Savings


Share/Savings Accounts

When you become a member of the credit union a savings account is opened in your name. All members must maintain a $25 balance in their savings account to remain a member, and demonstrate regular activity in their account to keep it active.

Other features of regular savings include:

  • A competitive interest rate paid quarterly on the average daily balance in your savings account. Click here for current rate information.

  • Online access to your account

  • Quarterly statements by mail or email

  • Payroll deduction: You may have deposits to your savings account deducted directly from your paycheck

If you have any other questions about regular savings accounts at Abilene Federal Credit Union, please contact us.


Term Share Certificates

You can open a Term Share Certificate with a minimum balance of $2,500. Certificates are available with terms of 6 months and 12 months. Our Term Share Certificates can be used for your Individual Retirement Account (IRA).

Features of our term share certificates include:

  • Competitive dividend rates

  • A fixed dividend for the term of the certificate

  • 24 hour account access through STAR, our online account access and audio response, our telephone account access

Please contact us if you have any questions about Term Share Certificates.


Special Savings Accounts

At Abilene Federal Credit Union, you can open a special savings account and save for whatever special purpose you have, such as:

  • Taxes

  • Insurance

  • Tuition

  • Or any other reason

Features included with a special savings account are:

  • A competitive dividend rate

  • 24 hour account access through STAR, our online account access and audio response, our telephone account access

  • No service fees

  • Low minimum deposit required

  • No minimum balance required

  • Dividends calculated and paid quarterly on your average daily balance

  • Quarterly statements

  • Payroll deduction for convenient automatic deposits

Please contact us if you have any questions about our special savings accounts.


Christmas Club Account

At Abilene Federal Credit Union we make saving for Holiday expenses a little easier by offering a special savings account.

Features included with a Christmas club account are:

  • Higher dividends than a regular/special savings account rate

  • 24 hour account access through STAR, our online account access and audio response, our telephone account access

  • No service fees

  • Low minimum deposit required

  • No minimum balance required

  • Dividends calculated and paid October 31st each year

  • Balances paid by check or account transfer by the 10th of November

  • Quarterly statements

  • Payroll deduction for convenient automatic deposits

Please contact us if you have any questions about our Christmas club account.


IRAs

One of the greatest challenges facing Americans today is ensuring the financial well being and security of your family throughout your retirement years. With uncertainty over the adequacy of social security growing daily, it's increasingly necessary to rely on your own savings plans and resources to support your future retirement plans.

Yet another challenge is finding money for the impending college education expenses for your children. Tuition and other collegiate expenses are on the rise, so it’s a good idea to get a head start on saving for those expenses now, instead of getting caught unprepared later!

At Abilene Federal Credit Union, we offer two long term savings accounts geared to help you save for your family's future: Traditional IRAs and Roth IRAs. A minimum of $2,500.00 is required to set up an IRA term share certificate.

TRADITIONAL IRAs

Traditional IRAs are valuable long-term savings tools that can provide safety and security for you and your family. Your contributions can be deducted from your taxable income, reducing the income taxes you are currently paying.

Traditional IRA features:

  • Can be opened and funded without any employer participation

  • Contributions and/or earnings are tax-deferred until retirement

  • Possible deductions based on retirement plan participation and income

  • Provide full accessibility to your funds; 10% early distribution penalty if younger than 59½ years

  • Completely flexible as there is no minimum contribution in any year

  • Members may contribute a maximum of $5,500.00 per year. Those over the age of 50, may contribute up to $6,500.00

Abilene Federal Credit Union also offers a Traditional IRA share/savings account that pays competitive market rates. A low minimum amount is required to set up a Traditional IRA savings account. To view current rates click here or click here for the retirement calculator.

ROTH IRAs

Roth IRAs offer you a very easy way to plan for the future of you and your family. Your contributions are not tax-deductible but the earnings within a Roth IRA are tax-free as long as your funds have been in the account for at least 5 years and you are either over 59½ years of age, disabled, or buying your first home.

Roth IRA features:

  • The money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines.

  • Roth IRAs enable the money you contribute to grow tax-deferred. If you do not withdraw any of the earnings until you have had the IRA for at least 5 years and have a qualifying event, those earnings become tax-free.

  • There is no 70½ year age limit on making contributions. You do, however, need earned income, which is defined the same as for Traditional IRAs. As long as you satisfy the Roth IRA requirements, you may contribute to a Roth IRA, even after the year in which you reach 70½ years.

Abilene Federal Credit Union also offers a Roth IRA share/savings account that pays competitive market rates. A low minimum amount is required to set up a Roth IRA savings account. To view current rates click here or click here for the retirement calculator.

*The credit union provides no legal advice to members, and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal advisor regarding any particular and the current status of applicable federal and state laws.


Kids Ka$h Stash Club

The Kids Ka$h Stash Club is a fun and adventurous way to save. It is important for children of all ages to learn the fundamentals of financial management. Your credit union invites all young savers ages 3 - 12 to join The Kids Ka$h Stash Club, a program designed to teach today's youth the merits of saving their money.

Children build responsible, life long money management habits by:

  • Watching their savings grow

  • Making basic financial transactions

  • Learning the value of saving

Features of our Kids Ka$h Stash Club include:

  • Competitive dividend rates

  • A low deposit of $10.00 is required. The membership fee is waived

  • Kid's Ka$h Stash Club members receive gifts when account is opened

  • Kids earn Ka$h Stash Stamps for prizes


Federal Insurance

The National Credit Union Administration (NCUA) provides insurance coverage of up to $250,000 for your credit union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure, click the following link that will take you directly to the NCUA: http://www.ncua.gov/DataApps/Pages/SI-Tools.aspx.