Your Savings Choices
You have options when it comes to saving. Need to get an emergency savings account started? Looking for higher interest for a higher balance? Or maybe you want to save for the long-term, whether it’s a future major purchase or your retirement. No matter what you’re saving for, we’ve got the right account for you. Several of these accounts are perfect for automatic transfers, making saving even easier.
Savings Account
- Minimum deposit: $25 for your primary share account. Secondary savings accounts have no minimum deposit or balance.
- Accessing your money: Withdraw whenever you want.
- Interest: APY varies by your average daily balance. The higher the balance the higher the rate.
Club Savings
- Minimum deposit: $0 to open and $200 minimum to earn interest.
- Accessing your money: No withdrawals can be made before October 20th each year. On that date funds will automatically sweep from your Club account to your primary savings account.
- Interest: APY varies by your average daily balance. The higher the balance the higher the rate.
Money Market Account
- Minimum deposit: $0 to open and $200 minimum to earn interest.
- Accessing your money: Withdraw whenever you want.
- Interest: APY varies by your daily balance. The higher the balance the higher the rate. Rates are higher than regular savings and club savings accounts.
Certificates
- Minimum deposit: $2,500 for most certificates. $100 for our Save Up certificate.
- Accessing your money: 6 months, 12 months, or 24 months after opening, depending on the certificate term you choose. Funds cannot be withdrawn prior to certificate maturity without early withdrawal penalties.
- Interest: Varies with certificate term. Certificates typically earn higher rates than regular savings accounts.
Individual Retirement Account (IRA) – Traditional & Roth
- Accessing your money: Varies – talk with a tax advisor for details specific to you.
- Interest: APY varies by your average daily balance. The higher the balance the higher the rate. Rates are typically higher than regular savings and club savings accounts.
- Other info: Traditional IRA contributions may be fully or partially deductible, depending on your filing status and income. Generally, the funds are not taxed until you withdraw money (a distribution) from your IRA. Roth contributions are made with after-tax funds and are not tax-deductible, but earnings and withdrawals are tax-free once requirements are met. The IRS offers plenty of information about how these IRA options work.
