CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the Evangelical Lutheran Church in America (ELCA) announced new interest rates effective Jan. 1 for its adjustable-rate and fixed-rate investment options.
"The MIF offers opportunities for ELCA members, congregations and ELCA-related institutions to earn interest on their financial blessings while helping to build the church," said the Rev. Arnold O. Pierson, MIF vice president for marketing.
Funds invested in the MIF are used to make low-interest loans to ELCA mission congregations for capital needs, such as purchasing land and constructing church buildings. More than 600 loans are currently in effect throughout the United States, Puerto Rico and the U.S. Virgin Islands.
The MIF has assets of more than $350 million and is the second-largest church-related loan fund in the United States. More than one-third of the ELCA's 10,851 congregations and thousands of the ELCA's 5.15 million members have invested in the MIF.
Adjustable-Rate Investments
Interest rates on adjustable-rate investments are determined on Jan. 1 and July 1 each year. The rates for adjustable-rate MIF investments from Jan. 1 through June 30, 2001, are:
MissionPlus: 5.0%
This investment provides a checkbook which investors can use to write
checks for a minimum amount of $500.
MissionTerm (Certificate of Deposit):
- 1 year term 5.4%
- 3 year term 5.1%
- 5 year term 5.1%
- 10 year term 5.1%
MissionIRA
A MissionTerm investment can be held as an adjustable-rate
investment; available as Traditional, Education or Roth Individual
Retirement Accounts:
- 3 year term 5.1%
- 5 year term 5.1%
- 10 year term 5.1%
MissionFuture: 5.1%
This investment is for children from birth to age 16; the investment
matures on a person's 18th birthday.
Fixed-Rate Investments
Interest rates for fixed-rate investments are reviewed each month; the interest rate remains in effect throughout the term of an investment. Interest rates for fixed-rate MIF investments from Jan. 1 through Jan. 31, 2001 are:
MissionTerm
- 2 year term 5.6%
- 4 year term 5.7%
- 6 year term 5.8%
MissionIRA
- 2 year term 5.6%
- 4 year term 5.7%
- 6 year term 5.8%
EDITORS: Information about MIF investments can be obtained by calling
800-638-3522, ext. 2943, by sending e-mail to mif@elca.org or
accessing http://www.elca.org/ot/mif on the World Wide Web.
For information contact:
John Brooks, Director (773) 380-2958 or NEWS@ELCA.ORG
http://listserv.elca.org/archives/elcanews.html
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
