Savings Options

Primary Share (Savings) Account

Your savings account automatically makes you a member and part owner of 66 Federal Credit Union for a nominal $25 membership fee. You’ll always have easy access to your funds—online, over the phone or at any Shared Service Center.

How to open a primary share account:

Complete a Membership Application, call 800.897.6991, or visit any Branch Location.

Primary Share Rates & Fees

Rates Effective 2/1/12
Current Annual Percentage Yield: 0.25%
Current Dividend Rate: 0.25%
Minimum Balance: $25, for membership
Monthly Maintenance Fee: $0
Service charge fee: $2.00 per month if minimum balance is not maintained
Savings account closing fee: $10.00 if account closing fee is opened less than six months
See other service fees that apply to all accounts.

Sub-Share Account

Sub-share accounts can be used for any purpose, such as saving for Christmas, car insurance, or vacations. No minimum or opening balance requirements. Sub-savings earn dividends at the regular savings account rate.

How to open a sub-share account:
You can open a sub-savings account by calling, coming in or by clicking "Open New Account" in eBranch.

Johnny Appleseed Account (for ages birth-12)

Johnny Appleseed Gift Bag
Current Incentive Gift
Deposit $3 into your child’s savings account to receive this quarter’s incentive gift: a ruler with pencils!

Johnny Appleseed accounts help children develop good savings habits by providing bi-monthly savings incentives and fun activities throughout the year.

Accounts must be set up in the child’s own name with an adult as a joint owner, and may be designated as a UGMA account.

Accounts can be opened with a minimum of $5. They earn dividends at the regular savings account rate.

How to open a Johnny Appleseed account:

Download and print application form. Or, call 800.897.6991 or come by our local branch to set up an account for your child(ren). You will need your child's social security at account opening.

When the child reaches the age of 13, the Johnny Appleseed Account automatically converts to a Primary Share, requiring a minimum balance of $25.00 to maintain membership.

Christmas Club Account

A Christmas Club account lets you save for holiday spending in advance rather than relying on credit cards at the last minute. You even can arrange to have the money deducted directly from your paycheck, making saving as painless as possible.

How to set up a Christmas Club Savings Account

You can open a Christmas Club savings account directly from eBranch. After you log in, choose “Open New Accounts” from the left-hand navigational list, and choose “Additional Savings Account” and “Christmas Club.” By opening a Christmas Club account, you will incur a penalty if you withdraw money from the account before November 1, which will help you truly save for the holidays.* You can set up regular transfers into the account by choosing “Transfers” and then “Recurring.” Choose the amount, frequency, and the account to transfer from and you’ll start saving automatically.

*Christmas Club Account funds are available from November 1 – December 31. Early withdrawals will be charged a fee of $10.00. See other service fees that apply to all accounts.

Money Market Accounts

Our Money Market Account rewards you with a competitive rate based on the balance in your account. You also have the security of NCUA insurance and easy access to your money. You’ll receive higher interest rates for larger balances. There is no penalty for early withdrawal. Up to six withdrawals are permitted per month.

How to set up a Money Market Account

Online: You can open a Performance Fund or Performance Plus Money Market account directly from eBranch. After you log in, choose “Open New Accounts” from the left-hand navigational list, and choose “Money Market Account.” From there, you can choose the account that fits your needs.

You can also open a money market account by completing a Membership Application, calling 800.897.6991, or by visiting any Branch Location. Not a member? Join us!

Effective 2/1/12 Money Market Rates
Deposit Amount ANNUAL PERCENTAGE YIELD DIVIDEND RATE MINIMUM BALANCE DIVIDEND COMPOUNDED

Performance Fund (Money Market)

 $1,000.00 MONTHLY
$0 - $999 0.10% 0.10%
$1,000 - $4,999 0.10% 0.10%
$5,000 - $9,999 0.20% 0.20%
$10,000 - $24,999 0.25% 0.25%
$25,000 - $49,999 0.30% 0.30%
$50,000 - $74,999 0.35% 0.35%
$75,000+ 0.35% 0.35%

Performance Plus (Money Market)

 $1,000.00 MONTHLY
$0 - $999 0.10% 0.10%
$1,000 - $2,499 0.20% 0.20%
$2,500 - $9,999 0.25% 0.25%
$10,000 - $24,999 0.30% 0.30%
$25,000 - $49,999 0.35% 0.35%
$50,000 - $99,999 0.40% 0.40%
$100,000+ 0.40% 0.40%

Advantage Money Market*

 $0-$49,999 Monthly
$0 - $49,999 0.25% 0.25%
$50,000 - $99,999 0.40% 0.40%
$100,000 - $199,999 0.45% 0.45%
$200,000+ 0.45% 0.45%
*Must have an Advantage Checking Account to open. Note: Fees may reduce the earnings on some accounts.
See all dividend rates.

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Advantage Money Market
Service Charge 		$10.00 per month if average daily balance is below $10,000.00
Performance Fund/
Performance Plus service charge 		$10.00 per month if average daily balance is below $1,000.00
Excessive draft fee $10.00 per draft after three drafts per month
Performance fund drafts Prices vary for pre-printed drafts

Share Certificates

In the tradition of credit unions, we offer certificate rates that compete with other financial institutions requiring deposits of $10,000 or more-and the minimum to open one is only $500. Enjoy good dividends in long term savings plans. Terms from 91 days to 60 months are available. Call 800.897.6991, come in or open your certificate on eBranch. Fees may reduce the dividends on some accounts.

Effective 2/1/12 Share Certificate Rates
TYPE/TERM ANNUAL PERCENTAGE YIELD DIVIDEND RATE MINIMUM BALANCE DIVIDEND COMPOUNDED

Share Certificates Deposits
91 Days 0.20% 0.20% $500.00 QUARTERLY
182 Days 0.40% 0.40% $500.00 QUARTERLY
5 Months 0.25% 0.25% $500.00 QUARTERLY
12 Months 0.65% 0.65% $500.00 QUARTERLY
18 Months 0.75% 0.75% $500.00 QUARTERLY
24 Months 0.85% 0.85% $500.00 QUARTERLY
25 Months 0.85% 0.85% $500.00 QUARTERLY
36 Months 1.20% 1.19% $500.00 QUARTERLY
48 Months 1.50% 1.49% $500.00 QUARTERLY
60 Months 1.90% 1.89% $500.00 QUARTERLY
91 Day Jumbo 0.25% 0.25% $50,000.00 QUARTERLY
6 Months Jumbo 0.45% 0.45% $50,000.00 QUARTERLY
9 Months Jumbo 0.60% 0.60% $50,000.00 QUARTERLY
12 Months Jumbo 0.70% 0.70% $50,000.00 QUARTERLY
See all dividend rates.
  • Earns Dividends
  • Gold Checking members get 10 additional basis points
    added to their Share Certificates†
  • Federally insured up to $250,000 by the NCUA
  • Minimum to open a Share Certificate is only $500

† Use debit card ten or more times for purchases in the previous 31 day period to qualify. ATM Surcharge Rebates will be credited to the qualifying account at the end of each calendar month in which ten or more debit card purchases were made.

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Individual Retirement Accounts (IRAs)

Both Traditional and Roth IRAs offer tax incentives to help save money for major expenses and retirement and have no monthly or annual fees.

Details about IRAs

An Individual Retirement Account (IRA) is a way to save for retirement and/or education for yourself and your beneficiaries. IRAs can be opened by practically anybody who receives taxable compensation during the tax year.

IRAs can help you plan for retirement and for higher education expenses for your dependents. The benefits associated with IRAs are amazing and should make you feel like you "need" an IRA rather than just "want" one. If you can afford to invest money, you will benefit from the tax savings and compound interest earnings of IRAs. Some differences between an IRA and a regular savings account are:
  • An IRA is a allows you to contribute money into an account that holds earnings tax-deferred until you choose to withdraw your money. When you withdraw money from the IRA, you will have to pay taxes based on the tax bracket you are in at the time of withdrawal. In most cases, when you retire and you are over the age of 59 1/2, you will be in a lower tax bracket than when you are working. With a regular savings account, interest earnings are not tax-free.
  • When contributing funds to an IRA, you can invest in a multitude of investments. With these investments, an IRA will fluctuate with the various markets and interest rates. Some examples of IRA investments are: stocks, bonds, mutual funds, certificates of deposit (CDs), and money market deposit accounts. Generally, based on the historical performance of the stock market, returns of investment vehicles such as mutual funds have out-performed returns of savings accounts.*
  • Regular savings accounts can usually be withdrawn from any time. With IRAs, withdrawals are limited.
  • IRAs have a set limit of contributions that can be made each year. With a regular savings account, you are able to contribute as much as you can afford each year.
Learn more about IRAs and other smart tax planning tools. Take the BalanceTrack learning module “Smart Tax Planning.” You’ll learn about the differences between Traditional, Roth and Educational IRAs, as well as flexible spending accounts, the tax benefits of homeownership and tips on taxes and investing in such things as stocks and bonds.
* Past performance does not guarantee future results.

Coverdell Education Savings Account (CESA)

The Coverdell Education Savings Account can be established for a child under the age of 18, for the purpose of funding qualified education expenses. Contributions, however, are not tax deductible.

Details about Coverdell Education Savings Accounts

Saving for School the Coverdell Way
The Coverdell Education Savings Account is a tax-privileged savings vehicle that replaces and improves upon the old Education IRA (Individual Retirement Account).

Contributions are limited to $2,000 a year per child, which amounts to about $166 a month. Bit by bit, those savings can accumulate into a tidy sum.

“In terms of the $2,000 a year, that is sufficient for most families to pay for college if you start early enough,” says Mike Arnow, a certified public accountant and certified financial planner in Glendale, Wis.

The chief feature of the Coverdell account is that it shelters investment growth from the tax collector. That means that savings set aside in such accounts — plus the earnings they make — are fully available for qualified school bills.

Besides protecting earnings from taxes, 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,” Arnow says. They’re also available for students with special needs, regardless of their age.
Coverdell contributions must stop when the child reaches 18, and the account must be spent on schooling by the time the beneficiary reaches 30, unless the student has special needs. Otherwise, the earnings could be subject to income taxes as well as a 10% penalty.

However, unused portions of the Coverdell account may be transferred to a relative — a sibling, niece, nephew, even cousin—to keep the education savings in the family and avoid tax penalties.

To establish a Coverdell Education Savings Account, call 800.897.6991 or come in to the Credit Union.

Effective 2/1/12 IRA & ESA Certificates
TYPE/TERM ANNUAL PERCENTAGE YIELD DIVIDEND RATE MINIMUM BALANCE DIVIDEND COMPOUNDED

IRA Share

0.25% 0.25% $5.00 Monthly

IRA & ESA Certificates
182 Days 0.40% 0.40% $500.00 QUARTERLY
5 Months 0.25% 0.25% $500.00 QUARTERLY
12 Months 0.65% 0.65% $500.00 QUARTERLY
18 Months 0.75% 0.75% $500.00 QUARTERLY
24 Months 0.85% 0.85% $500.00 QUARTERLY
25 Months 0.85% 0.85% $500.00 QUARTERLY
36 Months 1.20% 1.19% $500.00 QUARTERLY
48 Months 1.50% 1.49% $500.00 QUARTERLY
60 Months 1.90% 1.89% $500.00 QUARTERLY
91 Day Jumbo 0.25% 0.25% $50,000.00 QUARTERLY
6 Months Jumbo 0.45% 0.45% $50,000.00 QUARTERLY
9 Months Jumbo 0.60% 0.60% $50,000.00 QUARTERLY
12 Months Jumbo 0.70% 0.70% $50,000.00 QUARTERLY
See all dividend rates.
  • IRA Minimum Opening Deposit is $5.00 to establish membership*
  • $500 Minimum Balance
  • IRAs may have additional tax and early distribution penalties

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Health Savings Account (HSA)

A HSA is a special account owned by an individual used to pay for qualified current and future medical expenses and used in conjunction with a "High Deductible Health Plan" (HDHP) on a tax free basis. We can help you establish your HSA if you are covered by a high-deductible health plan. Here are three good reasons to have one:
  • Tax Savings. Federally qualified HSA contributions can be deducted from your gross income on your federal tax return, even if you do not itemize your deductions; distributions are tax-free if used for qualified medical expenses; and accumulated funds grow with tax-deferred earnings.
  • Control. You make all the decisions relating to your account, like whether to save for future expenses or pay current medical expenses and how to invest the funds.
  • Portability. You own your account, and it goes with you if you change jobs or retire. Funds remain in the account from year to year, just like an IRA.
Rate and Fee Schedule Pertaining to
Membership Share & Health Savings Checking
Effective date: 7/01/2011 HSA Primary Share Account Health Savings Checking
Dividend Rate/Annual Percentage Yield: 0.30% / 0.30% 0.20% / 0.20%
Dividends Compounded Monthly Monthly
Dividends Credited Monthly Monthly
Dividends Period Calendar Month Calendar Month
Balance Requirements:
Minimum Opening Deposit $5.00 0.00
Minimum to Avoid Service Fee $5.00 N/A
Minimum to Earn Stated APY N/A N/A
Fee Schedule

Membership Share Account Fees

 Health Savings Checking/Debit
Account Fees
Service charge $2.00 Per month if minimum
balance is not maintained 		Check printing Prices may vary
depending on style.
Closing fee $10.00 If account is opened
less than six months 		Service charge -0-
» See Other Service Fees

This rate and fee schedule is accurate as of this date. Rates and fees are subject to change. If you have questions regarding the rate and fee information, please contact the Credit Union. Revised 2/1/12.

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The HSA Primary Share and Health Savings Checking are dividend-bearing accounts.

HSA Primary Share requires a minimum $5 balance. Overdraft protection is available from HSA Primary Share. Checks and debit cards are optional and should be used for “normal distributions” only. Therefore, for any other type of Health Savings distribution such as death, disability, or excess contribution removal, contact the credit union to complete a withdrawal form to document the purpose of the distribution.

NCUA Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
  • Insured by NCUA up to $250,000.
  • Fees may reduce the earnings on some accounts.
  • Rates are subject to change without notice.
  • Annual Percentage Yield applies when the dividend is reinvested in the account.
  • Early withdrawal on certificates 91 days through 24 months will result in a penalty equal to 90 days dividend, at the certificate rate, on the amount withdrawn. 91 day Money Market certificate early withdrawal penalty is equal to 7 days dividends whether earned or unearned.
  • Early withdrawal on certificates over 24 months will result in a penalty equal to 182 days dividend, at the certificate rate, on the amount withdrawn.
  • A certificate may not be reduced below the required minimum balance.