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    What Financial Account Should Everyone Have?

    Last updated 2 days 17 hours ago

    If you want to take control of your finances, you should start by making sure that you have the right accounts. There are obvious accounts that everyone has, such as checking and savings account, but there are numerous other financial accounts that can ensure your financial stability now and well into the future. Read on to learn more the most important financial accounts everyone should have, and then inquire about these accounts at your local credit union.

    Checking Account

    There aren’t any good reasons not to have a checking account these days. The most important thing about checking accounts is that they are necessary for writing or cashing checks, paying bills online, purchasing items on the Internet, and so much more.

    Savings Account

    Saving money is important for your financial security, and a savings account is much easier (and much safer) than stuffing cash under your mattress. While the funds in your savings account can be used for emergencies, it’s best to leave your savings account alone to accrue interest.

    Money Market Account

    If you already have a substantial nest egg, consider moving it from your traditional savings account to a money market account at your credit union. These accounts offer superior interest rates, which means your money will grow faster. At Westmark Credit Union, for example, our Platinum Money Market Savings Account offers deposit rates that range between 20 and 30 percent for balances in excess of $20,000.

    Westmark Credit Union is committed to serving the financial needs of those who live or work in Idaho Falls. Visit our website to learn about our financial accounts and current interest rates. If you have questions about our accounts, or would like to know how you can become a member at our credit union in Idaho Falls, call us at (208) 523-1071. 

    Common Financial Mistakes Made by Young Adults

    Last updated 14 days ago

    As young adults navigate college, getting their first job, getting married, and even possibly starting a family, it’s easy to make mistakes. Unfortunately, mistakes with money can have a major impact on the rest of your life. From relying too heavily on credit cards to paying heavy checking and savings account fees, there are a lot of financial mistakes that young people make. If you want to put yourself in the best position financially, avoid these common financial pitfalls and learn how to put your money to work at your local credit union.  

    Paying for Everything with Credit Cards

    When you’re young, putting a purchase on a credit card makes it feel like you’re not spending money at all. Unfortunately, high interest rates can turn instant gratification into mountains of debt before you know it. Try to limit credit card spending to emergencies only, and try to pay off your credit card debt as soon as possible.

    Putting Off Saving for Retirement

    You’re too young to start thinking about retirement, right? Wrong! It’s never too early to start preparing for retirement, and the sooner you start, the better off you will be. A dollar you contribute to your retirement savings account now will be worth far more when you retire compared to a dollar contributed when you’re 40.

    Not Having a Budget

    The easiest way to fall into debt and jeopardize your financial future is to live beyond your means. Instead of spending carelessly, set a budget each month and put anything extra in a savings account or retirement account. There are many programs and online tools to help you make your budget.

    Everyone here at Westmark Credit Union in Idaho Falls is committed to the financial success of our members. We offer competitive, high-yield checking and savings accounts that can put your money to work. We also offer car loans, home loans, and personal loans to our member. Contact us online or call us at (208) 523-1071 to learn how you can become a member at Westmark Credit Union. 

    Is a Platinum Money Market Savings Account Right for You?

    Last updated 23 days ago

    There are a million ways to invest in your future, and a Platinum Money Market Account from Westmark Credit Union is one of the best ways. A Westmark Platinum Money Market Account does not require a minimum balance, but the premium dividend rates start at the $20,000 tier. This savings account comes with six free withdrawals or transfers per month. 

    If you are looking for a high-yielding money market account and have over $20,000 to invest, contact Westmark Credit Union to learn more about the advantages of the Platinum Money Market Savings Account. Visit our website to learn about our current interest rates, or call us today at (208) 523-1071 to speak with one of our money market experts. 

    Understanding Credit Card Interest

    Last updated 27 days ago

    When you apply for a credit card, a bank or lending organization looks at your credit report and makes an offer based on your credit history and credit score. If you have good credit, you will be offered the best interest rates on a new credit card. Individuals with average to below-average credit scores receive higher interest rates. It is best to avoid carrying high-interest credit card debt whenever possible. 

    Watch this video to learn more about credit card interest. If you want to apply for a new credit card, become a member of Westmark Credit Union. Located in Idaho Falls, our credit union offers competitive interest rates on credit cards, personal loans, mortgages, money market accounts, and other products. Visit our website or call us at (208) 523-1071 to learn more about our credit union and how to become a member. 

    How to Kick Start Your Retirement Savings

    Last updated 1 month ago

    A lot of people wonder when they should start saving for retirement. The answer is immediately. It doesn’t matter how young you are, it’s never too early to start putting money away for retirement. And if you’re worried that you’ve waited too long, it’s never too late to secure your financial future. If you don’t how or where to start, here’s what you need to know about kick starting your retirement savings.

    Enroll in Automatic Deductions

    If you have a hard time parting with your money, you may find it beneficial to sign up for automatic deductions so that the decision to save is out of your hands. If your company has a 401(k) program, enroll in automatic deductions. You can also set up automatic transfers from your checking account to your IRA.

    Diversify Your Savings

    To yield the best possible return on your savings, try to diversify your retirement portfolio as much as possible. In addition to investing in your company’s 401(k) program up to the limit of its matching program and contributing the maximum to your IRA, research precious metal investments and even real estate opportunities to get the most out of your retirement savings.

    Talk to a Professional

    Saving for retirement can seem daunting, but it’s actually quite easy once you know what you’re doing. If you don’t know where to begin or the best way to save for retirement, speak with a financial advisor at your local credit union.

    If you have questions regarding retirement savings, contact Westmark Credit Union. We have 10 convenient locations throughout the Idaho Falls area, and our representatives are happy to answer any questions you have about our high-yielding IRA Savings Account and IRA Term Certificates. For additional information about our rates or about becoming a member, call Westmark Credit Union at (208) 523-1071. 

Apply Online for a Credit Card or Credit Card Balance Transfer!

Start Saving with a 2.99% APR That's right, using your Westmark Credit Union balance transfer checks you can transfer your higher rate loans and cards from your other financial institutions to your Westmark Credit Card and save with a 2.99% APR until December 31st, 2013.

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