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Savings

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.

Statement Savings Accounts

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.

  • Tiered dividends based on the amount of your balance at the end of the month
  • Direct deposit option
  • Accessible with ATM/Debit MasterCard
  • Deposits are fully insured by the National Credit Union Share Insurance Fund and the Massachusetts Share Insurance Corporation

Share Savings & IRA Shares

Effective: January 5, 2024

Share Savings
AmountDividend/Interest RateAPY 1
$10.00 to $9,999.990.10%0.10%
$10,000.00 to $19,999.990.15%0.15%
$20,000.00 to $29,999.990.20%0.20%
$30,000.00 and above0.25%0.25%
  • (1) Annual Percentage Yield.

Individual Retirement Accounts

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.

Why open an IRA with Energy Credit Union?

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).

Traditional IRAs

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.

Roth IRAs

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.

Coverdell Education Savings Accounts (ESAs)

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.

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