Savings Accounts

Savings

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their single ownership accounts. Joint accounts are insured separately from individual accounts up to an additional $250,000.

Features

  • Minimum deposit of $25.00

  • Minimum account balance $25.00

  • Deposits can be made by deposit, payroll deduction, ACH, mail, or in person

  • Dividends earned on balances greater than $100.00

  • Four (4) withdrawals per month are free; there will be a $5.00 fee assessed after the fourth withdrawal

During any month, you may not make more than six (6) withdrawals or transfers to another credit union account of yours or to a third party by means of a computer transfer or telephonic order, or instruction. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Funds Availability Notice.

IRA - Traditional

  • Eligible individuals must be under the age of 70 years and six months

  • No minimum amount to open account

  • Married couples filing jointly can contribute the maximum amount to separate IRAs, even if spouse has little or no income

  • May be tax-deferred

  • Required distribution at age of 70 years and 6 months

  • Penalty for premature withdrawal before age of 59 years and 6 months

  • Total IRA deposits are federally insured of to $ 250,000 by the National Credit Union Administration

IRA - Roth

  • Available to individuals of any age who receive earned income, including a non-working spouse (with some restrictions)

  • No minimum amount to open

  • Contributions are not tax-deductible

  • No penalty for withdrawal of principal

  • No mandatory withdrawals at age 70 years and six months

  • Total IRA deposits are federally insured up to $250,000 by the National Credit Union Administration

Money Market (MMA)

  • Minimum of $2,500 required to open account

  • Limited to six (6) withdrawals per month

  • If the withdrawal limitations are exceeded, your account will be subject to closure by the credit union

  • Dividends are calculated daily (on balances over $2,500.00) and compounded monthly

  • Deposits are insured to at least $250,000 by the National Credit Union Association

Term Share Certificate

  • Minimum $1,000 deposit

  • Available for 6, 12, 24, and 36-month terms

  • Dividends can be paid quarterly into another deposit account, rolled back in the certificate mailed for your convenience

  • Withdrawals before maturity subject to penalty