On April 1, UM Development Fund will raise interest rate paid on participation accounts to 1.5 percent
Effective April 1, the United Methodist Development Fund will raise the interest rate paid on participation accounts to 1.5 percent, according to an announcement from Sara Finger, administrator for the United Methodist Foundation for the Memphis and Tennessee Conferences.
“A participation account is a deposit account, kind of like a savings account and is open to any resident/entity in Tennessee or Kentucky,” explained Finger. “Churches and/or individuals can have one or multiple accounts as long as they live in (Tennessee or Kentucky); they don't have to be United Methodist.”
Participation account funds are fully liquid and, unlike certificates of deposit (CD), are not locked in for a particular time period, said Finger.
The church building loan rate will remain at 3.99 percent, added Finger.
To open a participation account or receive information about church loans, contact Tiffany Ford at 615-259-2066 or firstname.lastname@example.org.