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    How much money do you have put away in case of an emergency?

    Last updated 4 days ago

    Though no one likes to think about it, anything can happen. Jobs are lost. A car needs major repairs. A medical expense comes up that insurance won't cover.

    Most people actually have less than they would need should an emergency arise. Financial advisors encourage people to set aside a minimum of three to six months' worth of income which you can easily tap into when you have unforeseen expenses. Of course, you may feel more secure with a larger stash, but make it a goal to accumulate savings of at least three months' worth of income.

    How can you save so much? Have a percentage of your income put directly into your NSWC Federal Credit Union Share Account every month, until you've amassed enough that you feel secure about emergency situations. 

    Technology Trends that Influence the Future of Banking

    Last updated 6 days ago

    Thanks to the advent of the Internet and the continued functionality of smartphones and tablets, the old-fashioned institutions and services are being replaced by faster and more convenient forms of banking. Take a look at some of the amazing trends that are influencing the future of banking forever. 

    Online Bill Pay

    With online bill pay services, you can say goodbye to envelopes and stamps forever—at least when it comes to paying your bills. Not only can you pay your bills online, but you can even set automatic payments to come out of your account each month, which means you don’t need to worry about paying a bill on time or even remembering to pay a bill at all.

    Electronic Statements

    Technology helps you bank faster and more conveniently, but it can also help you reduce your carbon footprint. With electronic statements, you will no longer receive paper statements from your bank or credit union each month. You may even be able to take advantage of a special promotion when you enroll in electronic statements.

    Mobile Banking

    You can do a lot on your smartphone and tablet these days, including almost all of your banking needs. With mobile banking, you can make transfers, schedule bill payments and even  deposit checks directly into your checking or savings accounts.

    NSWC Federal Credit Union keeps up with the latest technology trends and we offer all of the latest products and services with the best customer service and attention you can find.  Call us at (877) 274-2805 to learn more about our credit union.

    What Are the Benefits of Getting a Credit Card from NSWC?

    Last updated 1 month ago

    NSWC Federal Credit Union is dedicated to providing beneficial financial solutions for our members, including credit cards with highly competitive interest rates. Our credit union provides VISA, VISA Preferred and Share Secured VISA to meet everyone’s unique needs. Our secured credit cards are particularly ideal for those who wish to establish their credit history or repair a less than ideal credit score. 

    With all of our credit card offerings, you can enjoy one consistent, low interest rate for your cash advances, balance transfers and purchases. In addition to our non-variable interest rate, there is never any annual fee, over limit fee, balance transfer fee or cash advance fee. Our members receive low minimum payments and you can access your account online 24 hours per day. Plus, you are never liable for any fraud associated with a lost or stolen credit card.  If you need to dispute any fraudulent transactions on your credit card, please call 1-800-600-5249.

    If you are interested in applying for a credit card, contact NSWC Federal Credit Union at (877) 274-2805. We also invite members and prospective members to browse our website to view the other services and products available at our credit union. 

    Home Equity Loans 101

    Last updated 1 month ago

    Are you considering making a few home renovations? Or perhaps you are interested in consolidating your debt,  or taking care of some major medical bills. If you are a homeowner, a home equity loan may be the ideal solution for handling these types of financial conundrums. Credit unions often offer home equity loans at competitive rates with favorable terms. The representative at your credit union can also help you understand the basics of a home equity loan. 

    Defining Home Equity

    If you have owned your home for a while, you may have a fair amount of equity available. Equity is the difference between the appraised value of your home and how much of your mortgage you have left to pay off. For example, if your home is appraised at $200,000 and you have $50,000 left on your mortgage, you have $150,000 of available equity.

    Understanding Home Equity Loans

    With a home equity loan, you can tap into the available equity and use your home as collateral for the money you borrow. This is a type of secured loan. When you take out a home equity loan, you will receive the money you borrow in one lump sum. Then, you will make payments over a period of time, usually five to 15 years.

    Considering Home Equity Lines of Credit

    A home equity line of credit (HELOC) also uses your home as collateral. However, it is a type of revolving credit. Your credit union will approve you for a specific amount of credit, depending on the value of your home and the balance on your mortgage. You can borrow on your line of credit multiple times and repay the funds for a set time period. At the conclusion of this time period, your HELOC may allow you the option to renew.

    NSWC Federal Credit Union provides competitive home equity loans and lines of credit to our valued members. Our credit union simplifies the borrowing process to make our financial solutions as convenient as possible. For a rate quote, call our friendly representatives at (877) 274-2805.

    The Basics of Roth IRAs

    Last updated 1 month ago

    An IRA is an individual retirement arrangement. There are a few different types of IRAs, namely traditional and Roth IRAs. With a Roth IRA, you’ll receive no tax benefit while you’re contributing to the account. However, when you’re ready to retire and to start receiving money from the account, you can access those funds tax-free. This is particularly beneficial in the event that tax rates increase by the time you retire.

    Watch this video to hear a financial expert explain the basics of these retirement accounts and how a traditional IRA differs from a Roth IRA. You’ll also learn about the importance of tax diversification for a financially sound future.

    To help you prepare for the future, NSWC Federal Credit Union offers IRA Share Certificates. Learn more about opening an IRA, savings account, or checking account by stopping by one of our convenient branches or giving us a call at (877) 274-2805.

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