Deposits
Federally Insured Savings And Investments
Each Schools FCU member has unique savings needs — and we cover
them all with our selection of deposit accounts! We offer competitive
yields and the protection of federal deposit insurance for peace of mind
you can’t get from the stock market.
Expanded
Share Insurance
Leery of trusting your entire savings portfolio to the stock market? Then
put your money where it’s protected by the federal government.
The
National Credit Union Administration, a U.S. government agency, insures
deposits up to $100,000. You can increase your coverage by setting up
your accounts as shown below.
Here's
an example of how a married couple has established multiple accounts with
different ownerships to maximize their insurance coverage:
| Individual
Accounts |
Coverage |
| John
only |
$100,000 |
| Jane
only |
$100,000 |
| Joint
Accounts |
Coverage |
Held
by John with Jane
as co-accountholder |
$100,000 |
Held
by Jane with John
as co-accountholder |
$100,000 |
| Revocable
Trust |
Coverage |
| John
only |
$100,000 |
| Jane
only |
$100,000 |
| Total
coverage |
$600,000 |
By
putting various accounts under different legal ownership, John and Jane
have increased their coverage to $600,000.
Term
Share Certificates
Lock in your yield for your choice of terms from 3 months to 5 years
with an opening balance of just $2,000. Platinum and Gold-Star
members receive bonus dividends through our Relationship Rewards
program.
Laddering
your certificates is a smart investment policy that can protect you from
market fluctuations while giving you the opportunity to re-invest a portion
of your portfolio each year.
Premium
Money Market Account
Pays higher yields than regular savings accounts while keeping your
funds completely accessible. You can make deposits any time. Our
tiered dividend structure rewards higher balances with higher yields.
Individual
Retirement Accounts
Start saving today for a more secure retirement. Our federally insured
Traditional and Roth IRAs are an excellent supplement to your employer’s
pension / retirement program. Each offers its own potential tax
benefit. Consult your tax professional to determine which IRA is
best for your needs.
- Traditional
Your annual contribution may be deductible, giving you a tax break
while you’re working. You’ll pay taxes on your withdrawals
at retirement, when you’re likely to be in a lower tax bracket.
- Roth
Your annual contributions are not deductible, but your withdrawals
at retirement could be tax-free, and your earnings are never taxed.
Coverdell
Education Savings Account
Adults can open and make non-deductible contributions to a Coverdell
ESA on behalf of a child, up to a total of $2,000 per year. Withdrawals
are tax-free when used for qualified education expenses such as
tuition, housing and books.
"You
Name It" Accounts
You’ll be more motivated to save if you’re reminded of what
you’re saving for. Open a savings account for a specific purpose,
then name it "Big Screen TV," "Caribbean Cruise,"
"Tamara’s College Fund" or anything you want. You’ll
be reminded of your savings goal on every statement.
|
