Earth Day

Today is Earth Day! Do you want to help? BrightStar can help you Go Green & Save Green! BrightStar’s Green Auto Loan program provides rate discounts of .50% APR for qualifying vehicles. Check it out
https://www.bscu.org/gogreen/index.htm

What should I do with my tax return?

Some treat their tax return as a savings account. For them, that amount that’s withheld and then refunded is like a deferred deposit – the check just doesn’t clear until late winter or early spring, when we get those returns in the mail.

For high-income people, this isn’t the wisest strategy: they miss out on interest they’d accumulate by depositing right away. But for those who struggle to save because the budget is tight – often lower-income, younger folks – it may indeed make sense to withhold, because they don’t miss out on much interest – just on the chance to splurge throughout the year. A healthy tax return can be their saving grace.

Without further ado, then, we return to that question: what are we to do with that tax return? There are thousands of ways to use that check, but I’d like to delineate two very general categories first: paying off debt and saving.

• Pay off your debts. When you have extra cash sitting around, your first priority should always be to eliminate debt, because compound interest digs that hole deeper every month. Unlike your savings account, most of which look to grow, on average, at 0.5% this year, your credit card debt piles up at 15% – 30 times the rate! The answer is pretty clear: get rid of debt before it multiplies.
•  Save once you’ve settled your debts. As we’d suggested earlier, there are thousands of ways to save, with so many accounts competing for your attention.
• There is, however, a first step that everyone should take. It’s not a specific type of savings account; it’s more of a savings strategy. It’s a safety net in case of a drop in income, and it’s called the Rainy Day Fund.
•  Most financial advisors recommend it comprise 3 months to even a year’s worth of living expenses. That’s all your non-discretionary expenses, like rent or mortgage payments, insurance – everything you must pay lest you face severe penalties. The account you choose for this emergency fund can be one of many – skip to the next step to learn more on that front.
•  Beyond the Rainy Day Fund, there are several other ways to save, and it all depends on your needs. If you have children, you might put it toward their college fund. If you’re a big shopper, you might want to save for the holidays next year. The list goes on.
•  Pick the account for you. When do you open a savings account – or as you reevaluate your current account – you should know the general differences between them. Again, there are too many finer points for this article to name, but generally you should know that regular savings accounts will yield the least interest, money market accounts a bit more, and CDs even more than that, at least usually.

Before you run out to BrightStar, though, know that lower interest isn’t always a bad thing.

Why? Well, the rule of thumb in banking is this: the lower the interest, the greater the liquidity. In other words, you may not earn much on that regular savings account, but you have much freer access to your funds that you would on a 5-year certificate of deposit. Your choice depends on how much cash you already have to throw around, say in a checking account, and how much you’ll need.

Now that you’ve got the basics down, you’re ready to start weighing your options. There’s plenty of research you can do online, and, when you’re ready, stop by BrightStar to get rates and all the relevant details.

Michael D. Anderson writes for NerdWallet.com, a consumer finance comparison website.

Have it Direct Deposited to Your BrightStar Account.

Don’t wait for snail mail. Direct Deposit to your BrightStar CU account is the faster and safer way to receive your tax refund. Taxpayers who choose Direct Deposit can get their refunds much quicker. More than 73 million taxpayers chose Direct Deposit in 2012. It’s secure and eliminates the possibility of your refund check being lost, stolen or returned to the IRS as undeliverable.

To have your tax refund Direct Deposited to your BrightStar account, use the following information on your tax forms:

• The BrightStar CU routing number is 267078299.
• Make sure to select correct account type – Checking or Savings.
• Your Checking account number is the 13 digit number that appears on the bottom of your checks, after the routing number.
• If you prefer funds to be deposited to your Savings account, the numbers will be your member number followed by your 2 digit account suffix/type, exclude any leading zeros or dashes
• If you don’t know your suffix, call us, check your statement, or view your suffix using Online Banking.

Love Fest

This gallery contains 9 photos.

The $382 million BrightStar Credit Union in Sunrise, Fla., sponsored Love Fest last week at the Young at Art Museum in nearby Davie, Fla. More than 700 children and adults got together to make Valentine’s Day cards, puppets and prints. Photo opps with the credit union’s mascot, “Cosmo”, in front of the “I Love You” […]

BrightStar Credit Union raises $21K to help SuperStorm Sandy victims

 Based in Sunrise, and one of the largest credit unions in south Florida with 50,000 members, BrightStar raised a total of $21,133 for the American Red Cross to assist in the Hurricane Sandy Relief effort. BrightStar collected a total of $11,133 from members and employees through their six locations in Broward County. BrightStar then matched that amount up to $10,000 for a grand total of $21,133. A financial gift to the American Red Cross Disaster Relief Fund enables the Red Cross to provide shelter, food, counseling and other assistance to those in need.

Real New Year’s Resolutions for Your Wallet

Laura Edgar is a senior writer for NerdWallet.com, an unbiased consumer finance website committed to promoting financial literacy.

This year, make it a priority to get your finances in order. Resolutions like “save money” or “spend less” are well intentioned, but they don’t constitute a plan of action. You’re more likely to stick to your resolutions if they’re simple, clear and action oriented. Here are a few suggestions from the financial literacy experts at NerdWallet to keep you on track.

I will not pay checking fees

Most bank customers pay an average of $117 in fees per year for things like overdrafts and out-of-network ATM use. As a member of a credit union, you’re already on track to save money. BrightStar’s free checking account gives you access to thousands of free ATMs nationwide, plus other great perks like a rewards debit card and free financial counseling. You can help keep your account free by monitoring your balance online, building up a reserve in your savings account avoiding overdrafts. If you don’t already have a checking account with BrightStar, now’s a great time to get one. You’ll get  $100 just for signing up.

I will pay off my student loans

If student loan debt is “good debt”, Americans have too much of a good thing.

According to the New York Federal Reserve, the average student loan debt is now greater than the average credit card debt. In fact, student debt now exceeds $956 billion in total, and the average borrower graduating in 2011 owed $26,600. Yikes! Educate yourself about your repayment options and find a sustainable solution that works for you. If you’re still in school, don’t borrow more than you need.

I will get out of debt

The average American household credit card debt is $7,150. You can pull yourself out by creating a debt repayment plan. We recommend prioritizing your debts by interest rate. If you pay the one with the highest interest rate first, you’ll end up spending less money to pay down your debts over time. We also recommend enlisting professional help. Take advantage of BrightStar’s free financial counseling services for members, offered in partnership with Balance.

I will start saving for retirement

Did you have a 401(k) at your previous job? Now is a great time to roll it over into an IRA. Don’t have a 401(k)? Consider getting an IRA anyway. Most retired people can’t count on employer benefits or social security (or even both!) for all their financial needs, so it’s important to build a nest egg for yourself. IRAs have the added benefit of letting you save for retirement tax-free. What’s not to like?

I will talk about money and estate planning with my partner and my family

Most people have a hard time talking about money. For couples, it’s often harder. Nevertheless, it’s better to have that awkward conversation sooner rather than later. How else can you make sure your family and your assets are protected in your absence? Write your will, look into life insurance, and check in with older family members like your parents to see what their plans are.

BrightStar CU has two reasons why people in South Florida may want to join. First, we offer a $100 to new members who open our free checking account. Second, BrightStar has some competitive CD & IRA CD rates. Read more http://bit.ly/UKAKfK

Toy Drive! We’re Collecting Toys at Our Branch Locations.

Help Spread a Little Holiday Cheer! BrightStar Credit Union is holding our Annual Holiday Toy Drive. The toy drive is a great way for members and BrightStar employees to help make a difference. We have partnered with Family Central Inc. on this project.

We’ve placed a Toy Drive drop box in each BrightStar location for you to make toy donations. NEW unwrapped toys are needed for ages infancy to 17 years. Please click here to view a list of suggested items. The deadline to drop off toys at BrightStar is Monday, December 10, 2012. Gift cards and movie passes are also welcome.

Help spread the word about the Toy Drive so we can collect as many toys as possible for needy kids. Even small donations can go a long way.  We are still collecting donations for the victims of hurricane Sandy. Have a wonderful Holiday Season, and thank you for your support.