At our July board meeting, the board approved investing just under half of our reserve fund into a CD through Kitsap Bank so we could earn maximum interest on our savings. Today Mary, treasurer, and Becky, president, had an appointment with our banking advisor to open the account for a ten month CD at 4%.
In the history of the HOA, we have never had a last minute purchase that would require such a large sum of money. But emergencies can happen so we’ve done our diligence in asking questions! If we need to withdraw the funds early, we can access any amount at any time, and the penalty is only three months’ interest on the amount withdrawn.
We are excited to continue to stock our reserve fund with more financial savvy than a basic savings account.
The current board will revisit this approach before the CD expires in May 2026 to determine if we will roll into a new CD, add funds, reduce the amount, or end the investment.
PS – Check out the cute photo bomber, representing the kids who waited patiently in the lobby during the hour long appointment today!
Strawberry Hill HOA 