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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.

Deposits Federally Insured To $250,000

Your savings are federally protected up to $250,000 by the National Credit Union Administration, which is backed by the full faith and credit of the US Government. This federal deposit insurance fund is equivalent to the FDIC (Federal Deposit Insurance Corporation). When you see the NCUA logo on our literature, it’s the same as when banks put the FDIC logo on their literature. Additionally, Individual Retirement Accounts are federally insured to $250,000, separate from and in addition to the coverage on your regular accounts. Learn more about safety and how to increase your coverage to $2 million or more.

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.

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If you receive suspicious e-mails from entities claiming to be Schools Federal Credit Union, delete the e-mails immediately and report them to us at 866/ 459-2345. We do not solicit personal or private information about members via e-mail.

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