Emergency funds and reserves should be placed in an interest bearing account that is easily accessible. A certificate of deposit is not a good plan because you never know when the funds will be needed. An individual might choose a savings account at a bank or credit union. A church has the opportunity to choose the Foundation for short-term savings.
2.75% is the current rate paid by the Foundation for our Short Term Fund. The interest compounds at the end of June and December. Interest accrues daily and there are no fees. There is not a minimum deposit or withdrawal amount. If you use ACH/Direct Deposit, we can usually have your funds to you by the next business day. Checks go out within two to three business days of a withdrawal request.
If you would like to know more, please visit our web site or give us a call.