Skagit Asset Building Coalition
The Skagit Asset Building Coalition is a collaboration of community organizations and businesses working to ensure our neighbors in Skagit County have the resources to achieve financial stability. The mission of the Asset Building Coalition is to promote pathways to prosperity through financial stability by fostering collaboration throughout Skagit County. Its goals are:
- To increase access and participation in asset building tools and services to achieve success in the Learn, Earn, Save, Invest, & Protect framework.
- To increase cooperation among agencies and individuals working to address financial stability.
Who participates? Why should someone be part of it?
Participants can be any representatives of any local social service, government, or financial institution interested in helping their low to mid-income clients build personal financial skills and develop their assets. The more participants we have, the more information we can share amongst each other.
Meeting information:
The Skagit Asset Building Coalition meets monthly on the fourth Wednesday of the month from 1-1:45 PM via zoom. They do not meet in August. For more information or to get on their mailing list contact Sandi Phinney.
Asset Building Resources:
- Financial Health Workshops: Banking Basics, Smart Money, & Credit Confidence
- Information about Banks and Banking Resources
- Information and assistance applying for the Working Families Tax Credit
- Benefits Planning to help you set SMART goals, develop your budget, navigate your benefits, and plan for the future with confidence
- Services such as Energy and Utility Assistance to help you stretch your dollar further or Education and Employment Programs to help you improve job skills
- Resources and information about Financial Assistance Programs such as Paid Family and Medical Leave (there is a good chance you are eligible for this!), GET plan for college savings, and more!
Resources
These are some of the Savings Resources available in Skagit County.
| Organization | Workshop | Frequency & Contact |
|---|---|---|
| Chase Bank | Chase Chats: Discuss a money topic once a month | Once a Month, call to get signed up |
| Columbia Bank | Retirement planning seminars, first time home buyers, and succession planning | Periodically, ask at a branch |
| North Coast Credit Union | Balance Financial Fitness, which provides our members with free financial counseling and online training. | Ongoing |
| US Bank | First Time Home Buyers Workshop | Offered Quarterly, ask at a branch |
| Wells Fargo | Various workshop series available for businesses and groups | Available by request |
A savings account that doesn’t charge fees is a great way to build your savings whether it’s for emergencies, vacations, repairs, or what’s most important in your life. These accounts do not charge any fees to be set up, maintained, or deposit money into.
Free Savings Accounts in Skagit County:
| Financial Institution | Name of Account | Requirements |
|---|---|---|
| Chase Bank | Chase Savings | $300 minimum balance, OR $25/month automatic transfers from a linked checking account, OR under 18 years old to waive $5/month fee |
| Columbia Bank | Everyday Savings | $300 minimum balance, or $25/month automatic transfers from a checking accounts, or under 18 years old to waive $3/month fee |
| North Coast Credit Union | Free Savings | $5 balance to open |
| North Coast Credit Union | Build a CD | $25 balance to open |
| Peoples Bank | Personal Savings Account | $100 balance to open, $300 minimum daily balance to waive $3/month fee |
| US Bank | Standard Savings | $300 min balance to waive $4/month fee |
| US Bank | STAR Savings | Under 18 years old with guardian listed on account |
| Washington Federal | Minor Savings | $10 minimum opening balance, under 18 years old with guardian listed on account |
| Washington Federal | Passbook Savings | $100 minimum balance to waive $3/month fee |
| Wells Fargo | Way2Save Savings | $25 deposit, $300 minimum daily balance OR A recurring, automatic savings option to waive $5/month fee |
| Wells Fargo | Minor Savings | $25 deposit, Under 18 years old with guardian listed on account |
Having an account with a financial institution is the easiest way to keep your money safe. If you’ve had challenges with an account in the past, many financial institutions will still work with you though a “Second Chance” account. These opportunities are more flexible with account history than regular accounts, and vary on what is required to open one. These may be Checking or Savings accounts, either are great ways to restart a relationship with a financial institution.
| Financial Institution | Account Name | Requirements |
|---|---|---|
| Chase Bank | Secure Checking Account | $4.95/month fee |
| Columbia Bank | Foundation Checking Account | N/A – Debit card or online payments only |
| North Coast Credit Union | Taking the Next Step Español | English | N/A – We strive to say “yes” to our members. |
| North West Plus Credit Union | All accounts are open | N/A – Anyone can open an account |
| US Bank | Safe Debit Checking | Are not a Perpetrator of Financial Fraud |
| Wells Fargo | Opportunity Checking | $25 opening deposit, $1,500 daily balance or $500+ monthly direct deposit |
Building your savings while still in school is a great way to start off on the right foot! A 2013 study found that even having savings of less than $500, a student is 25% more likely to enroll in college and 64% more likely to graduate.
Whether you’re looking to set up savings for yourself or someone you know, these resources are a great place to start!
| Financial Institution | Resource | Requirements |
|---|---|---|
| Chase Bank | Free Savings Account | Under 18 years old with guardian listed on account; Linked to College Checking for Overdraft Protection |
| Chase Bank | High School Checking Account | 13-17 years old with guardian listed on account |
| Chase Bank | College Checking Account | Proof of Student Status |
| North Coast Credit Union | Free Youth Savings Account | $5 opening balance |
| North Coast Credit Union | Report Card Rewards: when a student presents their report card, we will deposit $5 into their account and give $5 to Operation Warm. | Have an open savings account |
| Northwest Plus Credit Union | Smart Accounts: Get paid for earning A’s, eligable for NW+CU college scholarships | Under 18 years old, $5 minimum balance |
| US Bank | Student Checking | Be a student |
| Washington Federal | School 2 Save: Open account with $5, Washington Federal matches with one-time $5 deposit | Under 18 years old with guardian listed on account |
| Washington Federal | Open CD with $500 (regular minimum: $1,000) | Under 18 years old with guardian listed on account |
“A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.” – HealthCare.gov
| Financial Institution | Requirements |
|---|---|
| Columbia Bank | $100 to open, $2.50 monthly fees dropped with $2,500 minimum balance, Earn interest with $500 balance |
| North Coast Credit Union | Free account, no minimum balance, paired with a High Deductible Health Care plan |
| Peoples Bank | $100 to open, paired with a High Deductible Health Care plan |
| Branch | Languages Available |
|---|---|
| Chase Bank – Fred Meyer, Burlington | Spanish; Over-the-phone translation for in-branch services available |
| Chase Bank – East College Way, Mt. Vernon | Spanish; Over-the-phone translation for in-branch services |
| Columbia Bank – Burlington | Spanish |
| North Coast Credit Union – Mount Vernon | Spanish |
| North Coast Credit Union – Sedro-Woolley | Spanish |
| Peoples Bank – Burlington | Spanish |
| Peoples Bank – Mount Vernon | Spanish |
| US Bank – Riverside, Mt. Vernon | Spanish, Russian, Ukrainian, Punjabi, Hindi |
| US Bank – Downtown Mount Vernon | Spanish |
| US Bank – Anacortes | Spanish |
| Washington Federal | Over-the-phone translation available for in-branch services available |
| Wells Fargo – Riverside, Mt. Vernon | Spanish |
| Wells Fargo – Burlington | Spanish |
| Wells Fargo – Sedro-Wooley | Spanish |
“An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).” – IRS.gov
Many financial services can be accessed with an Individual Tax Identification Number as well as a Social Security Number.
| Financial Institution | Services available with an ITIN | Other Requirements |
|---|---|---|
| Chase Bank | All accounts and services (also available without ITIN) | Passport or Matricula; Secondary ID must have current US address |
| Columbia Bank | All accounts and Check Cashing services | Two pieces of Identification |
| North Coast Credit Union | All accounts | Government Issued Picture ID |
| Northwest Plus Credit Union | Checking and Savings accounts | N/A |
| Peoples Bank | All accounts | N/A |
| US Bank | All deposit accounts, applying for non-real estate credit | N/A |
| Wells Fargo | Checking & Savings accounts | If no ITIN, must present passport and consular card |
Buying a home is not only something to strive and save for, it’s also a great way to build savings and assets! By paying a mortgage as opposed to rental fees, your money goes towards building your own wealth as opposed to your landlord’s wealth. With the current rental markets, mortgage payments might also be smaller than rental payments.
If you’re a first-time home buyer, these are some resources to help navigate the long process involved in becoming a home-owner.
| Financial Institution | Service/Resource |
|---|---|
| Chase Bank | Home Lending Adviser Consultation available |
| Columbia Bank | FHA, VA, USDA Loans; Home-buyer Tips and Trends; Periodic home buying workshops |
| North Coast Credit Union | Standard Home and Construction Loans; Loan servicing – doesn’t sell your loan |
| Northwest Plus Credit Union | USDA & Conventional Loans |
| Peoples Bank | FHA, VA, & Conventional Loans; Loan Officers who regularly work with first-time homebuyers |
| US Bank | FHA 30 yr fixed & USDA loans; Home Possible by FHLMC, American Dream, & Home Ready by FNMA |
| Washington Federal | Standard Home Loans; team members available to talk through decisions; Does not sell loans |
| Wells Fargo | First down payment assistance (income requirements) |
Partners
Columbia Bank – Headquartered in Tacoma, WA, Columbia Bank is the Top Ranked Washington Bank by Forbes Magazine. Awarded the 2019 Corporate Citizenship Award for being the Top Corporate Philanthropist by the Puget Sound Business Journal.
Highlights of Columbia Bank – In 2018, Columbia Bank employees donated 26,944 volunteer hours to 1,629 organizations and donated $145,444 to 153 organizations. Employees raised $342,754 through various fundraising efforts and Company Giving in 2018 was $2,988,797 supporting 994 local organizations.
North Coast Credit Union – We are a not-for-profit financial cooperative. We exist solely for the benefit of our member/owners. We have been devoted to our members since 1939. When you choose North Coast you are: Choosing to become an owner. Choosing to support local communities. Choosing to enjoy lower fees and loan rates. Choosing to benefit from caring friendly service.
Highlights of North Coast Credit Union – Profits earned are returned to our members in the form of better rates, lower fees, and valuable services. Open an account with a $5 deposit. Membership is open to anyone who lives, works, attends school, or worships in Washington State.
Northwest Plus Credit Union – NW+ is a not-for-profit financial cooperative. When individuals become members of a credit union, they become equal shareholders, each with one vote to elect their volunteer Board of Directors and Supervisory Committee. These volunteers oversee a professional management team and overall credit union operations.
Highlights of Northwest Plus Credit Union – Home of Free Checking, Excellent service, and always available to help with your financial needs.
Peoples Bank – Peoples Bank offers full-service banking including personal checking and savings, investments, and loans.
Highlights of Peoples Bank – Benefit from local, private ownership since 1921. Safe and secure, you can trust and rely on our commitment to the Skagit County community.
US Bank – Our history dates back to 1863 when First National Bank of Cincinnati opened for business. As regional banks proliferated across the country in the years that followed, a number of other predecessors were born. After a series of mergers at the turn of the 21st century, we formally took on the U.S. Bank name and established our headquarters in Minnesota. Today, U.S. Bank is the fifth-largest bank in the country, with 74,000 employees and $467 billion in assets as of December 31, 2018.
Highlights of US Bank – Our relationships are built on trust that we build every day through every interaction. Our employees are empowered to do the right thing to ensure they share our customers’ vision for success.
Washington Federal – WaFd Bank was founded in Seattle, WA in 1917. Ever since we got our start, we’ve been helping to build
healthy, thriving communities. And, as active members of our communities, we’re truly invested in our clients – delivering simple, straightforward banking solutions to help make the most of your money.
Highlights of Washington Federal – WaFd Bank operates over 230 offices in eight western states, including Washington, Arizona, Idaho, Nevada,
Oregon, Texas, Utah and New Mexico. 2019-2020 voted Best Bank by Money Magazine for the 3rd year in a row! In 2018, WaFd Bank invested more than 13,880 volunteer hours through more than 1,425 local organizations and initiatives.
Wells Fargo – Our vision is we want to satisfy our customers’ financial needs and help them succeed financially.
Highlights of Wells Fargo – Bilingual Staff and a dedicated language line. We also have a free notary.
- Goodwill
- Habitat for Humanity
- Head Start
- Housing Authority of Skagit County
- Labor & Industries
- North West Youth Services
- Skagit Valley College
- United Way of Skagit County
- YMCA
- Young Lives
- DSHS
- Head Start
- Skagit Valley College