One of the consequences of the COVID-19 pandemic is that interest rates are at an all-time historic low. The low interest rate environment impacts savings and loans. Here are some ways you and your family can benefit from the current low interest rate environment.
With the current low interest rate environment the Annual Percentage Yield (APY), which means the account will earn less interest on the savings funds. If you’re focused on saving and maximizing your return on your money, you may want to lock in a higher rate with a long-term higher-interest earning account. For example, if you don’t need to use those funds anytime soon, consider moving funds to a higher-interest earning account such as a Money Market, IRA or Share Certificate savings account.
Patriot offers a variety of savings options, and the convenience to make deposits online, automatically, by mail, in person at any branch, or through one of over 55,000 free ATM’s if you have a connected checking account. Whether you are saving for retirement, an education, a house, or just a rainy day, we have a savings account product that is just right for you at any stage of life.
Click here for current rates and opportunities to earn more money on your savings: https://www.patriotfcu.org/personal-banking/deposit-rates/
In a low interest rate environment, borrowing money tends to become less expensive as lenders typically lower rates on credit products. The basic rule for lower interest rates on loans is simple. The higher an interest rate, the more it costs to borrow money. The lower an interest rate, the less it costs to borrow money. For example, a lower interest rate translates into a lower minimum payment on credit cards and a lower cost to carry a balance from one month. For other loans, lower interest rates mean lower monthly payments and less interest paid out over the life of the loan. And these lower borrowing costs can add money back to your budget that you could use to spend and save.
Right now is a great time to borrow at money-saving rates, whether it’s for an automobile loan, a home loan, a personal loan or if you’re looking to refinance an existing loan. Low interest rates mean savings for you.
Click here for our current money-saving loan rates: https://www.patriotfcu.org/borrowing/loan-rates/