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Start Saving With These Great CD Rates!

There’s no time like the present to start saving for your future. And what better way to start than opening a Certificate of Deposit now with Power Financial Credit Union? Take advantage of the two amazing rates we’re offering. Cultivate and start earning today 2.27% APY* on a 30-month CD with a minimum deposit of $2,500(1) or 2.00% APY* on a 22-month CD with a minimum deposit of $10,000(2). The choice is yours! Your saving potential is limitless, but don’t miss your chance to capitalize on these rates. Build your savings. Build your life. Let Power Financial Credit Union help. *APY = Annual Percentage Yield. (1) 2.27% APY Minimum deposit amount is $2,500. The 30-month term Promo certificate will automatically rollover to a 24-month term at the dividend rate and annual percentage yield offered at that time for a 24-month certificate. Penalties for early withdrawal may apply. Annual Percentage Yield assumes that interest and principal will remain on deposit until maturity. Fees may reduce earnings. Limited Time Offer. (2) 2.00% APY Minimum deposit amount is $10,000.00. Initial term of 22 months. At the end of 11 months, the Credit Union may call the certificate or extend the certificate for an additional 11-month term at the same APY set forth on the initial 11-month term. If the certificate is not extended the certificate will automatically rollover to a 24-month term at the dividend rate and annual percentage yield offered at that time for a 24-month certificate. Penalties for early withdrawal may apply. Annual Percentage Yield assumes that interest and principal will remain on deposit until maturity. Fees may reduce earnings....
Back-To-School Savings Tips

Back-To-School Savings Tips

It’s that time of year again! Summertime is winding down. Teachers are prepping to return to their classrooms and start decorating. School supply lists are starting to surface. A new school year is right around the corner. A new school year means only one thing – back-to-school shopping is almost here! Which means you’ll be sending your students back into the classroom before you know it. According to the Huntington Backpack Index, in the 2018-2019 school year, the amount parents paid in back-to-school supplies was estimated as follows: • $637 elementary school kids, • $941 for middle school children, and • $1,355 for high school students There’s no way around it – school shopping is expensive. But, it doesn’t have to be. Much like financial planning, saving on back-to-school shopping requires a plan as well. With the right planning and preparation, back-to-school shopping doesn’t have to break the bank. Take inventory Before you go shopping and buy a bunch of supplies, take inventory of your house. Check drawers and cabinets to see what supplies you have that can be used again. Look at backpacks, lunchboxes and even school clothes from last year to see what can be kept and what needs to be replaced. From there, make a list and determine what your child needs and what you have. Get the school’s supply list Generally, retailers like Target and Walmart usually have copies of the supply lists divided by grade, school, and district, and those lists are usually available online before they’re in the store. Check the lists, do a little research regarding prices and make a budget accordingly....
Building Blocks to Help Millennials Create a Financially Sound Future

Building Blocks to Help Millennials Create a Financially Sound Future

The Great Recession created a perfect storm for millennials. It was the worst financial crisis the United States had seen since the Great Depression, and it left millennials playing catch-up with their finances in the hopes of someday being able to retire. But even as they fight to break to even, millennials continue to accrue debt. In February, the New York Federal Reserve released a study showing that millennials have accumulated more than $1 trillion of debt including mortgages, auto loans, credit cards, and student loan debt. Additionally, Schwab’s 2019 Modern Wealth report, a May survey from Charles Schwab, revealed that 62 percent of millennials are living paycheck to paycheck while only 38 percent feel financially stable. Despite that statistic, millennials also say they spend nearly $500 a month in nonessential purchases. While the statistics above look grim, there is still hope for millennials pursuing the “American Dream.” It is important to remember that paying off cars and credit cards, buying a home and working towards retirement are not impossible feats. Like everything else in life, finances are about balance and finding an approach that works for you. Create a budget Budgets are not “one size fits all,” and no two people will have the same budget or goals. First, find a strategy that balances rewarding life experiences and saving for the future. Be realistic when crafting your saving and spending goals. For example, you can’t expect to go immediately from saving nothing each month to saving away $400 a month. Start with a number that is easily attainable and increase the amount when it’s feasible. Automate your finances...