Savings Accounts
- Share Savings
- Certificates of Deposit
- Money Market
- IRA
Share Savings
A $25.00 deposit establishes your new savings account, and your lifetime membership.
A $5.00 deposit establishes your new Student Savings or Kids Club Savings account from the ages of 0 - 18.
Dividends are paid monthly.
Certificates of Deposit
With flexible terms from 6 months to 5 years and the best rates on Certificates of Deposit, Education First Credit Union is the way to go.
- Miniumum of $1,000.00
- Bump your rate one time per term of the CD. When rates go up, you decide when to bump the rate without penalty.
- Get peace of mind knowing your money is insured by the NCUA, and agency of the federal government.
*Rates are subject to change at anytime.
Money Market
For short-term needs or "rainy-day" funds, a Money Market Deposit account is an excellent choice for savings. If you are saving for 3-6 months of living expenses, for an emergency, or for a planned expense, then a Money Market Account is a great option that pays you interest and allows you penalty-free access to your money.
Education First Credit Union offers a "tierd-rate schedule" for money market deposit accounts that pays you a higher interest rate based on higher account balances. There is no minimum deposit amoun to open a money market account.
- Money market deposit accounts are liquid - meaning that you have easy access to your funds.
- Check writing privileges.
- Monthly paid interst.
Individual Retirement Account IRA
Invest in your future now with IRA retirement savings! An IRA is an Individual Retirement Account. In other words, it is a personal savings plan.
- IRA contributions vary by age and year.
- If you're age 50 or older, you can make an additional "catch-up" contribution of $1,000.00/year beginning in 2006.
- Contributions may be tax-deductible.
- Always consult your tax advisor.
- IRA accounts are insured by the NCUA.
There are two options to choose from when considering an IRA: Traditional of Roth. The primary difference is whether or not you wan to pay taxes on your IRA withdrawals in your retirement years.
Traditional IRA
Your contributions to a traditional IRA may be tax-deductible, which depends on your income and whether you participate in your employer-sponsored retirement plan. Always consult your tax advisor. Taxes are not paid until withdrawals or distributions are made. IRA distributions are taxed as ordinary income in your tax bracket at the time of your retirement. All your earnings in a traditional IRA grow tax-deferred, until you withdraw funds in your retirement years.
Roth IRA
Any contributions you make to a Roth IRA are not tax-deductible. Also, the money you invest is after-tax income. The benefit to a Roth IRA is that all of your "qualified" withdrawals or distributions are not taxable. Your investment grows tax free.
