The continual improvement in the U.S. economy was the foundation for the Federal Reserve’s recent announcement increasing short-term interest rates.
Kent L. Lugrand, President/CEO
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Climbing Interest Rates
The continual improvement in the U.S. economy was the foundation for the Federal Reserve’s recent announcement increasing short-term interest rates. It is important to recognize that interest rates and interest rate forecasts impact all levels of our financial lives, including, but not limited to, rates on savings, certificates, autos, mortgages, and credit cards. Trying to read “between the lines” regarding future projections, some economists believe the move confirms a slow but sustained plan that will continue to raise interest rates over the remainder of the year.
There is no time “like the present” to evaluate the rates that you are paying or earning on loans and deposits. If you are a borrower, now may be the time to purchase that home, auto, or refinance that credit card debt as waiting could cost you money. If you are a saver, check out the increased rates we are offering on short-term and bump-rate certificates. The bump-rate certificates give you the opportunity to get a higher rate today and increase it when rates rise, a true “win-win” if you are not certain what maturity term offers the best financial value for you. We recognize that rates are changing and vow to provide the best value we can, because we work for you and your financial well-being!