Savings

Saving for the important things

Are you saving for a vacation, wedding or a new car? Separate savings can be used for any and all of your savings goals.

 

Personal Savings 

Saving at HAR-CO Credit Union earns competitive rates and provides the safety and security of knowing the National Credit Union Share Insurance Fund (NCUSIF) backs your savings, to at least $250,000.

Regular Savings

A required $5.00 minimum establishes your membership. Save your money in this dividend earning account and use it as the foundation for all the services HAR-CO has to offer. Interest is compounded and credited quarterly. Account earns dividends on the average daily balance. No monthly maintenance charge.

Special Savings

Are you saving for a vacation, wedding or a new car? Separate savings can be used for any and all of your savings goals. Open multiple savings accounts under one membership and set aside funds for all of your savings goals. Interest is compounded and credited quarterly. Account earns dividends on the average daily balance. No monthly maintenance charge. A $5.00 minimum deposit is required.

Holiday Savings

Save for the most wonderful time of year! Interest is compounded and credited quarterly. Account earns dividends on the average daily balance. No monthly maintenance charge. A $5.00 minimum deposit is required.

IRA Savings

Individual Retirement Accounts (IRA’s) are a safe and simple way to save money for retirement. Interest is compounded and credited quarterly. Account earns dividends on the average daily balance. No monthly maintenance charge. A $5.00 minimum deposit is required.

Transaction Limitations: During any month, you may not make more than six (6) withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Federal regulation D restricts the number of electronic debits from a Savings or Money Market account to six per calendar month.

Product

Minimum

Rate

APY*

Savings Accounts

Savings

$5.00

0.04%

0.04%

Special Shares/Holiday Accounts

$5.00

0.04%

0.04%

*APY = Annual Percentage Yield. APY subject to change monthly. Effective 2/1/18.

Certificates of Deposit

Certificates of Deposit and IRA Certificates of Deposit are a great tool to support your savings and retirement goals. You commit your money to an account for a specific term and that commitment earns you a higher dividend rate/yield.

  • $500.00 required minimum deposit.
  • Choice of terms range from 3-60 months.
  • You have the option to automatically renew your CD for the same term at the rate being offered at that time.
  • Dividend rates are subject to change at any time but are fixed for the term of your certificate.
  • Set up is easy.
  • IRA Certificates are available for Traditional, Roth and Education plans.
  • Your savings are insured by the National Credit Union Share Insurance Fund up to $250,000 and certain IRA plans are separately insured up to $250,000.

Growth Option

Dividends are posted monthly, increasing the certificate’s value which results in the dividends earning dividends. This creates an Annual Percentage Yield (APY).

Income Option

Monthly dividends automatically transfer to an existing HAR-CO account. This creates an Annual Percentage Rate (APR).

Early Withdrawal Penalty

We may impose a penalty if you withdraw funds from your account before the maturity date.

Amount of Penalty:

For all accounts, the amount of the early withdrawal penalty is based on the term of your account.

The penalty schedule is as follows:

Terms of 3 to 6 months

90 days’ dividends

Terms of 12 months or greater

180 days’ dividends

Product

Rate

APY*

Certificate of Deposit - $500 Minimum to Open & Obtain APY

3 Months

0.05%

0.05%

6 Months

0.05%

0.05%

12 Months

0.10%

0.10%

18 Months

0.15%

0.15%

24 Months

0.20%

0.20%

30 Months

0.20%

0.20%

36 Months

0.25%

0.25%

48 Months

0.45%

0.45%

60 Months

0.60%

0.60%

*APY = Annual Percentage Yield. APY subject to change monthly. Penalties may apply for early withdrawal. Effective 2/1/18.

Individual Retirement Account

Planning ahead.

What will your future bring? A safe and simple way to save money for retirement.

Features of Each Type of IRA Plan

Traditional

  • Once set up, you can contribute any amount up to your annual limit.
  • If eligible, deduct your annual contribution on your tax return each year.
  • Earnings accrue tax-deferred.
  • At age 59½, you can withdraw money penalty-free.
  • At age 70½ you must take a minimum distribution each year.
  • No need for employer participation.

Roth

  • Flexibility in choosing a financial organization, investment option and contribution amounts.
  • Accessibility of assets.
  • Ability to leave assets to the beneficiary of your choice.
  • No required minimum distributions.
  • Possible tax credits for the contributions.
  • Tax-deferred savings.
  • Tax-free distributions (if eligible).

Educational

  • Make after-tax contributions of $2,000 per year until a child reaches age 18.
  • Earnings remain tax-deferred while held in the account.
  • Use earnings towards education expenses and the contributions and earnings are distributed tax-free.
  • Use for tuition and fees, books, supplies and equipment, room and board, computers, special needs services.

Dividend

Rate

APY*

IRA Accounts (Traditional, Roth, Education)

$2,000-$24,999

$25,000-$49,000

$50,000-$99,999

$100,000+

 

0.04%

0.04%

*APY = Annual Percentage Yield. Dividends are compounded and credited quarterly. These rates may adjust monthly. Penalties may apply for early withdrawal. Rates current as of 2/1/18.

If your account is closed prior to the crediting of dividends, the dividends are forfeited.

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