Savings

Share Accounts

You can open a Regular Share Account with a deposit of just $5.00. Your share account is a basic membership account representing your ownership in the credit union.

Your membership gives you access to our friendly member service and the full range of financial opportunities that we offer.

Share Certificates (CD’s)

Share Certificates, the Credit Union’s CD, are offered in 6,12,18 and 30 month terms. Rates will vary with your length of term.

You may open yours with as little as $500!! Stop in today and ask one of our friendly knowledgeable Member Service Representatives how you can get the most return on your savings.

Rates subject to change

Money Market Account

The minimum balance required to open a Money Market  Savings Account is $1000.00. You must maintain a minimum daily balance of $1000.00 in your account to obtain the disclosed annual percentage yield.

Dividends will be compounded monthly and credited to your account on the last business day of the month.

No more than three withdrawals are allowed per quarter.

A withdrawal charge of $5.00 will be charged for each withdrawal in excess of three during the quarter.

Christmas Club Accounts

Join the Ravalli County Federal Credit Union Christmas Club. This savings plan allows you to save from November to October. At the end of October, we will mail your check just in time for all the Holiday sales!

Next time you are in, ask one of our friendly Member Service Representives how you can get started saving for next Christmas.

Dividends will be added to your account at maturity.

Individual Retirement Accounts (IRA’s)

IRA’s are an excellent way to plan for the future. In many cases your funds are tax deductible, and dividends earned are tax deferred.* You can open an IRA at any time. Deposits may be made to an existing IRA for the previous year until April 15th.

We offer Traditional, Education, SEP, Roth Conversion and Roth Accumulation IRA accounts. Stop in and ask one of our knowledgable Member Service Representatives how to begin saving for your future today!

We currently charge no fees on IRA’s. You may withdraw funds from your IRA at any time; however, early withdrawal penalties apply.

All type IRA’s dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. Dividends are compounded daily and paid quarterly on the last day of the quarter. Withdrawals made before quarter end will not receive a dividend.

* Consult the IRS or your tax advisor for specific guidelines.

Roth IRA Accounts

A Roth IRA is an individual retirement account to which participants are able to make annual non-deductible contributions. Unlike a traditional IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax-free.

You may be eligible to convert your traditional IRA to a Roth IRA, ask one of our Member Services Representatives for more information regarding these conversions.

To receive more information on Education IRA’s, please call us at 363-4631.

Qualified distributions may be withdrawn tax and penalty free. Non-qualified distributions may be taxable and subject to an IRS 10% early distribution penalty. To receive more information on Roth IRA’s, contact the Credit Union.

Education IRA Accounts

Unlike traditional and Roth IRA’s, Education IRA’s are not tools for retirement savings. They are designed solely to help pay higher education expenses.

Because the purpose of an Education IRA is so different from traditional and Roth IRA’s, the advantages are also unique. Earnings on the funds in an Education IRA will be tax free if they are used to pay for higher education expenses before the designated beneficiary reaches age 30. The earnings are taxable to the designated beneficiary (not the responsible individual or contributor) if they are withdrawn for any other purpose.

An Education IRA encourages a regular savings program for a child’s education. Persons, such as grandparents, can fund this type savings and in many instances, funds can be moved from one family member’s account to another’s.

Call us today at 363-4631 to make an appointment and learn how to start saving for those college expenses!!

HSA – Health Service Account

A health care plan combining cost savings with flexibility.

To open an HSA, you must select a high-deductible health plan.

Unlike contributions to a flexibile spending account, the balance of your HSA at the end of theyear is carried over to the next year.

You will be able to deduct your contributions to your HSA and the account earnings will accumulate on a tax-deferrred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.

HSA Benefits:

  • Protection – Opportunity to save money to pay high or unexpected medical bills
  • Affordability – High health insurance policy deductibles mean lower premiums
  • Savings – Ability to deduct your contributions and the tax deferral of account earnings enable you to build your account
  • Flexibility – You can contribute at any time during the year and your HSA balance rolls over from year to year
  • Portability – You own the account so you can take it with you where ever you go, regardless of job changes

An annual maintenance fee of $20.00 will be deducted quarterly ($5.00) from your primary savings account.