Safe. Secure. Bank from Anywhere
Interest rates have been holding steady in recent years, but that is changing. As the pandemic wanes and the economy returns, experts expect that interest rates will increase in 2022 and 2023. Here’s what to watch for if that happens.
Variable Rates Increase
If you have a variable loan in the form of a mortgage, personal loan or car loan, their rates could jump quickly. If you can, try converting your variable loan to a fixed loan. You can get American Eagle FCU’s rates here.
Savings Accounts Might Move
There's a chance that banks and credit unions will increase the return rates on savings accounts. This would be great for everyone.
Credit Card Rates Could Jump
As US News reports, the average credit card interest rate for new applicants is 18.04 percent. For existing accounts, the average interest rate is 15.10 percent. Expect both of those numbers to increase due to the rising rate environment. However, if you’re paying off your balance each month, this increase won’t matter too much.
Mortgages Will Get More Costly
If you’re shopping for a new home when the interest rates rise, expect to pay more for your mortgage. If you’re already a homeowner with a fixed rate mortgage, you won’t be bothered by the rate increase. In fact, you can likely congratulate yourself for locking in at historic lows.
Sources: SavvyMoney Blog and US News
Get in touch with a Representative
You'll need the following information to get started:
If you opened your account in a branch, you will have a purple card with your Account Number written on the back in your opening package.
If you opened your account online, a confirmation page would have been presented with a link containing your Account Number.
If you cannot find your Account Number, please call our Member Contact Center at 800.842.0145 and be prepared to answer security questions and provide your ID.
By continuing, you will be leaving the American Eagle FCU website.
American Eagle FCU is not responsible for accuracy, security, content, or services offered by other websites; we encourage you to view privacy & security disclosures of all websites you visit as they may be different than those of American Eagle FCU.
Visit our site again soon.
Las páginas que está a punto de ver no ofrecen aplicaciones o divulgaciones en español.
Como siempre, asegúrese de haber leído y entendido todos los términos y condiciones antes de elegir un producto y contáctenos si tiene alguna pregunta.