Savings

 

 

Our savings products answer your unique requirements at each stage of life. Whether you need to save for next Christmas or you’re just building a nest egg for the future, we want to help you reach your goals. You can also rest easy knowing that all savings accounts are insured to $250,000 by the National Credit Union Administration (NCUA), an agency of the U.S. government.

 

Member Share Account

This is your primary credit union account. It represents your ownership in Auto Body Credit Union. It also represents the beginning of a journey towards reaching your financial goals and dreams.

 

Money Market Account

Featuring a four-tier interest rate structure, this savings account puts your savings plan into overdrive. Based upon minimum balances of $2,000, $20,000, $75,000 and $200,000 these accounts make your savings work even harder to reach your goals. Interest is calculated using the daily balance method and is paid monthly.

 

Certificates of Deposit

Once you’ve put your basic savings plan in place, its time to really push your savings dollars. Certificates of Deposit are longer-term investments with a guaranteed rate of return. Typically, certificates offer the highest rates. Offering varying terms of maturity, certificates require a minimum investment of $500; interest is paid monthly. Note: There may be a penalty for early withdrawal.

 

Individual Retirement Accounts

Build toward your dreams with your choice of three different IRAs. Each offers a deferment on taxes and your earnings. Individual Retirement Accounts are insured to $250,000 by the NCUA, an agency of the U.S. government.

 

Traditional IRA—an excellent way to save for retirement. Now there are higher limits and new penalty waivers.

 

Roth IRA—The Roth offers greater flexibility than a traditional and doesn’t require withdrawal of funds at age 70 ½.

 

Coverdell Education Savings Account—Help your children reach their dreams with this account. Through this account you can save for post-secondary education for children younger than 18 years old.

 

IRA Certificates of Deposit

These certificates combine the value of a CD with the tax benefits of an IRA. Minimum investment is $500 and there is a penalty for early withdrawal. Interest is paid monthly and remains in the account until maturity.

 

Christmas Club Account

Take some of the stress out of the holiday season with our Christmas Club account. Plan with regular cash deposits or take advantage of payroll deduction. Funds will be deposited into your account on November 1.

 

Health Savings Account (HSA) 

HSAs are individual accounts which allow members to use pre-tax dollars to pay for future medical expenses. One of the major themes with HSAs is individual control. The member is the primary decision-maker. The member decides when to use the HSA funds to pay medical expenses. The member’s employer has no control over the HSA funds. Even when members change jobs, their HSAs go with them. HSAs are designed specifically for individuals with a high deductible health plan. Members who switch to a high deductible health plan will likely enjoy lower premiums. Unlike contributions to a flexible spending account, the balance of an HSA at the end of the year is carried over to the next year. So HSA owners are not placed in a position of having to “use it or lose it” each year. Members with HSAs can:

• Make tax-deductible contributions
• Accumulate tax-deferred earnings
• Withdraw funds tax-free for qualified medical expenses

For more information on HSAs please click here.

 

RATES*

 

Standard Savings
Effective Date: 07/01/10
Dividend/interest is calculated using the Daily Balance Method compounded and posted to the last day of each month.
Name	Minimum Balance	Divident/Interest Rate	Annual Percentage Yield (APY)
Member Share**	$5	0.20%	0.20%
Penny Pincher	$5-$99	0.20%	0.20%
Penny Pincher	$100	0.45%	0.45%
Christmas Club	$0	0.20%	0.20%
Check Plus	$500	0.20%	0.20%
Money Market	$2,000	0.35%	0.35%
Money Market	$20,000	0.60%	0.60%
Money Market	$75,000	0.80%	0.80%
Money Market	$200,000	1.19%	1.20%
IRA (all)	$0	0.60%	0.60%
Health Savings (HSA)	$0	0.60%	0.60%

*Please Note: Fees may reduce earnings.

**This account will not earn interest, unless it maintains a minimum daily balance of $100.

 

Certificates of Deposit
Effective Date: 07/01/10
Dividend/interest is calculated using the Daily Balance Method compounded and posted the last day of each month.
Name	Minimum Balance	Divident/Interest Rate	Annual Percentage Yield (APY)
6 Month	$500	.65%	.65%
One Year	$500	1.19%	1.20%
18 Month	$500	1.29%	1.30%
Two Year	$500	1.49%	1.50%
Three Year	$500	1.98%	2.00%
Four Year	$500	2.33%	2.35%
Five Year	$500	2.72%	2.75%
Five Year Jumbo	$50,000	2.86%	2.90%

*Please Note: Fees may reduce earnings. There may be a penalty for early withdrawal.

 

Fees Schedule

 

 

 

 

USA PATRIOT ACT NOTICE

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.