Ready to embark on a journey of financial growth and security? At Energy Credit Union, our savings accounts are more than just a place to store money – they are a stepping stone towards achieving your dreams.
Join us in building a brighter financial future. Open your savings account today, and let's achieve your goals together! Energy Credit Union's savings plans help you build a nest egg, save for a special occasion, or plan for emergencies. For additional investment options, consider our IRAs.
Our basic savings plan is right for members who want to manage everyday expenses, save for a rainy day or teach their children the value of saving.
Share Savings & IRA Shares
Effective: January 5, 2024
|$10.00 to $9,999.99
|$10,000.00 to $19,999.99
|$20,000.00 to $29,999.99
|$30,000.00 and above
An Individual Retirement Account (IRA) is a smart way to plan for retirement and educational expenses. Energy Credit Union offers Traditional and Roth IRAs, as well as Coverdell Education Savings Accounts (formerly known as Education IRAs). Each type of IRA offers different benefits and has its own rules and restrictions. Energy Credit Union offers expert advice to help you select the right IRA for your needs. For more information, call or visit Member Services or request an application.
With Energy Credit Unions IRAs you pay no annual fees, there’s no risk of loss, and IRAs are insured by the National Credit Union Administration (NCUA) for up to $250,000. Deposits over $250,000 are insured up to statutory limits set by the Massachusetts Share Insurance Corporation (MSIC).
A Traditional IRA lets you lower your taxable income while saving for retirement. With a Traditional IRA, your contributions are fully or partially tax-deductible, depending on your income and tax-filing status. The earnings grow tax-free until withdrawal.
With a Roth IRA, your contributions are not tax deductible, but you may withdraw contributions tax-free at any time. Your earnings grow tax-free, and you may withdraw interest earned free of any taxes and penalties if you hold the account for five years and are buying your first home, or if you are 59 1/2.
ESAs are flexible accounts that allow you to save for your child’s qualified educational expenses, including college, private high school tuition, and after-school tutoring. Relatives and friends can also contribute to an ESA for your child. Contributions are not tax-deductible, but earnings accumulate tax-free, and distributions are tax-free if they are used to meet qualified education expenses.
A financial institution will have, or already has, a relationship with you. You may go to your neighborhood bank, a major national financial conglomerate, or a credit union.
Some of the most crucial details will aid in the acquisition of an ideal insurance coverage. We’ve compiled a policy overview that may be of use to you.
Lenders want to know that you can pay the monthly payments, plus interest and insurance. If you can show proof of debt management and affordability, you’ll have a far better chance of getting authorized, even if you have a bad credit score.
Not everyone you meet will be there for you through all of life’s ups and downs. However, you will have a small group of friends who will support you in your failures and lead you through difficult moments.