There are no two words more true than "Life Happens." Life happens, and you may find yourself in a situation where you wish you had extra cash to cover expenses. While having cash stashed in a flour jar, sock drawer, or under your mattress may seem like an easy way to save, it's not the safest or most beneficial option. To help you save more and keep your money safe and secure, we're sharing our top savings options.
Our regular savings account account is a great option for members who want to keep funds tucked away for emergencies, vacation expenses, and more. With a regular savings you can store your funds in a safe place and earn money with dividends. Plus, your savings account is federally insured to at least $250,000 by the National Credit Union Administration (NCUA).
Tip: Our Christmas Club savings account is a wonderful option to help you save for the holidays and hold you accountable when you make withdrawals before it's time to shop.
Traditional or Roth IRA
A Traditional or Roth IRA is a great retirement savings account for all members who are ready to start saving toward their retirement goals. IRAs or Individual Retirement Accounts earn higher dividends than regular savings accounts and have other benefits depending on the type of IRA it is. In addition, the NCUA insures up to $250,000 — a coverage that is separate from the coverage a member receives on other kinds of accounts they own at the Credit Union.
- Account can be opened at any age
- Contributions are tax-deductible
- Interest earned will be tax-deferred — you won't need to pay those taxes until you withdraw funds
- Early withdrawal before 59½
- Required to take equal payments at age 72 (73 if you reach age 72 after December 31, 2022)
- Not tax-deductible — taxes already taken out of the principal amount when it's contributed
- Withdraw funds from principal contributions at any time, tax-free
- Earned interest is not tax-free until age 59½
- No limit on how long you can contribute to your Roth IRA
- Not required to take payments at age 72
Certificate of Deposit
A Share Certificate or Certificate of Deposit (CD) earns higher dividends than a regular savings account and is a good savings tool for short and long-term savings goals. With a CD, you can choose how long you want to lock your funds while earning high dividends. Our Standard Certificate earns interest monthly and can either be posted to your CD, deposited into a specified account, or mailed to you as an interest check.
- $500 minimum deposit to open
- Your CD's maturity date can range from 30 days to 10 years*
- If you choose a maturity of 24 months or longer, it will become a No Penalty CD (this means you can convert the current rate to a higher rate once during the life of the CD)
Youth Add-On Certificate
Having to save for college expenses can be stressful, but with a Youth Add-On Certificate you can help your child start saving early for their future.
- No minimum to open
- 3-month term*
- Add up to $2,500 per month
Our SaveUp program is an easy way for you to start saving. All you have to do is enroll in SaveUp, swipe your Members First debit card and every purchase you make will be rounded up to the next dollar and deposited in the Members First account of your choice.
Ready to Start Saving Toward Your Financial Goals?
Our financial service representatives at Members First Credit Union of Florida are here to lend a helping hand. Whether you want to start saving towards your retirement, a new home, college expenses, or preparing for emergencies, a savings account can help you reach your goals. Learn more about our savings options or speak with a financial representative to learn more or get started.
*Each CD will automatically renew at maturity. A renewal notice is mailed fifteen days before maturity. At maturity, there is a 10-day grace period to make any changes to the CD without penalty.
An interest penalty may be imposed for early withdrawals. All rates are subject to change without notice. Dividends calculated by the Average Daily Balance Method. APR= Annual Percentage Rate. Federally insured by NCUA.
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