The Ironworkers USA Credit Union Way!
You’ve heard before – saving money is important! Paying for unexpected expenses from savings is a much better alternative than using a high-interest credit card, but deciding on the best method to save your money isn’t always easy. Luckily, Ironworkers USA Credit Union has multiple savings options for you to choose from.
Share (Savings) Accounts
What is it?
When you became a member of Ironworkers USA Credit Union, you opened a Share (Savings) Account. The advantage of this type of savings account is that your money earns interest and is easily accessible when you need it.
Why have one?
Your Credit Union Share Account earns .10% APY when you have a minimum balance of $100. While this may not seem like much, traditional banks normally only offer between .01-.03% APY on balances of more than $10,000.
When to deposit?
Anytime. You can even set up automatic transfers into your Share Account each pay period so you won’t be tempted to “skip it just this one time.”
Share Certificates/CDs
What is it?
A Share Certificate or Certificate of Deposit (CD) is a deposit account that pays a higher interest rate and is held for a specified period of time. We offer 3- to 60-month term Share Certificates.
Why have one?
You’re guaranteed a fixed rate of return as a result of the fixed dividend rates. Share Certificates require a minimum deposit of $100 and have rates between 1.00-3.25% – significantly higher than traditional banks’ CD rates.
When to Deposit?
Members who would like a quick return on their investment, generally payable or reaching maturity within a brief period of time like a year or less, can choose a short-term Certificate. Those interested in investing for longer periods of time will receive higher rates of return.
Individual Retirement Accounts (IRAs)
What is it?
An IRA is an account that allows individuals to save for retirement with tax-free growth or on a tax-deferred basis. It’s a way to save money for retirement in a tax-advantaged way.
Why have one?
When you open an IRA with a $100 minimum balance, you’ll earn a competitive rate on your account and have the option of choosing a Traditional, Roth, or Education IRA. IRAs are insured separately, up to $250,000 per member.
When to Deposit?
Members can contribute to their IRAs as early as Jan. 1 or as late as the tax year’s filing deadline in mid-April each year. Contributions can be made in one large contribution or periodic contributions throughout the year.
Save to Win
What is it?
Save to Win is a multi-state prize-linked savings program that rewards you for saving more of your hard-earned money.
Why have one?
Save to Win rewards members for contributing to their own savings accounts. Just open a 12-month Save to Win share certificate with at least $25, and you’ll be entered to win monthly and quarterly prizes. In addition to gaining regular interest on your savings, each additional deposit of $25 gives you more chances to win up to $2,500.
When to Deposit?
All month long! Members can earn up to 10 entries per month, so the more you save, the more chances you have to win.
It’s always a good time to start saving! We’re here to help you decide what your best savings plan should be. Give us a call at 1-877-769-4766 or stop into any one of our branch locations, and we’ll help you get started!
