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Savings

Savings

First Community offers a wide range of short and long term savings options because everyone's needs are different. Whether you are saving for retirement, a child's education or holiday shopping, there is a savings or investment option that is tailored to fit your lifestyle. You can be assured you will be getting what you deserve with our flexible rates and terms. As a member-owned credit union, we pass the savings on to you in the form of higher interest rates.

Deposit Insurance

At First Community Credit Union, your deposits are federally insured and fully protected through the National Credit Union Administration (NCUA), a U.S. government agency. The NCUA is the federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is a federal insurance fund backed by the full faith and credit of the U.S. Government. Each account holder’s funds are insured to at least $250,000, and retirement accounts such as individual retirement accounts and Keoghs are separately insured up to $250,000. For more information about NCUA Share Insurance coverage, visit www.ncua.gov.

Regular Savings

Your membership begins when you open a Regular Share (savings) account. You become a shareholder (member-owner) of the credit union, therefore our savings accounts are called "share accounts." Open your Regular Share Account with a minimum deposit of $1, which represents your membership. Once your Regular Savings Account is open, you are eligible to apply for other credit union products and services. Dividends are calculated on the average daily balance, then compounded and paid quarterly as long as a minimum savings balance of $100 is maintained.

Money Market Account

This account, with a minimum balance of $2,000, earns a higher interest rate than Regular Shares. Withdrawals must be in amounts of $100 or greater and are limited to 6 withdrawals per month with no more than 3 withdrawals by check. For those of you who are serious savers, a Money Market account allows convenient access to your account with higher earnings. Interest is calculated on the average daily balance, then compounded and paid monthly.

Certificates*

To meet the investment needs of our members and maximize the return on large savings balances, First Community offers a variety of certificates with terms ranging from 90 days to five years. Certificates require a minimum deposit of $1000, with the exception of Student Certificates which require a minimum deposit of $100 to open. Certificates pay a fixed rate of interest for the length of the term. Interest is calculated daily, then compounded and paid monthly.

IRA Certificates*

An IRA (Individual Retirement Account) is a safe, sound way to save for retirement. In many cases, members are able to make tax-deductible contributions (deposits) to an IRA. Consult your tax advisor to see if you qualify. In addition to regular IRA contributions, any qualified pension plan "paid out" by an employer may be rolled over into an IRA account. The interest earned on an IRA is tax deferred. Interest earned on the Roth IRA may be tax free (please consult your tax advisor to see if you qualify). Terms range from 90 days to five years with a minimum balance of $1000. Interest is calculated daily, then compounded and paid monthly. To access account information anywhere at any time, log on to our free Online Banking service.

*Early withdrawal penalties may apply.