A share savings account is also known as your membership account. It's called a share because you actually own a part of Guardians CU when you open an account with us.
All it takes is $25 to activate your credit union membership and to open this interest-bearing account. As a member-owner in good standing, you can earn dividends from the day of deposit. Dividends are compounded and paid quarterly.
Asset Money Market
An asset account is similar to a money market account and requires an initial minimum deposit of $1,000. This account is a serious savings account designed to earn a higher yield than a regular share account. Because of this, up to three withdrawals per month are permitted.
A share certificate is a specified amount of money deposited for a pre-determined length of time (similar to a certificate of deposit). It earns a higher annual percentage yield (APY) than a regular savings account. Once set up, your APY is locked in until maturity. Choose terms ranging from 6 months to 60 months. Dividends vary according to the term. Share certificates can be opened with $1,000 or more. Dividends may be left to compound on the share certificate, transferred to a savings or checking account or you may have a monthly dividend check sent to you. Penalties for early withdrawal do apply.
A Guardians CU individual retirement account (IRA) is a solid way of assuring your financial security from the day you begin depositing. You can choose from the following types:
Every individual under age 70½ who has earned income may contribute to this personal pension plan. The money deposited is exempt from federal taxes until you withdraw it during retirement. The money you place in your IRA may be deducted from your taxable gross income each year under certain criteria, so consult a tax advisor.
Unlike traditional IRAs, your contributions to a Roth IRA are made with after-tax dollars, and your withdrawals after retirement are tax-free, providing you conform to the plan requirements. The Roth IRA can offer advantages over a traditional IRA depending on your income, tax bracket and years until retirement. Consult your tax advisor to decide which plan best suits your needs.