Armco CU Savings Account
Save more and earn more with an Armco CU Savings account. We keep things simple so all members earn a great rate with no strings attached.
- $5 Minimum opening deposit and minimum balance.
- Tiered interest rate structure – comparable to money market rates offered by competitors but without the hassle.
- Interest calculated based on the average daily balance and posted monthly.
- Manage your account online or from your mobile device
- Free paper or electronic statements.
- Open a secondary savings account to help you set money aside for something special such as a vacation, down payment or emergency fund.
- A Savings account can even serve as collateral for an Armco CU savings secured loan the Cashback Reward Visa® Secured credit card savings.
- Access your account through the STAR ATM Card. (Mastercard® debit card available to members who also have a checking account).
- Federally insured by NCUA up to $250,000
Certificate of Deposit (CD)
Build a bright future! A Certificate of Deposit (CD), is a safe place to invest money. You’ll receive a higher interest rate than a savings account in exchange for limited access to the funds. A CD is ideal for those who are saving for a down payment or don’t want to risk losing money in the stock market.
Some financial institutions offer dozens of CDs with an endless array of terms and rates – low rates for short terms and better rates for longer terms and dollar amounts
But at Armco CU we make CDs simple and easy to understand. There is one rate for all members and all terms are for 12-months. This transparency allows you to easily compare the bundled products, rates and terms that our competitors offer so you can decide what’s best for you.
- 12-month term
- $1,000 minimum
- Interest is compounded
- Penalty for early withdrawal ($25 plus 30 days dividend).
- Federally insured by NCUA up to $250,000.
Looking to save money for holiday shopping? An Armco CU Christmas Club account makes saving easy. Make deposits throughout the year, set up an automatic transfer or if your employer offers Payroll Deduction you can have a portion of each pay deposited into your account.
- Christmas Club deposits are automatically transferred to your Armco CU Savings or Checking account on October 15th each year.
- There is a $10 penalty for early withdrawal.
Individual Retirement Accounts (IRA)*
An IRA is a great tool to help build your retirement plan. These IRAs can be taken in the form of Savings or Certificates, depending on how often you wish to deposit into them. IRA Savings can have monthly deposits, while IRA Certificates are started with a lump sum of money and cannot be increased until the Certificate term ends.
- Traditional IRA
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 IRA
You can invest up to $6,000 a year ($7,000 if over age 50) in a Roth IRA. Contributions are not tax deductible.
*IRS rules for IRA deposits and withdrawals apply. Additional terms and conditions apply, please consult your tax advisor for more information
Uniform Transfers to Minors Act (UTMA)
Start a child on the path to financial success and teach the value of saving with an UTMA account.
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, but the custodian is responsible for transactions on the account.
- Minimum $5.00 to open an account plus a $1.00 membership fee if the minor isn’t already an Armco CU member.
- Only one custodian may be named. This is the only person permitted to withdrawal money. The minor is not permitted to make withdrawals.
- Other family members and friends may deposit money into the account.
- No maximum amount or restrictions on how much money can be deposited.
- No penalties for withdrawal.
- An UTMA account can be opened as soon as the child has a Social Security Number.
Coverdale Education Savings Account
It’s never too early to start saving for education expenses! A Coverdale Education Savings account is just one of the many programs available to save for college. Check with your financial advisor for more options.
- Educational savings account for minors under age 18.
- No more than $2,000 total each year may be deposited into all accounts opened on the minor’s behalf.
- Contributions are not tax-deductible, but they may earn interest tax-deferred until distributed. The minor will not owe tax on any distribution from the account if it is equal to or less than the minor’s qualified education expenses at an eligible educational institution for the year. Amounts distributed from an ESA that exceed the minor’s qualified education expenses may be subject to income tax and to an additional 10 percent penalty tax.