Savings
Sb1's Share Savings Account:
You'll earn a high dividend in exchange for the Credit Union's only required minimum balance of just $5. A Share Savings account provides you with high earning power and easy access to your funds.
Holiday and Vacation Club Accounts:
Special Club Accounts are also available to help with saving towards a specific holiday or any other purpose. These accounts earn the same great rate as our Share Savings account and you won't have to worry about preset withdraw dates or penalties for early withdrawals in case you need your money before you originally planned.
Share Savings & Share Draft Checking1
Rates effective starting: 5/22/2013
|
|
| Share Account (Savings) |
$0.00 |
0.20% |
0.20% |
| Christmas & Vacation Club |
$0.00 |
0.20% |
0.20% |
| Share Draft (Checking) |
$0.00 |
0.15% |
0.15% |
| Health Savings Account |
$0.00 |
0.40% |
0.40% |
Money Market
Earn more and keep immediate access to your money!
Sb1's Elite Money Market Account enables you to earn higher yields without tying up your funds for any specific amount of time. You will have easy access to your funds via NetBanker, Telephone Teller and free personalized checks.
Money Market application
To reorder Elite Money Market Account checks give us a call at 800.806.9465 or send your request through Communications Center, Sb1's secured email system available through NetBanker.
Sb1's Elite Money Market Account:
- Higher balances earn higher interest rates
- Write up to 3 checks per month
- 24 free personalized checks
- Interest is compounded daily and paid out monthly
- Make unlimited deposits to your Elite Money Market Account at any time
- No minimum balance to open
Open your Elite Money Market Account today!
Elite Money Market/ IRA1
Rates effective starting: 5/22/2013
|
|
| $0.00 to $2,499.99 (EMMA IRA only) |
0.10% |
0.10% |
| $2,500 - $9,999.99 |
0.10% |
0.10% |
| $10,000 - $24,999.99 |
0.10% |
0.10% |
| $25,000 - $99,999.99 |
0.15% |
0.15% |
| $100,000 and up |
0.30% |
0.30% |
Certificates
If you're looking for a great rate with less risk Share Certificates are a great option for you to consider.
A full range of terms is available to meet your investment plans. All Share Certificates are compounded monthly and are insured for protection.
Share Certificate application
Share Certificates / Individual Retirement Account (IRA)2
Rates effective starting: 5/22/2013
|
|
| 3-month Share Certificate/IRA |
0.25% |
0.25% |
| 6-month Share Certificate/IRA |
0.35% |
0.35% |
| 12-month Share Certificate/IRA |
0.55% |
0.55% |
| 24-month Share Certificate/IRA |
1.00% |
1.00% |
| 36-month Share Certificate/IRA |
1.10% |
1.10% |
| 48-month Share Certificate/IRA |
1.14% |
1.15% |
| 48-month JUMP Share Certificate/IRA3 |
1.14% |
1.15% |
| 60-month Share Certificate/IRA |
1.19% |
1.20% |
Club
Saving a little bit every pay period with an Sb1 Holiday or Vacation Club Account can really add up.
These savings accounts are great to use if you're planning for a future holiday, vacation or event. Many members also setup Club Accounts to pay for their car or homeowners insurance.
Sb1's Club Accounts don't penalize you if you ever need to withdraw your funds before originally planned. Club accounts earn the same interest as our regular savings accounts but without the easy access, keeping your money safe from your ATM visits.
To make budgeting for your own special reason easier, sign-up for payroll deduction today and watch your savings grow. See your employer for a payroll deduction form.
Share Savings & Share Draft Checking1
Rates effective starting: 5/22/2013
|
|
| Share Account (Savings) |
$0.00 |
0.20% |
0.20% |
| Christmas & Vacation Club |
$0.00 |
0.20% |
0.20% |
| Share Draft (Checking) |
$0.00 |
0.15% |
0.15% |
| Health Savings Account |
$0.00 |
0.40% |
0.40% |
Coverdell ESAs
Coverdell Education Savings Accounts
What are ESAs and how do they work?
ESAs are accounts in which funds are saved to pay for qualified education expenses of the designated beneficiary. ESAs offer similar tax advantages compared to Individual Retirement Accounts (or IRAs).
ESAs are established for a designated beneficiary (minor). Each year, the ESA can receive contributions up to a limit of $2,000 from anyone who wishes to contribute. (Contributors may not deduct their contribution.) A parent or other responsible individual manages the account. When funds are withdrawn for a qualified education expense, the withdrawal is tax-free.
Who are the individuals involved with ESAs?
Trustee/Custodian:
The financial organization that maintains the ESA (ex: Sb1 Federal Credit Union)
Grantor/Depositor:
The person who establishes the ESA with the financial organization for the benefit of the designated beneficiary. This is usually a family member, but it does not have to be.
Designated Beneficiary:
An individual on whose behalf the ESA is established. The designated beneficiary must be under 18 years of age to receive contributions.
Responsible Individual:
The individual who has the power to redirect the initial investments, direct the investment of all additional contributions and generally directs the financial institution regarding administration, management and distribution of the account. Usually this is the parent or legal guardian of the Designated Beneficiary.
Contributor:
Any individual making contributions to the ESA. Contributions may be accepted from anyone, including the designated beneficiary. (The depositor is the one who makes the first contribution, then anyone can become a contributor).
Death Designated Beneficiary:
The person named to receive the assets of the ESA in the event of the death of a designated beneficiary.
Who can contribute to an ESA?
There are no age restrictions for contributing and no relation is required to contribute to a beneficiary. In fact, a beneficiary can even contribute on their own behalf. Certain MAGI restrictions do apply along with a contribution limit of $2,000 per year per beneficiary.
What is the deadline for contributing to an ESA?
Just like other types of tax advantage IRAs, an ESA contribution must be made by the tax filing due date each year. (2007 contributions are due April 15th, 2008).
Health Savings
Sb1 offers Health Savings Accounts (HSAs), a new type of savings account created to help our members save towards healthcare costs associated with High Deductible Health Plans (HDHPs).
Since HSAs are tied to having an HDHP, members must be enrolled in that form of health care plan to qualify for an HSA with the Credit Union.
What is a Health Savings Account (HSA)?
Health Savings Accounts are used by members enrolled in a High Deductible Health Plan to save money towards their future medical expenses.
Similar to IRAs, HSAs provide tax-advantages because funds can be deposited and earn tax-free until they are withdrawn, but they also have annual contribution limits and penalties for deductions made for non-medical reasons.
Why open a Health Savings Account with Sb1?
- No account opening fees
- No maintenance fees
- Earn a competitive savings rate
- Convenient access with a set of checks
- Tax deductible contributions
- Tax deferred earnings
Learn more and apply today!
Share Savings & Share Draft Checking1
Rates effective starting: 5/22/2013
|
|
| Share Account (Savings) |
$0.00 |
0.20% |
0.20% |
| Christmas & Vacation Club |
$0.00 |
0.20% |
0.20% |
| Share Draft (Checking) |
$0.00 |
0.15% |
0.15% |
| Health Savings Account |
$0.00 |
0.40% |
0.40% |
Savings Bonds
U.S. Savings Bonds are available for purchase online. Redemption of U.S. Savings Bonds on-the-spot, at any office are performed for persons presenting proper identification.
The lastest market-based rate information is available 24 hours-a-day by calling toll-free, 1-800-US BONDS.
Rates
Share Savings & Share Draft Checking1
Rates effective starting: 5/22/2013
|
|
| Share Account (Savings) |
$0.00 |
0.20% |
0.20% |
| Christmas & Vacation Club |
$0.00 |
0.20% |
0.20% |
| Share Draft (Checking) |
$0.00 |
0.15% |
0.15% |
| Health Savings Account |
$0.00 |
0.40% |
0.40% |
Elite Money Market/ IRA1
Rates effective starting: 5/22/2013
|
|
| $0.00 to $2,499.99 (EMMA IRA only) |
0.10% |
0.10% |
| $2,500 - $9,999.99 |
0.10% |
0.10% |
| $10,000 - $24,999.99 |
0.10% |
0.10% |
| $25,000 - $99,999.99 |
0.15% |
0.15% |
| $100,000 and up |
0.30% |
0.30% |
Share Certificates / Individual Retirement Account (IRA)2
Rates effective starting: 5/22/2013
|
|
| 3-month Share Certificate/IRA |
0.25% |
0.25% |
| 6-month Share Certificate/IRA |
0.35% |
0.35% |
| 12-month Share Certificate/IRA |
0.55% |
0.55% |
| 24-month Share Certificate/IRA |
1.00% |
1.00% |
| 36-month Share Certificate/IRA |
1.10% |
1.10% |
| 48-month Share Certificate/IRA |
1.14% |
1.15% |
| 48-month JUMP Share Certificate/IRA3 |
1.14% |
1.15% |
| 60-month Share Certificate/IRA |
1.19% |
1.20% |
