Ways to Save with Priority Credit Union

Here at Priority CU, we understand your savings goals are unique. That's why we offer a variety of Savings Accounts to fit your needs. Whether you're saving for a dream vacation, a secure retirement, or just building a safety net, we have an account to help you reach your financial milestones.

SAVE SIMPLY AND SECURELY

Our Basic Savings Account is a great option for everyday saving. Here are some of the benefits:

• Low Minimum Balance: Just $5 to open and maintain your account.

• Earn Interest: Dividends are earned daily and credited quarterly.

• Easy Access Funds: Make deposits and withdrawals easily through various methods.

• Overdraft Protection:** Use your savings to protect your checking account from overdrafts (limit six electronic transfers per month).

FDIC Insured: Your deposits are safe and secure, insured by the National Credit Union Administration (NCUA) up to $250,000.

EARN MORE WHILE MAINTAINING EASY ACCESS

A Money Market Account allows you to earn higher dividends while still having easy access to your funds. Here's what it offers:

• Higher Potential Earnings: Competitive, tiered variable rates to help you grow your savings faster.

• Easy Account Management: Make deposits and withdrawals conveniently.

• Overdraft Protection:** Use your Money Market Account to protect your checking account from overdrafts (limit 6 electronic transfers per month).

FDIC Insured: Your deposits are safe and secure, insured by the NCUA up to $250,000.

EARN GUARANTEED RATES

Certificates of Deposit (CDs) offer a safe and secure way to save for your future goals with a guaranteed interest rate. Here are the key features:

• Variety of Terms: Choose a CD term that fits your savings goals, from 3 months to 5 years.

• Competitive Rates: Enjoy competitive, fixed rates for the chosen term.

• FDIC Insured: Your deposits are federally insured by the NCUA up to $250,000.

SAVE FOR A SECURE RETIREMENT

Priority CU IRAs allow you to save for retirement and enjoy tax benefits. We offer Traditional and Roth IRAs to fit your financial situation. Here's a quick overview:

• Tax Advantages: Traditional IRAs offer tax-deferred growth, while Roth IRAs offer tax-free qualified withdrawals.

• Flexible Contributions: Make monthly deposits or larger contributions as it suits you.

• FDIC Insured: Your deposits are safe and secure, insured by the NCUA up to $250,000.

IRA Information

An Individual Retirement Account (IRA) is a smart wealth-building opportunity. It allows you to save money with tax-deferred or tax-free advantages, resulting in a substantial nest egg to rely on in the future.

WHAT ARE THE BENEFITS OF SAVING WITH A PCU IRA?

• Monthly deposit amounts are flexible and contributions are not mandatory

• Choose from Traditional or Roth

• Contribute a maximum each year (double if you and your spouse file jointly), with higher allowable contributions over certain age limits

• Competitive Rates

• Earnings are tax-free and offers other valuable tax benefits

• IRA accounts are federally insured up to $250,000.00 by the NCUA

Traditional IRA

• Your earnings grow tax deferred, so you won’t owe income taxes until you make withdrawals

• Contributions are tax deductible

• Maximum age requirements for contributions may apply

Contribution Amounts

• For tax years 2023 and 2024, you can contribute $6,500 and $7,000 respectively to a Traditional IRA. If you’re age 50 or older in each of these years, you can make an extra $1,000.00 catch-up contribution

• If you’re a single taxpayer and you’re covered by an employer-sponsored retirement plan, or you’re a married taxpayer and either you or your spouse is covered by an employer plan, your eligibility depends on your modified adjusted gross income

Roth IRA

• Earnings in a Roth IRA grow tax free and are also tax free when you make qualified withdrawals

• Roth IRAs offer more flexible withdrawal rules

• Early distribution penalties may be waived for medical, first time home buying and college expenses

• As long as you meet the Modified Adjusted Gross Income (MAGI) limits, and as long as you’re working and have earned income, you can make contributions to a Roth IRA, even after turning age 70½

• Roth IRAs do not require you to take required minimum distributions when you turn age 70½

• Participation in an employer-sponsored retirement plan does not affect your Roth IRA eligibility

Contribution Amounts

• Contribute up to $7,000.00 to a Roth IRA. If you’re age 50 or older in each tax year, you can make an extra $1,000.00 catch-up contribution

• Contributions for the 2023 tax year ended on April 15, 2024

• For the 2024 tax year, make contributions anytime between January 1, 2024 and April 15, 2025

SAVE FOR YOUR DREAM VACATION WITH EASE

Day in and day out, you deliver for others! Now it’s time to reward yourself. Open a vacation club account and start saving for that special vacation. You earn interest on your money, pay no monthly fees and there’s no minimum balance required. Make unlimited deposits and withdrawals at any time. We offer competitive savings rates.

We offer competitive savings rates.

• $5.00 opening deposit and no minimum balance required

• Dividends are earned daily and credited each quarter

• Make deposits through payroll deduction, direct deposit, by mail, through online fund transfers or at any Priority branch location

• Your deposits are completely secured and federally insured by NCUA, up to $250,000.00

Make saving for the holidays all year a priority!

Avoid those high interest rate credit cards or your regular savings account. Put your money in a place that delivers value. Priority Holiday Club Account. We offer competitive savings rates. Early withdrawal fee $5.00.

• $5.00 opening deposit and no minimum balance required

• Automatic distribution to share accounts in November

• Dividends are earned daily and credited each quarter

• Make deposits through payroll deduction, direct deposit, by mail, through online fund transfers or at any Priority branch location

• Your deposits are completely secured and federally insured by NCUA, up to $250,000.00

Not a Priority Credit Union Member Yet?

Join Priority Credit Union today to take advantage of our amazing loan rates today!