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Savings Accounts

  • Share Account: A minimum $25 deposit establishes your membership with CUA, while an average daily balance of $100 earns monthly dividends. This initial savings account gives you access to all CUA products and services. It can be used for overdraft protection, automatic loan payments and payroll deductions, too.
    • Business members that set up a share account gain full access to our business products and services, including loans, credit cards and checking accounts.
    • Also available for youth! A parent or guardian is required as a co-owner unless the child is over age 14 and there is not an ATM card associated with the account.
  • Money Market Accounts:
    • Liquidity Plus: A minimum of $2,500 to open, and an average daily balance of $2,500 earns dividends monthly. Up to six withdrawals/transfers/checks permitted monthly on this account.
      • Also available for business members!
    • Performance Plus: A minimum of $25,000 to open. Tiered rates for maximizing your earnings.  An average daily balance of $25,000 earns dividends monthly and waives the $5 monthly maintenance fee. CUA checking and direct deposit are required for this account. Up to six withdrawals/transfers/checks permitted monthly on this account.
  • Holiday Club Account: Minimum $25 to open, with dividends paid monthly on an average daily balance of $25. Funds are transferred to your Share Account during the first week of October in time for the holiday shopping season.
  • Special Purpose: Open a special purpose account to set money aside for major life events, or to keep funds separate from your share account. Average daily balances of $100 or more earn dividends on a monthly basis.

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Share Certificates

  • Share Certificates: Share certificates are available for the following monthly terms: 3, 6, 12, 18, 24, 36, 48 and 60 months. Visit our share certificates rates information for individual rate terms.
  • On-My-Terms Certificate: $500 to open and you choose a term anywhere between 3 – 60 months with the option for monthly dividends on terms 12 months or longer!
    • Also available for business members!
  • 1 Year Add-On Certificate: Just $100 to open and you can add to it anytime with deposits of $10 or more. Dividends paid monthly.
  • 30 Month Bump Certificate: If the rates change, you have the option to bump the rate to the current rate being paid on CUA’s 24 month certificate! $2,500 to open with dividends paid monthly.
    • Also available for business members!

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Individual Retirement Accounts (IRAs)

IRAs allow you to save for retirement or a child’s higher education. CUA offers traditional and Roth IRAs, as well as IRA certificates and an Education Savings Account – Coverdell Education Savings Account (CESA). We also have IRA Specialists on staff if you have any questions about the investments that are right for you.

Traditional IRAs let you defer taxes on the earnings of your contributions until they are withdrawn. Certain contributions may be tax deductible in the tax year that they are made. If you are younger than 70 ½ for the entire tax year and have earned income (or your spouse has earned income), you are eligible to establish a Traditional IRA.

Roth IRA contributions are non-deductible and taxed as income in the year they are earned. The Roth IRA features tax-free withdrawals for specific distribution reasons after a five-year holding period. Roth IRA distributions of contribution amounts are always free of penalty tax, regardless of the reason or timing. If you expect to be in a higher tax bracket when you retire, you may benefit from a Roth IRA rather than a traditional one.

Roth Eligibility Requirements:

  • You must have earned income (or your spouse must have earned income)
  • Your modified gross income (MAGI) cannot exceed certain prescribed limits.

Tax Free Withdrawal Distribution Reasons:

  • After age 59 ½
  • Permanent Disability
  • First-time home purchase
  • In the event of the owner’s death

Coverdell Education Savings Account (CESA) savings accounts are for educational needs and withdrawals are tax-free if used for educational expenses. Children must be members and under 18 years of age, with no age restrictions for children with special needs. Total contributions cannot exceed $2,000 in any calendar year, regardless of the number of accounts established.

*For complete details on IRA limits and requirements, please consult with a CUA representative.

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