Centra Blog

Increasing your Financial IQ

Deposit rates are on the rise!

Deposit rates are on the rise

Deposit rates are going up! What does that mean for you? It means you can earn more interest on money you put into savings!

Rates are increasing due to the recent rate hikes by the Federal Reserve. Centra’s deposit rates have also increased! This is a great time to review the rate on your money market and Membership Savings accounts.

Check Centra’s rates

You have many options for boosting your savings with Centra, such as certificates, money market accounts, and Member Loyalty Rewards. Certificates at Centra are fixed-rate, fixed-term investments that offer competitive dividends and guaranteed security. That means you can have the peace of mind knowing your money is working for you in times of economic uncertainty. If you want better interest rates but still need access to withdraw your money at any time, a money market account is a great option. You can open a savings account and some certificates online.

Open an account

One of Centra’s main goals is to provide value for our Members. As a credit union, we’re not-for-profit, which means our profits go back to you in the form of cash rewards, better rates, and lower fees. This change to our deposit rates is just one way we’re living out our vision of creating value for our Members. Now, you can make more with your money thanks to higher deposit rates.

In July, Centra’s President Rick Silvers mentioned that experts anticipate federal interest rates to continue to increase throughout the remainder of the year, and possibly into 2023. You can read about that and more in our July letter from our President. As the economy continues to shift, we’ll continue to look for ways we can provide a valuable banking experience for our Members!