Saving the GCU Way
Saving money is important in everyone’s financial plan. It’s important for your future as well as the present – having a reserve in case of unexpected events. It’s easy when you set up direct deposit or payroll deduction from your employer or Social Security. We can help you decide which account is the best way for you to reach your savings goals.
Your membership account is also a regular savings account and requires a minimum balance of $50 be maintained while you are a member. Your account balances are federally insured by the NCUA up to $250,000 for individual accounts and $500,000 for joint owner accounts. Interest is compounded monthly.
For highest yields on your deposit, the savings certificate guarantees your interest rate for the length of the term even if market rates decrease. Funds cannot be added or removed until the maturity date. With a minimum of $500 deposit you can start a solid savings plan. Interest is paid monthly and can be added to the Certificate or transferred to another one of your savings accounts here.
Individual Retirement Accounts (IRA’s) are available in both Traditional or Roth types.
These retirement accounts offer special tax advantages allowing your earnings to grow tax-deferred. Our IRA’s are established as Certificates to ensure you the highest guaranteed rate at the time they are opened.
Early withdrawal of these funds could result in IRS tax penalties. Check with your certified financial planner or tax advisor to determine the best IRA for you. Go to our forms page for applications and rollover forms.
You can establish a Special Savings or Club account which offers the same great benefits as a Regular savings account, but allows you a way to save for a specific goal. Whether its for travel; a special event; a down-payment or for real estate taxes, it’s a convenient way to set those funds aside from your other accounts.
This account provides higher yields for your deposits while allowing limited access to your funds if needed. There is no limit on the deposits you can make. A minimum balance of $2,500 is required.