The Federal Reserve has once again brandished its most high-profile weapon to fight the highest inflation in 40 years: Higher interest rates. While it is not unexpected, we have all become used to low interest rates for everything from buying a home to auto loans. Here are a few ways you can help protect your finances before rates increase further. 

1. Special “Step-Up” Certificates (CDs)  

You may have read our previous post about why Certificates are gaining so much attention right now. Certificates (also known as CDs) guarantee a rate of return and a fixed interest rate, which is a great security blanket in these volatile times. The key is to secure a short-term Certificate at the best rate – but also with some flexibility for when interest rates change once again. Benchmark Federal Credit Union is running a special on our 60 Month “Step-Up” Certificate where you can lock in a highly competitive 2.48 percent APY, then increase it once anytime during the 60-month term of the Certificate. In addition, the “step-up” won’t extend the term of the Certificate.  

Be aware that when you invest in a Certificate, you will not be able to access your funds until the Certificate matures. But with a “Step-Up” Certificate, you are not only locking in a rate; you are also giving yourself the option for higher rate of return at a later date. To benefit from Benchmark FCU’s 60 Month “Step-Up” Certificate Promotion, the Certificate must be opened by May 31, 2022. You can open a Certificate online, call 610-429-1600, or e-mail memberservice@benchmarkfcu.net.  

2. Flash Sale on Fixed Home Equity Loan  

If you are struggling with high-rate credit card debt or another adjustable-rate loan, your interest rates will go up with the latest Fed rate hike. You may want to pay off that debt with a fixed-rate home equity loan now, before interest rates go up again. Home equity loan rates are lower than credit cards and other unsecured loans because your property serves as collateral for the loan. This means there is less risk to the lender. A home equity loan will also enable you to consolidate multiple debt obligations into one convenient monthly payment. 

Benchmark Federal Credit Union is offering our Fixed Home Equity Loan at .99 percent APR for 60 months for up to 80 percent Loan-to-Value (LTV) at BenchmarkFCU.org. Longer terms at discounted rates are available. While many lenders impose a maximum you can borrow, typically 80 percent to 85 percent of available equity, Benchmark Federal Credit Union allows qualified borrowers to borrow up to 90 percent of the appraised value of the home which currently are being offered as low as 1.99 percent APR for 60 months. That can be a big help when seeking to consolidate multiple higher-interest debt obligations into a lower-interest home equity loan. Home equity loans can be used for anything you need, including: 

• Home improvement projects & repairs 
• Education expenses 
• Debt consolidation 
• Paying medical bills 
• Weddings & other celebrations 

• Funding a vacation 
• Make a major purchase 
• Starting a business 
• Emergency expenses  

To take advantage of Benchmark Federal Credit Union’s competitively low rates on our Fixed Home Equity Loan, applications must be submitted by June 30, 2022 at BenchmarkFCU.org. You can also call 610-429-1600 or e-mail loans@benchmarkfcu.net. 

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Rebecca Worthington is the Vice President of Community Relations at Benchmark Federal Credit Union. The only federal credit union to exclusively serve Chester County, Benchmark FCU has been serving the community for more than 80 years and is known for providing extraordinary service.

To learn more about the products and services available at Benchmark FCU, visit our website at BenchmarkFCU.org. Anyone who lives, works, worships, or attends school in Chester County, PA is eligible to join Benchmark Federal Credit Union.