Share Savings is the primary savings account offered at the credit union and it maintains your membership and access to the related benefits with a $5.00 deposit. Dividends are paid on a quarterly basis on this account with balances of $100 or more. Build your savings automatically by contributing to your savings every payday through direct deposit.
Move your money into our money market account and your funds can grow faster.
Set up a Holiday Club to build savings all year in a separate savings account, and then in November, your holiday savings plus dividends is transferred into your account. Calculate how much you would like to save for the holiday season, then use direct deposit to automatically deposit money every payday into your Holiday Club.
Open IRA savings to supplement your pension or 401k plans. Set up a "direct rollover" from a terminating pension or 401k to avoid the 20 percent tax penalty that applies if your terminating retirement check is made payable to you. You can continue to build your retirement savings through payroll deduction, provided your individual contribution does not exceed the amount allowed by law.
Invest in a no-risk Share Certificate with as little as $1500. Dividends are compounded and paid quarterly for a higher return on your money. Terms of 6, 12, 18, and 24 months are available for maximum flexibility with your investment.
Invest in a no-risk IRA Certificate with as little as $1000. Dividends are compounded and paid quarterly for a higher return on your money. Terms of 6, 12, 18, and 24 months are available for maximum flexibility with your investment.
The traditional IRA is the retirement account that is most familiar. This account allows you to defer taxes on your retirement earnings until they are withdrawn, and certain contributions are tax deductible in the year they are made. You can withdraw funds from your traditional IRA without incurring a ten percent IRA pre-mature distribution penalty anytime after your reach age 59½.
The Roth IRA is a nondeductible IRA that allows tax-free withdrawals for qualified distributions after a five-year holding period. Your contributions are taxed at the beginning (nondeductible) and not when distributions are taken out. At retirement, chances are you will be living on a fixed income; therefore, not having your Roth IRA distributions taxed is a comfortable benefit. Certain income limitations apply. Consult your tax advisor for advice on your personal situation.
A conversion IRA is for those members who wish to take advantage of the benefits of a Roth IRA with their current traditional IRA savings. This IRA allows you to convert your traditional IRA to a Roth. Taxes on the funds are due within the tax year converted except for tax year 1998. Taxes on a conversion may be paid over a four-year period.
Parents and other interested persons may be able to establish an Education IRA for a child under the age of 18. Contributions to the account will not be tax deductible, but the earnings will be tax-free if used for qualified higher education expenses. Withdrawals from an Education IRA are tax and penalty-free, provided the child’s qualified higher education expenses equal the withdrawals from the Education IRA for that year. Otherwise, any withdrawal of earnings from the account is taxable and a 10% penalty tax may apply. An Education IRA can be a great savings vehicle for your child.