First Fed District Branch Manager Jody Copeland and her team members are ready to help you maximize your savings.

First Fed District Branch Manager Jody Copeland and her team members are ready to help you maximize your savings.

Higher Interest Rates are Good News for Savings

Rising mortgage interest rates are making headlines this year. However, higher interest rates are great news for savings. If you have cash to invest, now is a good time to take advantage of the higher rates with current savings specials.

What Interest Hikes Mean for You

In March 2022, the Federal Reserve raised its target federal funds rate by .25%, the first interest rate hike in more than three years. Since then, the Fed has continued to raise rates by an additional 1.25%, with more increases expected later this year.

For borrowers, the rate hikes translate to higher interest rates on credit cards, home and auto loans, and home equity lines of credit. The silver lining to these rate hikes is there are new opportunities to take advantage of higher returns on your savings.

A Great Time to Save

“We are currently offering 13- and 30-month CD specials at a much higher interest rate than in the past several years,” notes Jody Copeland, District Branch Manager at First Fed. “These promotions reflect the rising rate environment. It’s a great time to give your savings a boost.”

Jody Copeland, District Branch Manager at First Fed

Jody Copeland, District Branch Manager at First Fed

A certificate of deposit, or CD, is a particular type of savings account that earns a fixed interest rate on money deposited for a set period of time. Because that lump sum of money stays in the account for a fixed time, banks can offer much higher interest rates than they do for standard interest-bearing savings accounts.

The 13-month CD specials offered by First Fed, a rate of 1.50% APY* is available with a minimum deposit of $10,000 of “new money” not held previously on deposit at First Fed within the last 30 days.

Coverage for Future Changes

Because it is likely that rates will continue to increase, there is an advantage to savings specials that take into account potential rate changes and pass the benefit on to the customer.

The First Fed CD special for 30-month offers a rate of 2.00% APY* with a minimum deposit of $25,000 of new money. Plus, the account holder can “bump” their interest rate once during the 30-month term if it goes higher.

“The ability to bump your rate lets you feel confident locking into the longer time range, because you will be able to take advantage of any significant rate increase,” explains Copeland.

The new CD Specials must be opened up in a First Fed branch. Copeland and her team members are happy to help you navigate your options to take advantage of the best return on investments.

Learn more about First Fed CD specials at https://www.ourfirstfed.com/personal/savings/cd-rates

*APY is Annual Percentage Yield.

First Fed is a member FDIC and equal housing lender.

The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.

More in Local Marketplace

Designed especially for children 17 and younger, with a minimum balance requirement as low as $1, a First Savings account is accessible to everyone. Courtesy First Fed
A meaningful gift for your kids: First Savings Account

The holiday season is upon us – a time for joy, giving… Continue reading

Tickets for Field Hall’s Winter/Spring 2025 season, which includes a performance by the Dover Quartet, are available now. Roy Cox photo /courtesy Field Hall
Local talents and global stars to shine this season at Field Hall

Port Angeles arts event center unveils Winter/Spring 2025 program

Breaking the stigma surrounding death and planning for such life events, Harper-Ridgeview Funeral Chapel shares important details surrounding available memorial benefits for veterans and their families.
Harper Ridgeview Funeral Home offers compassionate support in veteran funeral planning

Funeral home shares key information for veterans and their families on funeral arrangements

Courtesy First Fed
Local builders expand housing in Port Angeles

Three new apartment buildings are under construction on East Melody Lane in… Continue reading

Featuring the showmanship and fiery fiddle of electric violin maestro Geoffrey Castle, Christmas in Washington promises a festive party unlike any other!
Experience the magic of Christmas with Christmas in Washington’s concert series featuring Geoffrey Castle!

A decade of community, music and holiday cheer includes a show in Port Angeles Dec. 18 & 19

Harper-Ridgeview Funeral Home extends its care to families beyond funeral services by offering a variety of grief support resources. Each family is provided with a detailed packet of local grief services, including information about the Volunteer Hospice of Clallam County.
Navigating grief with empathy and support

Harper-Ridgeview Funeral Home offers personalized support for grieving families.

Navigating healthcare coverage can be overwhelming, but help is available. Sarah Wright photo
5 tips to help you choose the right insurance during open enrollment

This open enrollment season, make sure you’re covered

Home equity is a valuable financial asset that can be leveraged for various purposes, but it’s essential to borrow wisely and understand the risks involved. Courtesy First Fed
How to calculate your home equity

When you own a home, understanding your home equity is crucial, as… Continue reading

Port Angeles’ Quimper Mercantile is celebrating its 12th birthday on Oct. 12, and marking the occasion with its annual anniversary sale. Quimper Mercantile photo
This store’s anniversary sale is a celebration of community and self-reliance

Quimper Mercantile’s anniversary sale, Oct. 12 to 14, celebrates how Port Townsend turned a retail challenge into a local triumph

Licensed Funeral Director Mark Gustafson emphasizes the importance of taking proactive steps – considering the options available and starting a pre-arranged funeral plan with a local funeral home well in advance.
Harper Ridgeview Funeral Home recommends advance funeral planning amid rising costs

Advance planning protects your family from rising inflation rates.

Community Outreach by the NOHN team. (Photo courtesy of NOHN)
Holistic care through North Olympic Healthcare Network

The North Olympic Healthcare Network (NOHN) stands as a testament to the… Continue reading

Cantus presents Mountain Nights, Oct. 20, at the First Presbyterian Church in Port Townsend. Nate Ryan photo.
Cantus presents Mountain Nights – A spectacular choral performance in Port Townsend

Join us for a breathtaking musical journey as Cantus, the renowned male… Continue reading