What soaring rates mean for you, and how we can help.

You may have heard that the Bank of Canada increased their target overnight rate to 3.25%, bringing rates to a level we haven’t seen in over 14 years*, but what exactly does this mean for you?

If you’re a saver, this may be welcome news. With our GICs now paying as much as 4.50% and savings rates on the rise, you can put your money to work while enjoying peace of mind knowing that no matter what, you’re covered by our unbeatable 100% Deposit Guarantee Protection.

But if you carry debt, like many Albertans do, rising rates could increase your monthly debt payments. And if there’s not a lot left over after paying essentials and bills, each month could feel like walking a tightrope. You’re not alone – over 50% of Albertans have said that being able to pay their bills is one of their top financial worries. We get it; we get you.

When you’re feeling anxious about your money and your future, we can help you find solutions and give you comfort, even in the most uncertain of times. If you’re worried about how soaring rates could affect your finances, here are some ways we can help.

1. Comprehensive financial review

Having a clear understanding of your finances is the best starting point for any financial action plan, and here’s where we can help. Our advisors have the tools and know-how to help you with a comprehensive financial review so that together, we can better understand your overall financial picture and from there, work through your options. 

2. SMART goal setting. 

Whether you want to improve your cash flow, build an emergency fund, or have more to spend on things you love, we’ll help you set specific, measurable, actionable, realistic, and time-bound (SMART) goals to set your financial action plan into motion.

3. Second opinion service. 

Whether you’re a borrower or a saver, having a second opinion on your investments, loans, or mortgages can be worthwhile. You may find that you could be earning more on that term deposit or saving on your loan or mortgage payments, and it all starts with a simple conversation. The best part? It’s free and there is no commitment. 

At connectFirst, we believe that every member deserves a conversation, so we’ll always take the time to understand you when others don’t. You don’t have to give up kindness for expertise; at connectFirst you can have it all.

When banks see numbers, at connectFirst, we see Albertans. Together let’s bank on our promise of a brighter future.

*Source: Bank of Canada increases policy interest rate by 75 basis points, continues quantitative tightening - Bank of Canada

All principal and interest are 100% guaranteed by the Credit Union Deposit Guarantee Corporation. Excludes common shares, investment shares, and mutual funds.​

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