Did You Miss Out—or, Happily, Benefit From—Milford Bank’s Top Five Moments of 2015?

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by Lynn Viesti Berube

Do you realize that the bank you rely on for financial services is also tops when it comes to supporting the community? That’s right: Milford Bank is right here, offering a lending hand in a variety of ways, from fundraising for causes close to your heart to providing free financial seminars, to hosting an educational fair with a “green” theme. In case you missed any of the bank’s proudest moments of 2015, we provide the following recap.

Free Small Business Seminars: The Milford Bank partnered with Stratford’s Economic Development Office back in February to sponsor free seminars for small business owners. Over the course of two months, the bank helped lead lectures on starting a business, developing a business plan, obtaining financing and working with the state. The seminars were designed to help grow small businesses in the community.

“Milford Moves” Pirate Day 5K: This event was held on June 14th in conjunction with the town of Milford’s annual Cap’n Kidd Treasure Hunt Pirates Day. That sunny morning, some 200 participants ran The Milford Bank’s first annual 5K. The event was part of the bank’s “Milford Moves” healthy living initiative. The race was the culmination of a 12-week training course that taught participants everything from proper training and equipment to the right diet. The Milford Bank knows that prosperity starts with healthy bodies and, apparently, so did 200 running pirates!

Painting With a Purpose: Also in June, the bank hosted a fundraiser for the Boys and Girls Club of Milford’s summer program. Bank employees volunteered their time to paint their own interpretations of the bank’s sailboat logo, which were then raffled off at each of the bank’s office locations. Donations were also collected by employees at each branch. At the end of the fundraiser, more than a dozen Milford Bank employees were able to raise $1,100 for the cause, demonstrating not only their generous spirits but a commitment to their employer’s proud heritage of community service.

Green Fair: On November 14th, The Milford Bank hosted its first annual Green Fair at its main office in Milford. The event was free to the public and featured free electronics recycling and document shredding for bank customers (non-customers were asked to make a small donation). Additionally, booths were set up to provide information and entertainment on such topics as saving energy, bottle and can collection, upcycling crafts for kids, and do-it-yourself household cleaners and beauty supplies. All proceeds will benefit a green initiative for the community to be determined in early 2016.

2015 Business of the Year Award: On October 20th, The Milford Bank was honored by the West Haven Chamber of Commerce as the recipient of its 2015 Business of the Year Award. The accolade acknowledges the hard work The Milford Bank puts in each year helping families and businesses with their banking needs while maintaining a strong community presence.

Be sure to join us in the many events we have planned for next year. We can’t wait to see you!

What Will Rate Hikes Mean for Your Family?

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by Paul Mulligan

Back in December of 2008, the Federal Reserve instituted a zero interest rate policy in an effort to curtail the effects of what is now commonly called the Great Recession. For the past seven years, borrowers have been able to take advantage of these lower interest rates. But with the economy now improving, the Fed is beginning to raise interest rates once again. This policy change can have a very real impact on American families, including your own.

Here are some of the primary ways that a higher interest rate may affect your family, along with ways to offset the negative and accentuate the positive:

More expensive mortgages: If your family is looking at either purchasing or refinancing a home, now is the time to act. A fixed-rate mortgage will enable you to lock in today’s comparatively low interest for the term of your mortgage. A variable-rate mortgage, on the other hand, is tied to the Fed’s raising and lowering of interest rates, so it will become more expensive if rates go up. New buyers should, therefore, consider taking advantage of a fixed-rate loan. If you own a home, you should consider refinancing for one of two reasons: either you currently have a variable-rate mortgage or your fixed-rate mortgage was set at a high interest rate prior to the zero interest rate policy being enacted. This may be the last chance to capitalize on the Fed’s policies before rates increase. Speak with your banking institution to see if you can benefit.

Higher annual percentage rate (APR) on credit cards: When the Federal Reserve cut interest rates in 2008, fixed-rate credit cards basically disappeared from the market. If your card was issued and your rate fixed prior to 2008, you will not be affected if rates go up. But a large number of credit card owners whose lending rates are variable—and tied to interest rates—may experience an immediate rate increase, including on any existing balances. For credit card holders, the best thing you can do is plan ahead. When working up your monthly budget, be sure to set aside an extra amount relative to the outstanding balance on your credit card. If you’re using a new credit card, try not to overextend yourself before you know what a rate hike will mean for your finances.

Higher returns for savings accounts: There is some good news for consumers when it comes to higher interest rates. Those with money stashed away in savings accounts will see increased returns. In the age of the zero interest rate policy, savings accounts accrued minimal interest. With a rate hike, savings accounts will become more viable savings vehicles again. If you have been able to put money aside in a savings account, keep it there. If you don’t have a savings account, now might be a good time to open one.

While even the brightest financial minds can’t always predict what the Fed will do with interest rates, you can prepare for the ups and downs by reviewing your finances in these three areas. To learn more about how to safeguard your financial interests with a Fed hike looming, call or stop by any office of The Milford Bank.