Save the CREDIT UNION way!
Savings (Regular Shares):
Savings accounts or Regular Share accounts are the basic way to save. To be a member, you must maintain at least $25.00 in your savings account. This represents your one share of ownership in the credit union.
For members who have direct deposit available from their employer, an allotment to their savings account at the credit union is the perfect way to set money aside.
New! 2nd Savings accounts are now available thanks to our updated software!
Certificates (Share Certificates):
Check out our rates on Certificates of Deposit (Share Certificates). We think you will find that they are very competitive.
New! We offer slightly higher rates for certificates of $50,000 or more and for certificates of $100,000 or more.
Certificates of Deposit are great when you don't need your money right away and you can lock it in for 6 or 12 months to earn extra dividends.
Ira Accounts:
We offer Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts to help you reach your financial goals. Simply choose the type of IRA account that fits your needs, then invest in either our overnight IRA account or our IRA Certificates of Deposit.
New! We offer slightly higher rates for IRA certificates of $50,000 or more and for IRA certificates of $100,000 or more.
Can't decide what type of IRA you need? Check with your tax advisor first! IRA decisions will have a major impact on the taxes you owe. The chart below lists basic information to get you started. Feel free to call us if you have any questions about our IRA account or our IRA certificates.
| Who can contribute? | How much can I contribute? | What are the tax advantages? | |
Traditional IRA |
-Anyone under age 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation) | -$3000
for 2002 through 2004 -Higher limit if age 50 or older -Cannot exceed compensation -Reduces contributions that can be made to Traditional IRAs |
-Earnings
grow tax-deferred until withdrawn -Contributions may be tax-deductible |
Roth IRA |
-Anyone who has income from compensation (or who is filing jointly with a spouse who earns compenstaion with the following MAGI:* -
Up to $95,000 (single filers) |
-$3000
for 2002 through 2004 -Higher limit if age 50 or older -Cannot exceed compensation -Reduces contributions that can be made to Roth IRAs |
-Regular
contributions can be withdrawn tax and penalty-free at any time -After the account has been open five tax years, earnings can be withdrawn tax-and penalty-free for any of these reasons: age 59 1/2, disability, death, or a first-time home purchase** |
Coverdell
Education Savings Account (ESA)*** |
Anyone who has MAGI* -
Single filer: up to $95,000 People with higher MAGI may be able to make smaller contributions Contributions not allowed after the beneficiary reaches age 18 (except for special-needs beneficiaries) |
-$2000
per child -Limit applies to all Cordell ESAs for the same child |
-Withdrawals
for certain qualified education expenses are tax-free -Special-needs beneficiaries can withdraw funds tax-free to pay for qualified education expenses at any age -Qualified education expense may include tuition, fees, books, computer equipment and technology required for elementary, secondary and post-secondary education -A beneficiary may receive tax-free distributions from a Coverdell ESA in the same year he or she claims the Lifetime Learning or HOPE Scholorship tax credits |
*
MAGI - modified adjusted gross income from the federal tax form
**
Lifetime limit for exemption on first-time home purchase is $10,000
*** Formerly know as the Education IRA
Christmas Club:
Christmas club accounts are a super way to save for holiday spending or anything else that requires extra cash near the end of the year. Put in as little or as much as you like, whenever you like, but pay a $5.00 fee for each withdrawal prior to November 1st each year. The withdrawal fee is just a little incentive to encourage saving. Many members have just $10.00 each payperiod direct deposited to their Christmas account. Even that much can really add up.
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