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.

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.

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.

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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