Thinking beyond your checking account — what’s next?

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OCCU  -  07.19.2023

On the path toward financial wellness, everyone’s journey looks a little bit different. Guided by our individual values, goals and dreams, we each make choices that carry us toward the future we envision. 

For most of us, that journey begins with opening a checking account. Your checking account serves as the central hub where you’ll deposit your income, manage your money and pay your bills. But it’s only the first step on your financial path.  

What comes next depends on you. 

With so many banking and financial technology options available, there’s no reason to stop at only one deposit account. In fact, most consumers have, on average, relationships with at least three different financial institutions. While you may choose not to keep all of your funds in the same location, it’s important to establish a relationship with a financial institution you trust that can serve as your home base. 

Here are some questions to ask yourself as you plan your next financial move: 

Am I getting the most out of my checking account? 

Your checking account is more than just a temporary landing place for your money. It’s a starting place to help you grow your wealth. The more effectively you use it, the faster you can move toward your goals — so it’s important to know what your account is capable of. 

Did you know that some checking accounts will pay you to stash your money in them? An interest-earning checking account like OCCU’s Remarkable Checking, for example, allows you to earn interest on your balance to help you maximize every penny you deposit and start growing your money right from the start.  

If you don’t already have an interest-earning checking account, now is the perfect time to upgrade — plus you’ll get access to other great features such as early direct deposit.3 

What’s the fastest way to build up my savings? 

Saving for the future can seem like a daunting task when you’re just getting started. First, you’ll need a savings account that pays compound interest, which means in addition to earning interest on your balance, you also earn interest on any interest you’ve previously earned. To maximize your money’s growth, look for a savings account with the highest annual percentage yield (APY). 

Want to speed things along? Take advantage of our dynamic duo by pairing your Remarkable Checking account with Ignite Savings, a high-yield savings account that pays a much higher APY than a typical savings account. 

What should I do once I have some money saved up? 

Once you’ve built up some savings, there are a few different things you can do next. 

Establish a sinking fund. Is there a short-term goal you’d like to save for? Consider moving some of your extra savings into a sinking fund. A sinking fund is an extra savings account you open for a specific purpose, such as a large purchase or an upcoming expense like a planned vacation. Make it an Ignite Savings account to speed up the process. 

Earn extra APY. Want to kick your savings into an even higher gear? Use part of your savings to invest in a certificate of deposit (CD) for a set period of time — from six months to five years — and net an even better APY. Or open a money market account while still being able to make unlimited withdrawals or transfers. 

When should I start thinking about retirement? 

It’s never too early to think about retirement. While most people rely on their employer-provided 401(k) for retirement savings, it’s also a good idea to start contributing to an individual retirement account (IRA) as soon as possible to help ensure you’ll have plenty of income in your golden years. The longer timeframe you have, the more you could earn. 

Consider opening a traditional or Roth IRA for your retirement. If you want to go a step further and need expert financial advice, our Investment Services team13  can work with you to map out a retirement savings strategy and help you prepare for the future you want.  

How do I know when I’ve achieved financial wellness? 

Financial wellness isn’t all about the number in your bank account. It’s about being empowered to make money choices that move you closer to your goals, allowing you to pursue enjoyment in life while fully meeting your financial obligations.  

The first step toward financial wellness is to rethink your relationship with your money. Every dollar you spend or invest has the potential to make an impact on the world around you. When you are living — and spending — in alignment with your personal values, you make money choices that not only propel you forward in life but that also propel your community forward. 

Want to make a positive impact on the world as you take the next steps in your financial journey? Sign up for our Money Mindfulness email series and start making empowered decisions about your finances. 

3Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. OCCU may, but shall not be required to under any circumstances, make these funds available on the day the payment file is received, which may be up to three (3) days earlier than the scheduled payment date. OCCU does not assume any liability for not depositing these funds to your account early. OCCU may terminate early access at any time without notice.

13Investment advisory services offered through PFG Advisors, LLC, a SEC registered investment adviser. Securities offered through Osaic Wealth, Inc., member FINRA/SIPC. Insurance products offered through approved carriers. OCCU Investment Services, Oregon Community Credit Union, PFG Advisors, LLC, and Osaic Wealth, Inc. are separately owned entities and are not affiliated companies. Osaic Wealth, Inc. and its representatives do not provide tax or legal advice; therefore it is important to coordinate with your tax or legal advisor regarding your specific situation.  

CLICK HERE FOR A COPY OF PFG ADVISORS’ RELATIONSHIP SUMMARY (FORM CRS).

CLICK HERE FOR A COPY OF OSAIC WEALTH, INC’S RELATIONSHIP SUMMARY (FORM CRS).  

Free and simple tools are available for research firms and financial professionals at INVESTOR.GOV/CRS, which also provides educational materials about broker-dealers, investment advisors, and investing. 

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