What does the future hold? No one really knows, but we can readily admit that having a healthy amount of savings can prepare us for the unknown. We would like to share about some great options for making savings work for you!
We’ll help you get ready!
Take a moment to think about what the future holds for you. Are you going to be taking a trip? Preparing to buy a new vehicle? Selling or buying a home? How close is retirement? What about emergencies—are you ready for an unexpected expense?
Providing Resources to Your Neighbors
We need your help to keep our members in Central Oregon moving ahead in their financial future. The money you deposit at Mid Oregon Credit Union produces the funds to lend to your neighbors in Central Oregon. Our loan growth has been robust the last couple of years. We need more resources to help those that want to borrow from us to get lower rates, better terms, and expand their businesses.
The Credit Union model is the same as when Mid Oregon began 60 years ago, with eight Prineville public school educators saving money with the credit union, which we loaned back to them to buy cars, homes, education, etc. The revenue earned on loans covers credit union operations, pays dividends on deposits, and helps expand credit union services.
Savings Tools To Accomplish Your Objectives
For the Long Term (5+ Years)
For many, investing is the primary tool to build retirement savings. Mid Oregon Financial Services is our investment resource. There are reasons why you would want to choose a Mid Oregon savings product, including diversification, uncertainty in the stock market and wanting lower risk.
High Yield Account: This is a savings account with a variable dividend (interest) rate that increases as the balance increases.
Share Certificate (also known as CD): Invest a minimum of $1,000 for a term of at least 3 months. It may be used to earn a higher dividend rate, fixed for the term of the certificate. Generally the longer the term, the higher the dividend rate.
|*** Right now, Mid Oregon is offering a Special 2.00% APY 15-Month Certificate*.|
*Rate shown is Annual Percentage Yield (APY) and is subject to change without notice. Special 15-Month Certificate requires a minimum deposit of $25,000 to earn promotional rate. See Mid Oregon Savings and Certificate Rate and Fee Schedules, or ask associate for more details. Insured by NCUA.
These products also work to save for other large, out-in-the-future needs.
For the Medium Term (6 Months to 5 Years)
This type of need is typically a large purchase, such as an automobile, home remodel/renovation, or for a special vacation. High Yield Accounts and Share Certificates might fit these needs very well, with a couple of additional options.
Money Market Account: The Money Market account offers higher rates, flexibility and immediate availability to funds. This account has a $2,500 minimum balance required to remain open.
Save to Win Certificate: Save to Win is our prize-linked savings program that rewards members for contributing to their own savings account. Just open a 12-month Save to Win Share Certificate with at least $25, and you’ll be entered to win monthly and quarterly prizes.
For the Short Term (Less Than 6 Months)
If you have larger balances to save, High Yield, Share Certificate (3 month) and Money Market accounts will work well. We have two additional options that work with almost any short term need. The two new choices also can work well to start building an emergency fund. You emergency fund should be at least $1,000, but ideally should equal 3 to 6 month’s living expenses.
Savers’ Club Certificate: Saver’s Club deposits are made by automatic transfer from your checking or regular share account. You pick the term, from 3 to 12 months, and the amount that fits your budget to save each month. Savers’ Clubs are great for things like weddings, vacations and getting a head start on NEXT year’s holiday expenses.
Regular Share Savings: With a minimum $5 deposit, every Mid Oregon member has this account. Dividends are paid quarterly, and members age 18 and over are eligible for $1,000 of accident insurance without cost. You can open multiple share accounts to save for different needs.
We’re here to assist. Tell us about your needs and dreams—we’ll help you be ready! Stop by a branch, check out www.midoregon.com, or give us a call at 541-382-1795.
Be prepared, and get serious about savings!