Establish a Savings Account with us for whatever the need: tuition, vacation, special occasion, retirement or the all-important emergency fund. Just $5 opens the account. Deposit funds into your Savings in person, by mail, Direct Deposit, payroll deduction, night drop box or transfer funds from other accounts. Click here for Savings Rates. Savings are insured up to $250,000 by NCUA (National Credit Union Administration). Click here for more information on account insurance.
Children up to age 11 years old can join our Lollipop Club when parents or guardians open a Savings Account for them. Lollipop Club helps our younger members learn the value of saving, how to make a deposit, and watch savings grow. It’s never too early to start!
YOUNG ADULT CLUB
Financial responsibility affects adults in every aspect of life, from credit ratings to marriage to owning a home. Teens and young adults ages 11 – 17 years old can join our Young Adult Club as a great start to learning sound money management before flying the coop. Learn how to establish credit, use a debit card, balance a checkbook, conduct online banking, and avoid debt and money traps. Click here for our Young Adult Club savings rates.
MONEY MARKET ACCOUNTS
Want your Savings to grow even more? Open a Money Market Account with us to earn higher interest than our basic Savings Account. The minimum balance is $2,500, and the interest rate varies depending on account balance. Deposit money any time by check, Direct Deposit or transfer through online banking. Click here for a Direct Deposit form, which you can complete and return to us. Certain limitations apply to the number of transfers and/or payments to other accounts each month, although you can close the account at any time without penalty.
Consider opening a Share Certificate (sometimes called a Certificate of Deposit) if you want a fixed interest rate (for the term of the Share Certificate) that gives you a great Annual Percentage Yield (APY) and if you won’t need to access your funds. Choose terms from 6 months up to 60 months with a minimum deposit of $500. You agree to keep the money deposited until maturity or you’ll have an early withdrawal penalty. A Share Certificate is a good alternative to investing money if you want to avoid the risks of stocks and bonds.
Start your holiday plans early and open a Christmas Club. Save as much as you want with as many deposits as you want. Then in early October, your Club savings are transferred to a regular savings or checking account. Open a Christmas Club account today!
Vacation, stay-cation or celebration on the horizon? Open a free Vacation Club account for that special get-away or special occasion! Stash away money making as many deposits as you want throughout the year. You simply withdraw the funds when you’re ready to take your vacation! So, save, save, save, then sail away – enjoy your trip!
Deposits at federally insured credit unions such as Erie Community are insured by the National Credit Union Share Insurance Fund (NCUSIF) at up to at least $250,000 per individual depositor. Administered by the National Credit Union Administration (NCUA), the NCUSIF is backed by the full faith and credit of the United States government. Click here for a brochure about your savings insurance.
We are proud to offer our members Individual Retirement Account (IRA) plans: Traditional IRAs and Roth IRAs. Talk to us about which plan best suits your goals, what taxes or penalties are on each and how to transfer funds from another IRA plan.
Traditional: Defer taxes on the earnings until you withdraw the funds in retirement (70 1/2 years old).
Roth: All earnings grow tax-free with no age limitation when you must start withdrawing the funds. Gives “qualified distributions”, account must be opened for at least 5 years, and you are either older than 59 ½, disabled, or a first-time home buyer ($10,000 lifetime withdraw Limit).