Saving money with CDs

Are you looking for relatively low-risk ways to invest and save money? A certificate of deposit (CD) might work for you.

According to the FDIC, a CD is a “special type of deposit account with a bank or thrift institution that typically offers a higher rate of interest than a regular savings account.” CD’s feature federal deposit insurance up to $250,000 per insured bank, for each account ownership category. (For more information on insurance and ownership categories, read my “FDIC” blog, published March 1, 2012 by clicking this link: http://mysystematic.blogspot.com/2012/03/fdic.html)

When you buy a CD, you give a fixed sum of money for a fixed sum of time – six months, one year, or more – and in exchange, the issuing bank pays you interest, typically at regular intervals. You redeem your CD at maturity – the end of the CD term – and you receive what you originally invested, plus all accrued interest. But if you redeem your CD before it matures, you may have to pay an “early withdrawal” penalty. If the issuing bank fails during the term of the CD, the principal balance of the CD, together with interest accrued at the time of the bank’s closure, is insured by the FDIC up to the applicable deposit insurance limit.

It is important to keep in mind that the types of CDs vary. More banks are offering alternative options to the traditional fixed interest rate CD. Before you consider purchasing a CD from your bank, make sure you fully understand all of the terms and carefully read the disclosure statements.

For more information on what issues you should address and other tips that can help you assess what features make sense for you, follow the link below:

http://www.fdic.gov/deposit/deposits/certificate/index.html

Systematic Savings Bank, Member FDIC

Refinancing your home

Happy Thursday!!

Let's talk about refinancing: the word can be a bit misleading. I would like to discuss exactly what refinancing your mortgage entails and why it might benefit you.

When you refinance your home, you are taking out a new mortgage and using the proceeds to pay off your old mortgage. In actuality, you are trading your old mortgage for a new one.

I found that refinancing your mortgage can help you achieve these benefits from mortgageloan.com:

·         Take advantage of lower interest rates that will lessen your monthly mortgage payments.

·         Decrease the length of your mortgage to pay it off faster and save on interest charges.

·         Increase the length of your mortgage and spread out the costs for lower monthly charges.

·         Change the terms of your mortgage from an adjustable rate mortgage to a fixed-rate mortgage or vice versa.

·         Refinance for a higher loan amount and get quick funds for home renovations, college tuition, medical costs, or other expenses.

Refinancing your mortgage can also be costly. It’s best to weigh your options and make sure that refinancing is best for your situation. Here are a few instances where you may want to consider refinancing:

·         If you have a fixed rate mortgage and the rates have fallen to levels below the rate that you are paying.

·         If you have an A.R.M. and rates are starting to rise.

BUT:

·         If you are less than ten years into your current 30-year mortgage and rates are lower than what you are paying now. If have been paying your mortgage for longer than that, you are currently paying more principal than interest. If you get a new mortgage, you start the cycle over again and will be paying mostly interest again, which may not make sense.

The easiest way to figure out whether or not it’s worth it to refinance is to use one of the many available online refinance calculators. They will help you to determine how long it will take to recoup the expense of refinancing with the new savings. 

Try these free online refinance calculators:

·         www.bankrate.com

·         www.lendingtree.com

·         www.smartmoney.com

If you have any additional questions about refinancing your home, you may stop in or call us here at Systematic Savings Bank. We would love to talk to you about any of your banking needs. :)

Sounds on the Square: Summer Event

Good (Thursday) morning!

Today I just want to blog about an exciting opportunity for you to hangout, chill out and enjoy live music this summer right here in Springfield, MO, for FREE!



Source: http://www.itsalldowntown.com/



Sounds on the Square is a summer event, a 10 week concert series in the heart of downtown Springfield. The newly renovated Park Central Square will host local and regional performing acts and Systematic Savings Bank will be sponsoring the event!

Music artists will perform every Friday from 7 – 9 p.m. starting June 1^st and will continue through August 3^rd.  The list of bands is as follows:

               •June 1:       Abandon Kansas and guest Me Like Bees

•June 8:      Colin Elmore & The Franz Family

•June 15:    Thirst N Howl

•June 22:    Offset Sunset

•June 29:    Mercer & Johnson

•July 6:       We Are Voices

•July 13:     Sequel Dose

•July 20:    Truett & The Traitors

•July 27:     Steve Smith & The Sneakers

•August 3:  Endless Summer

We are excited to be the presenting sponsor for just an exciting event and can’t wait for June. Please come out and see us! It'll be a good time.

Another Friday Art Walk, don't miss it!

Good morning readers!

Today I’m simply going to let you know that Systematic Savings bank will be participating in this month’s First Friday Art Walk on the Square!

The first Friday of every month brings hundreds of people to downtown Springfield in the Arts District for original art, music, and performances. Systematic Savings Bank will be open during the art walk this Friday, May 4 from 6:00-10:00 p.m. We have new original paintings, pottery, and photography from Drury art students. We will also be showing some art from one of our own student employees, from Missouri State University.

We will be serving cookies and coffee, as well as accepting entries for Gift Cards from 4 downtown restaurants. You don’t want to miss this! Stop in tomorrow and support our students.

For more information on other participating businesses downtown this Friday, check out this link http://www.itsalldowntown.com/event/may-first-friday-art-walk/.