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Unlocking the Power of Compound Interest: How to Make Your Money Work for You

Melanie Tarrant on February 21, 2025

If you’ve ever heard the phrase “make your money work for you” and wondered what it means, the answer is simple: compound interest. It might sound like something out of a finance textbook, but in reality, it’s one of the easiest ways to build wealth over time—without doing much at all!

What Is Compound Interest?

Compound interest is like a snowball rolling down a hill. It starts small, but as it picks up more snow, it grows bigger and bigger. In financial terms, compound interest is when you earn interest on both your original money (principal) and the interest that has already been added to it. Over time, this “interest on interest” effect helps your money grow exponentially.

Let’s break it down:

  • If you deposit $1,000 in a high-yield savings account with an annual interest rate of 5%, you’ll earn $50 in interest after one year.
  • In the second year, you’ll earn interest not just on the original $1,000 but also on the $50 you earned in year one—so you’ll make $52.50 instead.
  • This cycle continues, and over time, the growth becomes much more significant than simple interest, which only earns money on the initial amount.

Why Should Young Adults Care?

The key to maximizing compound interest is time. The earlier you start, the more time your money has to grow. Even small amounts saved consistently can turn into a substantial sum.

For example, if you start saving in your 20s instead of your 40s, you could end up with double or even triple the amount of money in retirement—all because of compound interest!

Where Can You Take Advantage of Compound Interest?

The best part? You don’t need to be an investing expert to benefit from compound interest. Here are some safe and secure banking products that help grow your money:

💰 High-Yield Loyalty Plus Checking

Unlike regular savings accounts, High-Yield Loyalty Plus Checking accounts offer better interest rates, meaning your money grows faster. Look for options with no fees so you don’t lose any of your earnings.

📈 Certificates of Deposit (CDs)

CDs offer guaranteed returns by locking in your money at a fixed interest rate for a set period (like 6 months, 1 year, or 5 years). And thanks to compound interest, your earnings will keep stacking up.

📊 Money Market Accounts

These accounts often provide higher interest rates than standard savings accounts while still allowing you to access your money when needed. They’re a great choice if you want a mix of growth and flexibility.

Start Small, Think Big

Even if you only have $20 or $50 to set aside each month, it’s worth it! The more you contribute, the more you take advantage of the magic of compounding. So, why wait? The sooner you start, the bigger your financial future can be.

AGCU is committed to helping you build a strong financial future with secure, high-yield banking options designed to maximize your savings. Whether you’re just starting out or looking to grow your nest egg, our High-Yield Loyalty Plus Checking, CDs, and Money Market Accounts provide competitive rates and the power of compound interest to help your money grow effortlessly. Plus, with easy online and mobile banking, you’re always in control. Don’t wait—open an account with AGCU today and take the first step toward financial success! and let compound interest do the heavy lifting!

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Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

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Understanding AGCU’s Funds Availability Policy for ATM Deposits

Melanie Tarrant on January 17, 2025

Funds Availability Policy for ATM Deposits

AGCU is committed to serving your financial needs while ensuring the safety and reliability of your funds. To better protect your account and align with industry best practices, we’re updating our Funds Availability Policy for check deposits made at ATMs.  Checks deposited at ATMs will be subject to a standard 2-business-day hold. However, Treasury and cashier’s checks will be available the next business day, per federal regulations.

We understand this policy change may raise questions, so we’ve outlined key details below to help you understand why this adjustment is necessary and how it benefits you.

What Is a Funds Availability Hold?

When you deposit a check at an ATM, the funds are credited to your account immediately; however, this does not mean they are immediately available for withdrawal or use. A funds availability hold delays access to the deposited amount until the check can be reviewed and validated.

Why Are Funds Availability Holds Necessary?

Placing a temporary hold on check deposits serves several important purposes:

  • Fraud Prevention: Holds allow us time to validate the authenticity of a check, helping to protect you from fraud or losses due to counterfeit or invalid checks.
  • Avoiding Returned Checks: If a check you deposit is returned unpaid, the amount is deducted from your account. A hold period reduces the risk of fees or negative balances caused by returned checks.
  • Mitigating Losses: This practice is a standard measure in the financial industry to ensure responsible account management and to safeguard members’ funds.

When Will My Funds Be Available?

Here’s a breakdown of our updated policy:

  • Standard Check Deposits: Funds from checks deposited at AGCU ATMs will generally be available on the second business day after the deposit.
  • Treasury and Cashier’s Checks: These deposits will be available on the next business day, in compliance with federal regulations.
  • Partial Availability: A portion of the deposit, at least $225, may be available immediately or on the first business day after the deposit.

How Can I Access My Available Balance?

To check your available balance at any time:

What If I Need Funds Sooner?

We understand that unexpected financial needs can arise. If you need access to funds before the hold period ends, please reach out to a Member Care representative. In some cases, we may be able to expedite the availability of funds.

How to Manage Funds for Better Access

Here are a few tips to help you plan deposits and access funds more efficiently:

  1. Direct Deposit: Electronic deposits are often available immediately. Consider setting up direct deposit for regular payments like paychecks or Social Security benefits.
  2. Mobile Deposit: Using AGCU’s mobile app, you can deposit checks conveniently from your phone and may see funds released faster than ATM deposits.
  3. Branch Deposits: Depositing checks in person at an AGCU branch allows for immediate processing and may provide quicker availability.
  4. Overdraft Protection: Linking a savings account or overdraft line of credit can ensure you have funds available if you need them.

AGCU is committed to providing secure, accessible, and faith-centered financial solutions. Our Funds Availability Policy ensures your deposits are handled responsibly, protecting you and your account from potential risks.

For more details about our updated policy, feel free to review your account documents or speak with an AGCU representative.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

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Banks vs. Credit Unions: What’s the Difference and Why AGCU Might Be Right for You!

Melanie Tarrant on January 13, 2025

When it comes to managing your finances, choosing the right financial institution can make a world of difference. Both banks and credit unions offer similar services, like checking and savings accounts, loans, and online banking. However, their structures, goals, and the benefits they provide set them apart. Let’s dive into what makes them different—and why AGCU might be your ideal choice.

Banks vs. Credit Unions: Key Differences

Ownership and Purpose

Banks are for-profit institutions owned by shareholders. Their primary goal is to generate profit, which is returned to shareholders as dividends. In contrast, credit unions are not-for-profit organizations owned by their members. This means that when you join a credit union, you’re not just a customer but an owner. You can attend annual meetings, vote on credit union board members, and help guide the direction of the credit union.

While anyone can open an account with a bank, credit unions typically have specific membership requirements. Qualifications vary but are generally based on factors like where you live, work, worship, or your association with a particular organization.

As a credit union, AGCU is committed to serving our members and the Assemblies of God by offering tailored financial solutions that reflect our shared faith and community values. When you bank with us, you support a financial institution that shares your values and helps build the Kingdom of God.

At AGCU, every decision is made with members in mind, not shareholders. Our mission is to help you manage your finances to align with your faith and values.

How Profits Are Used

Since banks operate as for-profit entities, their income often goes toward paying taxes, expanding operations, or rewarding shareholders. On the other hand, credit unions reinvest their earnings into member benefits like lower interest rates on loans, higher rates on savings accounts, and reduced fees.

For AGCU members, this translates into financial advantages like affordable loan options, competitive savings rates, and resources designed to support ministries, families, and individuals alike. But more importantly, when you use AGCU for your day-to-day banking needs, you support worthy causes, both where you live and worldwide.

We donate 10% of our annual earnings to support churches, ministries, educational scholarships and programs, and humanitarian efforts each year.

Every day, we provide vital financial services to people, ministries, and businesses throughout the United States. We also support missionaries in 190 countries around the world.

Convenience Without Compromise

Big banks often focus on scale and efficiency. While they have great online and mobile technology, many customer transactions are limited to their specific bank branches and ATM locations.

Credit unions typically have fewer physical branches, so they make up for it with shared branch networks and robust digital tools. AGCU members enjoy access to over 5,000 shared branches and 30,000 surcharge-free ATMs nationwide through the CO-OP Shared Branch Network, along with user-friendly online, mobile, and video banking. You’ll always have access to your accounts when you need it.

Lower Fees and Better Rates

Credit unions are known for their lower fees and competitive rates. Whether it’s a loan for a new car, a mortgage, or a savings account, you’re likely to find better deals at a credit union.

Are Credit Unions Safer Than Banks?

Federally insured credit unions and banks are both safe places to keep your money. Money kept in banks is insured by the FDIC. And federally insured credit unions offer NCUA insurance. Both are federal insurance backed by the U.S. government. Both offer protection up to $250,000 per account.

AGCU: More Than Just a Credit Union

At AGCU, we’re more than a financial institution. We’re a ministry partner, here to help you live out your Kingdom calling. From checking and savings accounts to loans and digital banking, we offer a full suite of financial services tailored to your needs.

When you bank with AGCU, you’re not just making a wise financial choice but investing in a mission-driven organization that shares your faith and values. It’s Banking with a Purpose.

Why Choose AGCU?

To decide if a bank or a credit union is better for you, you’ll need to identify what’s important to you and how each type of financial institution matches your priorities.

At AGCU, we offer a comprehensive range of financial services to meet the needs of our members. Whether you’re managing your family’s finances, leading a church, or running a small business, we have the tools and resources to help you achieve your goals.

Making the Switch

If you’re looking for lower fees, personalized service, and a financial partner who truly understands your values, a credit union like AGCU might be the perfect fit.

Ready to experience the difference? Call us today at 417-831-4398 , Apply online, Begin a Video Call or Stop by one of our branches to learn more about becoming a member today. Together, we can build a better financial future rooted in faith, community, and trust.

12 Steps to Financial Wellness-Step 1: How to Track Your Spending

Melanie Tarrant on January 11, 2025

12 Steps to Financial Wellness

12 Steps to Financial Wellness-Step 1: How to Track Your Spending

Step 1: How to Track Your Spending

Are you ready to join us on a journey toward financial wellness?

Each month, AGCU will focus on one step of a journey of financial wellness. We’ll tackle the topic in detail and help you learn all you need to know about this step. Follow along, and at the end of the year, you’ll have mastered the tools for a life of financial wellness.

Tracking your spending is the first step toward greater financial awareness and, ultimately, toward financial health. However, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple purchases each day?

We’ve outlined how to track your spending in 3 easy steps.

1. Choose your tools

Tracing every dollar’s journey isn’t easy, but with the right tools, you can make it quick and simple. Choose from one of the following money-tracking techniques:

  • Budgeting apps. AGCU has helpful budgeting tools with online banking. just log on to your account through our web portal and click on the “My Finance” tab. If your life happens on your phone, you use budgeting apps like YNAB or Mint to help you track your spending. Both apps allow you to allocate a specific amount of money for each spending category for each month and will enable you to track your spending with just a few clicks. It’s important to note that YNAB is not a free app, but that it may be worth the price for users who want to take on a more active role in their money management.
  • Spreadsheet. If you like to see everything spelled out clearly, a spreadsheet might be a better choice for you. You’ll need to record every transaction, but if you prepare the sheet with all the spending categories you think you’ll need, this step shouldn’t take long at all.
  • The envelope system. If you’re a big cash spender, consider withdrawing the cash you think you’ll spend in a month (or in a week) and keeping it in an envelope designated for each category. When you need to make a purchase, just use money from the envelope.
  • Receipts. Hold onto every receipt from the purchases you make this month to help you track your spending.
  • Pencil and paper. Recording each purchase the old-fashioned way can help you make more mindful money choices throughout the day. Be sure to keep a steady supply of both writing instruments handy at all times so you never miss a purchase.

2. Review your checking account and credit card statements carefully

Along with one of the tools listed above, you can track the purchases you make using plastic by reviewing your monthly checking account and credit card statements at the end of the month. You may receive these in the mail, or you can access them online by logging into your account and downloading.

3. Review and categorize your purchases

At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. If you’ve used an app or a spreadsheet, adding your purchases to find the total amount of money spent will be simple. The app or spreadsheet may have already helped you divide the money spent into separate categories as well. Similarly, if you’ve used the envelope system, you should know how much you spent on each kind of purchase this month. However, if you’ve chosen another method to track your spending, you’ll need to crunch some numbers to get an accurate picture of your spending habits.

When completing this step, don’t forget to include any automated payments you may rarely think about, such as subscription fees and insurance premiums.

Tracking your spending and identifying your money drains is the first step toward greater financial awareness and responsibility. Use the tips outlined here to successfully master the skill of tracking your spending.

 

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

 

 

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Components of a Car Payment

Melanie Tarrant on November 20, 2024

When you get a loan to buy a car, you’ll get a new set of keys — and a new monthly payment. You may be wondering how this payment is determined and calculated. 

So many questions, and we’ve got answers! Let’s break down the parts of a car payment, explain how monthly payments are calculated, and offer tips for managing your expenses well. 

Components of a Car Payment

1. Principal
This is the amount you borrow to purchase your car. For example, if the car costs $35,000 and you make a $5,000 down payment, your loan principal is $30,000. Each monthly payment chips away at this amount, with a portion dedicated to reducing your loan balance. Paying extra toward the principal can help you pay off the loan faster.

2. Interest
Interest is the cost of borrowing money and is calculated as a percentage of your principal. Your interest rate depends on factors like your credit score, loan term, and market conditions. The lower your rate, the less you’ll pay over time.

3. Loan Term
The loan term is how long you’ll take to repay your loan, typically expressed in months (e.g., 36, 60, or 72 months). A longer term means lower monthly payments but higher total interest costs over the life of the loan.

4. Taxes and Fees
If you roll upfront costs like taxes, registration, or fees into your loan, they’ll increase your principal and, consequently, your monthly payment.

5. Add-ons
Optional extras like extended warranties or gap insurance can also be financed, raising your monthly payment.

What’s Not in Your Payment (But Still Important)

Owning a car comes with additional costs that aren’t included in your loan payment but need to be part of your budget:

  • Insurance: Comprehensive and collision coverage are often required by lenders. Shop for the best rates to save money.
  • Maintenance: Budget for regular servicing to keep your car in good condition.
  • Fuel/Electricity: Whether gas-powered or electric, your car needs energy to get you from point A to point B.

How Car Loan Payments Are Calculated

When a lender calculates your monthly payment, they consider:

  • The price of the car, minus any down payment or trade-in value
  • The loan principal (including add-ons and rolled-in costs)
  • The interest rate
  • The loan term (number of months)

They then divide the total loan cost (principal + interest) by the number of months in the loan term to determine your monthly payment.

Tips for Managing Your Car Payment

1. Shop Around for the Best Loan
Get the vehicle you want at a rate you can afford with AGCU. Contact an AGCU lender to secure the best interest rate and terms. Even a slight difference in the rate can save you a lot over the life of the loan.

2. Make a Larger Down Payment
A bigger down payment reduces the amount you need to finance, lowering your monthly payments and the total interest paid.

3. Opt for a Shorter Loan Term
While shorter terms come with higher monthly payments, they also mean less interest over the life of the loan. If your budget allows, choosing a shorter term can save you money in the long run.

4. Set a Budget for Ownership Costs
Remember to account for insurance, maintenance, and fuel when calculating your total car expenses each month.

Final Thoughts

Understanding the anatomy of your car payment can empower you to make smarter decisions about financing and managing your loan. If you’re ready to take control, consider opening an interest-earning savings account to build your down payment or plan for unexpected costs.
Have a question or want to get started with an application? Connect with an AGCU Video Banking Representative or apply online today!

Or you can speak face-to-face with an AGCU Video Banking Representative from anywhere.
Give it a try today! Video Banking Hours (CST): Mon – Fri: 9:00 a.m.- 5:00 p.m.

Disclaimer: Always consult a financial advisor, accountant, or lawyer to discuss your specific situation.

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Saving for Real Estate Taxes and Insurance Without an Escrow Account

Melanie Tarrant on October 15, 2024

Many homeowners rely on escrow accounts to manage real estate tax and homeowners insurance payments. These accounts allow mortgage servicers to collect a portion of your taxes and insurance along with your monthly mortgage payment, ensuring those big bills are handled on time. However, not all members choose this option—either because they’ve paid off their mortgage, or they’ve received an escrow waiver. If you’re in this situation, here’s how to manage these payments on your own and make the most of your money in the process.

What Is an Escrow Account?

An escrow account is typically required by mortgage lenders to ensure real estate taxes and homeowners insurance are paid on time. Each month, part of your mortgage payment goes into this account, and your lender pays those bills on your behalf when they’re due. It’s a convenient way to break large, annual bills into smaller, more manageable amounts.

Benefits and Drawbacks of Escrow Accounts

Benefits:

  • Convenience: With an escrow account, your servicer handles the payments for you. This reduces the number of bills you have to track and ensures you don’t miss a due date.
  • Budgeting Help: Breaking large bills into smaller monthly amounts can make it easier to budget and avoid hefty lump sum payments at the end of the year.

Drawbacks:

  • No Interest: Most escrow accounts don’t pay interest on the funds sitting there waiting to be used. This means you miss out on potential earnings that your money could generate in a savings account.
  • Less Control: Since the lender controls the funds and when payments are made, you have less flexibility with how and when your money is used.

How to Save Without an Escrow Account

If you’ve opted out of escrow, you’ll be responsible for paying your real estate taxes and insurance on your own. Here’s a disciplined approach to make sure you have the money when you need it:

  1. Open a Dedicated Savings Account: Set up a separate, interest-bearing savings account specifically for real estate taxes and insurance. This way, your money is working for you while it sits, waiting to be used. Click here to see our current interest rates on Hight Yield Checking, CDs, and Money Market Accounts.
  2. Calculate Your Annual Payments: Estimate your total yearly payments for real estate taxes and homeowners insurance. You can typically get this information from your local tax authority or insurance provider.
  3. Set Up Automatic Transfers: Divide your total yearly payment by 12, and set up monthly automatic transfers into your dedicated account. This makes saving easier and ensures you’re consistently putting money away.
  4. Monitor Your Balance: Regularly check your savings account with AGCU Mobile and Online Banking to make sure you’re on track. If there are any changes to your tax or insurance rates, adjust your savings plan accordingly.
  5. Maximize Interest: Choose an account with a higher interest rate so your savings can grow. While it might not generate huge returns, every little bit helps when preparing for large expenses. Click here to see rates!
  6. Lower Your Insurance Payment: If you haven’t compared rates in a while, contact AGCU Insurance to see if you can lower your homeowner’s insurance costs.

Discipline Is Key

One of the main challenges of managing these payments without an escrow account is the discipline required to save consistently. If you’re not careful, it can be easy to fall behind on saving and face a large, unexpected bill at the end of the year. A separate savings account with automatic transfers can help avoid this issue.

If you don’t have an escrow account, we highly recommend opening an interest-bearing savings account today. Not only will this help you prepare for your annual real estate tax and insurance bills, but it also allows you to earn interest in the meantime. Talk to one of our Member Services Representatives today about setting up an account that works for you.

Disclaimer: This article is for informational purposes only. Please consult a lawyer or accountant for professional advice on managing real estate taxes and insurance.

5 Best Times to Buy a Car: Your Guide to Scoring the Best Deals

Melanie Tarrant on September 3, 2024

5 best times to buy a car

When it’ comes to buying’s time to buy a car, timing is everything. Whether you’re eyeing a brand-new model or looking for a reliable used vehicle, knowing the best times to make your purchase can save you a significant amount of money. Here’s a guide to help you navigate the car-buying process and identify the optimal times to buy. Remember to Check out our auto loan rates and apply online for a pre-approval before you head to the dealership.

1. The Best Days of the Week: Midweek Wins

Most people do their car shopping on weekends, which means dealerships are busier and less likely to offer significant discounts. To get the best deal and personalized service, consider visiting the dealership on a weekday, preferably midweek. Tuesdays and Wednesdays are particularly good days to shop because the dealership is typically quieter, and salespeople may be more willing to negotiate to make a sale.

2. The Best Time of Day: Late Afternoon and Evening

If you’re looking to strike a deal, consider heading to the dealership later in the day. Salespeople may be more eager to close a deal before they head home, especially if it’s been a slow day. This can work in your favor, as they might be more willing to offer you a better price just to finalize the sale.

3. The Best Months: September, October, and December

Timing your car purchase to the right month can lead to significant savings:

  • September and October: These months are when dealerships start receiving new models for the upcoming year. To make room for the new inventory, they’re often eager to sell off the current year’s models at a discount. This is an excellent time to find deals on cars that are still brand new but may not have the latest features.
  • December: December is arguably the best month to buy a car. Dealerships are trying to hit their year-end sales quotas, and salespeople are often more motivated to offer better deals to meet these targets. The closer you get to the end of the month, the better the deals tend to be.

4. The Best Time of the Month: Month-End

Car dealerships often have monthly sales targets they need to meet. As the month draws to a close, salespeople may be more motivated to make deals in order to hit their quotas. The last few days of any month are an excellent time to visit the dealership if you’re looking to negotiate a lower price or secure better financing terms.

5. The Best Time for Used Cars: Early in the New Year

If you’re in the market for a used car, consider shopping in January or February. After the holiday season, many people trade in their old cars for new ones, leaving dealerships with a surplus of used vehicles. Dealers will be eager to move this inventory, and you may find great deals as a result.

Worst Times to Buy a Car: Avoiding Common Pitfalls

While there are plenty of great times to buy a car, there are also some times you should avoid:

  • Weekends: With the dealership crowded with potential buyers, it’s harder to get a good deal.
  • Early in the Year: While holiday sales events in January can offer discounts, they are often not as substantial as those later in the year.
  • Summer: Unless you’re looking to buy a car model that’s nearing the end of its cycle, summer months generally offer fewer discounts.

Choose Your Best Time to Buy a Car

When you’ve identified the right time to buy, AGCU can help you make and finance your purchase. Our 100% financing options and competitive rates on new and used cars make it easier to drive off in your dream vehicle. Be sure to check out our auto loan rates and apply online for a pre-approval before you head to the dealership.

Next Steps:

  1. Assess your flexibility and plan your car purchase around one of the best times of the year.
  2. Research makes and models, and familiarize yourself with fair-market prices to identify a great deal.
  3. Visit your local dealership prepared to negotiate, and consider getting preapproved for an auto loan with AGCU to streamline your purchase process.

By timing your car purchase wisely, you can ensure you’re getting the best deal possible.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
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