Share Savings Account

This basic savings account establishes your credit union membership and opens the door to our other products, services, and member benefits.

• A minimum par value deposit of $5.00 is required to open a Share Savings Account. This par value must be maintained at all times to keep the account in good standing.
• Dividends are posted quarterly with a minimum average daily balance of $500.00.
• A MasterCard Debit Card may be added for access to over 38,000 surcharge-free ATMs.
• Free overdraft protection transfers to an associated Share Draft Checking Account are also available, subject to Regulation D (please refer to Important Account Information: Disclosures & Notices).

Checking & Deposit Accounts FAQs 

 

Youth Share Savings Account

It’s never too early to start saving for your children! This basic savings account is designed for minors (under the age of 18), and requires a parent or legal guardian as the joint owner.

• A minimum par value deposit of $5.00 is required to open a Youth Share Savings Account. This par value must be maintained at all times to keep the account in good standing.
• Dividends are posted quarterly with a minimum average daily balance of just $50.00.
• The parent or legal guardian must sign the membership application for youth members ages 0-10 years old.
• The minor and the parent or legal guardian must sign the membership application for youth members ages 11-17 years old.

  
 Financial Wellness Tip: Pay yourself first before you do anything else, like paying bills or buying groceries. Set aside a portion of your income to save by using automatic payroll deduction. Start with a small amount like $50 each payday, and you probably won't even notice the withdrawal after a few months. You might even find that you can increase the amount over time.


Learn more about establishing a new membership, who can join, and the documents required to set up your accounts. 

Special Savings Account

A Special Savings Account is best used to keep funds separate from a regular Share Savings Account for budgetary items like utilities and auto insurance, or to save for something specific like property taxes or vacation.

• Funds in a Special Savings Account remain liquid and available for frequent use, subject to Regulation D (please refer to Important Account Information: Disclosures & Notices).
• No early withdrawal penalty.
• Dividends are posted quarterly with a minimum average daily balance of $500.00.

Checking & Deposit Accounts FAQs

 

Christmas Club Account

A Christmas Club Account is used to save money for holiday spending.

• Set up a payroll deposit to a Christmas Club to help you save throughout the year.
• For easy access, funds are automatically transferred to the associated Savings Account on November 1st each year (or the first business day after November 1st, if it falls on a non-business day).
• A Christmas Club Early Withdrawal Fee will be assessed for any withdrawals made prior to November 1st (please refer to Fee Schedule).
• Dividends are posted quarterly with a minimum average daily balance of $500.00.

IRA or Share Certificate Account

A Share Certificate is a time-deposit account in which the funds are held for a specific term at a dividend rate that will not change during that term. A minimum deposit of $1,000.00 is required. 

• An IRA or Share Certificate earns higher dividends than a Share Savings Account or Special Savings Account.
• After the account is opened, additional deposits cannot be made until the date of maturity.
• Upon maturity, all Share Certificates automatically renew for the same term, but at the current dividend rate. There is a seven-day grace period, beginning with the date of maturity, in which changes may be made to the account. Any changes made after the seven-day grace period expires will be subject to early withdrawal penalties (please refer to Fee Schedule).
• Dividends are compounded daily and paid quarterly to Share Certificates.
• Early withdrawal penalties may be imposed (please refer to Important Account Information: Disclosures & Notices).

An IRA Certificate may be set up as either a Traditional or Roth retirement account.  All IRA Certificates have specific guidelines from the IRS about when and how withdrawals can be made.

Certificate Laddering in a Rising-Rate Environment

Laddering occurs when a series of certificates are opened and set to mature at regular intervals, like every 12 months. For example, five $1,000 certificates are opened with terms of 12, 24, 36, 48, and 60 months. As each certificate matures, you may reinvest the proceeds into a new 60-month certificate, with the highest interest rate. Typically, the longer the term, the higher the rate. So, this process may be continued over and over as each certificate matures, which in this example is every 12 months. Note that this only works in a rising-rate environment. But, if interest rates should fall, you can still enjoy the benefits of those higher interest rates until all your certificates mature.

Checking & Deposit Accounts FAQs

 

IRA Accumulator Account

An IRA Accumulator Account is designed for members who wish to make frequent contributions to their retirement account. Unlike an IRA Certificate, deposits may be made at any time.

• An IRA Accumulator Account earns higher dividends than a Share Savings Account or Special Savings Account.
• This account may be set up as either a Traditional or Roth retirement account. 
• Effective January 1, 2020, there is no age limit for Traditional IRA contributions, as long as you have an earned income that exceeds the contribution amount. However, contributions for 2019 cannot be made; only for 2020 and beyond.
• Dividends are posted quarterly with a minimum average daily balance of $1,000.00. 

All IRA Accumulator Accounts have specific guidelines from the IRS about when and how withdrawals can be made.

Click on the eBrochures below for more information and to find the right IRA options for you.