The Credit Union offers a variety of savings accounts all earning
competitive interest with a qualifying balance.
At the Credit Union, your savings account is called a Share Account
because it makes you an owner of our financial cooperative. This
is your main account number and we can access all of your other accounts
with it. With a 1ST Gateway Share Account your money earns a competitive
dividend which is calculated on the average daily balance and credited
to your account monthly. There are no service charges or withdrawal
fees. All savings accounts are insured to at least $250,000 by NCUA, A
U.S. Government Agency. Also, through our affiliation with Excess Share Insurance Corporation (ESI) an additional $250,000 of deposit insurance is provided.
The Credit Union's Holiday Account (Christmas Club) helps you control
your expenses. You may open this account any time during the year
and make deposits when you wish. You can even make deposits to
your Holiday Account through payroll deduction or direct deposit.
On October 31st interest is posted to your account and the balance
is transferred to your Share Account.
In order to meet individual's needs, we make a special savings account
available for any purpose you desire. Members have used this account
to save for property taxes, a vacation, a home improvement project
or just a rainy day. These special accounts earn a dividend like
the share account and are itemized on your statement for easy record
keeping. When it comes to our special savings accounts, your imagination
is the limit.
When you want to earn more interest over a longer period of time,
you can open a Term Share Certificate. Choose from 6, 12, 18, 24
and 36 month terms; the programs have low minimum balance requirements
and earn interest based on the length of your investment term.
Penalties may be charged for early withdrawals on your Credit Union
Term Share Certificate.
IRA's from 1st Gateway Credit Union may allow you to reduce the income
tax you pay now and provide you with a more comfortable retirement.
The fixed rate of return is determined by our Board of Directors.
You can contribute to your traditional IRA programs through payroll
deduction, in a lump sum or by purchasing an IRA Term Share Certificate. There is an annual maintenance fee on both the IRA Share
Account and IRATerm Share Certificate.