Local Certificate of Deposit offered by Carolina Mountains Credit Union

Carolina Mountains Credit Union, a division of Self-Help Credit Union, is now offering a Local Certificate of Deposit after collaborating with Asheville Grown and the Go Local campaign. Members opened new CDs Friday morning during a launch party for the financial product at the credit union’s Hendersonville Road branch.

Local-business advocate Franzi Charen was one of the first to open a CD, though she noted that Certificates of Deposit in general are not high-yield products in the current financial climate. The purpose of this CD, she said, is to offer the consumer a local alternative whose yields compete with traditional CDs.  In other words, to “go local without taking a hit.”

“The money is going to be invested back into our community,” Charen said, “into locally-owned, independent business and mortgages that won’t be sold. This money is specifically directed into our local economy as opposed to going into Wall Street.”

The local CDs are offered with terms ranging from three months to five years and rates of return ranging from 0.25% to 1.25%.

The following is a press release from Self-Help credit union:

Self-Help/Carolina Mountains Announces the Launch of its New Local C.D.

On Friday, March 22nd, come celebrate with Carolina Mountains Credit Union, a division of Self-Help Credit Union, at their branch at 1911 S. Hendersonville Road, as they launch their first ever local certificate of deposit.  This C.D., which is the result of an exciting partnership with Asheville Grown and the Go Local campaign, offers people an investment vehicle that will help to fund the credit union’s local small business, home mortgages (that will never be sold), responsible auto and signature loans, as well as local economic development projects. As the slogan says, “Put Your Money Where Your Heart Is: Love Western North Carolina: Invest Local”

The launch will feature tasty local treats and will take place at the credit union between 11 a.m. and 2 p.m.

The first 50 people to open a local c.d. will receive a free Love Asheville Go Local card and directory, offering discounts on products and services at over 360 locally-owned businesses in Asheville.  These cards help to support Asheville City Schools and the Asheville City Schools Foundation.

For more information, call Debbie Johnson or Abigail Suarez at Carolina Mountains Credit Union, a division of Self-Help Credit Union, 828-676-2196.

Carolina Mountains Credit Union, a division of Self-Help Credit Union, is a member-owned cooperative credit union serving more than 7600 members in Western North Carolina.  Our mission is to create ownership and protect economic opportunity for all, especially for rural residents, women, and communities of color.  Among our members are socially responsible individuals, non-profits, religious organizations, foundations, businesses, and wealth management firms.  Self-Help also has a significant history of small business lending.  Some of the local businesses we have helped start up or grown through loans include Salsa’s, Casa dei Bambini, Regent Park Early Childhood Development Center, West End Bakery, the French Broad Food Coop, Blue Ridge Biofuels, Hops and Vines, Studio Flora Diva, Enter the Earth, FLS Energy, and the Glen Rock Commercial Building. 


Thanks for reading through to the end…

We share your inclination to get the whole story. For the past 25 years, Xpress has been committed to in-depth, balanced reporting about the greater Asheville area. We want everyone to have access to our stories. That’s a big part of why we've never charged for the paper or put up a paywall.

We’re pretty sure that you know journalism faces big challenges these days. Advertising no longer pays the whole cost. Media outlets around the country are asking their readers to chip in. Xpress needs help, too. We hope you’ll consider signing up to be a member of Xpress. For as little as $5 a month — the cost of a craft beer or kombucha — you can help keep local journalism strong. It only takes a moment.

Before you comment

The comments section is here to provide a platform for civil dialogue on the issues we face together as a local community. Xpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participate. Xpress editors are determined to moderate comments to ensure a constructive interchange is maintained. All comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be banned. See here for our terms of service. Thank you for being part of this effort to promote respectful discussion.

Leave a Reply

To leave a reply you may Login with your Mountain Xpress account, connect socially or enter your name and e-mail. Your e-mail address will not be published. All fields are required.