Regular Shares (Savings)
You may open a share account with us for as little as $5.00 and get a great rate. Consider “paying yourself first” by funding your savings through payroll deduction and watch how quickly it grows.
This account pays a higher dividend rate than the regular share account. A minimum balance of $3,000 is required to open and maintain the account. Funds can be added or withdrawn at the member’s discretion and the shares may be pledged as collateral for a loan. Dividend rates will vary depending on the account balance.
The credit union offers Christmas, Vacation, Savers Plus, and Kids Plus club accounts. The club accounts can assist you in segregating specific savings from your general savings found in your share account. We would be pleased to discuss the benefits of establishing this type of account for you.
- Christmas and Vacation Club account rates are similar to regular share rates while
- Savers Plus pays a higher interest rate on the first $2,500 of savings.
- The Kids Plus account which is offered to our younger members (under age 18) pays a very generous rate on the first $500 of savings.
Certificates of Deposit
Looking to earn a higher yield on your savings? Consider placing some funds in a certificate of deposit. All CDs may start with as little as $500.00. The rates at your credit union are always competitive. A CD is an excellent way to keep money for a specific period of time or event, such as timing tax payments, weddings, educational expenses, vacation, holiday spending, new home purchase, etc. in which you do not want to touch the money until the event occurs. The early withdrawal penalty is three months interest on CDs with original maturities of one year or less, and six months interest for terms exceeding one year. Call our office to see how a certificate of deposit can help your financial planning.
IRA (Individual Retirement Account)
Our staff can assist you in setting up or transferring an IRA account. IRAs can be structured to defer current taxes by utilizing a traditional IRA, or creating a non-taxable situation on all future earnings on the account with a Roth IRA. Coverdale Educational Savings Accounts (ESA’s) are also available for funding children’s educational expenses. Talk to your accountant or financial planner to determine which method is best for you.
Share Drafts (Checking)
There is no monthly fee or service charge to have a share draft account at UDBell FCU. You also don’t need to maintain a minimum balance. Compare the benefits of your credit union share draft account with a traditional banking product. Most banks have minimum deposit requirements, sometimes in excess of $1,000 to avoid service charges. Our minimum is zero. Most banks don’t offer interest on share draft account balances, and if they do it may be in a tiered-method, with higher balances required to earn interest. We pay interest on all amounts in the share draft account.