GCS Credit Union
GCS is a full-service financial institution serving the following counties in Illinois: Sangamon, Logan, Macon, Marion, Jefferson, Perry, Jackson, Williamson, Jersey, Macoupin, Montgomery, Madison, Bond, Clinton, St. Clair, Monroe, Washington and Randolph.

Exploring Retirement Savings Options to Secure a Bright Future

Piggy Bank with retirement formula

If you’re looking ahead to your retirement years, it’s important to begin saving now, even if you are a young professional and just started your career. Consider the following retirement savings account options from your local credit union to build a financially secure future for you and your loved ones.

401(k) Savings

A popular savings account option for retirement is the 401(k) savings plan. This savings account allows you to begin saving for your retirement years either as an employee or a business owner. This retirement plan started in the 1980s, focusing on contributions and benefits provided by the wage earner rather than the employer. After every paycheck you receive, you can deposit part of your earnings into your 401(k) retirement fund. This money you deposit reduces your taxable income, as any interest gained by your retirement account is tax-free.


An IRA is an Individual Retirement Account. These types of retirement savings accounts provide tax benefits to the owners or beneficiaries of an IRA. A Roth IRA offers tax-free withdrawals, while a traditional IRA features tax-deductible contributions. An SEP IRA allows your employer to make contributions to your retirement fund as well. The various IRA accounts offered by GCS Federal Credit Union provide multiple benefits. These retirement IRAs feature competitive dividend rates and monthly paid dividends. Many retirement savings accounts often require a minimum balance. At GCS Federal Credit Union, your IRA account requires no minimum balance so you are free to contribute whatever you would like.


For an IRA account, you are required to select a beneficiary to receive your retirement benefits. With an IRA savings account, there are specific tax stipulations that may influence your beneficiary choice. Your inherited assets, such as bank accounts and stocks, are bestowed upon your beneficiary without paying taxes. In order to receive your retirement benefits without paying income tax, your beneficiaries are required to meet specific tax requirements, which vary by state.

In all of your retirement planning, it’s essential to keep thorough documentation of your financial plans and goals. Discuss your current financial state by scheduling an appointment with one of the retirement account experts at GCS Federal Credit Union. Call us today at (618) 797-7993.

Ways You Can Benefit From a Personal Loan

Approved Loan Application on a desktop

Are you contemplating applying for a personal loan for your current financial expenses? If you live in the O’Fallon, Illinois area, visit GCS Federal Credit Union to learn more about your personal loan options, and continue reading for additional information.

  • Credit Reliability

After applying and being approved for a personal loan, you have the opportunity to improve your credit history. Part of the criteria that influences your credit score is your payment history. Maintaining the balance of your personal loan allows you to show your reliability by making payments on time. Paying sizeable installments of your balance in a timely matter shows that you are a responsible borrower, but any amount of payment demonstrates low credit risk.

  • Credit Diversity

If you have only one credit card, applying for a personal loan allows you to diversify your credit. Another important factor that determines your credit score is the diversity of your credit. Applying for an auto loan or other types of personal loans shows that you are a responsible borrower capable of managing varieties of loans. Personal loans can carry a greater risk for credit unions and banks, so being approved and properly managing this type of loan demonstrates your dependability as a borrower.

  • Consolidated Debt

Being approved for a personal loan creates the opportunity for you to consolidate your existing debts. While these types of personal loans tend to have higher interest rates, they are not based on any of your assets, such as your car or home. Instead, a personal loan allows you to consolidate your credit card debt or auto loan balance and improves your cash availability.

  • Loan Flexibility

When applying for a personal loan, you have several options to choose from. At GCS Federal Credit Union, we offer open-end and close-end personal loans. An open-end loan provides you with a constantly revolving line of credit, which gives you access to cash without a reapplication process. Close-end loans have fixed interest rates for up to 48 months and can range from approval for $500 to $15,000.

If you’re interested in applying for a personal loan from the financial professionals at GCS Federal Credit Union, call us today at (618) 797-7993.

Getting the Most out of Your Credit Card

Using a credit card is often a balancing act. You want to use your card to build credit, but also pay off your debt on time so your credit score remains high. This requires a lot of responsibility and understanding of how credit works. To find tips on how to get the most out of your credit card, keep reading.

  • Pay Off Your Debt Each Month

From the time you’re approved for a credit card, you’ll need to consider your credit rating. The best way to keep your credit score in the 720s or higher is to pay off your debt each month. If you put $300 on your credit card this month, strive to pay every cent the following month, or sooner. By paying off the balance entirely, you can avoid interest payments altogether. At the very least, make the minimum payment; no matter how much you put toward your debt, always pay on time. This way, your interest payments won’t spike and your credit score won’t be harmed. But remember, paying only the minimum balance will incur increasing interest payments and may hinder future credit opportunities.

  • Stay Away From Your Limit

If you get carried away with your credit card and can’t pay it off right away, be careful not to approach your limit. Spending near to your total available credit will harm your credit score. Try to make large payments as often as you can and limit your use of your credit card until you have paid it off.

  • Spend Responsibly

As a general rule, it is more responsible to use your credit card for small expenditures that can be paid off immediately or large, but necessary, expenditures that would be impractical to pay for in cash or all at once. However, try to avoid expenditures that will take more than two to three payments to pay off.

If you’re ready to apply for a credit card, stop by GCS Federal Credit Union. We’ll counsel you on how to use your new credit card responsibly and are available to help you if your debt spirals out of control. To begin building credit, call (618) 797-7993 or visit us today.

Shopping from home

Join GCS at Kidmania on March 3rd!

Join the Edwardsville/Glen Carbon Junior Service Club and GCS Federal Credit Union on March 3rd for Kidmania! Multiple vendors will be set up selling great items just for kids! All proceeds go back to the community to help families and other organizations. Click the link for all the details!


Learn More About Budgeting Your Money with the Help of These Resources!

credit cards on dollars

Managing money is difficult for many people, but budgeting, spending, and saving can be simple if you follow some basic financial advice. Explore the following resources on creating a budget, managing money, qualifying for home loans, and more.

  • Forbes.com explains why everyone can benefit from budgeting.
  • Follow these 10 tips for preparing a successful budget and stay out of debt for good.
  • Are you worried that your teen is unprepared when it comes to managing his or her money? If so, use the advice from this article to teach your teen to be responsible and smart with money.
  • Read through this article to find information that can help you teach your teen how to manage spending habits.
  • If you’re unhappy with your bank, check out this article to learn how you can benefit from banking with a credit union.

If you need a loan, personal financing support, a new savings account, or better banking services, join the community that chooses GCS Federal Credit Union. Call us at (618) 797-7993 today.

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