Basic Savings | Young Savers Account | The START Savings Program | Money Max Account | Share Certificates |Christmas Club Account | Individual Retirement Accounts
Basic Savings
Earn and save with a Basic Savings Account! Membership at Carter Federal Credit Union begins with a Share Savings Account. A Share Savings Account allows you to deposit as much money as you like but you can open one with as little as $5.
- Earn dividends on any balance
- No monthly service charge
2 teller withdrawals per month at no charge - $10 charge for each withdrawal thereafter
No excessive withdrawal fee if made at ATM, Audio Response or eAccess.
Young Savers Account
It’s never too early to teach children the importance of saving money. Opening a Young Savers account can help develop early savings habits which will help them their entire lives. When the child reaches the age of 18 it will automatically be converted to a Basic Savings Account.
A Young Savers Account establishes an individual’s membership for those 18 and under at the credit union. Carter Federal offers lifetime membership: once a member, always a member, as long as your account is not closed.
- No monthly service charge
- 2 teller withdrawals per month at no charge- $10 charge for each withdrawal thereafter.
- No excessive withdrawal fee if made at ATM, Audio Response or eAccess
Earns dividends on any balance
The START Saving Program –
If you’re like most Americans with school-age children or grandchildren, you may be wondering how you can ever save enough money to send them to college. Every year you hear that college costs are rising more than inflation and that, 18 years from now, it will cost a lot more to send your child to public or private school. The state of Louisiana’s START Program is an innovative college savings program that qualifies as a “529 Plan” under the Internal Revenue Code, offering federal and state tax incentives to anyone who wishes to financially assist a student in acquiring a college education.
Even if you can’t save a lot, you can still take advantage of a college savings plan. Click below to learn more or open a START Saving Account today.
Money Max Account
Money Max Accounts Earn High Returns! The Money Max savings accounts are designed for those who want to save larger amounts of money, but don’t want to tie up their money in a certificate or risk the principle investment as with stocks. This account is set up to pay a higher dividend rate than a Basic Share Account and is a great account to save money for a house or a car purchase.
- Minimum $2,500 to open
- Allows up to six transactions during any month (three of which can be by check, draft or debit card to a third party including over-the-counter or Call Center Requests)
- Minimum monthly balance of $2,500 or more
If the number of transactions is exceeded or the minimum monthly balance is not maintained an $8 service charge will be accessed for the month.
Share Certificates
If you're looking for a safe, long-term investment strategy, a Share Certificate is a great place to start. With all the ups and downs on the stock market, it's reassuring to know that a Carter Federal Certificate Account will never lose its original value. The dividend-earning rate is higher than a standard savings account and the terms are flexible: from 182 days up to five years. Your minimum deposit of $1,000 will get you started earning interest today.
Ladder Your Investments for Maximum Return!
A recent 5-yr study showed that by laddering Carter Federal share certificates, members earned an extra $3,435 more than those who practiced short-term investing-reinvesting in 1-yr certificates.
Laddering offers a low-maintenance approach with steady returns and ready access to cash without penalties because a certificate matures every year. In almost any rate environment, the longer term maturities will carry the highest rate.
| Year 1 |
Buy a 1,2,3,4 and 5-year certificate. |
| Year 2 |
Your 1-year certificate matures. Reinvest as a 5-year certificate. |
| Year 3 |
Your 2-year certificate matures. Reinvest as a 5-year certificate. |
| Year 4 |
Your 3-year certificate matures. Reinvest as a 5-year certificate. |
| Year 5 |
Your 4-year certificate matures. Reinvest as a 5-year certificate. |
Follow this plan and you will have five 5-year certificates with one maturing each year! Carter Federal has some of the best rates around.
In some rate environments laddering may not out-perform short-term investing. However, laddering does provide a low-maintenance approach with steady returns and ready access to cash without penalties, since a certificate matures every year. In almost any rate environment, the longer term maturities will carry the highest rate.
Terms
The minimum term for a Share Certificate is6 months and the maximum term is 60 months.
Rates
The minimum deposit to open a certificate is $1,000. Certificates 36 months and longer receive an additional .10% if they have more than 2 relationships (accounts) Amounts over $50,000 are considered Jumbo Certificates and will receive an additional .125% on their rate.
Penalty
Prior to the maturity of the certificate the member will receive a renewal notice. The member may choose to let the certificate renew at the current term or they can choose another avenue. If the member chooses a different option they have 10 days after the maturity to do so without penalties being accessed. Special Certificate offers may not be renewable.
IRA Certificates
All terms and conditions are the same as other share certificates (assuming all IRA rules are adhered to) with the exception that normal withdrawals may be made without penalty for early withdrawal at any time during the term of the certificate by owners age 59½ and older.
For more information, please contact the credit union.
Christmas Club Account
It seems we end up spending more than we anticipated just about every holiday season. Why not lessen that financial pressure by putting a little cash away ahead of time? Save now and make next holiday season less stressful! Your credit union offers special savings accounts called Christmas Club Accounts that will help you to save more and earn more over the course of the year! This account is specifically designed for Christmas savings with payroll deduction as a perfect option.
- Minimum to open this account is $5
- No monthly service charge
- Dividends are earned on any balance.
- Unlimited withdrawals/transfers from this account during the months of October, November and December. To encourage saving, a $10 fee is charged for any withdrawal/transfer during the months of January - September.
For more information, please contact the credit union.
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