IRA Accounts: A Great Retirement Option
Are you thinking about retirement? It is never too early to begin planning for your retirement. Recent statistics show that most individuals will need to rely on their personal savings for up to 60% of their retirement income (www.ssa.gov). This can be an overwhelming statistic when you begin to think about it.
An IRA account is a great way to save for those retirement years. You may make contributions to an IRA in addition to the contributions that you make to a 401K program at your place of employment. The SIU Credit Union offers Traditional, Roth, and SEP IRA accounts. You may choose to invest in an IRA share account or an IRA certificate of deposit. This allows you the flexibility you need when it comes time to access your funds. All IRA accounts are insured for $250,000 through the National Credit Union Administration.
If you currently have an IRA at another institution, or would like to start one, please contact me at 618-457-3957. I would love to help you ensure that your road to retirement is smooth.
Erica Pankey, SIU Credit Union IRA Specialist
Reduce Your Monthly Auto Loan Payment
These days, any extra money can come in handy. If you’re trying to cut costs wherever possible, refinancing your car loan can free up some cash. For a limited time, you can refinance your car from another financial institution and save hunders or even thousands of dollars over the life of the car loan. With rates as low as 3.99% APR, you can quickly put extra cash in your pocket with lower monthly payments. To see how much you can save, visit one of our member service represenatives. They can quickly tell you if it’s in your best interest to refinance your auto loan.
The New Year is a time for hats and horns—and resolutions.
Your credit union offers low-fee options for all your financial needs. One study pegs the member benefit at about $240 a year per household, or $10.9 billion* a year for all members.
Keep more of your money in the New Year. Talk to us about switching all your accounts to the credit union, where you’ll pay lower fees and lower interest rates to borrow, and earn more on savings.
That calls for hats and horns!
* Source: CUNA Economics & Statistics
Keep us posted on your financial health
Financial Trouble?
Unemployed? Spend too much over the holidays? Just having trouble making it this month?
If you can answer yes to any of these questions, I would urge you to call your creditors.
It is so much easier to work with someone having financial problems if they call in when they first realize that it’s going to be tough to make their payments. If you wait until the collector has sent out several notices, made numerous phone calls and you have ruined your credit, it may be too late to help you. If you call or visit your collector early on in your financial low, he or she usually has more options available to help you overcome your financial problems.
Here at SIU Credit Union, we want to help you. We want you to call us and keep us informed of your financial situations and we want to work with you to overcome your problems.
Give us a call today at 618-457-3595 to discuss your financial situation.
-Lisa Winthrop
Finance Your Next Vehicle with One of Our Dealer Partners
SIU CU Works with Many Local Auto Dealers
SIU Credit Union works with many auto dealers in Southern Illinois. Our special relationships with these companies allow us to offer you financing direct from the dealership. So the next time you are buying a car from one of the following auto dealerships make sure you tell them that you want your auto loan from SIU Credit Union!
SIU Credit Union Indirect Auto Dealers
(click on the link to visit their web site)
- Auffenberg of Carbondale
- Auffenberg Chrysler of Herrin
- Baril Auto Sales
- Cars Inc.
- Foley Sweitzer
- Marion Toyota
- Vic Koenig Chevrolet
- Vogler Ford
- EN Baker / Cash’s Baker Chevrolet
- Smith Motors
- Ike Honda
- Absher-Arnold Motor Sales
- Ron Ward Chevrolet
- Marion Ford-Mercury, Inc.
- Weeks of Benton
- Black Diamond Harley Davidson
- Marion Mitsubishi
- Weeks Chevrolet Pontiac Buick GMC
- Chip Banks Chevrolet
- Jim Hayes Inc.
- SI Motorsports
- Yamaha of SI
- Frank Farmer Chevrolet
- Linwood Motor Company
- Coad Chevrolet-Pontiac-Buick-Cadillac
- Coad Ford
- Hughes Auto Sales
Get Discounts on New GM & Chrysler Cars-Become a Credit Union Member! www.LoveMyCreditUnion.org
CBS Early Show, other Media Give Boost to Credit Unions
Is it time for consumers to dump their banks? That’s a question the CBS Early Show posed to consumers in a highly positive Thursday story about credit unions.
The story, “Credit Unions Better than Banks For You?” compared credit unions with banks, touting credit unions’ benefits–including low rates, member service and the fact that credit unions are still lending, even though many banks have pulled back.
“[Consumers are] tired of all the big fees being imposed by the big banks, they’re tired of the really bad customer service…so they’re making the switch from the banks to the credit unions. Membership was up 11% in the third quarter,” said “Early Show” financial contributor Vera Gibbons.
“If you look at the bank loan portfolios, they’re actually shrinking, whereas the credit union loan portfolios are growing,” she added. “What that means–is if you’re a creditworthy customer you stand a better chance of getting a loan at a credit union than at a big commercial bank.”
She also noted that credit unions offer higher rates on deposits and lower rates on loans, especially auto loans.
“The overall satisfaction rate is very high at credit unions,” Gibbons said.
Another story by CBS Moneywatch Thursday said to “consider a credit union” as one of the “nine best strategies for borrowing in 2010.” The story cited a 2009 Pew Charitable Trusts Study, which said credit union credit card interest rates are about 20% lower than banks. The Pew study has received significant attention from other media including The New York Times and The Wall Street Journal.
On Thursday, CNBC noted that consumers should check out credit unions when seeking auto loans. The story quoted Jim Hanson, Credit Union National Association vice president of personal finance. Hanson told CNBC that credit unions’ rates tend to be 1% to 1.5% lower than banks’.
To see a video of the CBS Early Show story, “CUs Better than Banks for You?” or to read the full MoneyWatch article, use the following links:
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