GCS Credit Union: Who We Are

O'Fallon Location

For over 70 years, GCS Credit Union has provided financial products and services for members in O’Fallon, IL and the surrounding counties. Founded in 1941, GCS Credit Union has always focused on you, the member. We are big enough to offer all of the products and services you would expect at a traditional bank, but small enough to offer customized financial services to meet your ever-changing needs. Whether you’re looking for a high-yield savings account or a low-interest auto loan, you can find all of the financial services you need at CGS Credit Union.

When you’re ready to become a member , GCS Credit Union is here for you. To learn more about the financial services we offer to our members, visit our website or call us at (618) 797-7993. You can also visit our branch today to become a member at our credit union. 

Why You Should Start Saving for Retirement Now

Even though the thought of retirement probably doesn’t loom large on the horizon for you if you are in your 20s or 30s, the very fact that you’re young gives you a huge advantage if you want to be rich in retirement and truly enjoy your golden years. The longer your money sits and matures in a savings account , the more you will have during your retirement. To help motivate you to start saving, here are three reasons why you should put away for your retirement while you’re still young. 

Saving for retirement concept

More Money for Retirement

If you start saving money in your 20s, you will have a big leg up on someone who starts saving in their 30s or 40s. For example, if you put away $2,000 a year starting at 25, you’ll have around $560,000 after 40 years, assuming earnings grow at eight percent annually. If you put the same amount away each year but you start saving when you are 35, you’ll wind up with about less than half the money by the time you’re 65.

Less Stress and Worry Later On

Saving for retirement is difficult no matter when you start putting money away, but the earlier you start saving, the less stress and worry you will have later on. It may be difficult to find any extra money to put aside with student loans and credit card debt looming over you, but tightening your belt and saving whatever you can now will make it much easier than if you wait until you are well into your 30s and 40s.

If you’re looking for a high-yield savings account at a financial institution you can trust, contact GCS Credit Union . Located in O’Fallon, IL, our member-owned credit union can help you get your finances in order and start saving for a comfortable retirement. For additional information about our share account rates, visit our website or call us at (618) 797-7993. 

Stash Your Cash at GCS Credit Union

You set a budget each month, you don’t use credit cards unwisely, and you take every opportunity to trim your expenses. You work hard to save your money, so make sure you keep it at a financial institution you can trust. Here at CGS Credit Union, we offer a variety of savings accounts that can help you stash your cash and watch it grow. To get a look inside our credit union in O’Fallon, IL, check out this short video clip. And to learn about becoming a member , contact us online or call us at (618) 797-7993. 

Better Than a Bank: The Credit Union Advantage

There seems to be a lot of debate about the benefits of joining a credit union versus keeping you money in a bank. Unfortunately, it really isn’t much of an argument. Credit unions offer the same financial products and services as traditional banks, but often with fewer or lower fees. If you’re sick of not having a voice in how your bank is operated, read on to learn about some of the benefits of becoming a member at your local credit union. 

Best choice concept

Higher Interest Rates

Compared to traditional banks, credit unions offer more “bang for your buck.” For starters, credit unions typically pay higher interest rates on all deposit accounts including savings, money market, and checking accounts. This is largely because credit unions are not-for-profit, so surplus earnings are returned to members in the forms of higher dividends, lower loan rates, and free or low-cost services.

Flexible Loans

If you have a blemished credit history, you may find it hard to get a loan or open a credit card at a big bank. This is because banks process thousands of applications a month, so they streamline the process by setting strict income and credit score requirements. Credit unions, on the other hand, are more willing to work with you even if you have a troubled financial past.

Fast and Personal Service

Big banks have thousands of locations all over the world, making it nearly impossible to find a teller who even recognizes you, let alone remembers your name. Because credit unions have small branches located in your home town, they can offer fast and personal service not found at traditional banks.

To learn what personal banking feels like, visit GCS Credit Union. Located in O’Fallon, IL, we provide our members with first-class financial products and services , with the personal touch only found at a credit union. For information about becoming a member, visit us or call (618) 797-7993 today.  

GCS Personal Loan Options

When you need extra money for a purchase, where should you turn? GCS Credit Union has a range of personal loans designed to help you bridge a financial gap for everything from bill consolidation to a vacation. Although personal loans might have slightly higher interest rates, they also usually don’t have any fees attached. 

Loan concept

An open-end loan is a line of credit that works much like a credit card. With an open-end loan, the money is available to you whenever you need it without having to re-apply every time you need cash. A closed-end loan is a fixed-period loan with a specified repayment period. Our vacation loans offer flexible repayment terms, making your dream trip within reach. If you want to get your debt under control and reduce interest rates on your balances, a consolidation loan may be right for you.

Make an appointment at GCS Credit Union in O’Fallon and find out which personal loan is right for you. Don’t forget to also get answers to your questions about our auto financing, debit cards, and more. Call us now at (618) 797-7993. 

How to Tackle Debt and Reclaim Your Financial Wellbeing

Debt can stand in your way of doing the things you want to do, like getting auto financing or buying a new house. Don’t let past debt control your financial future. Make a plan to deal with your debt and take charge of your money so you can accomplish your financial goals. Follow this advice to say goodbye to your debt for good.

Family expenses

Create a Budget

To pay down your debt, you’ll need to shift money from some of your current expenses over to your payments. Write out a monthly budget you can stick to that includes your debt payments. Keep in mind that your budget doesn’t have to be overly strict, and it doesn’t have to leave you with no money for enjoying your life. By writing out a budget, you may be surprised by how much money you’re actually wasting on things you don’t need. The key is to create a budget that makes your spending more efficient so you can reduce your debt.

Deal with Creditors

If you are facing a financial hardship and have bills you know you can’t pay, contact your creditors right away. Creditors are often willing to make payment revisions to help you avoid default. If you put off contacting your creditors or consolidating your debts, your accounts could be turned over to a debt collector, and then you will be unable to negotiate with your original creditor.

Consider Financial Counseling

Sometimes, the cause of debt is clear. For instance, if you fell behind on your bills because of job loss or an illness, then you understand the source of your debt issues. However, if you think you need help managing your money to avoid future debt, try a non-profit financial counseling service. They can help you with budgeting and smart financial strategies.

GCS Credit Union has many tools you can use to manage your budget. Only spend what you have by using a debit card tied to a checking account , and earn great rates on your savings with our CDs. Explore all of our O’Fallon credit union’s services by calling (618) 797-7993. 

Tips for Making Saving Simple for Young Children

One of the greatest gifts you can give your children is the knowledge they need to be financially savvy adults. It is never too early to start teaching kids about saving money. The trick is to use age-appropriate techniques to get them excited about saving.

Watch this video for great tips for getting your kids to save money. Young kids may prefer to save money at home in a piggy bank, but take older kids to the credit union to open up their own savings accounts to give them a sense of responsibility. 

At GCS Credit Union in O’Fallon, we have several accounts designed to encourage young people to save money. Call our credit union today at (618) 797-7993 and ask about our youth savings accounts

Deciding If You’re Ready to Buy a House

Buying a home is one of the most exciting—and biggest—decisions you can make. The most significant concern most people have is whether they are financially ready to qualify for and pay a mortgage, but there are other factors at play as well. If you think you’re ready to start house shopping, it is important to get your credit union involved early in the process. They can help you understand how much house you can afford and what you need to do to get a home loan. Should you invest in your first home? Here are some things to consider.

Drawing house on chalkboard

Do You Have a Down Payment?

You’ll get the best deal on your mortgage if you can put down a good-sized down payment . Expect to pay about 20% of a house’s asking price to get a competitive loan. There are ways around having a sizeable down payment, including taking out a piggy-back personal loan, but getting a mortgage without a down payment could force you to pay more for your home for longer. Likewise, if you don’t have a down payment, you’ll be slow to build equity in your house. If you were ever forced to sell the home quickly, you could lose money.

Is Your Income Reliable?

Investing in a home means taking on a long-term financial obligation. If your job is less than stable or if you plan on making another big financial leap, like starting a family, then make sure you will still be able to meet your mortgage payments before you buy a home.

Have You Checked Your Credit Score?

The better your credit score, the better the rates you will get on your mortgage. If your score could use a little work, get current on your payments before thinking about a mortgage. Also be sure to have any incorrect information removed from your report.

Let GCS Credit Union in O’Fallon help you get ready to buy your first home. In addition to our convenient checking accounts and debit cards, we offer great rates on mortgages . Start exploring the possibilities today by calling our credit union at (618) 797-7993.