Savings

There are plenty of reasons to save: retirement, a child’s education, a special occasion or just the security of putting away money for the future. Whatever your reason, River Town FCU has a savings product that’s right for you. Our savings accounts, certificates and IRAs offer competitive dividend rates and such convenient features as direct deposit and payroll deduction. For more information about savings or an application to open an account, please click here.

The account can be opened with a minimum deposit of $5.00 which should be maintained while you use credit union services.

Dividends are set by the Board of Directors quarterly. They are calculated on your daily balance, paid and compounded quarterly. For current dividends declared by the Board of Directors last quarter click here.

Savings are federally insured up to $250,000 and backed by the full faith and credit of the United States Government through the National Credit Union Administration, a U.S. Government Agency.

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The Credit Union may offer other rates for this account from time to time. Rates are subject to change by the Board of Directors. Click here for current rates.

Dividends compounded: Monthly
Dividends credited: Monthly
Dividend period: Calendar month

Balance Requirements 

Minimum opening deposit: $5.00
Minimum balance to avoid a service fee: –
Minimum balance to earn the stated APY: $100.00
Balance Method: Daily Balance

The Money Market Super Share is a share account.

1. Rate Information. The Money Market Super Share account is a Tiered Rate account. If your balance is $9,999.99 or below, the first dividend rate and Annual Percentage Yield listed for the account above will apply. If your account balance is $10,000.00 or above, the second dividend rate and Annual Percentage Yield listed for the account above will apply. Once a particular balance range is met, the dividend rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.

2. Dividend. Dividends are compounded monthly and credited monthly.

3. Balance Information. The minimum balance requirements applicable to the Money Market Super Share account is $10,000.00 to obtain the dividend rate and Annual Percentage Yield listed for the account. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield.

4. All other applicable terms and conditions in the Rates and Fee Schedule for all other share accounts apply to the Money Market Super Share account.

Club accounts provide you the opportunity to save for special events, such as Christmas or vacation. These two club accounts pay a special dividend. Dividends are set by the Board of Directors. They are calculated on your daily balance, paid and compounded quarterly.

The Christmas Club II account allows members, who want to save for Christmas, to withdraw all of their Christmas club money in November of each year. There is a $15.00 penalty for early withdrawal.

Here are the highlights of the product:

• The savings must remain on deposit until November of each year to receive the dividend.
• Funds will automatically be distributed to the members share account.

The Board of Directors will determine the dividend rate in September. See the Rates and Fee Schedule for full details and disclosures.

Special Share/Savings accounts allows you to set aside funds for special purposes. From property taxes to wedding expenses, you can have it set aside just for this reason. We can even name it for you to identify it on your quarterly statement. Dividends are set by the Board of Directors quarterly. They are calculated on your daily balance, paid and compounded quarterly. For current dividends declared by the Board of Directors last quarter click here.

Open a child or grandchild’s account and help them learn to save. A minor’s account has these benefits:

• Pays quarterly dividends
• Can be opened with as little as a $5.00 initial deposit
• Exempt from certain fees
• Quarterly statements

The National Credit Union Administration (NCUA) provides insurance coverage of up to $250,000 for your Credit Union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure visit this link directly to NCUA: https://www.ncua.gov/Pages/default.aspx.

Need to build an investment for your future? Are you working but don’t have a pension plan? An Individual Retirement Account (IRA) at River Town Federal Credit Union may help. Investing in a River Town Federal Credit Union IRA account is safe. IRA accounts are separately insured up to $250,000 by the National Credit Union Administration (NCUA), a government agency.

Look at these options:

• Variable rate IRA Share Account
• Fixed rate IRA Share Certificate
• Roth IRA
• Educational IRA
• SEP IRA

Variable Rate IRA Share Account 
A variable rate IRA share account pays quarterly dividends. Making deposits to it is flexible! You can make them by payroll deduction, mail, ACH, or make them in person. The Board of Directors declares dividends each quarter. They are paid and compounded quarterly.

Fixed Rate IRA Certificate
Want to get a higher return than the variable rate but don’t mind locking it up for a time period? Open an IRA fixed rate share certificate for a six-month, 1-year, or 2-year term. The Board of Directors sets dividends periodically. They are calculated on your daily balance, paid and compounded quarterly. For current dividends declared by the Board of Directors, SEE RATES. There is a penalty for early withdrawal.

Roth IRA
Can’t qualify for the traditional IRA account? Maybe you can get a Roth IRA. The Roth IRA does not have any deductibility on your tax form, but after five years contributing to the plan, you can withdraw your earnings if you are age 59 ½, disabled, or a first time home buyer. Your are not required to start withdrawing from your Roth IRA like you are required to with a Traditional IRA once you reach age 70 ½.

For more details and full disclosure, please contact a credit union member service representative.

The Board of Directors sets dividends. They are calculated on your daily balance, paid and compounded quarterly. For current dividends declared by the Board of Directors, SEE RATES. There is a substantial penalty for early withdrawal.

Educational IRA 
Need to save for your child’s education? An Education IRA may be the investment you need to get them started in college. You can contribute up to $500 per year until the age of 18 or any year that a contribution is made to a state tuition program for the IRA beneficiary. Then you can make a tax free withdrawal for education expenses with only the earnings being subject to taxation.

Want to know more? Contact a credit union member service representative.
The Board of Directors sets dividends. They are calculated on your daily balance, paid and compounded quarterly. For current dividends declared by the Board of Directors, SEE RATES. There is a substantial penalty for early withdrawal.

Click here to view our Rate & Fee Schedule