Facts for Investing Money
Our purpose is to offer financial assistance to mission churches and established churches for purchasing property, buildings and remodeling.
Below is investing information for those who desire to place funds with the Baptist Missionary Loan Association:
- Investment Certificates (similar to Certificates of Deposit) are presently paying 2.5 percent. A $1,000 minimum is required, and the rate is locked in for one year. However, if you have a need to withdraw the funds before the year ends, there is no penalty.
- Share Accounts (similar to Passbook Savings Accounts) are presently paying 2 percent. You can open a Share Account with only $5.
Our accounts are backed by loans to churches. Additionally, we have funds in banks that are FDIC insured and funds with RBC Wealth Management. Those funds are insured by the Securities Investor Protection Corporation (SIPC). The Baptist Missionary Loan Association has been in business since 1952, and has never had a default.
Required Information for Church Accounts
Information required to open a church account includes the following:
- Name of the church
- Address of the church
- Telephone number
- Names of those authorized by the church to invest and withdraw from the account (At least two names are required and may be those of the church treasurer, assistant church treasurer, pastor or trustees.)
- Church’s EIN number (commonly referred to as Tax ID number)
Required Information for Personal Accounts
Information required to open a personal account includes the following:
- Phone number(s)
- Drivers license(s)
- Social Security number(s) DO NOT send your Social Security number by mail or email. We will contact you by telephone to receive this information.