Should the church support their local bank?

From time to time I work with a church that is tired of low CD and savings rates. I remember back in 2008 when CD rates were at 3% and thinking, “Surely these rates can’t get any lower.” I said the same thing when the rates dropped to 2%…and then 1%. I just renewed a CD the other day for 0.4%! CD rates have been horrible for 13 years…a guaranteed loss against inflation. CD’s are a very poor choice for a long-term investment in my mind.

That was my default mindset. I’ve had some really good conversations in recent weeks to help me understand how loyalty can factor into the decision of whether to keep the church’s money in the local bank. In the video, I walk through the math, but I think the better question churches should be asking is, “If I had a blank check, how could I best bless my community?”

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