Plans to Help You Meet Your Savings Goals
Your deposit in a regular savings account represents your ownership – or your share – in the credit union. Share accounts are a great way to accumulate savings for that rainy day or making your dreams come true.
Holiday Club Accounts
The Holiday Club is a cure for spending hangovers. Start the New Year without a bundle of bills when you set aside money each week or month for your holiday shopping. Relieve the stress and worry of paying off debt, plus earn interest on your Holiday Club account.
Money Market Accounts
Money Market accounts are great for saving a large amount of money that you do not want to tie up for certain amount of time and the account earns a higher interest rate than a regular savings account.
Emerald Money Market
$2500.00 Minimum, $5.00/month fee if balance falls below.
Ruby Money Market
$20,000.00 Minimum $15.00/month fee if balance falls below.
Diamond Money Market
$50,000.00 Minimum $25.00/month fee if balance falls below.
Term Share Certificates
Save for longer term goals while earning a higher rate of interest with term share certificates. There are several different minimum balances and terms ranging from three months to five years. See Share Rates.
Individual Retirement Accounts
Dreaming of the day you throw the alarm clock away? Experts say you’ll need 80 percent of your income in retirement. An Individual Retirement Account is an unbeatable way to save for the future. There are 3 types of IRA’s that Schneider Community Offers:
- Traditional IRA – You can contribute to a traditional IRA if you have earned compensation and have not reached age 70 ½. These contributions may or may not be tax deferred. All earning are not taxed until they are withdrawn.
- Roth IRA – You pay the taxes up front, but you do not pay taxes on the earnings. You can withdraw most contributions without paying tax.
- Coverdell Education IRA – This is an IRA with the sole purpose of helping to pay educational expenses of the child named on the account. The designated beneficiary’s mother, father, or legal guardian must be named as the responsible individual and will control the account. This type of IRA must be established before the beneficiary’s 18th birthday.