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Are Savings Accounts Worth It?

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A savings account allows you to grow your money over time and can help you plan for short-term goals such as an emergency fund or a rainy day fund. Many people overlook savings accounts because of the relatively low long-term returns that one can expect from a savings account compared to the anticipated returns of other long-term investments. Before you place your cash in a standard bank account, here are some pros and cons to having a savings account.

Benefits of savings account

  • Low-Risk Investment
    • With long-term investments, you’ll usually lose money over the course of days, weeks or months, but with a savings account, your balance will only go up – that is, unless you withdraw money from it.
  • Easily Accessible Account
    • Most savings accounts can be accessed at any time through an ATM. This is why a lot of people use a savings account as an emergency fund – you can easily access your funds and immediately have the cash to deal with an urgent problem.
  • Earn a (Small) Return
    • Some savings accounts can earn up to 2% interest. Although it’s a small return, every little bit helps and the more you put in your savings account, the more interest you will earn.
  • Low to No Minimum Balance
    • Most banks offer savings accounts with an extremely low minimum balance and in many cases, you can open a savings account with $100 or less.
  • Safe Way to Save Money
    • The money that you deposit into a savings account is automatically protected by the FDIC up to $250,000. This means that if your bank goes out of business, the money in your account will be safe.

Concerns of a savings account

  • Low Return
    • Savings accounts differ from other types of investments and the full potential of your money isn’t always realized, especially when you compare it to other investment opportunities.
  • Limitations
    • Some common limitations include having a minimum dollar amount to activate the account, requiring a minimum balance in the account at all times – or else penalty fees are charged, and limiting the number of transactions in a particular period.
  • Easier to Spend
    • It is a lot easier to spend your money when it is so easy to access. If this is something you’re worried about, consider choosing a Certificate of Deposit versus a regular savings account. CDs offer a higher interest rate and you lose immediate access to the funds unless you’re willing to pay an early withdrawal penalty.

At Points West Community Bank, we offer a variety of Savings Account options, such as:

  • Student Savings Account
  • Savings Account
  • Corporate Savings Account
  • Individual Retirement Accounts
  • Health Savings Account
  • Certificate of Deposits

Let us help you accomplish your financial goals and open up your savings account today. Get in touch with your local banker to find out more!

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What Documents Do You Need to Apply for a Home Loan?

Home Loan image with small house and set of keys sitting on money

Congrats, you’re finally ready to buy a house! But, before you can truly start looking – you’ll need to get pre-approved for a mortgage loan. Whether you’re applying for a home loan for the first time, or you’re an experienced buyer, there are some important things to keep in mind to make sure the process is simple. Here are some examples of what your mortgage lender will need when you are applying for a home loan.

Tax Returns

Mortgage lenders typically want to see one to two years worth of tax returns to make sure your income is consistent and that there aren’t big fluctuations from year to year.

Pay Stubs, W-2s or Other Proof of Income

While your tax returns help give your lender a clear idea of your overall financial health, pay stubs help them gauge your current earnings. If you are self-employed or a contract worker, make sure you have paperwork showing your earnings from the past year and a Year-to-Date Profit & Loss statement. If you rely on other income, such as social security or alimony, a statement of benefits would be requested.

Bank Statements & Other Assets

Bank Statements and other assets including investments and life insurance are necessary to verify the down payment. Bank lenders may also want to make sure you have several months worth of reserve mortgage payments in your account in case of an emergency.

Credit History

Lenders will often pull your credit report in order to assess you as a borrower. You may need to explain negative items on your credit and prepare a written statement. If you don’t have a credit report, your renting history or canceled checks can be used instead.

Photo ID

You’ll need to provide a photo ID, such as a driver’s license or passport, to prove your identity.

The exact forms you will need for a home loan will depend on your situation and speaking with your mortgage lender or bank will help you assess exactly what you need to apply.

When it comes to home loans, Points West Community Bank can help you find the right loan for your needs. We take pride in our helpful staff and the products we offer. Please contact one of our friendly loan professionals today.

Points West Bank is an equal housing lender.

 

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Points West Community Bank to Open Second Greeley Location

Points West Community Bank will be opening a second location in Greeley later in 2019. “Points West has been working for several months to secure the historic spot at 940 9th Avenue in Downtown Greeley, formerly home to Woody’s Newsstand” said Mark Brase, Colorado President of Points West Community Bank. “We see this as an amazing opportunity to better serve our existing customers, and expand the banking options for businesses and consumers in the greater downtown area”, Brase continued.

The bank has been working with a local contractor, architectural, and design teams to reimagine the space once known for newspapers, cigars, and coffee into a state of the art community bank that will expand upon its current footprint at 6801 West 20th Street. Tim Ulrich, Greeley Market President for Points West said, “We believe that downtown Greeley is the perfect place for Points West. We’re community focused: we support local businesses, we make decisions locally, we support local causes, and see the strength of the vibrant downtown community. We can’t wait to share our story, and become part of the history of such a local downtown landmark.”

While details are still being finalized, Brase and Ulrich both stated that the building which for so long had served as a gathering spot for generations in Greeley will still serve that same purpose and that most certainly coffee will continue to be a daily part of the staple of the building.

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Mobile Banking at Points West Community Bank

A girl using mobile banking on her Iphone

Everyone is on the go and the grind doesn’t stop! Your busy life might keep you from being able to get to the bank during regular hours. Most people, especially millennials, are connected at all times through their mobile devices, and their banking efforts shouldn’t be any different. This is why Points West Community Bank offers mobile banking for Android and iOS users.

What is mobile banking?

Mobile banking allows our customers to manage their bank accounts and financial transactions remotely through a mobile device like a smartphone or tablet. These transactions include deposits, money transfers, and electronic bill payments. These can be done with ease through the Points West Community Bank app.

What are the benefits?

One of the greatest benefits of mobile banking with Points West Community Bank is that you can deposit checks into your accounts at any time of day. The PWCB Mobile deposit can accept most check types, including money orders, payroll, and personal checks. This makes it convenient for you to deposit checks at a time that best fits your busy schedule. Another benefit of mobile banking is the ability to check your accounts in real time. You can also transfer money between your accounts as needed through the app, saving you a trip to the bank and the stress of possibly overdrawing your account.

Where can I get the Points West Community Bank app?

You can download the app on the app store for both Android and iOS devices. The app is free and once downloaded, you will have all the benefits of banking with Points West Community Bank at your fingertips. Enjoy access to the information that you need, when you need it!

Points West Community Bank is insured by the Federal Deposit Insurance Corporation.

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Small Business Checking Accounts

small business owner working on laptop with a cup of coffee in hand

When choosing a bank for your small business checking account, there are countless things to consider. From minimum balance requirements to monthly transaction fees, all the expenses can add up fast. For small businesses in Colorado, it is important to select a business checking account that puts more of your revenue back into your business. At Points West Community Bank, we’ve created small business checking accounts that work for you instead of charging more and offering less.

 

No Minimum Balance

Running a small business often means making tough financial decisions. Whether you need to spend your earnings on new business cards and signage or are making an investment in your business by increasing your inventory, there are times when you need to make hard choices that require spending your cash on hand. At Points West Community Bank, we understand that small business owners need to take risks like this to grow. That’s why our small business checking accounts have no minimum balance requirements. Instead of worrying about being charged a fee to grow, we support local Colorado businesses by eliminating fees.

 

Eliminating Monthly Fees

In addition to eliminating minimum balance fees, Points West Community Bank does not charge a monthly service fee. This means more of your hard-earned cash can go directly into your business for whatever expenses you need to cover. Instead of worrying about bank fees, you can focus on hiring more employees and handling payroll. Plus, with 1,000 free monthly transaction items, with additional items only $0.25 each, you can focus on sales. Finally, every small business owner knows that making regular currency deposits is crucial to success. Because of this, every small business checking account includes unlimited currency deposits. And with eight locations throughout Northern Colorado, making a deposit is simple and convenient.

 

At Points West Community Bank, we know that small businesses are the backbone of the local economy. For that reason, we’re making it easier for Colorado business owners to keep their money invested in their companies. With no minimum balance requirements, no monthly service fees, and 1,000 free monthly transactions, our small business checking accounts are the perfect match for your small business. Contact a local banker today to set up your account!

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