Savings accounts earn dividends on a quarterly basis and the rate is set by the Board of Directors. Your savings and all accounts at ECCU are federally insured up to $100,000 by the National Credit Union Administration (NCUA, a branch of the Federal Government)

Regular Savings

You must keep a minimum balance of $25.00 in savings to keep your account open, however, to earn interest you must maintain an average daily balance of $100.

 

Certificates of Deposit

This account allows you to earn more dividends than a standard savings account. We offer 6,12,24, and 36 month CD’s at competitive interest rates, with a minimum deposit as low as $500 on a 24 month CD.

Note: Maximum Regular Certificates with a 6 Month Term is $50,000.

 

IRA ACCOUNTS

Traditional IRA

This type of IRA offers tax-deferred earnings, and the possibility for tax-deductible contributions.  They are now insured by the NCUA up to $250,000.

 

Roth IRA

This IRA offers more incentives to boost your retirement savings. Unlike traditional IRA’s, your contributions to a Roth IRA are never tax-deductible. But the money in your IRA, including earnings, can be withdrawn.

 

The Education IRA sole purpose is to help you pay for your child’s higher education expenses such as tuition, fees, books, supplies and equipment. In some cases, room and board is also a qualified expense.

 

This is a convenient account that allows you to save money all year round for Christmas expenses. There is no minimum balance to start this savings account, but you must maintain an average daily balance of $100 to earn interest.

 

Once you’ve established your regular savings account, you can also establish secondary savings accounts for whatever savings needs you may have. Set aside money for vacations, tuition, taxes or any other purpose. There is no minimum balance to start this savings account, but you must maintain an average daily balance of $100 to earn interest.

 

Life Savings Insurance

This is provided at no additional cost to credit union members. Your savings is matched dollar-for-dollar up to $4,000, and your beneficiary receives an amount equal to your savings. You must carry an average daily balance of $1,000 to qualify for this life insurance.

 

Credit Life Insurance will pay off your remaining credit union loan debt in the event of your death, thus avoiding any financial burdens for your beneficiaries.

 

Credit Disability Insurance makes your credit union loan payments in the event you are unable to work.

 

Automatically designate a portion of your paycheck to pay off bills or loans through the ease of payroll deduction. Plus, you will never have to stand in line again to deposit your paycheck if you take advantage of direct deposit. Direct deposit does it automatically and your funds are available in your account on payday! You can click here to sign up on-line right now.

 

Cambridge Financial Resources has a complete line of investment products. For more information contact the credit union.