Freedom Checking Accounts at Freedom 1st FCU have no monthly service charge, no per check fee, and no minimum balance required. Printed checks vary in price depending on the style ordered.
(Available only to members age 55 or older) Emerald Checking Accounts at Freedom 1st FCU have no monthly service charge, unlimited check writing, a $5.00 discount on safe deposit boxes and no minimum balance required.
The minimum deposit to open an account at the credit union is $25.00 plus a $3.00 new member fee. The $25.00 is yours but must remain on deposit as long as the account is open. This account is available to all age groups. Dividends are compounded quarterly and are available for withdrawal on the 1st of January, April, July and October.
Youth Savings Accounts are for members age 17 and under. The minimum deposit to open an account is $10.00. The $10.00 is yours but must remain on deposit as long as the account is open. This account is designed to teach kids financial responsibility at a young age. The credit union will offer rewards for saving money throughout the program. Bring your child's social security number with you when opening the account. The credit union requires an adult to be joint on the account. Dividends are compounded quarterly and are available for withdrawal on the 1st of January, April, July and October.
Enjoy the holidays more this season by opening a Christmas Club Account. Then when the holidays get here you can go shopping without having to worry about how you are going to pay for it. The amount you save is your decision. The more you save, the easier the holidays will be! No withdrawals are allowed from this account. You may close your account at anytime without penalty, however a closed account cannot be reopened until after October 1st. This account has a maturity period of October 1st each year. It can be opened any time during the year with a $5.00 minimum deposit. There is no minimum amount or pre-determined frequency of deposit required. The funds will automatically be transferred into Regular Shares upon maturity. Dividends are compounded quarterly and are credited on the last day of March, June, September and December. Your account continues every year unless you decide to close it.
The Money Market Share Account is an ideal account for members who want a convenient pass through type account that compounds more often than quarterly.
A minimum deposit of $1,000.00 is required to open a Money Market Account with a $500.00 minimum balance. Money Market funds earn dividend credit the day they are deposited. Dividends are compounded and paid monthly, based on the average daily balance. Dividends are available for withdrawal the 1st of the following month. There is no penalty for withdrawal of funds. Dividend rates are declared by the Board of Directors at the end of each dividend period. Dividends are based on credit union earnings at the end of a dividend period and thus cannot be guaranteed.
Share certificates have various maturity periods and minimum balances to choose from. Dividends are compounded quarterly. Dividends may be withdrawn on the 1st of January, April, July and October. Three month share certificates compound at maturity only. Penalties for early withdrawal apply and depend upon the terms of the share certificate.
Please check with the credit union for current rates.
The minimum opening balance is $1,000.00 for a 3 month or 6 month certificate. The minimum balance to open all other certificates (1 year, 2 year, and 2 1/2 year) is $500.00.
An Individual Retirement Account (IRA) allows you to contribute up to $5,000.00 ($6,000.00 if over 50) or 100% of your income (whichever is less) per year. You may also deduct all, or a portion of your contributions, from your income tax return. Your deduction depends upon your participation in a qualified retirement plan and your income level.
Non-Deductible Contributions can be made by people who are not eligible for full or partial IRA deductions. Earnings on the full contribution are tax deferred. Remember, everyone who is eligible can make an IRA contribution. Only the deduction has been limited for some people.
You may begin withdrawing from your IRA at age 59 1/2 with no penalty. You must begin making withdrawals from your IRA when you reach 70 1/2.
IRA's are federally insured, separate from your savings, up to $250,000.00.
The Individual Retirement Account (IRA) is titled a Sharebuilder. It has no term and the dividends compound quarterly. It is subject to the laws governing IRA's.