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May 2, 2019
A great saving strategy for the long term can be summed up as, “Save early and often.” Why do we hear the advice so often that it pays to start saving early? The key: compounding. Dividend or interest compounding is simply the idea that, as our savings earn interest or dividends, those earnings are added to our total, and the next dividend is calculated on our new total. As a simple example, say you invested $100 at 2.5% interest. When your interest is earned, you’ll add $2.50 to your $100, for a new total of $102.50. Then your next 2.5% interest is on $102.50, which is $2.56, added to $102.50 is now just over $105, and so on. If your account compounds monthly, the total is updated every month, and you earn more as you go.
To add to this strategy, we recommend in addition to your initial savings, that you add to your savings every month. Once again, the earlier you start the more months you have to save, and the more your savings will grow. As your life and career progress, the more you might earn enabling you to save more every month. All these factors can add up over time, with positive results.
Our graphical example shows that if you start at age 20, with even with a small initial deposit and relatively small monthly contributions, a smaller investment can yield you more over time than if you waited until you were 40, with a much larger deposit and twice the monthly contributions.
When Should You Start?
Everyone’s life is different, but the rule is to save as much as you can, as soon as you can, and keep up with your savings. Over time, compounding will reward you. Learn more about our Savings Account Options, and Save Smarter.
Call 315-735-8571 to talk about your options or make an appointment with one of our friendly and knowledgeable representatives today. Simply click on the button below and select the “New Accounts” service from the menu.
Posted in: compounding, invest, savings account
May 9, 2019
If you’re young and just getting settled in your career and adult financial life, you may feel you’re finally earning enough to consider investing some of your money. Our first piece of advice is to make automatic deposits from your paycheck into an employer-sponsored 401K or other retirement plan (if your employer makes one available). If your employer matches contributions, it’s an even more attractive investment choice. You'll want to take full advantage of this wonderful investing opportunity. Once you’ve done so and are ready to consider other investments, we will be happy to guide you with some prudent recommendations about your savings.
Investing Your Savings
Investing always starts with saving. Since there are inherent risks in stock market investing, and greater gains and losses are possible, we encourage beginning investors to set aside enough for their immediate and emergency needs before putting money into the stock market.
When we meet with you, we’ll start with a thorough conversation about your financial standing, well-being, and current needs. We’ll look at your needs for the future, as well as your risk tolerance, and create a unique plan just for you. Part of that plan is working with you to decide how much you can comfortably invest initially, and each month. Investing is a dynamic process that you should adapt to changes in your financial life, so you can increase, decrease, or stop the amount you invest at any time without penalty. We can show you projections of how those changes could affect your future funds.
When investing, think diversification over the longer term. It is recommended to give yourself a minimum of 3-5 years to see how your investments do. Since funds do fluctuate over the short term, longer is better.
Let us and our friends at Choice Investments help put stock market investing principles to work for you. Call 315-735-8571 to talk about your options or make an appointment with one of our friendly and knowledgeable representatives today. Simply click on the button below, select “Advisory Services” from the menu and choose “Investment Services.”
Stocks/Stock Funds, other securities, and advisory services are offered through Cadaret, Grant & Co., Inc., a Registered Investment Advisor and Member FINRA/SIPC. These products may also be offered by a First Source "dual employee" who accepts deposits on behalf of the credit union and also sells non-deposit investment products on behalf of Choice Investments LLC through Cadaret, Grant & Co. Choice Investments LLC, Cadaret, Grant & Co., Inc. and First Source are separate entities. You can check the background of these financial professionals through FINRA’s BrokerCheck. First Source Federal Credit Union is not a registered broker dealer and is not affiliated with Choice Investments LLC.
NOT FEDERALLY INSURED • MAY LOSE VALUE • NO CREDIT UNION OBLIGATIONS • NO CREDIT UNION GUARANTEE
Funds invested through Choice Investments are not federally insured, may lose value, and are of no way obligations of First Source FCU. Involves investment risk and may involve loss of principal. First Source has no guarantees of securities and annuities products offered through Cadaret, Grant & Co., Inc. Financial Professionals associated with this site are registered to conduct securities business and licensed to conduct insurance business in certain states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
Posted in: new investors
There are many reasons an experienced investor might seek out investing consultation. If you already have investing experience but aren’t happy with your current situation or results, have questions you aren’t getting satisfactory answers to, want better attention and service, or possibly have additional funds you want to invest, we are here to help.
A big part of continued investing is evaluating your current situation, and making adjustments based on market changes and any changes to your financial life.
As a seasoned investor, you can always learn more, improve your investments, and consider new options. First Source and Choice Investments invite you to take advantage of our superior experience and Member service. Call 315-735-8571 to discuss your current level of investment and risk, your goals, and any changes you’d like to make to your portfolio or make an appointment with one of our friendly and knowledgeable representatives today. Simply click on the button below, select “Advisory Services” from the menu and choose “Investment Services.”
Posted in: experienced investing, experienced investor
May 14, 2019
An IRA is money set aside for your retirement, with Traditional and Roth IRA options differing in their benefits and advantages. The biggest difference between the two is how your money is taxed. If you believe you will be in a higher tax bracket in the future, the Roth IRA is generally considered a better choice, and a Traditional IRA has certain benefits if you expect to be at a lower tax bracket at retirement time. Another difference is based on what you believe your future income tax to be, since a good amount of your income during retirement may be taxable.
Similarities Between a Roth IRA and Traditional IRA
In the past they have had the same contribution limits, and both allow you until April 15 for your previous tax year contribution. There are currently no minimum contribution limits to open either of these IRAs.For each year you plan to contribute to an IRA, check the income and contribution limits, which are subject to change.
The graphic to the right offers a quick comparison of the differences between these IRA types, to make it easier to decide based on your needs.
Other Comparison Considerations
When comparing IRAs, also consider:
There are ways to convert Traditional IRAs to Roth IRAs
The age you plan to retire
How much you expect to work or earn during retirement versus your current income
We can help you decide which type of IRA may be right for you. Learn more about First Source IRA options, and let us help you Invest Smarter.
IRA Options: Learn More
Disclaimer: IRAs are products of First Source FCU and are federally insured by NCUA.
Posted in: Roth IRAs, Traditional IRAs
May 29, 2019
Putting together an accurate estimate and getting pre-approved for a Recreational Loan for your new ATV or UTV provides you with a number of benefits before and after your purchase.
Budget For Extras
Whether you’re exploring country trails, snow blowing in the winter, or getting work done on your farm, most times you'll want accessories and extras.
When you estimate how much you’ll need to pay, consider everything from safety equipment and tools, to repair and spare parts add-ons, upgrades, and usually a trailer for towing.
Insurance can also add to your out-of-pocket costs, so think about that as well, to help you budget more accurately.
Why Get Pre-Approved?
Once you have considered everything you plan to purchase, we will examine your options.
We can help you understand what you may or may not be able to afford
If you can’t afford everything now, we can help you make a plan to save for future purchases
Getting pre-approved puts more purchasing power in your hands when talking with the sales rep
Finally, consider how much you can put down up front to reduce your loan payments. If you’re unsure, we can help you budget.
Learn more about financing your ATV and UTV, and Live Smarter. Get started with the application process below.
If you have more questions, we’re happy to help. Give us a call at 315-735-8571 to discuss your options or make an appointment with one of our friendly and knowledgeable representatives today.
Posted in: atv financing, atv loan
Speedbump Modal Called Incorrectly!
Simple Modal Called Incorrectly!