Centra Blog

Increasing your Financial IQ

July 2022: A letter from the President

Centra HQ at sunrise

Dear Members,

As you know, federal interest rates increased last month, and price inflation continues to work its way through the economy. These conditions impact us all, and unfortunately, experts anticipate both rates and prices will continue to increase through the rest of the year and possibly into 2023. As you no doubt have felt, a dollar doesn’t go nearly as far as it did one year ago.

Centra’s vision of creating value for our Members extends beyond offering accounts and loans. We also have a skilled team of financial advisors who can help you make the most of your money in this environment. We work with you to understand your financial needs and develop a plan that helps you work toward your goals. Our advisors are available to help, no matter what stage of life you’re in. Click here to make an appointment or give us a call at 812-314-0340.

Another way Centra creates value for our Members is through Member Loyalty Rewards. We recently celebrated one year since the launch of Member Loyalty Rewards and our streamlined checking account options. With six ways to earn, your rewards add up. Plus, they’re deposited into your Member Loyalty Account (MLA), which offers an interest rate of 4.25% APY.* That rate is more than 40 times the national average savings account rate**, so your rewards can grow even more.

So far, our Members have earned more than $5.6 million across more than 80,000 MLAs, demonstrating that those cash rewards can add up. For our Members using Debit Card Round Up, those savings can make a big difference.

“For those of you who are skeptical of the “Debit Card Round Up” with Centra Credit Union, let me just tell ya, it 100% paid for my whole new living room floor I’m about to start laying this evening. $600 that was simply rounded up off purchases on my debit card every time I made a purchase and put into a savings. Less than 6 months and it paid for a whole new floor in my living room. Go check it out.”

– Daniel, Centra Member

When prices increase, it can be harder to grow your savings, but our all-cash rewards can help. Our traditional account and loan options are here for you as well. When you build your savings with a certificate, you can get an extra boost by having your interest deposited into your MLA. If you’re looking for a lower cost form of credit, our home equity lines of credit (HELOC) are a great option.

As we all face these economic changes, Centra remains centered around you. Please feel free to visit any of our locations to meet with our financial professionals.

Rick A. Silvers
President and CEO

Rick A. Silvers

Ricks signature

*Annual Percentage Yield. Subject to change at anytime.

**FDIC: National Rates and Rate Caps. (2022, May 16). FDIC: National Rates and Rate Caps; www.fdic.gov. https://www.fdic.gov/resources/bankers/na