Spring is the perfect time to use your home's equity to make improvements. It's also a smart financial move these days. With housing prices stabilizing, your investment will build value for the future. And right now, the timing for making home improvements couldn't be better:
We have money to lend, and our Think Local program will put you in touch with contractors and suppliers in your area. That's good for you, good for local businesses, and good for the local community.
Home Equity Loans and Lines - Powerful financial tools
The equity in your home (your home value minus your existing mortgage) can serve as collateral for additional borrowing. Home equity loans usually offer attractive rates, convenience and often tax benefits.
The amount you can borrow depends on the equity in your home and your other credit characteristics. Often a bank will lend up to an amount so the total debt against your home (including first mortgage and other loans with your home as collateral) is less than 80% of the current value of your home. Interest rates may be variable on home equity lines, and tied to a published index, like the prime rate. Be wary of institutions that offer low initial "teaser" rates and then raise the rates shortly thereafter. Check out the rate details.
Home equity loans require repayment of the loan in regular installments and with minimum repayments required. With some home equity loans, the minimum payments may only be the interest on the loan and you may be required to repay the loan on a certain date. You need to read the details carefully.
With a home equity line, the amount of equity that you have in your home also determines the maximum line amount available to you and you are given a pre-approved limit. Home equity lines are flexible: funds can be borrowed, repaid, and borrowed again, as often as you desire during the draw period of the line.
Attractions of Home Equity Products
Convenience - It is easy to apply and the approval processes are fast. With Washington Trust, you can apply online and you'll get your answer in 30 seconds. Once you are approved, their commitment can act like a line of credit. You do not have to borrow it all at once.
Interest rates - Interest rates on home equity loans are usually greater than those on first mortgages but less than those on credit cards. Using the proceeds of a home equity loan to pay off credit card debt may save you money.
Flexible uses - Even though you are borrowing against your house, there is no requirement to use the money for your house. A home equity loan can be used for college costs, debt consolidation, or to buy a car.
Tax benefits - For individuals that itemize their tax deductions, the interest paid on home equity loans may help to save some income tax.
Consult with your tax advisor for more details. For more information on home equity products, click here
United States Savings Bonds have been one of the most popular ways for Americans to save for over 75 years. As a result of purchases or gifts, more than 55 million people currently own over $180 billion in savings bonds.
But, some savings bonds have quit earning interest. Savings bonds earn interest for different lengths of time depending on the series and when the bond was issued. It is important to check any savings bonds you have to make sure they are still earning interest. This is especially true for the popular Series E bonds and savings notes. Many individuals have savings bonds stored away in safe deposit boxes or drawers and probably aren't aware of the maturity dates.
The following savings bonds no longer earn interest (as of 1/6/10):
If your savings bonds have stopped earning interest, you should cash them in or exchange them.
| Series | Issue Date |
| E | May 1941 through January 1980 |
| HH | January 1980 through January 1990 |
| Savings Notes | All issues |
| A, B, C, D, F, G, H, J, K | All issues |
The savings bond web site, www.savingsbonds.gov provides information about the savings bond program and offers a tool called Savings Bond Wizard. This "wizard" can help track values, maturity dates and other information about savings bonds.
Many individuals have forgotten about savings bonds purchased decades ago. If you think you may have some savings bonds, it is a good idea to find them, make sure they are still paying interest and include them in your total financial planning activities.
As part of Washington Trust's "Reach for the Stars" volunteer program, all Washington Trust officers are asked to participate in one "Washington Trust Community Care Day" per calendar year. The projects are held at various times throughout the year at several non-profit agencies throughout Rhode Island and southeastern Connecticut. Our March "Care Day" benefited Junior Achievement's "JA-In-A-Day" program, which places volunteers in the classroom to teach the entire JA curriculum in an exciting one-day event, so the volunteers can bring their experience to hundreds of students in one location. Seventeen Washington Trust volunteers taught 231 second and third graders at Stony Lane Elementary School in North Kingstown, R.I.
E-Statements
Your Washington Trust account statements are available electronically through your email. Simply call our Account Information Center at 800-475-2265 to sign up. Once you've signed up, you'll receive a monthly email when your statement is ready. For your protection, all statements are sent as encrypted PDF files. Simply click on the attachment link in your email message, then enter the user name and password you chose when you signed up.
Online Statements
Access your accounts and account statements through Personal Online Banking. To sign up for Online Banking, click here. View your checking and or savings account statements online by selecting the Online Statements tab. If you no longer wish to receive paper statements, click on the "User Options" tab, select "Online Statement Options" and choose "Waive the mailing of your monthly paper statement."
If you have questions about online statements or E-statements, please call our Account Information Center at 800-475-2265.
