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Clubs, IRAs Certificates

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Christmas Clubs

Be prepared for the holiday expenses. Open a Christmas club and make regular deposits through payroll deduction, direct deposit, by mail or over the counter. On October 1st, just in time for the holidays, your Christmas club will transfer into your Share (savings) account, ready for you to spend. You can start your Christmas club with as little as $1.00 a week. Your money earns dividends monthly on your average daily balance.

Special Savings Clubs

Open an account for any special savings needs (vacations, taxes, down payments, etc) without hurting your budget. There is no minimum balance required and no withdrawal restrictions. Your money earns dividends monthly on your average daily balance.

Share Certificates

Higher earnings, together with the security of federal deposit insurance makes a Franklin-Somerset Federal Credit Union Share Certificate an excellent investment choice. You can purchase a Share Certificate with a minimum balance of $500.00, with a variety of maturities from six months to five years. Dividends are paid monthly on the daily balance. Share Certificates cannot be redeemed before maturity without a penalty.

Individual Retirement Plans

An Individual Retirement Account (IRA) is a personal, tax-sheltered account into which you deposit money during your earning years to help cover your expenses during retirement. Federal law governs both IRA contributions and withdrawals. Franklin-Somerset Federal Credit Union has several IRA options for you.

Traditional IRA Club
Traditional IRA Share Certificate
Roth IRA Club
Roth IRA Share Certificate
Educational IRA Club
Educational IRA Share Certificate
IRA Club Accounts

This is an excellent place to begin your IRA program. An IRA Club account offers both flexibility and competitive earning. Only $5.00 is required to open your IRA Club account and your money earns dividends monthly on the average daily balance. You can make additional deposits at any time and in any amount, up to the maximum annual limit. Many members choose to have their IRA contributions made automatically through Direct Deposit or Payroll Deduction. There are no credit union penalties for early withdrawal from your IRA Club account. IRS penalties may apply.

IRA Share Certificates

You can purchase an IRA Share Certificate with a minimum balance of $500.00 or any amount up to the maximum annual limit, with a variety of maturities from six months to five years. Dividends are paid monthly on the daily balance. IRA Share Certificates cannot be redeemed before maturity without a penalty. IRS penalties may apply.

Each depositor is insured up to $250,000 by the National Credit Union Administration (NCUA).

Each IRA account is insured up to an additional $250,000 by the National Credit Union Administration (NCUA).