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 Services Can You Pay for From a Medical Savings Account?


Medical savings accounts let you reserve a portion of your pre-tax income to pay for medical expenses. With a medical savings account, or MSA, from Westmark Credit Union, you can deduct up to $10,000 of contributions to your MSA from your Idaho state taxes each year. If you are married, your spouse can open a separate account for combined deductions of up to $20,000.

The money in your MSA can only be used for specific medical expenses. These include health insurance premiums, hospital care, prescriptions, dental services, ambulance services, lab fees, physician visits, and nursing services. You must keep records of all of your medical transactions so that you can prove that the money you spent was used for qualified medical costs.

MSA accounts can be a cost-saving part of your overall personal finance plan. Let Westmark Credit Union help you set up this savings account in Idaho so you can make your money work for you. Contact our credit union for more information by calling (208) 523-1071.

Is a Personal Loan Right for You?

Personal loans allow you to pay for unexpected expenses or make large purchases without relying on a high-interest rate credit card. Should you consider a personal loan? Here are some of the signs that this kind of loan could be right for you.

You have an unexpected expense.

Things like a broken-down car or a medical emergency can be financially devastating if you are short on cash to pay the bill. Even if you have credit cards you can use to charge the costs of unexpected expenses, the interest rates on credit cards will make your final cost much higher. With a personal loan, you can pay for these expenses without using your credit card. You reap the benefits of the lower interest rates that come with a personal loan, so the final costs will be much more manageable.

You have multiple monthly bills.

If you are juggling monthly debt payments across multiple credit cards, a personal loan can simplify your expenses and save you money. You can use a personal loan to pay off those bills in full and then simply make one payment each month on the loan. Dealing with your debt this way could save you thousands in interest and finance charges that you would otherwise face when paying off your cards. After you pay off your debt, resist the urge to run up your credit card balances again, so you don’t face both your loan payment and renewed debt.

You want to pay for a large expense.

Do you have the opportunity to go on a once-in-a-lifetime vacation or are you planning a wedding without the money to cover all of the costs? A personal loan can give you the money you want for a reasonable interest rate and simple repayment terms. Using a loan for large expenses rather than credit cards or store cards can save you a significant amount of money in the long-term.

To find out if a personal loan is right for you or to start an application, visit a Westmark Credit Union location or talk to a representative at our credit union in Idaho. Call (208) 523-1071 for more information or to set up an appointment.

Examining Our Savings Account Options

At Westmark Credit Union, we offer multiple savings account options to help you reach your personal finance goals. All of our accounts offer the competitive rates you expect from a credit union, as well as the full support of our member services team. Here is a look at some of our account options.

Primary Savings Account

The Westmark Credit Union Primary Savings Account is your credit union membership account. Maintaining this account with a minimum balance of $5 per account holder gives you your voting rights in the credit union for Board of Director elections. Dividends on this account accrue daily on the balance and are compounded quarterly. There is no monthly service fee or limits on the amount of ATM transactions. Having this account also makes you eligible for our other financial products.

Daily Dividends Savings

If you want to split up your savings to save for specific things, like a vacation or a car, then daily dividends savings is right for you. The features are similar to your primary savings account, but the daily-accrued dividends are compounded monthly. Using this kind of savings account alongside your primary account will let you manage the way you save for short-term goals.

Platinum Money Market Account

To make your money work even harder for you, consider a platinum money market account. There is no minimum balance for this account, but if you maintain a balance of over $20,000, you earn higher dividends than you do with our other savings accounts. Dividends accrue daily and are compacted monthly. You can make six withdrawals or transfers each month without a fee.

Westmark Credit Union also offers medical savings accounts, youth accounts, term certificates, and IRAs to help you make your savings work for you. As a member, you can open as many accounts as you wish to reach your personal finance goals. Are you saving as effectively as you could be? Contact us today at (208) 523-1071 to speak to a credit union representative about which of our savings products could work for you.

Understanding Loan Amortization

When you make loan payments, a section of the payment will be dedicated to the principal balance, and the rest will be allocated to the interest that has accumulated on the loan. The process of spreading out the principal over the life of the loan is called amortization, and it’s explained further in this video. However, with amortization, you end up paying more of the interest of the loan early on and more of the actual balance later. This can impact your decision to refinance a loan, because refinancing too soon into the life of the loan may only increase the amount of interest you pay.

To learn more about how loans work and the types of loans available to assist in your financial goals, connect with Westmark Credit Union. We offer banking services throughout Idaho, and you can reach us by calling (208) 523-1071.

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.

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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