As we step into the new year, now is a great time to slow down and take stock of our financial situation and revisit our long-term financial goals.
But while it’s easy to feel discouraged in the current financial environment, with inflation and interest rates continuing to rise, rather than letting the cost of living weigh you down, it’s time to get more creative with where and how you spend your hard-earned money.
When we think “buy local, support local” we often think about supporting small local farms and retail businesses. We might not consider or be aware of the opportunities to support local financial institutions within our communities.
Yet supporting smaller, local credit unions is a great way to keep our money in our communities while benefiting from the “small business” mentality of a member-owned and operated financial institution. Credit unions like Peninsula Credit Union, for example, are consistently ranked as having the best member-orientated experience when compared to major national banks.
So while credit union members enjoy the same benefits and conveniences they‘d expect from larger national banks, they also often enjoy better interest rates, lower fees and hearing ‘Yes’ where bigger banks would say ‘No.’
“We put the residents of Jefferson County and the Olympic Peninsula first at all times because the Peninsula Credit Union is member-owned and locally operated,” explains Jim Morrell, CEO of Peninsula Credit Union. “With inflation and high interest rates combining to shrink people’s already tight budgets. we want to offer solutions to help our neighbors stretch their pay checks further while continuing to save for emergencies.”
Peninsula Credit Union offers a wide variety of products and services to help members do exactly that, including:
- Checking accounts with 1.50 % APY for their Basic checking account and 3.00% APY for their Premier checking account (effectiveJan.1)
- Savings Accounts, CDs, and their innovative Save to Win account
- Second Chance banking products
- Emergency Loan Options When Money Is Needed Quickly
- Financial Fitness coaching through BALANCE and their in-the-community Financial Educator, Darrell McVea
- And lots more!
Locally owned and operated financial institutions like Peninsula Credit Union play a key role in making small communities resilient in unpredictable financial environments.
Don’t let current market trends discourage you from continuing to work towards your long-term financial goals – know that local, community-focused institutions like the Peninsula Credit Union are working hard to support you and your local community by providing the information, products and services needed to help everyone reach their individual financial goals.