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Truity Credit Union Blog > July 2022 > CEO Connect: Interest Rates Increasing

CEO Connect: Interest Rates Increasing

  • 7/23/2022

In 2022, the Federal Reserve has already announced three increases in the overnight interest rate and are expected to increase the rate again at the end of July. While this increase will negatively affect the rates that you’ll pay to borrow, you can also expect to see increases in the dividends you’ll receive on your Truity Credit Union savings accounts.

Auto and home lending rates have also increased for new loans but these increases won’t impact the rate that you have for any borrowings prior to the rate increases. Visa credit card and Home Equity Line of Credit rates will increase each time that the Prime lending rate increases. If you maintain a balance on these accounts, you can expect to pay more interest.

Savers have already benefitted from increases in our Name It Save It and Premier Savings accounts. The dividend rates on Performance Plus Money Market accounts and Advantage Money Market accounts have also increased in the last few months.

In addition, certificate rates have increased. The best rate available at this time is a 25-month certificate at 2.50%. This rate is more than double the rate offered by the “High Yield” savings accounts offered by some of the internet-only banks.

It’s been many years since any of our dividend rates have been higher than 2%. This is a good time to consider tying up some of your deposits to a fixed-rate term certificate. Our deposit account rates are reviewed weekly to ensure that the rates we offer remain competitive. Please give our Contact Center a call or stop by to get our current rate offerings.

Dennis Halpin