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Savings Accounts

Savings

Establishing your membership savings account at KCCU is the first step. Maintain a minimum of $5 in your savings account and you'll have access to a multitude of KCCU services. Our savings programs will help you maximize your earnings, reduce your costs, meet your goals, and access your funds when you need them. Your savings account can be used for overdraft protection, automatic loan payments, and payroll deductions for easy money management.

Deposits are secured to at least $250,000 and backed by the full faith and credit of the United States Government. Click www.ncua.gov to view more information about the deposit insurance.


The highlights of this account are as follows:

  • 5.00 minimum open deposit is required
  • Dividends are compounded and paid quarterly
  • Average daily balance is the dividend compounding method

Health Saving Account

Health Savings Accounts (HSAs) are designed to help you manage your funds for out-of-pocket health care expenses. HSAs are available solely for individuals who have a high deductible health plan (HDHP). The account is a tool that allows you to pay for future qualified medical and retiree health expenses on a tax free basis. Any adult can contribute to an HSA if they:

  • Have coverage under an HSA qualified "high deductible health plan"
  • Have no other first-dollar medical coverage
  • Are not enrolled in Medicare
  • Can not be claimed as a dependent on someone else's tax return

The advantages of an HSA are:

  • Security - Your high deductible insurance and HSA protect you against high or unexpected medical bills.
  • Affordability - You should be able to lower your health insurance premiums by switching to health insurance coverage with a higher deductible.
  • Flexibility - You can use the funds for current medical expenses or save for future expenses.
  • Ownership - Funds remain in the account from year to year, just like an IRA. There are no "use it or lose it" rules for HSAs.
  • Tax Savings - An HSA provides you triple tax savings; tax deductions when you contribute to your account; tax-free earnings on the account; and tax-free withdrawals for qualified medical expenses.

For more information regarding health savings accounts go to:
HSA Info



Christmas Club Saving Account

Stash some cash in a Christmas Club account and you'll be ready for your holiday shopping. Set-up deposits with a payroll deduction, or from your checking, or savings account and watch your regular deposits grow. The first week in November your Club funds will be transferred to your account in time for holiday shopping. Dividends are earned on balances more than $50.

Special Purpose Saving Account

Life events can be costly. Weddings, vacations, new baby … the list goes on. With a special purpose saving account you can save more with the old adage of "out of sight, out of mind". When the funds are separated from your regular checking or savings, you're less likely to dip in the account unexpectedly. Create as many special purpose saving accounts as you need. Setting up automatic transfers with your payroll deduction or through on-line banking makes the saving go faster and easier.

Share Certificate

Maximize earnings even more when you deposit your funds in a share certificate. By choosing your term for the investment, you can lock in a higher deposit rate than a liquid account, such as a savings account. We have certificates for the first time saver and the more sophisticated investor. We offer a wide variety of certificates to suite your needs.

Current Rates

The highlights of this account are as follows:

  • $500.00 minimum opening balance;
  • Terms of 91 days, 182 days, 12 months, 30 months, and 48 months;
  • Dividends are credited quarterly;
  • Certificates of $5,000 or more have an option of a monthly dividend period;
  • An early withdrawal penalty applies;

Early Withdrawal Penalty

We may impose a penalty if you withdraw any of the Certificates before the maturity date, or the renewal date, if this is a renewal certificate. For 91 day Certificates the penalty of your certificate is 30 days dividends. For 182 day, 13 month, and 1 Year Certificates, the early withdrawal penalty is 60 days dividends. For 18, 30, and 48 month certificates, the early withdrawal penalty is 150 days.

The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on your certificate. It applies whether or not the dividends or if the dividend has already been paid, the penalty will be deducted from the principal. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstance when an account owner dies.

Youth Share Certificate

The credit union offers a special certificate for our youth savers. Start savings early and end up with a substantial amount. Parents and grand parents this is a perfect way to save for future educational expenses. The dividend rate on this certificate is typically higher than similar term certificates. Youth certificates may be opened for youth up to age 18 years old. The highlights of the certificate are as follows:

  • Open a youth certificate with a $100.00 minimum opening balance;
  • Additional deposits may be made at any time to the certificate in $25.00 increments;
  • Term of the certificate is 13 months and can be automatically renewed to age 18;
  • Dividends are credited quarterly;
  • An early withdrawal penalty applies.

Individual Retirement Account (IRA)

IRAs are a great way to save for retirement and for a child's higher education. Both events seem in the distant future, but if you want to be financially ready, it's never too soon to start these important savings vehicles. There are many types of retirement accounts to choose from. The following are the IRA investments options KTCCU offers:

  • Traditional IRAs
    This account lets you defer taxes on the earning of your contribution until they are withdrawn. Certain contributions may be tax deductible in the tax year they are made. If you are younger than 70 ½ for the entire tax year and have earned income (or your spouse has earned income), you are eligible to establish a Traditional IRA. The IRA investment can be as a savings account or certificate of deposit to maximize your earning on your retirement dollars.
  • Roth IRAs
    The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for specific distribution reasons after a five-year holding period. Roth contributions are nondeductible and taxed in the year they are earned. If you expect to be in a higher tax bracket when you retire, you may benefit from a Roth IRA rather than Traditional IRA.

For more information about IRA accounts go to:

IRA Info

 

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