Money market accounts were introduced during the 1970s as a type of mutual fund that brokerage houses sold. At the time, the federal government also capped how much interest local lending institutions could offer customers on the savings account, leaving them at a competitive disadvantage. A few Baby Boomers may recall how banks and credit unions offered incentives such as kitchen appliances and new gadgets to encourage people to open accounts.

But the Garn-St. Germain Depository Institutions Act in 1982 changed everything. The Act allowed local lenders to provide savings options with higher interest rates under the money market account umbrella. Now, working families can choose between a variety of money market products with competitive rates.

Maintaining a diverse financial portfolio helps reduce investment risk and generate greater returns. Part of that balanced approach involves including assets that can be quickly leveraged. Basically, things such as money market accounts and certificates of deposit (CDs) are akin to having cash on hand. The major difference is they generate better interest rates than passbook savings accounts.

If you are considering adding a money market or CD as part of your portfolio strategy, it’s essential to understand the choice is not necessarily either-or. Money markets and CDs are both valuable assets with slight differences. Those CD vs money market distinctions could be simplified by just saying one provides steady returns while the other offers flexibility. But a deeper understanding could help you better prepare to build an actionable portfolio that achieves your financial and quality of life goals. 

Commonly called a CD, a Certificate of Deposit is a savings-based investment that produces a higher return on investment than many others in its class. Considered a sound, reliable investment, CDs are generally part of a well-balanced portfolio. By understanding how they work, as well as their benefits and disadvantages, community members can make informed decisions about adding CDs to their mix of financial holdings.  

Investing in an energy efficient home improvement has never been more important. We all want to do our part for a clean environment and energy efficient upgrades help reduce our carbon footprint. But some people feel held back by the upfront investment needed to make repairs or enhancements, even though they tend to increase property values.

At Carolina Trust Federal Credit Union, we offer low-rate Smart Home Loans of up to $25,000, so our members can make energy efficient home improvements that lower utilities, reduce emissions, and raise property values. We hope the following 10 cost-effective tips prove helpful.

Smart technologies offer homeowners wonderful conveniences, improved safety, and lower utility bills. While many property owners would like to enjoy the benefits of these technological advancements, the initial costs tend to hold them back. That’s why Carolina Trust Federal Credit Union provides the Home Smart Loan program with low rates and flexible terms. We hope the following information about smart technology will inspire you to invest in the peaceful enjoyment of being at home.

It may come as something of a surprise, but a reported 90 percent of homeowners plan some form of upgrade. Most anticipate making home improvements within the next 24 months, and that often requires borrowing from a lender.

The home equity line of credit, also known as HELOC, has emerged as a go-to option for homeowners wanting everything from expansive kitchens to a new roof. But deciding which line of credit or loan product makes sense for your home improvement project can be complicated. By understanding what a HELOC is, as well as the pros and cons of using it to finance your home improvement project, you can rest easy knowing you will make an informed financial decision. 

Lending institutions offer such a wide range of home improvement financing products that deciding which best serves your purposes can be dizzying. Friends and family members who have secured home improvement loans or leveraged some form of credit often offer their perspectives and advice. But everyday homeowners or prospective home buyers come to the table with unique financial situations and goals. Credit scores, equity, cash-on-hand, and long-term family plans all play a role in the decision-making process. That’s why it’s essential to understand these home improvement financing options before signing on the dotted line.

Whether it is updating a kitchen, covering medical expenses, consolidating debt or refinancing your mortgage, there are times in life when you need access to cash. One possible way to get the money you need is through a home equity loan which relies on the equity you have available in your home.

What is equity? Good question! Equity is the difference between what you owe on your mortgage and what your home is currently worth. Every month that you pay your mortgage you gain a little more equity which can be taken out in the form of a home equity loan. There is a lot to learn about this type of loan but it’s well worth your time to understand the benefits as well as what to expect when you decide to apply.

Families sometimes struggle to find the perfect home with enough space and amenities in the perfect neighborhood. The financial constraints of growing families can limit your real estate options to undersized homes in less-than-ideal locations.

That’s why everyday people are turning to a home renovation loan that allows them to consider larger, lower-priced homes in need of repair. A renovation loan could prove invaluable in terms of purchasing a home in a favorable area at a fraction of the cost. If you rank among the many people on a budget, understanding how a renovation loan works can help you make informed decisions on which home to buy and how to finance home improvements.

You probably won’t be deciding where in your community the schools or shopping centers will be built. Similarly, you likely can’t exert power over whether or not your neighbors maintain their homes or beautify their lots. In short, you can’t always control the external factors that determine your home’s value. But you can control the general attractiveness of your own home.

Home improvement projects can be a tremendous tool for increasing the value of your home. However, given the size and relative complexity of these projects, it is very easy for the cost to quickly spiral out of control. That’s why it’s so important to establish a budget for the project before it begins and to do everything you can to adhere to that plan.
Here are some constructive tips for building the best possible home improvement budget.