This account is the basis of your membership with Credit Union One. A $25 membership deposit establishes your Share Savings Account and gives you access to all the services offered by Credit Union One. You can continue saving and increasing your dividend payments by making regular deposits to your Share Savings Account.
Credit Union One offers Share Certificates with competitive rates ranging from 182 Days to Four Years. A minimum deposit is required for each certificate, and may vary based on term. Share Certificates are automatically renewed, unless otherwise specified. Dividends are earned monthly and may be withdrawn at any time. Any withdrawal of your principle balance is subject to an interest penalty. 182 Day and One Year Certificates are subject to a 30-day interest penalty. 18 Month to Four Year Certificates are subject to a 90-Day interest penalty.
IRA Share Certificates
An Individual Retirement Account is a form of retirement plan. Opening an account is simple and an excellent way to assure a better retirement. Credit Union One's IRA Certificates are available in one, two, three and four year terms, and earn monthly dividends. Early withdrawals are allowed, but an interest penalty is assessed. IRA Certificates are opened with a minimum deposit of $5,000. Unless you specify otherwise, IRA Certificates are automatically renewed.
Club Accounts are special savings accounts where deposits are kept separate from your regular share account. Even a small amount deposited monthly into a Club Savings account can add up quickly. Whether it's to be used for an emergency fund, for insurance, vacations, college tuition, or a deposit on a house, Credit Union One has you covered. These accounts earn at the same dividend rate as Share Savings.
Christmas Club Savings
Our Christmas Club account is designed to help you save money for Christmas. The account matures on Nov. 16 of each year. At that point, a check can be mailed to you, or the balance can be transferred into a checking or savings account at Credit Union One. To help you refrain from spending your savings early, a maximum of two withdrawals are permitted during the year, each with a $10 withdrawal fee. These accounts earn at the same dividend rates as Share Savings, and there is no minimum balance required to open a Christmas Club.
CU Discover Club Savings
Our CU Discover Club is designed to teach children under the age of 18 sound financial management skills. With only a $5.00 membership deposit, CU Discover Club members can learn about savings, earning dividends, and as they get older, managing a checking account and utilizing loan services.
One of Credit Union One's most popular IRA services is our IRA Accumulation Account. Money on deposit can be withdrawn at any time, and there is no maturity date. Accumulation Accounts pay quarterly dividends and carry tiered rates, depending on the balance. A minimum deposit of $25 is required to open the account. There are no monthly maintenance fees and you may add funds at any time.
It’s pretty well accepted that everyone should save for retirement, but just how important is it? Absolutely Essential
A Roth IRA is an individual retirement account that offers a valuable future tax break: tax-free income in retirement. Earnings from a Roth IRA are tax-free if the account is open for a minimum of five years. Roth IRAs make the most sense if you expect your tax rate to be higher during retirement than your current rate. That makes Roth IRAs ideal savings vehicles for young, lower-income workers who won’t miss the upfront tax deduction and who will benefit from decades of tax-free, compounded growth. Roth IRAs also appeal to anyone who wants to minimize their tax bite in retirement as well as older, wealthier taxpayers who want to leave assets to their heirs tax-free.
Feel secure that your child's education will be paid for. A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year. A beneficiary is someone who is under age 18 or is a special needs beneficiary. Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.