Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

What Can You Do to Increase Your Savings?

Saving money is an important practice for people of all ages, from college students to retirees. Though your savings strategies may evolve throughout your life, there are some basic practices that can increase how much money you’re able to save each month. You can also accelerate the growth of your savings by working with your local credit union in Idaho to explore the different types of accounts and investments that will allow your money to work for you. To begin boosting your savings account, try out the following tips:

Allocate a Portion of Each Paycheck to Your Savings Account

Many people receive their paychecks through direct deposit, but you might not realize that you can deposit your paycheck into multiple accounts with your credit union. Instead of sending all your money to your checking account, allocate a section for your savings account. Even 10 dollars a month can add up over time, so dedicate what you can to savings and avoid using these funds as they stack up.

Upgrade Your Savings Account

Not all savings accounts are alike, and some can offer higher interest rates that will increase the value of your money over time. If you have a higher balance in your savings account, you may upgrade to a money market savings account, which pays out higher dividends each statement period.

Cut Out Unnecessary Spending

If you never seem to have money to spare for your savings account, it may be time to evaluate your budget and look for areas where you can cut back. For example, you might cut down on visits to the coffee shop or get rid of costly monthly subscriptions like gym memberships that eat away at your budget. Small changes in your spending habits today might leave you with greater financial freedom in the future, so it’s worth sitting down to take a hard look at your budget.

For help choosing the right type of savings account and managing your money in Idaho, visit your local Westmark Credit Union branch. You can also reach us on our website or by calling (208) 523-1071.

Paying Back Your Friends with Popmoney

Popmoney is a convenient online banking resource that allows you to send, request, and receive money online or via your mobile device. With just their mobile number or email address, you can request money from a group of individuals, or you can send money securely from your bank account. Because of this, Popmoney provides you with a great way to pay back your friends after a weekend trip or night out. The recipients can receive the payments directly to their bank account, or they can retrieve their money from Popmoney.com if their bank doesn’t offer Popmoney personal payment services.

If you are registered with Westmark Credit Union’s Home Banking Personal Branch and signed up for our Online Bill Pay service, then you can start paying back your friends today using Popmoney. Simply log into your personal account, select the bill pay tab, and then click Popmoney. Please call (208) 523-1071 to find out more about our services for online banking in Idaho.

What Is a Second Mortgage and Is It Right for You?

Do you need to fund your child’s college education? Or perhaps you’re planning a room addition for your home? When it comes to finding financial help for large expenditures like these, many homeowners consider getting a second mortgage. Read on to learn what this type of loan is and if it may be a good option for you.

Second Mortgages

Just like a first mortgage, a second mortgage is a loan that you can get from a lending institution, such as a credit union or bank, for which your home would serve as collateral. However, while a first mortgage acts as a loan to buy the property, the second one offers individuals a way to pay for other significant expenditures, such as emergencies or investments, that may otherwise be difficult to fund. Also, these loans can be used to pay off outstanding debts that have higher interest rates than the second mortgage. In most cases, second mortgages are for smaller amounts and have higher interest rates than first mortgages.

Important Considerations

As you can see, second mortgages can offer many benefits. However, there are several important factors to consider when determining if this type of loan is right for you. First, you are putting your home on the line when you get a second mortgage. This means that if you are unable to make your mortgage payments, then you may lose your home through foreclosure. For this reason, a second mortgage is probably not worth the risk if you need funds for everyday living or entertainment purposes. Additionally, getting a second mortgage can require various fees, plus you will be paying interest with each payment until the loan is paid off. If you are confident that you can make the payments for a second mortgage, and that what you can do with the funds is worth the associated risk, then a second mortgage may be right for you.

If you’re interested in applying for a second mortgage in Idaho, then please call Westmark Credit Union today at (208) 523-1071.

Steps to Take to Avoid Credit Card Debt

When it comes to having healthy finances, knowing how to stay out of debt is essential. If you’re concerned about staying on track financially, then watch this video for some tips on avoiding common habits associated with credit card debt.

First, before you open a new credit card, make sure that you’ve read the fine print and that you understand all the terms. Second, create a budget and ensure that your credit card use fits into it. Third, check your accounts regularly to look for signs of errors or fraud. Next, set up payment reminders or automatic payments to avoid missing payments. Also, you should try to pay off the balance each month, keep an eye on your credit usage, and avoid impulse buying.

If you’re interested in improving your personal finances in Idaho, then please call Westmark Credit Union at (208) 523-1071 for information about our services and resources.

Factors to Consider Before You Get an Auto Loan

A car loan can be an excellent resource if you wish to purchase a new vehicle but need help with financing. However, before you apply for one of these loans, you can benefit from considering the following factors:

Financing Options

When applying for an auto loan, you can do so through a dealership or a lending institution, such as a credit union or bank. Dealership financing involves entering a loan contract with the car dealership that you’re purchasing from. If you opt for direct lending through a lending institution, then you will apply for a car loan and use the loan you receive to purchase a vehicle. Both options have their own advantages. In either case, you should shop around for the best rates before applying for a car loan.

Term Length

When it comes to loans of any kind, the shorter they are, the less you’re likely to pay in the end. The reason for this is that you will continue to pay interest to the lender on top of the amount of the loan until it is paid off. Additionally, interest rates for longer loans tend to be higher. Because of these factors, it can be advisable to get a loan that is as short as you can comfortably afford.

Down Payment

Many people are attracted to car loans that require no money down. However, because of the interest that you’ll pay over time, the less you put down up-front, the more you will pay in the long run. Also, if you’re thinking of buying a new car, remember that these vehicles depreciate as soon as you take them off the lot, and you may temporarily owe more than it is worth. For these reasons, you may be better off putting down some of the car’s cost up-front.

At Westmark Credit Union, we offer several options and terms for auto loans in Idaho. If you’re planning to purchase a new vehicle, then call us today at (208) 523-1071 for details about our auto resources.

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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday