New credit union program to provide schools with supplies
SELCO Community Credit Union is kicking off a new and unique program, designed to both encourage its members to save and to support K-12 schools in Oregon.
For each SELCO member who opens a new Share Certificate account — similar to CDs at banks — SELCO will donate a $35 school supply gift card to a K-12 school of that member’s choosing in any of the 26 Oregon counties SELCO serves.
The program will be offered from June 1 through Sept. 30. SELCO’s goal is to generate thousands of dollars for Oregon schools to buy much-needed school supplies for the 2018-19 academic year.
“We want to encourage our members to consider certificates, a savings vehicle with a guaranteed return and higher interest rates than traditional savings accounts,” said Laura Illig, SELCO’s Vice President of Marketing. “But we want to do it in a thoughtful way that supports SELCO’s mission of investing in the Oregon communities that we call home. SELCO was founded by teachers, and we believe that education is the backbone of Oregon’s future.”
To qualify, the certificate must be a new account with $1,000 minimum initial deposit. Any kind of certificate counts, with terms from six months to seven years.
When a member opens the account, they’ll receive an email to capture their school selection. At the end of the campaign, SELCO will tally and deliver gift cards to each of the schools.
The “Back to School” program is part of an overall effort by SELCO to encourage savings and to continually improve the financial health of its members. About 40 percent of adults said that if faced with a $400 unexpected expense, they would either not be able to pay it or would do so by selling something or borrowing money, according to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2017.
Certificates typically offer higher interest rates over fixed terms than conventional savings accounts. The longer the term, generally the higher the rate.
To learn more about SELCO Community Credit Union’s Share Certificates, or to view up-to-date rates, visit www.selco.org/certificates .
