How To Get The Most Out Of Your Financial Institution

Since March 2020, the personal savings rate in the United States has drastically increased. It reached as high as 33.7% at its peak in April of 2020! Since then, the rate has ranged from 12.5% to 24.7% - much higher than the average rate has been historically.¹ What does this mean? Well, due to many factors such as reduced travel, stimulus checks, or eating out less, many Americans have been able to put more money in savings than they otherwise would have. With extra savings floating around and a low interest rate environment, it’s the perfect time to maximize your wealth with your financial institution.

Because we are a credit union, we are member-owned and can offer some of the most competitive rates in the market! Whether you're looking for the best ways to save, the smartest ways to spend, or the most convenient options to manage your finances, here are a few tips to help you make the most out of your money with us here at River Valley Credit Union, your community credit union.

Here to Help You Save

We offer multiple ways to save, with Money Market accounts and Share Certificates being only the beginning of your options. An excellent way to start saving more is to open up an additional savings account with automatic deposits in order to start building an emergency fund. We can help you by setting up automatic transfers to your savings account every time you get your direct deposit paycheck. For example, if you get paid by your job via direct deposit every Friday, we can set up your account to then automatically transfer a specific amount directly into your savings account at the same time, giving you one less task to worry about.

Individual Retirement Accounts (IRAs) are another wonderful way to allocate some of your savings. It’s the perfect way to save for retirement and grow your money more efficiently than a regular savings account or money market. Not to mention the possible tax benefits!

Whether you're saving for your next vacation, future retirement, or anything else in between, don’t hesitate to reach out to us. We are here to help you get started with the best savings option for you.

Save on Lending

Another way to get the most out of your financial institution is to take advantage of the current low interest rates. At River Valley, we offer competitive, low interest rates on all our loan products such as car loans, mortgage loans, home equity loans, and more. If you are looking to buy a new vehicle, now could be the best time to take on a car loan at a low interest rate as well as use that extra savings you may now have as a down payment.

Own a home? Speak to our mortgage team about refinancing your mortgage. With recent interest rates on mortgages being near record lows, you may now be able to refinance with us for a lower interest rate, meaning you could save hundreds, or even thousands of dollars every year on your mortgage payments. All that savings could equal more cash for home projects or a special vacation for you and your family.

Technology

In recent years, online services have become a pertinent part of the way the world operates. River Valley offers a wide range of electronic services for members. With our convenient online banking and mobile banking app, you can manage your account activity 24/7 as well as use online bill pay, mobile check deposit, and more.

Let’s say you’re out shopping and realize you’ve forgotten your wallet. Before, you may have had to trek all the way back home to grab it but now, you can add your RVCU debit card to your mobile wallet; it's a safe, secure, and convenient way to pay with your phone even when you don't have your physical card on hand.

Don’t have time to stop at the Credit Union to deposit a check? Or do you keep forgetting until after hours? Just pull out your phone, open up your RVCU app, deposit the check electronically, and cross that off your to do list! Our online services make it easy for you to do banking whenever and wherever.

Your Community Credit Union

Managing your money can seem difficult or even overwhelming, especially with the recently changing financial climate. At River Valley, we want you to get the most out of your financial institution, which is why we’re here to help you in any way that we can and provide the services you need to make your financial life easier - whether you’re saving, spending, or just managing what you have. Call us, email us, or stop in today, and let your community credit union take care of you.

 

Joseph Webb
River Valley Credit Union, V.P. of Operations

 

1. Statista.com