Opening a savings account through a
credit union is a great way to start saving more money on a regular basis. But before
you decide to open a savings account, you should make sure that you have
a clear plan in place for how you are going to save. Here are some questions
you should ask yourself prior to applying for this type of bank account.
How Much Money Am I Going to Save Every Month?
You don’t need to save a ridiculously large amount of money every
month to build your savings account up, but you do need to make a commitment
to putting aside a little bit of money. You should decide how much money
you can afford to save and stick to it. You don’t want to put yourself
into a financial hardship because of your savings account, but you also
don’t want to open a savings account and then realize you don’t
know how much to save.
How Am I Going to Use My Savings Account?
Do you plan on turning to your savings account for regular expenses—or
is it only going to be for emergencies? Some people
make withdrawals from their savings account too often and, as a result, they are not able to save effectively. When you commit
to saving, you should also commit to only making withdrawals from your
savings account when it is absolutely necessary.
Can I Get a Better Interest Rate?
Every credit union will offer you a different interest rate. The higher
the interest rate, the better the savings account is, because you will
be able to collect interest over the years based on how much money you
have in your account. Credit union rates vary, so you should find the
rate that works best for your specific situation.
Westmark Credit Union can show you how simple it is to open a savings account
today. You will be well on your way to saving money in no time when you
work with us. You can stop in or call (208) 523-1071 to speak with someone
about opening a
savings account near Idaho.