Savings

• Competitive dividends are paid on Christmas Clubs of $5 or more (with no withdrawals during the period)
  
• On October 1, funds are transferred to your savings account
  
• Make it easy to save by choosing direct deposit from your pay check into your Christmas Club
  

• Quick and easy to setup
  
• Certificates automatically renew for the same term and at the new rate that is offered at the time of renewal
  
• Penalties for early withdrawal apply
  
• Start a Certificate for little as $500!
  

IRAs are insured by the NCUA for up to $250,000, separately from other accounts that the member maintains in the same credit union. Unlike most banks, CVFCU charges no maintenance fees for IRAs. Call us today for more information.

A traditional IRA is a way to save for retirement that gives you tax advantages!

• Save money up to age 70 1/2 to supplement income after retirement
  
• Taxed when withdrawn, typically at a lower rate than during employment years
  
• Early withdrawals are allowed for first-time home purchases or educational expenses
  

The Roth IRA offers more incentives to boost your retirement savings and provides more ways to use your nest egg.

• Pre-taxed, which means deposits can be withdrawn at any time
  
• Earnings can be withdrawn tax free and penalty free if the account has been open for 5 years and one of the following reasons apply: the owner is age 59 1/2, disabled, deceased or the funds are for a first-time home purchase 
  

Coverdell Education Savings Account: An opportunity for parents and grandparents to save for their children’s or grandchildren’s education.

• Contributions can be made until the child reaches age 18
  
• Money can be transferred from one child to another in the same family
  
• Money withdrawn must be used for education expenses for the designated child before age 30. Exceptions may apply.

Plan Ahead. Pay yourself first.

The “Pay Yourself First” principle establishes saving as a priority and encourages sound financial habits. Building your savings is a powerful motivator. It’s empowering! It’s important!

First Things First: Get Emergencies Covered

• Set up a special savings account to save up 3-6 months living expenses as an Emergency Fund. (You can even name the account this!)
• Save at least 10% of your income toward this goal. (If you can’t save that much, start smaller and work your way up. The key is to be consistent!)
• Make it automatic. Set up an automatic transfer or direct deposit to this savings account. Have that money come out as soon as you are paid, then budget accordingly.
• If you receive a bonus, gift or tax refund, consider saving that in your Emergency Fund. 

This should go without saying, but we’ll say it anyway…. Don’t use your Emergency Fund for anything other than true emergencies! Set up separate savings accounts for other goals.

Get Creative

• Use our cuSaver program to save every time you use your debit card! Just use your debit card to buy your groceries for $78.18 and we’ll transfer 82¢ to your savings!
• If you use cash for purchases, set aside your coins for a special goal. We know of a Dad who paid for his daughter’s wedding by saving all of his dimes beginning when she was born!

Have Some Fun

• Open savings sub-accounts for each of your goals…and name them for motivation!
• Seeing the balance in your Dream Vacation account makes skipping that latte a little easier!

Remember the Basics

Write down your goals. Pay yourself first. Start small and keep it up – it adds up over time!