At Central Willamette Credit Union, we take great pride in offering our customers exceptional service and quality products. In fact, we’re not only a preferred Salem credit union, we’re regarded as one of the best credit unions in the state. Central Willamette ranked second overall in Forbes magazine’s list of Best In-State Credit Unions for 2019. So if you’ve never tried banking at Central Willamette, it’s time to see what you’re missing. Here are five Salem credit union services that we know you’ll love.
Kid Kash Savings Account
At Central Willamette, our focus is on helping you build a legacy of financial stability for your family and its future generations. We believe one way to do that is by teaching your children the value of money from an early age. Too often, financial literacy isn’t taught in schools. So it’s up to you to fill that educational void by showing your children how to manage money wisely. A perfect way to do this is by opening a savings account specifically designed with your children in mind.
Children ages 12 and younger can take advantage of our Kid Kash savings account. It’s a wonderful tool for positively reinforcing the value of saving money. The Kid Kash account comes with many benefits, including a punch card that can be redeemed for fun prizes. Each time your child make a $5 deposit, they’ll earn a punch. Once a punch card is filled up, your child will earn a reward. We believe that saving for the future and watching your money grow over time can be exciting and rewarding. We want your children to have that same experience so that they’ll understand the value of saving for the future.
As your children grow older and prepare to venture out on their own, it’ll become even more important for them to learn money management skills. That’s why we also offer savings and checking accounts for teenagers. Our MyChecking account has no monthly service charge or minimum balance requirements, which makes it the perfect option for young adults. It also comes with a Visa debit card so your teenager can learn how to manage everyday purchases and become accustomed to cashless transactions. Our Youth Savings account is also a good way for your teen to practice budgeting for larger expenses and requires a minimum balance of just $5.
Individual Retirement Accounts
Your child’s future isn’t the only one you should be thinking about. You should be concerned about your own future as well, particularly when it comes to your retirement savings. A great asset for you to utilize when it comes to your retirement is an IRA, or individual retirement account. We offer both traditional IRAs and Roth IRAs. There are some similarities but also key differences between the two. Our wealth management team will help you determine which option is best for you.
Another account you may want to consider opening is an educational IRA. This type of IRA allows you to save money for educational purposes and grow your contributions tax-free. You also won’t have to pay any taxes or penalties on money withdrawn for higher educational purposes prior to the designated beneficiary turning 30 years old. You can find more information on college savings plans on our website.
Money Market Accounts
While saving for retirement is always a good idea, we understand that you may want to save for large purchases, such as your dream home. If so, our money market account is an excellent way to earn interest on your deposits while also maintaining easy access to your cash. We offer two types of money market accounts tailored to different savings styles, so you can select the one that best meets your needs.
If you’re planning on contributing a large amount of savings to your money market account, our Choice Money Market option will earn you competitive rates of return on deposits over $25,000. When you deposit anywhere from $25,000 to $49,999.99 in your account, you’ll earn an interest rate of 0.45%*. The more you contribute, the more your interest rate will grow. This gives you an incentive to keep saving and earning more over time.
Our Money Market Plus account is another option for those who want to save more with less. This reverse-tier money market account allows you to earn the highest rate on the smallest of deposits. You’ll earn a 2.5% APY* on your first $1,000. After that, you’ll earn an interest rate of 0.7% up to $5,000. You’ll continue to earn interest on larger deposits, but this money market account is designed to yield fast results with a minimum amount of savings.
Just in time for the holiday season, we’re offering a great deal for anyone interested in refinancing their auto loan. For a limited time only, you can refinance your auto loan for as low as 2.74%* and make no payments for the first 120 days. This will help you free up some extra cash for the holiday season.
Even if you’re not looking to refinance an auto loan, we offer great deals on our car loans for new vehicle purchases as well. In fact, we’ll allow you to finance 100% of the cash sale price at a fixed rate for up to 84 months, with rates as low as 3.99%*. Use our auto loan calculator to determine your monthly payments and figure out which loan term would work best for you.
For those rainy days or unexpected expenses that pop up, Central Willamette offers unsecured personal loans to help you get back on your feet. Our personal loans have no annual fee or application fee, and you can borrow up to $25,000 at a fixed interest rate as low as 10%. You’ll also have up to 60 months to repay the loan amount.
Another option for our borrowers is our unsecured personal line of credit. A personal line of credit differs from a loan in the sense that you can borrow as much or as little as you need, pay back the balance, and then borrow against the line of credit again for the duration of the loan. With a personal line of credit, you can borrow up to $25,000 at a variable interest rate and with a low annual fee of just $20.
These are just some of the many great products that make Central Willamette a preferred Salem credit union. If you’re uncertain about your financial future, or simply want to make sure you’re on the right track, pay us a visit. We want to help you secure your financial future, and we have just the right people and products to help you do it.
*The Interest Rate and Annual Percentage Yield on your accounts are set forth above. The Interest Rate and Annual Percentage Yield may change periodically as set forth above for each account, as determined by Management and/or Board of Directors. The Interest Rates and Annual Percentage Yields applicable to each account depends on the balance ranges set forth above. Once a balance range is met, the highest Interest Rate and Annual Percentage Yield for that range will apply to the entire balance in your account.