Greater Niagara Federal Credit Union

Greater Niagara Federal Credit Union
Saving/Investment Accounts

Long term or short term, the savings are on your terms as a member of Greater Niagara Federal Credit Union. We offer a large selection of savings and investment products with high yields, which is one of the terrific advantages of banking with us. We have the accounts, fee structures and competitive rates you need to round out your portfolio, turn dreams into realities and protect against surprises along the way.

All Greater Niagara Federal Credit Union accounts are federally insured for up to $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government. No one has ever lost a penny placed in trust with a federally insured credit union.

Savings Account

When you join Greater Niagara FCU, your first account will be a Savings Account ("Share Savings" Account), which requires a minimum balance of just $5.00. This account establishes your membership and allows you to earn competitive dividends on a monthly basis while giving you easy access to your funds.

Features:

• Establishes your Greater Niagara Federal Credit Union membership
• $5.00 minimum deposit and balance
• Savings account rates with dividends paid to you quarterly
• Online Banking
• 24-Hour Telephone Banking
• Deposits accepted by mail, account transfers, Direct Deposit, Payroll Deduction, and at main office
• Access your money from any VISA ATM worldwide

Certificate of Deposit

If "safe" is your comfort level, Greater Niagara Federal Credit Union CDs are the right investment for you.

Greater Niagara Federal Credit Union CDs are secure, low-risk investments that offer higher dividends than regular savings accounts without having to meet high minimum balance requirements. Our Greater Niagara Federal Credit Union CDs are available in terms of 6 months to 3 years.

Features:

• $500.00 minimum deposit requirement
• Competitive rates
• Dividends paid to you quarterly
• Terms of 6 months, 1 year, 2 years or 3 years
• Check CD balances with Online Banking and 24-Hour Telephone Banking
• Deposits accepted by mail, account transfers, Direct Deposit, Payroll Deduction, and at the credit union office

Your Money Is Safe With Us

All Greater Niagara FCU accounts are federally insured for up to $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government. No one has ever lost a penny placed in trust with a federally insured credit union.

Bump Up Certificate

Invest in a Bump Up CD at Greater Niagara Federal Credit Union, and if our rate goes up during your term, you can request us to rewrite your CD at the higher rate without penalty for an additional year. If our rate goes down during your CD's term, your rate remains the same.

Features:

• $500 minimum deposit requirement
• 1 year term
• Competitive rates with dividends paid to you quarterly
• If our rate increases during your term, you may request us to rewrite your CD at the higher rate without penalty
• If our rate decreases during your term, your rate remains the same
• Check CD balances with Online Banking and 24-Hour Telephone Banking
• Deposits accepted by mail, account transfers, Direct Deposit, Payroll Deduction, and at credit union office

Christmas Club Savings Accounts

Plan ahead for holiday gift shopping with a Greater Niagara FCU Holiday Club Savings Account. You'll feel comfortable knowing that your money will be there when the holiday bills start rolling in.

Deposited funds are held in the Holiday Club Savings Account until October 1, then transferred to your regular Savings Account for use and withdrawals.

Features:

• Competitive rates
• Deposits accepted by mail, account transfers, Direct Deposit, Payroll Deduction, and at credit union office
• No minimum or maximum balance requirements
• No deposit requirements - increase, decrease or skip deposits anytime
• Enroll anytime with flexible terms - sign up for continuous enrollment or just for a limited time period
• Withdrawals are not permitted prior to October 1st

Smart Start Kids Club

This is the ideal program for children age birth to 12.

• Share Savings Account
• Dollars for Scholars:
  * $2.00 Earned for each A (or highest grade possible)
  * $1.00 Earned for each B (or second highest grade possible)
• Low Limit Certificate of Deposit (Only $50.00)

Smart Start Kids Club Membership Application

I ♥ Savings Club

This program is specifically for members age 13 - 17. Program features include:

• Share Savings Account
• Checking Account
• VISA Debit Card
• Low Limit Certificate of Deposit ()nly $50.00)
• Qualify for College Scholarship
• Qualify for Prize for year end grade of A or B

I ♥ Savings Club Membership Application

Individual Retirement Accounts

Traditional IRA

With a Traditional IRA, contributions are made prior to income taxes and continue to grow tax-deferred, incurring taxes only when funds are withdrawn. Contributions may also be tax-deductible depending on the owner's qualifications. Traditional IRAs may be of interest to individuals who want immediate tax benefits due to its tax-deductible terms.

• Contributions grow tax-deferred. Taxes must be paid only when funds are withdrawn.
• Contributions are tax-deductable.
• Contribution limit is $5,000 (pre-taxes). If you're age 50 and above, the contribution limit is $6,000 (pre-taxes)
• Distributions must occur at age 70½
• No withdrawal penalty for members ages 59½ and above or for withdrawals involving qualifying education or first home expenses. There are further possibilities to avoid withdrawal penalties.
• Eligibility - Income must be equal to or greater than your contribution and will not reach age 70½ by year end.

Roth IRA

With a Roth IRA, contributions are made after initial income taxes but proceed to grow tax-free. A Roth IRA has fewer withdrawal restrictions than other IRAs and may be of interest to individuals who will need access to their IRA funds.

• Contributions are made after initial income taxes but then grow tax-free.
• Contributions are not tax-deductable.
• Contribution limit is $5,000 (post-taxes). If you're age 50 and above, the contribution limit is $6,000 (post-taxes).
• Withdraw direct contributions tax-free, anytime.
• Withdrawals of earnings (interest earned on direct contributions) are tax-free for members over age 59½ or if the Roth IRA has been open for at least five years with stipulations.
• No requirements to withdraw money by a certain age, allowing your investment to continue growing tax-free.
• Eligibility - Income must be equal to or greater than your contribution. There are no age restrictions.
• May convert a Traditional IRA to a Roth IRA.

401(k) Rollover

There are definitely advantages to rolling your 401(k) over into a Greater Niagara Federal Credit Union IRA account, including access to more investment options as well as more direct control over the management of your retirement fund. Review the Greater Niagara Federal Credit Union IRA options above and contact us to start your 401(k) Rollover today.