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We offer a variety of Savings and Investment Accounts designed to help you
reach your financial goals.
Share/Savings Accounts
Your Share Account is your "share" in Penn East Federal Credit Union,
but it is also a good start for all your savings goals. You can open a Share Account
for any savings goal. And remember, a Share Account can be used for overdraft
protection and as collateral on loans.
Money Market Accounts
Money Market Accounts are designed for our members with consistent savings account balances who want to earn more interest than they do with our ordinary Share Savings Account. Dividends are calculated on the Average Daily Balance of the account and paid monthly. Balances earn the dividend yield within the disclosed tier. If the account balance falls below the minimum amount for that tier in a given period, the dividend rate will be calculated using the lower dividend rate. Statements for these accounts are mailed monthly. Money Market Accounts have check writing abilities and the first box of checks are free. Money Market Accounts are limited to six pre-authorized withdrawals/transfers per month. Deposits can be made at anytime and are unlimited.
Share Certificates
A Share Certificate is a great way to earn higher annual percentage yields. Our
Share Certificates come with a variety of terms. Plus they provide a liquid and
worry-free investment. We have terms from 3 months to 60 months.
Individual Retirement Accounts (IRAs)
An IRA is one of the best ways to plan for your future. We have a variety
of options available.
Traditional IRA
A Traditional IRA is still the best IRA for long term retirement planning. Here
are some facts about traditional IRAs:
- You don't pay taxes now on these retirement accounts, when your income
is high. At retirement, you are able to take out your funds or roll them over
into another option. Taxes paid then are considerably less, since your income
will be less.
- You must be under age 70 1/2 to be eligible for a traditional Nondeductible
IRA.
- Non-working spouses can make fully deductible contributions to an IRA, even
if their spouse participates in a retirement program, as long
as their joint income does not exceed $150,000. You may be
able to withdraw money before age 59 1/2 without a penalty
to purchase a first home (up to $10,000 maximum) or pay qualified
costs of higher education.
Roth IRA
If you know you will need your money sooner than retirement, consider the Roth
IRA. Savings for a down payment on a house or other expenditure will add up to
more with the higher interest paid on a Roth IRA. While you will have to pay taxes
on the funds now, you will be saved those taxes when you use the money, and you
do not incur any penalties for withdrawal after 5 years.
Here are some key elements of the Nondeductible Roth IRA:
- Penalty free withdrawals after 5 years.
- Tax-free earnings after age 59 1/2.
- Contributions allowed after age 70 1/2 when employed.
- No required distribution at age 70 1/2 or in your lifetime.
- Tax-free if used for first home purchase (up to $10,000)
or education.
- Tax-free if disabled or upon death.
For more information about IRAs, speak to your financial advisor. Contact your
credit union to open your IRA today and start saving for tomorrow.
Christmas Club Accounts
Holidays are a lot more fun when you know the money is ready when you are for
your holiday shopping or vacation needs. If you didn't have a Christmas Club account
for this year, don't make that same mistake again. Call or stop by to set up your
Christmas Club account for next year.
Vacation Club
You work hard all year. Your vacation is your time to relax and refuel for next
year's tough demands. Have you planned well for that earned time off? Our Vacation
Club is exactly what you need to get the vacation you deserve. So, stop by the
credit union and open your Vacation Club today and make next year's vacation the
break you deserve.
Members' Financial Services
From brokerage services, to mutual fund investments, to auto and home insurance,
you'll find it all here.
Members' Financial Services can help you achieve your financial goals with services
designed just for credit union members.
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