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 2019 and 2020, you may contribute up to $6,000 annually ($7,000 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:
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 is not taxed as income until you withdraw them as early as age 59 1/2 and you can keep making contributions as long as you have an income.
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.
Federally insured credit unions offer a safe place for credit union members to save money. All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, with deposits insured up to at least $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union.
Savings Accounts Rates**
Penalties will or may be imposed for early withdrawal.
APY = Annual Percentage Yield
| Savings Rates | APY | DIVIDEND RATE |
|---|---|---|
| Regular Shares $75 Minimum | 0.03% | 0.03% |
| Club Savings $75 Minimum | 0.03% | 0.03% |
| Checking $500 Minimum | 0.01% | 0.01% |
| Money Maximizer | APY | DIVIDEND RATE |
|---|---|---|
| $1 – $999 | 0.07% | 0.07% |
| $1,000 – $9,999 | 0.08% | 0.08% |
| $10,000 – $25,000 | 0.10% | 0.10% |
| $25,000+ | 0.12% | 0.12% |
| IRA Savings | APY | DIVIDEND RATE |
|---|---|---|
| $0 – $10,000 | 0.30% | 0.30% |
| $10,000+ | 0.35% | 0.35% |
Share Certificate Rates** (Savings and IRA)
Penalties will or may be imposed for early withdrawal.
APY = Annual Percentage Yield
| Terms/Balance | APY | DIVIDEND RATE |
| 6 Mo $500-$9,999 | 0.00% | 0.00% |
| 6 Mo $10,000 or Greater | 0.00% | 0.00% |
| 1 Year $500-$9,999 | 0.23% | 0.23% |
| 1 Year $10,000 or Greater | 0.28% | 0.28% |
| 18 Mo $500-$9,999 | 0.30% | 0.30% |
| 18 Mo $10,000 or Greater | 0.35% | 0.35% |
| 2 Years $500-$9,999 | 0.33% | 0.33% |
| 2 Years $10,000 or Greater | 0.39% | 0.39% |
| 30 Mo $500-$9,999 | 0.39% | 0.39% |
| 30 Mo $10,000 or Greater | 0.44% | 0.44% |
| 3 Years $500-$9,999 | 0.44% | 0.44% |
| 3 Years $10,000 or Greater | 0.49% | 0.49% |
Rates may change at any time without prior notice, before or after the account is opened. Fees could reduce earnings on the account. Dividends are paid on the entire balance once the tier minimum is met.
