Published on November 09, 2022
Maximize your savings with our latest CD Special!
Community Choice just released information on our CD Special effective November 1, which gives members an opportunity to earn up to 2.5% interest on a 13-month CD, a much higher rate than through most basic savings accounts.
We know interest rates are rising, but what does that mean and how does it impact your savings? Let’s take a look.
Why are interest rates higher?
The U.S. Federal Reserve steadily increased the prime (interest) rate starting in summer 2022 as way to combat the highest levels of inflation we’ve seen in four decades. The prime rate influences how creditors, financial institutions and any entity loaning money sets their interest rates. While higher interest rates make it more expensive to borrow money, it also gives savers an ability to earn more interest on certain accounts.
How much more money can I earn in interest?
By depositing $10,000 in your Choice Savings account, you earn interest at .05% APY. That equates to $5 in interest per year. As your balance grows, you’ll earn a higher interest rate at pre-defined levels. With Choice Savings, you don’t have to watch the rates and your balance and move money between a standard savings account and a money market account. We simply have your back and increase your rate as you increase your balance.
Can I take greater advantage of higher interest rates than through savings?
Our CD Special rate allows members to earn 2.5% APY* fixed rate. However, once that CD is opened, money cannot be withdrawn from that account for 13 months. Since you know that your interest rate does not change once you open a CD Special account through Community Choice, you could expect to earn over $270 in interest during that 13-month period when opening a CD with $10,000.
Are there other options to earn even more on my accounts?
Yes, one of the best ways is to ensure you qualify for GetBigReward$! Learn more about it here. Qualifying members will soon receive $12 each month, paid out monthly, under this updated rewards program. That’s $144 per year – and even more when you pay interest on a qualifying loan and earn up to a 10% loan interest rebate.
Starting January 1, 2023, members will qualify for GetBigReward$ monthly when they have a aggregate of $300 in qualifying direct deposit AND 20 plastic (Debit/Credit) card transactions, plus one of these additional qualifiers:
Loan balance of at least 1 cent
At least $3,500 in available funds on the last day of the month
Open Choice Checking account
Another way to earn cash back on financial activities is to make your everyday purchases with Community Choice World Mastercard and earn 1.5% back on all purchases. An August 2022 article in U.S. News and World Report reported that a moderate weekly grocery budget for a family of four is just under $292. Let’s round that to $300. If you expand that out to a month, paying for those groceries using the Community Choice World Mastercard can earn that family $18 per month!
Community Choice is here to help you prepare for your financial future so that you can live the life you want. Stop by a member center or schedule an appointment with one of our personal financial advisors to learn more about your savings options. We can help you take advantage of higher interest rates in the near term.
Opening your CD
When you're ready to open your CD, we're ready to help! Send us a chat, call us at 877.243.2528 or see us in person at your nearest member center. Members can also open a CD using the Open & Apply menu within e-Banking.
Not a member? Let's take care of that:
*APY = Annual Percentage Yield
$500 minimum—no maximum. Penalty for early withdrawal applies. Special rate subject to change at any time without notice