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Empower Your Financial Future with a Credit Union

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FOR IMMEDIATE RELEASE

Empower Your Financial Future with a Credit Union

Contacts: Christina Soliday, Marketing Manager, Enbright Credit Union

On October 20, 2022, Enbright Credit Union will join over 56,000 credit unions around the world to celebrate International Credit Union (ICU) Day®. The theme of ICU Day 2022 is “Empower Your Financial Future with a Credit Union.”

ICU Day highlights the many ways that credit unions across the world help members improve their financial health and well-being. Enbright Credit Union will celebrate International Credit Union Day by encouraging our members to share how Enbright empowers their financial futures. Enbright Credit Union will also be sharing “SAVE & SPEND & SHARE” COLORING BOOK color book pages for children and youth to enjoy and learn about money. Financial wellness partner, Atlantis Wealth is just one of the resources we provide our members to strengthen their financial wellness journey.

Credit unions were built on the principle of “people helping people.” We’ve seen that philosophy in action for more than 100 years, with credit unions providing access to affordable financial products and striving to meet the needs of underserved communities.

Enbright Credit Union is honored to be a part of this proud tradition.  Enbright Credit Union invites both members and nonmembers to visit any of our of three financial center locations in Nashville, Donelson-Hermitage, and Hendersonville to help us celebrate this day.

International Credit Union Day® is brought to you by Credit Union National Association and World Council of Credit Unions. This year’s event is proudly sponsored by Zogo.

Learn more at cuna.org/icuday

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 About Enbright Credit Union

Formerly Electric Service Credit Union, Enbright Credit Union is a community-chartered credit union headquartered in Middle Tennessee with full-service credit union offices in Downtown Nashville, Donelson, and Hendersonville. Enbright Credit Union focuses on lending and convenience services such as online banking, mobile banking, and electronic bill-paying. Because Enbright Credit Union is owned by its members, rates are good, fees are few, and the service is outstanding.

Here Is Where You Should Keep Your Savings

PUBLISHED:10/6/22

You’ll probably agree that you should regularly be saving money. But where should you put it? You probably want to keep it safe, you probably want access to it for an emergency or when you’re ready to buy what you’re saving up for, and you probably would love for it to earn you more money without having to do anything.

Well, the first thing to know is that keeping your savings under your mattress or mixed in with your checking account isn’t the best option.

Reasons not to keep your savings under your mattress:

  • It could be stolen.
  • It’s hard to keep track of how much money you have at a glance.
  • It’s not earning you any additional money in interest.

Reasons not to keep your savings in your checking account:

  • It is mixed in with your money for your everyday expenses.
  • You aren’t earning additional interest on it.

Next, before considering where you should put your savings, you’ll need to know how to balance your need for quick access to your cash (also called “liquidity) with your need for it to earn you enough money to keep up with the rate of inflation. The problem of putting your money where it doesn’t earn you any interest is often called “cash drag.” It’s a problem because the $1,000 you work hard to save today won’t be worth the same, i.e. will have less buying power, in five, eight, or fifteen years. So, if your savings isn’t earning you money, it’s actually losing you money. And that’s a drag.

Now that that’s covered, below are five savings options (sometimes called “savings vehicles”) to maximize your interest earnings and help you reach your savings goals.

1. Interest Checking Accounts

Many credit unions have special interest checking accounts. Requirements to open one will vary, as will the annual percentage yields (APYs, i.e., the amount of interest earned, taking into account its compounding schedule).

One of the common restrictions on an interest checking account is the balance cap. This is the maximum amount of money you can hold in the account before you begin earning a lower APY. So, say the balance cap is $10,000 and the advertised APY is five percent. As long as you maintain a balance under that cap, you can earn that high-interest rate. If your balance exceeds the cap, you’ll start earning a drastically lower APY. For this reason, the secret to making the most of this type of account is to stay as close to the balance cap without going over to maximize the interest you earn on your money.

Other common requirements for interest checking accounts include opting to receive electronic instead of paper statements, having a set number of direct deposits going into the account each month, and making a minimum number of debit (withdrawal) transactions a month.

This type of account could work well for someone who wants to house all or part of their emergency savings up to the balance cap and then simply set up recurring deposits and debits for smaller monthly bills—like a cellphone, gym, or TV subscription bill. Just be sure to keep track of your accumulating interest so you can transfer it to another account, keeping you safely under the balance cap.

High-interest checking accounts are a good solution to the cash drag vs. liquidity dilemma mentioned earlier. With this type of account, you can easily access your savings while also earning enough to prevent cash drag. It’s also a safe move because your deposits are federally insured up to $250,000 by the FDIC or NCUA.

2. Basic Savings Accounts

If you can’t meet the requirements of an interest checking account but still want quick, easy access to your cash, then a basic savings account is a good place to start. It’s easy to make withdrawals and transfers between accounts, you can view your balances through your online account or credit union’s mobile app, and you can make withdrawals from an ATM. At most credit unions, the requirements to open a savings account are minimal, as all you need is a starting deposit as low as $5!

The drawback is that most basic savings accounts only earn you one percent or less on your balance—not even enough to keep up with inflation.

3. High-Yield Savings Accounts

This is your option that’s somewhere between an interest checking account and a basic savings account. The earned APY can be as high as five percent with ease of access to money and mobile banking features; however, the requirements may be easier to meet than an interest checking account.

4. Goal-Oriented Savings Accounts

This is similar to a basic savings account, usually with the same APY and balance requirements, but one that can help you reach your savings goals faster by giving you a psychological boost.

A goal-oriented savings account allows you to earmark funds for a specific purpose—buying a car, going on vacation, having a down payment on a house, etc. You’ll be able to name the fund and separate it from other savings accounts—sometimes all these means is creating a subaccount under the same account number as your basic savings. Your credit union may have ways to set up alerts to let you know when you’ve reached certain benchmarks, like reaching the halfway point and tie action items to those events, like shopping for flights or filling out loan paperwork.

5. Share Certificate or Certificate Accounts

A share certificate or certificate account is a credit union version of a bank’s certificate of deposit (CD). The name is slightly different, but the principles are the same. With a share certificate, you deposit a set amount and promise not to make any withdrawals for a set amount of time. The longer you promise not to spend it, the higher the interest rate you earn on it. There are a variety of time frames to choose from—anything from a month up to 10 years. However, with this higher interest rate, you lose out on liquidity: if you need to make a withdrawal before the account matures, you’ll pay a hefty fee.

If you already have an easily accessible stash of cash in a regular savings account, a share certificate can be a good option to put additional savings into.

In the end, for most people, having a smart savings strategy comes down to having a mix of savings vehicles, with the aim to balance liquidity against cash drag, and short- against long-term savings. The goal should be to make sure your money is still working for you and earning maximum growth while you wait to use it.

Here Is Where You Should Keep Your Savings. (n.d.). Default. Retrieved October 17, 2022, from https://www.yourmoneyfurther.com/blog/post/ymf/2022/10/06/here-is-where-you-should-keep-your-savings

Webinar: Women & Money Taking Charge of Your Financial Future

Women Face Unique Financial Challenges

Women today are in a strong position to pursue financial security for themselves and their families. But women often face unique financial challenges. Certainly, not all women will face each of these challenges. Many different life stages and characteristics define women: single, married, widowed, employee, small business owner, breadwinner, stay-at-home mom, empty nester, retired, knowledgeable investor, novice saver, and so on.

Nevertheless, it’s likely you’ll face at least some of these challenges, so it’s important to recognize them and take necessary steps to move forward financially — regardless of the life stage you’re in.

Steps Women Can Take

Despite the challenges women face, they are in a strong position to achieve financial security for themselves and their families. Women make up almost half the total workforce and account for more than half of all workers employed in management, professional, and related occupations.

Now, more than ever, it’s critical that women know how to save, invest, and plan for the future. At almost any stage of adult life, there are things women can do to help ensure their financial security.

Brentr_Landing page image Women & Money_SV_11-Aug-2022_V2_R2

Register for the Women & Money Webinar

Save 40% on a 1-Year Membership

Save 40% on a 1-Year Membership

Get what you need to make staying home easier with brands you trust and savings you can count on. Excellent products and services across the U.S. and Puerto Rico are available using club pickup, online, and through mobile devices with free shipping on most items and no minimum purchase.

Credit union members get a one-year membership for 40% off plus, for a limited time, you’ll also get a $15 entertainment discount.

Sam’s Club gives you exclusive savings on the things you need, the things you love, and all sorts of unexpected things, so join the club today! VIEW DEAL HERE.

Become a Member

By clicking ‘Become A Member’, you acknowledge you will be leaving the page and redirected to our membership enrollment page to open a Primary Savings Account.

For those who want added convenience and money saving options, Interest Rewards Checking offers a higher dividend on checking funds when several criteria are met.

primary savings
Primary Savings

At Enbright Credit Union, All members are required to have a Primary Savings account.
Open a basic savings account, for only $25 plus a one-time $1 membership fee.

Christmas Club
Christmas Club
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Save for holiday expenses with a minimum balance of just a penny. Funds saved during the year are automatically transferred to the member’s Primary Savings account November 1 yearly.

Money Markets
Money Market Accounts

The Enbright Money Market Account is a savings account that offers higher dividends than a basic savings for those with balances of $2,500 or more.

IRA
Individual Retirement Account

Take your future into your own hands!

Enbright’s Individual Retirement Account (IRA’s) help you plan for a comfortable retirement! Enbright offers both traditional and ROTH IRAs to meet your needs.

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Financial Institutions and Hispanic Business Community Access to Capital

Financial Institutions and Hispanic Business Community Access to Capital
Financial Institutions and Hispanic Business Community Access to Capital: A one-hour virtual roundtable conversation with local community financial institutions in our membership about the importance of connecting and better serving our growing Hispanic community.

Sample topics/questions, but not limited to:

-How can you describe the type of financial institution you represent?
-Do you have a target market or community you consider most likely and capable of serving?
-What would you say are the 2 to 3 key differences between your financial institution and other (or bigger banks)
-What challenges or opportunities resulted from the COVID-19 pandemic — still not fully over
-Why is the Hispanic community important to your company?
-What are the main challenges in engaging our Hispanic community?
-What resources can you provide to support minority communities?
Tell us about your involvement in our Hispanic community
-Do you have a Hispanic Employee Resource Group? Why? Why not?
-Top 3 reasons to become a customer/client of yours

 
Oct 10, 2022 02:00 PM in
Central Time (the US and Canada)
 

Money is for Women

You’re interested in taking control of your money, but you find yourself in situations like:

  • Sitting quietly while the men talk about money (maybe even yours), worried you’ll sound silly if you speak up

     

  • Watching the news and wishing you knew more, but the whole financial world feels so complex and intimidating
  • Not wanting to become one of those women who gets taken for all her savings

You’re good at what you do (hobbies, career, and running your busy life), but the feeling in control of your financial life feels so out of reach and overwhelming.

Yet letting the men have all the control AND giving up your goals and financial ambitions don’t feel right to you either.

And you definitely don’t want to retire years from now, look back and think, “If only I had taken hold of my financial strategy back then, I wouldn’t be clipping coupons and waiting for my check each month.”

Does it feel like the financial industry ignores your concerns, without even knowing what they are? You’re not alone.

The good news is it’s not nearly as complicated as it may seem. You CAN take control without your money feeling frustrated and out of reach.

Certain people in the money management industry benefit from making finances look too complicated for anyone who isn’t “numbers-oriented.” They’re the ones who just want you to hand your money over to them and let them do what they want.

Fortunately, that’s not how money management has to work. And it’s increasingly important, especially for women, that it doesn’t work that way.

Money is for WOMEN

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