Savings
Fewer Fees. Greater Gains. That’s Smarter Savings.
Big purchase? Saving for a rainy day? Whatever your goals, we’ve got the right savings accounts to help you reach them.
Choose the Savings Account That's Right For You!
Regular Savings
- $25 opening deposit
- Establishes membership with ProMedica Federal Credit Union
- Fund account automatically with direct deposit
- No monthly fees with multiple account relationship
- Your money is always safe and secure
Money Market Savings
- You are able to make additional deposits and withdrawals anytime.
- A Money Market account may be opened with a minimum deposit of $2500. A minimum balance of $2500 is required to earn interest.
- Interest on a Money Market is compounded monthly.
- Money Market interest rates are offered in multiple tiers.
- Fund Money Market Savings automatically with direct deposit.
- There are no fees or service charges for our money market accounts.
Certificate of Deposit
- The minimum deposit to open a CD is $500.
- Your CD interest is compounded and paid monthly.
- Your CD balances, including your earnings, are included on your statement and are also available via the telephone banking system and online banking.
- You will be notified by mail before your CD matures.
- When your CD term has matured, you have 10 calendar days to decide what to do with these funds. If you do nothing in that 10-day window, the funds will automatically renew as a CD for the same term and at the current interest rate.
- If you make an early withdrawal, you will pay a penalty.
Youth Savings
Custodian Account - A Custodian or OUTMA (Ohio Uniform Transfer to Minors) account is a valuable savings plan opened by an adult for the benefit of a child. Children are able to make deposits. You, however, specify the age when withdrawals can be made (at age 18 or 21). Since you are the account manager, children will not have access to Online Access.
More Ways to Save
To help our members save for specific items, we’ve personalized our savings program with an Auxiliary Savings Account.
- No minimum opening deposit
- No monthly fees
- Fund account automatically with direct deposit
A tool used by individual members to earn and earmark funds for retirement savings. There are two types of IRAs offered at ProMedica Federal Credit Union: Traditional IRAs and Roth IRAs.
TRADITIONAL IRA
An individual retirement account (IRA) allows individual members to direct pretax income, up to specific annual limits; toward vehicles that can grow tax-deferred (no interest or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status and other factors.
- Use Direct Deposit to have contributions made to your IRA directly from your paycheck
- You can start withdrawing your traditional IRA savings at age 59 ½ without penalty
- Roll over your distribution from a qualified retirement plan/ 401(k) to a traditional IRA
- There is no fee for IRA accounts at ProMedica Federal Credit Union
Making regular contributions to your IRA can be one of the best ways to build your retirement assets. Take advantage of the tremendous growth potential of tax-deferred investing by contributing the maximum to your IRA. $6,000 is the maximum contribution for 2021 and 2022 unless you are over 50 years of age, then it is $7,000.
ROTH IRA
A Roth IRA is a retirement savings account that allows your money to grow tax-free. You fund a Roth with after-tax dollars, meaning you’ve already paid taxes on the money you put into it. In return for no up-front tax break, your money grows and grows tax free, and when you withdraw at retirement, you pay no taxes. Every penny goes straight in your pocket.
- Use Direct Deposit to have contributions made to your Roth IRA directly from your paycheck
- The contributions you have made to your Roth IRA can be withdrawn tax-free and penalty-free at any time
- If your Roth IRA has been open for 5 tax years, withdrawals are tax free if it for a specific reason (disability, death, or first time home purchase)
- There is no fee for Roth IRA accounts at ProMedica Federal Credit Union
Making regular contributions to your Roth IRA can be one of the best ways to build your retirement assets. $6,000 is the maximum contribution for 2021 and 2022 unless you are over 50 years of age, then it is $7,000.
To find out your eligibility for contribution amounts, tax deductions, beneficiaries, or for other additional information, contact your PFCU Financial Services Representative at 419.479.4040. It is always recommended that you consult with your tax accountant or financial advisor regarding your choice of an IRA.
A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses.
The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary.
Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.
- Use Direct Deposit to have contributions made to your ESA directly from your paycheck
- Distributions are tax-free as long as they are used for qualified education expenses, such as tuition and fees, required books, supplies and equipment and qualified expenses for room and board.
- There is no tax on distributions if they are for enrollment or attendance at an eligible educational institution
- If the distribution exceeds qualified education expenses, a portion will be taxable to the beneficiary and will usually be subject to an additional 10% tax
For more information and to find out how a scholarship affects the funds you may withdraw, contact your Financial Services Representative at the credit union at 419.479.4040.
Holiday Club
Be ready for the next holiday season by having a little money deducted from each pay into your Holiday Savings Account.
- Direct Deposit makes it so easy to save
- Your Holiday Savings Account balance is automatically transferred to your regular savings account on Oct. 1
- Automatic account renewal each Oct. 1 for the next holiday season
- Every member of your family can open a personal Holiday Savings Account
- There are no fees with your Holiday Savings Account
Your children can open a Holiday Savings Account too. It is a great way to start children on the road to a lifetime habit of saving and the practice of giving during the holidays.
Vacation Club
Get that vacation you deserve! Open your Vacation Club savings with no minimum balance.
- Direct Deposit makes it so easy to save
- There are no fees with your Vacation Club Savings Account
Save Your Change
Whenever you use your debit card, the amount you pay will be rounded up to the next dollar. This extra amount (the amount between what you pay your vendor and the next whole dollar) will be automatically deposited from your checking into your Save Your Change Account.
- Works on all debit transactions (signature or credit).
- Earn a fantastic rate of 10% until your account reaches $500.
- You must authorize this special savings account. Just call any credit union office and tell them that you want to open your Save Your Change account.
- You can withdraw your savings at any time. You can transfer funds from your “Save Your Change” account to another account via online, mobile access, or telephone banking.
- You cannot transfer money into your “Save Your Change” savings account.
