Savings
The Credit Union's savings plans offer special options for liquidity, high returns, and tax sheltering of income. All our plans offer high rates and yields, convenience, and are insured by the NCUA, a United States Government Agency.
The Credit Union uses the word "share" when referring to savings accounts because as a member, you are an owner. Your savings or "shares" represent your ownership in the Credit Union. You must have a Share Savings Account open before any other Credit Union services can be offered to you.
Share Savings Accounts
Our basic savings account. To be a member, you must have a Share Savings Account with a $10 minimum balance.
- Minimum of $10 to open the account.
- Earn higher than market dividend rates, paid monthly.
- Flexibility in adding and withdrawing funds.
- Direct Deposit
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Optional Share Accounts (Club Accounts)
Similar to our Share Savings Account, except there is no minimum balance to open the account. It pays the same dividend rate as the Share Savings Account. Use this account to build funds for a separate purpose - such as a vacation, christmas or for college savings.
- No minimum to open the account.
- Earn monthly dividends.
- Allows you to set money aside for a separate purpose and track easily.
- Direct deposit allocation may be used.
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Share Checking Accounts
A basic checking account that requires no minimum balance, but pays dividends monthly if you maintain a daily average minimum balance of $500 or above.
- No minimum balance required.
- No monthly or annual fees.
- No per check charges; unlimited check writing.
- Direct deposit, and ATM access available.
- MasterMoney® Debit/ATM card available.
- Monthly dividends earned on accounts that have an average daily balance of $500 or more for that month.
- Overdraft protection available.
- Eight free ATM withdrawals per month at ANY ATM machine. $1.00 for each withdrawal thereafter that month.
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Share Certificates
The Credit Union equivalent to Certificates of Deposit. Share Certificates earn higher dividends and have a maturity date. Certificates are subject to an early withdrawal penalty.
- Investment periods of 6 months, 1, 2, 3, and 4 years.
- Fixed Dividend rate for the period of the certificate. Dividends are paid monthly.
- Automatically renewing account.
- $500 minimum balance.
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Individual Retirement Accounts (IRAs) - Traditional & Roth (Contribution limits listed below are for the 2008 tax year)
The Credit Union offers both Traditional and Roth IRAs. Please consult your tax advisor for the specifics of each IRA and which would best suit your retirement needs.
Traditional IRAs offer a tax-deferred retirement account, earning higher dividend rates, subject to rules and limits set by the Internal Revenue Service. Choose from an IRA Share Certificate or an IRA Share Savings Account.
- Up to $5,000 can be contributed each year a member has earned income and up to $1,000 additional "catch-up" for those age 50 and older.
- Dividends earned are tax-deferred until withdrawn.
- Dividends are credited to the account monthly.
- Contributions may qualify as a tax deduction.
- Choose from 1, 2, 3, or 4-year Share Certificates or an IRA Share Account.
- Subject to penalty for early withdrawal.
Roth IRAs offer a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period.
- Up to $5,000 can be contributed each year and up to $1,000 additional "catch-up" for those age 50 and older. (Unfortunately, cannot deposit $5,000 into both Traditional and Roth IRAs.)
- Tax-free withdrawals for certain distribution reasons after five-year holding period.
- Choose from 1, 2, 3, or 4-year Share Certificates or an IRA Share Account.
- No required minimum distributions after age 70 1/2.
- Subject to penalty for early withdrawal.
