Savings Accounts

Savings Accounts

Whether your goal is simply savings or long-term investment accounts, we can help.

Savings accounts offer a tiered rate structure, comparable to some Money Market rates found elsewhere. Interest is calculated based on the average daily balance, and is posted monthly.

Members can have multiple sub-accounts within their savings account, making it easier to save for different or special reasons. This also makes record keeping simple.

Statements are mailed either monthly or quarterly depending on the types of accounts you have. (Accounts with electronic activity will receive statements monthly.) A consolidated statement is provided, detailing all of the activity within your account.


Some financial institutions offer a slew of certificate terms and rates – small rates for short terms and small dollar amounts, better rates for longer terms and bigger dollar amounts, often called “Jumbo” certificates.

But at Armco CU we keep it simple. You can get “Jumbo”-style rates, with only a $1,000 minimum, and with just a 1-Year certificate.

Take advantage of compounding interest with our Growth certificate, or receive interest payments monthly with our Income certificate. Either way you’re getting a great rate of return on your investment.

There is a penalty for early withdrawal ($25 plus 30 days dividend).

Christmas Club

Looking to save a few bucks for holiday shopping? There’s no easier way than with a Christmas Club account at Armco CU. If your employer offers Payroll Deduction you can have a portion of each pay deposited into your account, and the money will add up quicker than you may expect.

Christmas Club deposits are automatically transferred to your Savings or Checking account on October 15th each year.

There is a $10 penalty for early withdrawal.

Individual Retirement Accounts – IRAs

IRAs are a great way for many people to save on taxes while preparing for the future. We offer several IRA products to meet your specific needs.

  • Traditional
    You can invest up to $6,000 a year ($7,000 if over age 50) in a Traditional IRA. The dividends you earn are tax deferred. See your tax advisor, because your contributions may also be tax deductible.
  • Roth
    You can invest up to $6,000 a year ($7,000 if over age 50) in a Roth IRA. Contributions are not tax deductible.
  • Educational
    Contributions to benefit a child under age 18. No more than $2,000 total each year for all accounts opened on the child’s behalf. Withdrawals for qualified higher education expenses are tax free.

All three types of IRAs can be taken in the form of Savings or Certificates, depending on how often you wish to deposit into them. IRA Savings can be deposited into monthly, while IRA Certificates are started with a lump sum of money and cannot be increased until the Certificate term ends.

IRS rules for IRA deposits and withdrawals apply.

Youth Accounts – UTMA Accounts

Youth accounts, also known as UTMA accounts, are allowable under the Pennsylvania Uniform Gift to Minors Act. This is a custodial account that allows parents or other interested parties to give a gift of money to a minor without the need of a court-appointed guardian. A custodial account is listed under the minor’s name and social security number and all funds must be used for the child’s benefit.

Youth Accounts can be opened as soon as the child has an established Social Security Number.