President's Blog

by Kerry Wahlen, President/CEO

Flex CD Rates on the Rise

July 23, 2018

One of the best tips I give our young members is to open a 12-month Flex CD and begin a regular savings plan. Flex CDs are perfect for early savers because they can be started with as little as $50. Similar to a Primary Savings Account, you can add funds to a Flex CD at any time. Plus, with a Flex CD, members have the option for penalty-free withdrawals during the first three business days of each quarter.

Our Flex CD is currently priced at 2.05% APY, our highest rate in several years. In fact, all Goldenwest Credit Union Certificates and Insured Money Market account rates have increased in recent months.

Julie and I found the Flex CD to be an excellent savings tool for each member of our family. In their younger days, our children earned money by mowing lawns and babysitting. We encouraged them to put a portion of their earnings into a Flex CD. They were excited to see their savings grow over the years as they saved for college, missions, and down-payments for homes. Their experiences of saving for the future with a Flex CD helped form good financial habits they continue to practice today.

As with our regular CDs, the Flex CD comes with the bump option. At the time of CD opening, members can opt for 0.15% lower than the stated rate. Should the Credit Union re-price the CD with the same term to a higher rate, the member has a one-time option to bump up to the new CD rate for the remainder of the term. CD bumps are a great benefit members keeping an eye on raising rates!

Congratulations to our employee of the month, Kailee Facer. She is one of the key people in the back office who funds the auto and RV loans our members apply for directly at Utah-based dealerships. Last month, Goldenwest processed more than $25 million in auto and RV loans through our partner dealerships. We appreciate all Kailee does to provide this convenient service to our members.

We value each member and every employee at Goldenwest. Our commitment is to serve you to the best of our abilities, and to support the financial needs and goals of your family. As always, I enjoy hearing from you at president@gwcu.org.

-Kerry Wahlen

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