Americana Community Bank Offers Tips During Low-Interest-Rate Periods
Advice for customers on how to take advantage of low-interest-rate environment.
Americana Community Bank (ACB) offers the following tips for low-interest-
1. Take advantage of the low rates. With interest rates at historic lows, it makes sense to begin larger home improvement or other projects now. If you qualify, it may be a good time to apply for a home equity line of credit to make an improvement to your home.
2. Shop around for credit cards with the best interest rates. You may be able to get one with better terms than the one you are currently using. Or, ask your credit card issuer to lower your interest rate to make it more competitive.
3. Make large purchases now. If you’ve been thinking of making a major purchase like a house or a car, today’s low interest rates make it a good time to finance big-ticket items. However, make sure you have a good credit record and can pay off the loan before applying.
4. Know your credit score. Before you apply for any loan or credit card, check your credit report and learn your credit score. Make sure your score is higher than about 680 to qualify for the very best rates. If your score is lower than that, pay down your balances, remove errors from your credit report, and pay bills on time to raise your score.
5. Keep saving. Just because standard savings accounts aren’t paying a lot of interest now doesn’t mean you should stop saving for your future. Your savings will still accrue, you’ll be less likely to spend it, and you know it will be safe. If you can afford to lock up your money for a while, longer-term Certificates of Deposit (CDs) pay the highest interest rates.
Customers who are unsure of how to take advantage of the current low-interest-
Americana Community Bank is a full-service community bank providing down-to-earth consumer and commercial financial services in Sleepy Eye, Chanhassen, Maple Grove and Minnetonka, Minnesota. Chartered in 1881 as The State Bank of Sleepy Eye, Americana Community Bank has actively participated in and supported the communities it serves for more than 130 years.