The basic account for all credit union members is the Share Savings Account which is opened immediately upon membership.
- Minimum deposit of $5
- Minimum balance of $25 to maintain
- Dividends compounded and paid monthly on the daily balance
- The dividend rate can change quarterly
Money Max Accounts
The Money Max account provides more flexibility than a Share Certificate or IRA, but still with a higher dividend rate than the regular share account. To open a Money Max account, a member must have at least $5 in a regular share account.
- Minimum deposit: $2,000
- Minimum balance: $2,000 (if balance drops below $2,000, the account will receive the regular share draft account dividend rate)
- Maximum of six withdrawals/transfers per month, three of which can be by check
- Dividends are paid monthly on daily balance
- The Money Max dividend rate may change monthly
Many credit union members find that share certificates are an easy, safe way to earn higher dividend rates. CFCU offers certificates in terms ranging from 6 months to five years with a minimum investment of only $1,000.
Share certificate investments cannot be withdrawn before the maturity date without a penalty. Once you invest in a share certificate, Communication will automatically renew your certificate at the current dividend rate when it matures, unless you withdraw your funds.
Dividends are paid monthly on the average daily balance from the date of issue. Dividend rates for new certificates change each Tuesday.
IRAs and IRA Share Certificates
Individual Retirement Accounts (IRAs) are a popular method of saving for retirement. Any member of CFCU with at least $5 in a share account can set up an IRA if they have taxable compensation during the year and will not reach the age 70 1/2 by the end of that year.
- $250 minimum balance
- One-time $10 origination fee
- Higher dividend rates paid on balances of $10,000 or more
- Dividends compounded and paid monthly on the daily balance for that period
- Regular IRA rates may change monthly
You may find it beneficial to open an IRA share certificate which enables you to "lock in" a dividend rate for a period of time. IRA share certificate rates are the same as our regular certificate rates. Otherwise the account works like a regular IRA.
Individual Retirement Accounts (IRAs) and the Coverdell Education Savings Accounts (ESA)
Communication offers Traditional and Roth IRAs as well as the Coverdell Education Savings Account (ESA) (formerly Education IRA). These accounts provide you with tax-advantaged* options when saving for retirement or a child's education. If you haven't thought about an IRA or ESA as a great tool for saving lately, visit your nearest CFCU branch to learn about the options. All CFCU IRAs and ESAs are federally insured.
*For information on the tax ramifications of these accounts, please consult your tax advisor.
Health Savings Accounts (HSAs)
If you participate in a High Deductible Health Plan (HDHP), Communication offers Health Savings Accounts, commonly referred to as HSAs. A Communication HSA allows you to contribute federally tax-deductible funds up to the annual contribution limit, earn dividends and then withdraw the money tax free for qualified expenses such as doctor visits and prescription medication. Communication HSAs earn the same dividend rate as a regular savings account.
- Special HSA checks and free Visa Check Card available
- Only $50 to open, waived with electronic deposit
- Low, $3 monthly maintenance fee, waived when you have a checking or loan account with Communication
- Dividends paid monthly on daily balance when it exceeds $750
- Compatible with most HDHPs