorsky Credit Union raised savings account, money market and certificate rates in August so check your August statement when it comes in September. You will notice your dividend rate rose which means your money is now making more money. While the fed determines some rates, it’s really up to the financial institution to make a decision on savings rates which is why you may only see a rise in dividend rates at certain financial institutions but not at others.
 
It’s important to make sure your money is working for you. If you have an account at another financial institution that has a lower rate on your savings or checking account, make the switch to Sikorsky Credit Union today and watch your money grow faster.
 
Credit Card Rates
The Federal Reserve determines the prime interest rate which has a direct effect on credit card rates. But not all credit card rates are the same. It’s important to know how much interest you are actually paying on your credit card balance. A high interest rate could have you paying hundreds a year. If you do have a balance with a high interest rate now is a great time to shop around. Transfer your balance to a Sikorsky Credit Union Visa platinum card. We offer a great rate that may be lower than your current card and you can get an introductory 0% APR* for 12 months on balance transfers made within 90 days of opening your account (a 2% balance transfer fee will apply).
 
Mortgage Rates
Mortgage rates have risen a bit in the last six months but that doesn’t mean you can’t still get a great rate. If you are looking to purchase or refinance, now is a great time to consider an Adjustable Rate Mortgage (ARM), rates tend to be lower than a fixed rate mortgage and rate increases are capped for the life of the mortgage.
 
Sikorsky Credit Union can help you save more money. Stop in a branch or give us a call today to find out how we can help. You can also apply online at www.sikorskycu.org.
 
 
 
*APR= Annual Percentage Rate