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Our share certificates deliver a high yield, offer short-term commitments at no risk, they are flexible and easy to open and renew.
We recommend a technique called "laddering." This will give you more regular access to funds and the potential for higher earnings over a 10-year period and beyond.
How does it work?
Start with a lump sum of at least $5,000. Using this example, purchase five $1,000 Share Certificates, each with a different term ranging from one to five years. Ideally, at the end of the term for each Share Certificate, you renew for a new five year term. This plan provides access to funds once a year and usually results in more growth than a $5,000 5-year certificate renewed for the same term.
What are the benefits?
Early withdrawal penalties do apply.
The Coverdell Education Savings Account (ESA), originally known as the Education IRA, is designed with the sole purpose of helping you pay for education expenses. The key feature of Coverdell accounts is that they shelter investment growth from the tax collector. Savings set aside - plus the earnings they make - are fully available for qualified school bills.
Coverdell accounts offer investment flexibility, transferability, and tax-free withdrawals to cover education costs such as books, tuition, and room and board. And they're not just for college kids. The Coverdell could be used at any school, public or private, and even for grammar school and high school. They're also available for students with special needs, regardless of their age.
Designated beneficiary must be a member of the Credit Union. Subject to penalty for early withdrawal. Please consult your tax advisor for recommendations.
How about opening a share certificate for your children? Give your minor the power to save with a high-yield certificate. Call us today to get started and set them on the road to financial security.
*A minimum balance of $250 is required to open a Rookie Certificate. This account must be opened under a membership account of a minor under 18 years of age. Rookie Certificates maturing after minor is 18 years of age will be converted to a regular certificate account. There is a maximum of three (3) Rookie Share Certificates per minor account. A penalty may apply for early withdrawal.
Looking for high yields plus uncommon access to your savings when you need it? Our Retirement Liquid Certificate gives our members the opportunity to do so.
Retirement Liquid Certificate benefits:
To be eligible for retirement accounts, you must have your retirement funds directly deposited to Firefighters First. Qualifying retirement funds include pension and/or Social Security.
**You may make a one (1) time, penalty free withdrawal anytime during the term. Total withdrawal cannot exceed 25% of the initial certificate balance (funds cannot fall below the minimum balance required in that tier).
1Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly. Penalty for early withdrawal.
Transaction limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction.