Synod Investment Guidelines
The Synod Investment Service welcomes new deposits, which, effective March 1, 2024, will increase to 4.00% on Custodial (demand) deposits, with a minimum of $1,000 to open. Deposits for 6-month Mission Development Certificates (MDC), will return 3.00%, 1-year MDCs at 3.50%, 2-year MDCs at 2.90%, and 3-year MDCs at 3.10%, with all MDC purchases with a minimum of $1,000 to open. Once a custodial deposit is established, it can be drawn below the $1,000 minimum to open. Once a Mission Development Certificate is purchased, it cannot be redeemed (accrued interest and principal), under any circumstances, during the term of the certificate.
Overview of Services
Established in 1989 with initial deposits to the Investment (demand) service of less than 2 million dollars, the Synod Demand Account currently has on deposit over 23 million dollars, and the Synod Mission Development certificates of deposit, begun in December 2002, has over 24 million dollars, totaling 48 million dollars today. This service is open to any church, presbytery, specialized ministry, or ecumenical partner related to the Presbyterian Church (U.S.A.) within the bounds of the Synod of the Pacific. The Synod’s 5-million-dollar line of credit with Umpqua Bank ensures continual liquidity to all Synod Investment depositors.
Advantages to Depositors
Depositors receive a high rate of return on short-term investments. The present annual rate is significantly higher than commercial banks’ return for interest-bearing checking, money market, and most certificates of deposit (CD’s). Depositors are spared the inconvenience of shopping around for the best rates or transferring funds among various commercial institutions to secure the best rates. Demand depositors may make an immediate withdrawal, without penalty, at any time during regular business hours. There is no maturity date; funds are always available.
Mission Development depositors have a maturity date due to the term of the certificate. Depositors participate in the Synod’s mission service by underwriting its Line/Amortized Loan Service, which support new church/church construction and/or renovation, as well as other programs and special needs of churches, presbyteries and agencies across the Synod.
Current Investment Guidelines 04-2024