How Do You Save?

I did an interesting exercise this week.  I did a search for Interest Rates for savings accounts.  The results were amazing.  The highest I found was 2.1% at an on-line bank.  Most of the rates that have just been raised were at 1.80 to 1.85%.  Savings accounts can play a crucial role in your financial health.  Over the past several years, interest rates have been historically low, but they have been inching up lately.  The average interest rate on a savings account is 0.09 percent. The 1.80 to 2.1% are the newest rates and most of them are mail-in banks.

Looking to make a smarter investment than what banks offer?

DevCo offers Investment and Savings Certificates.  Since we are a 501c3, our certificates are not FDIC insured; however, the money you invest with us is loaned to churches who need it for land purchase, new construction or rehabbing an older building.  Our policy is to secure a First Deed of Trust on all our loans, and we work extensively with our churches to make sure they are thriving.

Why invest with the Development Company?

• The interest rate that we pay is much higher than banks, starting at 2.0% for six months and increasing to 3.4% for 60 months. If you look at the rates in the first paragraph and then look at Virginia United Methodist Development Company rates, it doesn’t take a rocket scientist to see how much better DevCo rates
• Additionally, you are making a missional investment. Our motto is our mission, “Methodists Helping Methodists!” When you invest in the Virginia United Methodist Development Company, you are investing in our churches and you are receiving the highest rates.

Who should invest?

• If your church has members who would like to invest, give us a call.
• If you have checking accounts with more money in them than you need over a two or three-month period, invest in DevCo and get some interest.
• Take a serious look at what banks are offering and call us at the Virginia United Methodist Development Company.

If you have questions – call us!  Randy Shelton, Ted Soto, or Tommy Herndon will come to your church and meet with your Finance Committee or anyone interested.  Join the mission and support United Methodist Churches through “Methodists Helping Methodists!”  Give us a call at 804-521-1150.