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Savings Accounts

Savings Account

Just $5.00 opens your Breco FCU Share account and establishes your lifetime membership and ownership in the credit union. Some of the benefits are:

  • Dividends are accrued daily and credited quarterly on balances above $25.
  • Only a $5 minimum balance requirement.
  • No service fees or charges.
  • Convenient deposit through payroll deduction, direct deposit, and at over 4,000 Shared Branching / Credit Union service centers nationwide.
  • Convenient withdrawals through ATMs, Shared Branching service centers, and checks mailed to you.
  • Free 24-hour telephone banking (audio response): 225-273-1529 or 1-800-361-1631 option 1
  • Free Internet Home Banking
  • Free e-Statements
  • Family Membership
  • Three withdrawals per month at no charge!

 

Share Certificates

A share certificate, like a certificate of deposit, is a specified amount of money that you agree to leave with us for a certain period of time; and we’ll make sure your money grows at a higher rate than a savings account.

  • Competitive rates with dividends compounded monthly and paid monthly
  • Flexible terms from 6 months to 5 years
  • Minimum deposit amount of $500
  • At maturity, the certificate will automatically renew. However you will have a 7 day grace period if you change your mind.
  • Interest earned can be sent as a check to you or deposited to your share account, which then your interest will be compounded making your earnings higher.
  • A dividend penalty will be imposed for early withdrawal from term accounts.

Christmas Club Account

Enjoy the holidays without worry. You can have a designated amount of money from your paycheck go directly into your Christmas Club account for easy saving or you can make over-the-counter deposits anytime. Estimate the amount of what you spent last year during the holidays, divide by the number of months until October, and that is a good guess of how much you need to tuck away for the holidays!

  • In early October, a check will be mailed or the money can be transferred to your share account.
  • Money can be deposited anytime into the account or you can conveniently deposit through payroll deduction or set up an auto-transfer.
  • Dividends are accrued daily and credited quarterly on balances over $25.
  • An early withdrawal fee of $10 is charged if the member needs access to funds prior to the October date.

Minor Share Account

This special youth account acts just like a regular savings account at Breco FCU but is specially designed for young members.

  • To join, you need to be age 17 or under
  • Have a valid social security number and have a joint owner on the account (a parent or grandparent).
  • Each time a deposit is made, you can pick a prize!
  • Dividends are accrued daily and credited quarterly on balances over $25.
  • Parents can make deposits through payroll deduction or transfer online to account

IRAs

An IRA is a self-funded retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred.

  • Flexible Terms
  • No monthly fees
  • Contributions may be made in "lump sums" or by regular deposits to the IRA share account or IRA share certificate throughout the year.
  • Dividends are paid monthly
  • Earn higher dividends with an IRA Share Certificate. IRA Share Certificates are available with a minimum deposit of $500. A dividend penalty will be imposed for early withdrawal from term accounts.

Traditional IRA

A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.

Roth IRA

As long as you have earned income, you can establish and contribute to a Roth IRA even after age 70 1/2*. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, and unlike traditional IRAs, you are not required to begin taking required minimum distributions after reaching age 70 1/2*. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you convert is subject to income tax now.

IRA Share Certificates

Earn higher dividends with an IRA Share Certificate. IRA Share Certificates are available with a minimum deposit of $500. A dividend penalty will be imposed for early withdrawal from term accounts.

Payroll Deduction / Transfers

Payroll Deduction and Automatic Transfers are an easy and convenient way to save money or to make your loan payments.

  • Effective way to budget your hard earned dollars.
  • Set up a predetermined amount to come out of your paycheck or other credit union accounts
  • Allocate how you want the credit union to disburse the funds… either to your Savings, Checking, Christmas Club Account or to a Loan.
  • Eliminates the hassle of driving to the Credit Union or mailing in your checks.
  • You’ll have some peace of mind!