The primary function of your credit union is to encourage regular savings. By putting a little away periodically, you and your family will have an immediate source of funds to cover unexpected and planned expenses. To make saving easy, Electrical Workers #22 Federal Credit Union offers a variety of savings accounts for the whole family.
This is the traditional savings account. However, since your Credit Union is non-profit, net earnings after expenses are applied to offer higher dividends to our members. Also, your Share Savings account entitles you to one Share in the Credit Union. This gives you the opportunity to vote in electing the Credit Union officials.
Individual Retirement Accounts (IRAs)
The Taxpayer Relief Act of 1997 made traditional IRAs more attractive by enabling more people to deduct contributions and allowing certain penalty free withdrawals. The act also created two new types of IRAs: Education IRA to help families save for college and Roth IRA, which allows for tax free savings. Start planning for your future today and open up an IRA with a minimum balance of $250. You can be sure your money will be there when you need it… because they’re insured investments which are built to last.
With as little as $500, members can invest in a short-term certificate and maximize their earnings. You can choose certificate terms from 3, 6, 12 and 24 months.
College Fund Savings
Saving for your child’s education? Take advantage of our College Savings Account which offers a higher dividend rate. Anyone 21 and under can join.
EW22 Kids Account
This savings program is designed for children up to the age of 12. It provides many fun prizes and events that teach children the importance and benefits of responsible saving.
Beginning in November, you deposit a little bit each month into the account. Your money earns dividends until the following November. Then you can shop until you drop.