Savings Accounts
Westerra Credit Union Savings Accounts…A great way to plan for the future! We offer some of the Best Interest Rates in the nation… be sure to check them out!
You’ll be amazed at how easy it is to achieve short- and long-term financial goals using the variety of savings and investment options available through Westerra Credit Union. You’ll also enjoy peace of mind knowing that your savings accounts are federally insured up to $100,000 by NCUA. Individual Retirement Accounts (IRAs) are federally insured up to $250,000.
Easy-to-understand options are important. Your financial future deserves a well thought-out plan with the right tools to ensure that your hard work pays off. The MEMBERS Financial Services Program*, located at Westerra Credit Union, offers a broad range of Investment and Insurance services designed to help you achieve your financial goals and objectives. At no cost or obligation, a knowledgeable Representative can help you map out a program that works for you. Whether you need help with retirement and estate planning, education planning, insurance planning, tax or investment planning, we can help you find the right solution!
*Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. With the exception of the Cherry Creek branch, all branches are by appointment only.
SHARE SAVINGS ACCOUNT
This account establishes your membership. You may open your Share Savings Account with a $25 deposit and a $5 membership fee. Once you open this account, you may take advantage of our many other valuable products and services. Minors under 18 can open a Share Savings Account with a minimum deposit of only $25.
- No monthly fees
- Dividends are computed daily and paid monthly
- Funds are available whenever you need them
Our on-line Membership Application makes joining Westerra Credit Union quick and easy.
› Savings Rates
› Online Calculators
HOLIDAY CLUB ACCOUNT
This account is a great way to save money for holiday shopping, traveling or dining. While most deposits are made regularly via payroll deduction, personal deposits are accepted and can be made at any time.
- Funds are automatically transferred to your Share Savings Account or Checking Account on October 31st of each year. If you prefer, a check for the amount can be mailed to you.
- Interest is computed daily and paid monthly.
- Your account remains open for future deposits after funds are distributed each year, unless you specify otherwise.
TIERED MONEY MARKET ACCOUNT
This account offers you the opportunity to earn higher interest rates on your investment dollars. The greater your account balance, the more interest you will earn. Interest is paid on the following balance tiers:
$2,500.00 - $24,999.99
$25,000.00 - $49,999.99
$50,000.00 - $99,999.99
$100,000.00 and over
Interest is computed daily and paid monthly. Interest earned is based on account balance. No interest will be earned for those days after the account falls below $2,500.
› Open a Money Market Account Now!
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PREFERRED MONEY MARKET ACCOUNT
Earn even higher dividends in our NEW Preferred Money Market Account if you have either a Westerra Preferred Checking or Interest Checking Account and maintain your minimum balance. It's a boost of 5 additional basis points! Interest is paid on the following balance tiers:
$10,000.00 - $24,999.99
$25,000.00 - $49,999.99
$50,000.00 - $99,999.99
$100,000.00 and over
Click here to view the rates.
CERTIFICATE OF DEPOSIT
- Terms from 3 to 60 months
- A low minimum deposit of $1,000
- Interest paid monthly*
Upon maturity, certificates are renewed automatically for the same term and at the current rate, unless you specify otherwise.
› Open a CD Now!
› CD Rates
*Interest can be deposited directly into your Certificate of Deposit or Share Savings Account, or it can be mailed to you in check form. Early withdrawal penalties apply. This penalty may reduce earnings.
INDIVIDUAL RETIREMENT ACCOUNT (IRA)
Traditional IRA*
Today, one of the greatest challenges is assuring your financial security in retirement. With uncertainty over the adequacy of Social Security, you will most likely have to rely more heavily on your own resources to support your retirement lifestyle. Our IRAs offer:
- No annual administrative fees
- Penalty-free withdrawals for:
- Qualified educational expenses
- First time home purchase
- Reaching age 59-1/2
- If you become disabled
- Qualified medical expenses withdrawal of earnings and deductible contributions results in taxable income
- Payment to beneficiaries at IRA owner's death
- Health insurance premiums while unemployed
IRAs at Westerra Credit Union are federally insured up to $250,000 per member by the National Credit Union Administration (NCUA), an agency of the U.S. government. Your other deposits at Westerra are insured separately, up to $100,000 by the NCUA.
Note: Withdrawal of earnings and deductible contributions may result in taxable income.
Roth IRA*
The Roth IRA is unique because the money you contribute has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This plan allows the money you contribute to grow tax-deferred.
Coverdell Education Savings Account*
Allows you to contribute into a savings account or Certificate of Deposit to be used for a child’s education.
A Coverdell Education Savings Account (formerly the Education IRA) can be established for the purpose of paying qualified elementary, secondary or higher education expenses of a designated child. It allows you to contribute into the account with tax-free dollars and earnings grow tax-deferred. We offer:
- Non-tax-deductible contributions
- Tax-free earnings if earnings are used for higher education expenses
› Click Here For Frequently Asked Questions About IRAs
*Please consult your tax advisor
