Save & Invest Online with Personal Portfolio
Saving money takes discipline. Saving money for a specific purpose takes both discipline and perseverance. At UW Credit Union, we understand the challenges members face in saving and managing their money, which is why we offer a variety of tools and services to help you achieve your financial goals.
One of these services is Personal Portfolio, an online savings and investment tool that allows you to set money aside for a specific purpose or invest money for growth based on your risk level. You can begin an investment program with as little as $1,000.
Once you log in to Personal Portfolio and set up your account, the application asks you a series of investment suitability questions to gauge your goals and risk tolerance level. Once you have answered those investment suitability questions, the system makes some suggestions for investment strategies. You can choose the suggested strategy or pick a different strategy.
You can move money into Personal Portfolio from a checking account or an Individual Retirement Account (IRA). If you choose to fund your Personal Portfolio with IRA money, do not cash out your IRA and transfer funds to your checking account – that may trigger tax consequences.
Rather, when you set up your Personal Portfolio account, it will prompt you to pick where you want to withdraw funds from to set up your account. You can choose a checking account or an existing IRA. If you select IRA, the application will prompt you to follow the steps to roll over your IRA funds properly within required guidelines by giving you proper disclosures.
A few other things about Personal Portfolio: It’s an investment program, which means your balance can go up or down. You can add funds to your Personal Portfolio through Web Branch from a checking account. For this reason, the service does require you to link a UW Credit Union checking account with Personal Portfolio when setting up the account. You will also need to maintain a balance of at least $1,000 in Personal Portfolio. Accounts that fall below that threshold may be closed.
Click here to learn more and set up a Personal Portfolio account.