Last month we saw the Federal Reserve move to raise interest rates for the first time in years. After years of historically low rates for savers, it’s understandable that members have questions about if and when they might see a little more return for their money on deposit.
The bottom line is that while we don’t see rates rising for savers immediately, we are hopeful that rates will be higher soon. One of the challenges in today’s environment is that while the Federal Reserve has the ability to increase short term rates, market conditions globally determine many other rates. Shortly after the Federal Reserve increased short term rates, longer term rates actually fell. In some parts of the world, savings rates are actually negative and becoming more so. I don’t know a person who isn’t price conscious. We all want fair pricing on the things we purchase and the services we pay for. Moreover, we want good value.
At WSECU we believe we deliver good value to members. And we do that in a range of ways. Competitive pricing is just one of those. Here is how we approach setting rates: each month our pricing committee analyzes the market and our peers’ rates on loans and savings products. Our strategy is to be competitive on rates – not the highest and not the lowest – but near the mid-point of what other institutions offer.
We build on those competitive rates with the many other ways we provide value to your membership with WSECU. For example, we’ve been making significant investments in technology and data security, with more coming in 2016. The complexity and sophistication needed to ensure your accounts and your data are secure is ever-increasing. We’re making those commitments. Consumer preferences for how they want to do their banking are quickly changing, too. To meet those needs, we have to innovate with new products and services, delivered to you quickly in the ways you want them, when you want them.
Our Board believes that providing excellent service is our most important job. I’m so proud of the employee team we have and how they treat you. We bring value to being a WSECU member by providing you top-notch service, whether it’s during a routine cash withdrawal or a complicated multi-party loan transaction. We listen to understand your financial journey: where you are and where you want to get to tomorrow. Even your canine family members get the royal treatment, with a treat always available in the drive-thru lanes.
In good times or challenging, when rates go up or bump along the bottom, WSECU will be here to meet all your needs: for support, for advice, for convenience, for security...for value.