Savings

 

There are so many ways for you to send or receive deposits to your deposit accounts

  • Direct deposit (e.g., from payroll, retirement, investment accounts)
  • Cash in person or night drop
  • Check in person, mail, night drop or remote capture using the mobile app
  • Overdraft transfers (e.g., savings, checking, overdraft protection loan, VISA, Home Equity Line of Credit)
  • Wire
  • Person-to-Person (P2P) Transfers – a secure way to send or receive a payment from another person without sharing banking information directly)
  • Account-to-Account (A2A) Transfers – a secure way for you to send or receive money from another financial institution account on a one-time or ongoing schedule
  • ACH – a bank or credit union-to-bank or credit union transfer of funds
  • Automatic Funds Transfer (AFT) – moves money from a different Newrizons account to this account on an ongoing schedule

Savings

Every membership account starts with a primary savings account. A minimum $25 initial deposit is required for the membership to be opened. A savings account is the cornerstone of your membership in Newrizons Federal Credit Union. Earn a competitive interest rate on your balance while maintaining access to your funds.

  • Free eStatements
  • No monthly fees
  • Add up to 20 additional savings accounts for special purposes
  • Unlimited deposits
  • 6 Free preauthorized, automatic, or telephone transfers monthly
  • Free 247 Online Banking
  • Free Mobile App

Money Market Savings

Members with higher balances who want to earn more with their money, without tying it up in a long term investment. Dividends are computed by using the simple daily method multiplied by the tiered dividend factor and paid monthly.

  • $2,000 minimum balance
  • Up to 6 withdrawals per month
  • Unlimited deposits
  • More earnings for higher balances

Certificate of Deposits (CD)

Any member who wants a safe way to earn money in a certificate for a fixed rate and term. Dividends are computed by multiplying the tiered dividend factor by the total of the current balance plus any outstanding accrued dividends and paid quarterly.

  • $500 opening deposit
  • Terms from 6 to 60 months
  • Premium dividend rates

Educational Individual Retirement Account (Coverdell IRA)

Anyone can contribute up to a total of $2000 per year for a minor’s future educational expenses. Daily IRA account dividends are computed based upon the daily average balance multiplied by the tiered dividend factor and paid monthly. CD account dividends are computed by multiplying the tiered dividend factor by the total of the current balance plus any outstanding accrued dividends and paid quarterly.

  • $100 opening deposit
  • Unlimited number of deposits
  • Daily rates or terms from 6 to 60 months for certificate of deposit type accounts
  • Premium dividend rates

Pre-tax or Post-tax Individual Retirement Accounts (IDA)

Daily IRA account dividends are computed based upon the daily average balance multiplied by the tiered dividend factor and paid monthly. CD account dividends are computed by multiplying the tiered dividend factor by the total of the current balance plus any outstanding accrued dividends and paid quarterly.

Traditional Individual Retirement Account (IRA)

SIMPLE Individual Retirement Account (SEP IRA)

Roth Individual Retirement Account (Roth IRA)

  • $100 opening deposit
  • Unlimited number of deposits
  • Daily rates or terms from 6 to 60 months for certificate of deposit type accounts
  • Premium dividend rates

Daily IRA account dividends are computed based upon the daily average balance multiplied by the tiered dividend factor and paid monthly. CD account dividends are computed by multiplying the tiered dividend factor by the total of the current balance plus any outstanding accrued dividends and paid quarterly.

Individual Development Accounts (IDA)

Save for secondary education. For every dollar you save, you earn a matching dollar from a federal grant and a matching dollar from a community grant. You must be prequalified for this program. Call to speak with an IDA Specialist for more information. Dividends are computed based upon the daily average balance multiplied by the tiered dividend factor and paid monthly.

Current DEPOSIT RATES

All dividend rates are based on profitability, reviewed and subject to change periodically by the board of directors. Your savings deposit is insured up to $250,000 by the National Credit Union Administration. For more information, read more on the NCUA official site.