While school may have started, it definitely still feels like summer! American families are expected to spend record amounts for school and college supplies this year. From notebooks and backpacks, to computers and mobile phones, families with kids in K-12 grade are spending an average of $697 this year. Moreover, families with college students can spend an average of $977.
To help calm the back-to-school frenzy, take your time to find the sales (and if possible, use coupons) so that you can save a bundle. You can count on plenty of sales through Labor Day weekend.
Investing in a savings certificate is a smart move
Unlike regular savings accounts, certificates have fixed rates, so you can lock in a high rate before it drops. This best practice will help you squeeze every drop of earnings you can out of your certificate!
For a limited time only, give your savings a boost with a WPCCU high-yield certificate of deposit. Save with confidence and lock in 2.07% APY1.
Summer isn’t over yet and now is the best time to buy a vehicle! WPCCU partners with Autoland for hassle-free car buying to find your perfect car at a great deal. Plus, when you find your new car through Autoland and finance it at the credit union, you can take advantage of an additional discount off 0.50% APR2 off your approved rate.
Hurry, offer ends August 31. Got a trade-in? They can help with that too.
Ideally, you'd like to earn higher yields that long-term savings certificates offer, but don’t want to lock up your savings for that long. Fortunately, a “CD ladder" (or certificate ladder) can help generate higher yields with shorter terms. With a laddering strategy, you’re investing in several certificates with varying maturity dates. For example, if you open four certificates: a 6-month, 1-year, 18-month, and 2-year certificate, you can be assured that at least one certificate will mature every 6 months. Once the certificate matures, re-invest it into the same term.
It's typical to put equal amounts into each certificate. Some prefer to use only a portion of their savings toward opening their initial certificates, and then open additional accounts to provide even more financial flexibility.
If you want a way to improve your own part of the world and have a positive impact close to home, you should consider investing in your community. There are lots of options out there for all life stages and bank account levels that can result in more than just monetary returns—like healthier food options, improved housing, and diversified jobs in your hometown.
Whether you're close to retirement, just entering the workforce, or somewhere in between, now is the ideal time to review your retirement plan. Schedule a no-obligation consultation to discuss your goals with our CFS* Financial Advisors.
Start planning for your future today. Call us at 213-580-1623.
* Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
1 - APY = Annual Percentage Yield. APY shown as of 8/1/19 and is available for IRA and regular saving certificates. Savings certificate has a $5,000 minimum balance and a $500,000 maximum balance to earn 2.07% APY / 2.05% Dividend Rate. Certificate may not be combined with any other offers, including Sunrise Circuit and Loyalty members. Dividends accrue upon deposit and are paid quarterly. Unless directed by certificate owner, accounts will automatically renew to a 6-month IRA/savings certificate upon maturity at the prevailing rate. Fees incurred could reduce earnings. Subject to early withdrawal penalties. WPCCU membership required. WPCCU reserves the right to end or modify this offer without notice.
2 - Annual Percentage Rate 0.50% (APR) loan discount valid through 8/31/19. To qualify, members must purchase a car through Autoland and finance it through WPCCU.
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Federally Insured by NCUA. WPCCU is an Equal Opportunity and Equal Housing Lender. Membership is available to individuals who live, work, worship, or attend post-secondary school in Los Angeles County.
Water and Power Community Credit Union, 1053 West Sunset Blvd., Los Angeles, CA 90012