Summertime and the savings is easy as credit unions do their part to help consumers hold onto their hard earned dollars.
Global Credit Union has kicked off a mission to save members half a million dollars in half a year.
In the first week of the campaign, launched at the beginning of June, one credit union member saved $5,041 by refinancing their 7.99% APR auto loan to a much lower 3.99% APR at the credit union.
"The savings over the life of a loan are significant if you are able to reduce your rate," said Kim Shill, vice president of lending at Spokane, Wash.-based credit union. "We are encouraging people to take a look at the rates they are paying on everything from credit cards, auto loans, boat and recreational vehicles and home loans to see how much they can save by refinancing to a lower rate."
Based on the national average rate, Shill said the goal can be met by refinancing approximately 166 auto loans or 190 credit cards or even less if they refinance home loans.
At Purdue Employees Federal Credit Union it's a summer of savings.
Through August 31 young members who open a new $avers & $ense Club account with a minimum $25 deposit will get a pass to popular Lafayette, Ind., water park Tropicanoe Cove and one Silly Bandz. In addition, all deposits of at least $5 into the youth account from new and existing members earn the accountholders a chance to pick a duck from the PEFCU duck pond for a chance to win prizes ranging from a McDonalds ice cream cone coupon or a Silly Bandz, to a pack of state quarters or an extra punch on the accountholder's rewards card.