Savings Accounts

There are a Lot of Ways to Save at Banner Federal Credit Union.

Share Savings Accounts

A Share savings account at Banner Federal establishes your membership with us. It is easy to use for putting away a little extra money each paycheck and comes with ATM access to over 30,000 surcharge-free machines nationwide. Share savings must remain at a minimum balance of $25.00 during your membership with the credit union.

In accordance with Regulation D, members are limited to six transactions per statement cycle from your share savings. A fee will be assessed for each transaction beyond three of $1.00. See full details of Regulation D below.

How Regulation D Affects Your Account

Kids Savings

Teach your children how to save early with a Kids Club Account with Banner Federal. They will earn dividends on their deposits and can even get an ATM card. Open your new baby’s account before their first birthday and we will match your initial deposit up to $25.

Club Savings Accounts

Holiday Club

Budgeting throughout the year for holiday spending is finally made simple! You can have a fixed amount deducted from each paycheck to get ready for holiday purchases. The Holiday Club funds will be transferred to your checking or savings account on November 1. One dollar will be left in the account to allow the continuation of the payroll deductions into the account for the following year.

Vacation Club

The Vacation club helps you stash cash for weekend getaways or that dream vacation you’ve always wanted. Open for as little as $1.00 and contribute through payroll deduction or monthly transfers until you are ready to use it.

Miscellaneous Club

This special account can help you save for a specific goal like insurance premiums, a down payment for new car or even that designer bag you have been eyeing.

IRAs

A Banner Federal (IRA) empowers you to prepare for the future by making periodic contributions through a direct payroll deduction or over-the-counter deposit. The competitive rate and tax-deferred dividends improve your earning potential. For 2018 and 2019, you may contribute up to $5,500 annually ($6,500 if you’re age 50 or older)² or $2,000 for ESA. Contributions may be made up to April 15 of the following year.

Types of IRA’s available:

Traditional IRA – Contributory, Transfer, Rollover
Roth IRA – Contributory, Conversions from Traditional IRAs, Transfer and Rollover plans
Coverdell ESA – Exclusively for Education

Banner Federal’s IRA Features:

No set up or annual maintenance fees
$1.00 minimum to open
Convenient deposits through payroll deduction and automatic transfers
Attractive rates, with higher rates for IRAs with larger balances
IRAs are insured up to $250,000 by the National Credit Union Administration, a U.S. Government Agency

How to Open Your IRA

Just call or stop by one of our conveniently located offices to pick up your packet. To open an IRA with Banner Federal you must be the primary member on the account and deposit just $1.00 to get started!

Call one of our IRA specialists today at (602) 254-5291 for more information.

Your IRA earnings are not taxed as income until you withdraw them as early as age 59 1/2 and no later than April 1 following the year that you reach age 70 1/2.

Maximum contribution applies to total deposits made to all investment retirement accounts.

The Internal Revenue Service will assess a penalty for early withdrawals made before age 59 1/2.

Please consult your tax professional for advice regarding the best IRA investment for your situation.

Share Certificate Accounts

SC’s are for longer-term saving at higher rates. Terms run from six months to three years. This is a great alternative to the ups and downs of mutual funds or the stock market.

Dividends reported annually via 1099-INT. Consult your tax adviser regarding your individual tax situation.

*Dividend penalties apply for early withdrawal. Rates are based on the date/time that funds are received and processed.

RATES EFFECTIVE AS OF

01/01/2020

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