Share Savings Rates
Please contact the credit union for current share rates.
Share Savings Accounts
When you become a member of the credit union a savings account is opened in your name. An initial deposit of $25.00 is required. All members must maintain a $25.00 balance in their savings account to remain a member, and demonstrate regular activity in their account to keep it open. Dividends accrue daily and are paid monthly on your average daily balance of $250.00 or more.
Other features of Regular Savings include:
Competitive interest rates
Access through STARS, our 24-hour telephone teller system, and Virtual Branch, our Internet account access system
Quarterly statements by mail.
Payroll deduction: You may have deposits to your savings account deducted directly from your paycheck.
Share Savings Certificates
Money Market Accounts
You can open a ANDCU Money Market Account with a minimum deposit of $2,500. We also offer the Mega Money Market Account, which requires a minimum opening balance of $25,000. A minimum average daily balance is required to obtain Annual Percentage Yield and to avoid fees on your account.
Other features include:
At A New Direction Credit Union, you can open a Club account and save for whatever special purpose you have, such as:
Vacation Club: Funds in your Vacation Club Account are disbursed annually to your share account. A minimum deposit of $20.00 is required to open this account.
Holiday Club: This account is designed to help you save for the holidays. Funds in your Holiday Club Account are disbursed annually to your share account. A minimum deposit of $20.00 is required to open this account.
Features included in the Club Account include:
Individual Retirement Accounts (IRA)
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 A New Direction Credit Union, we offer 2 long term savings accounts geared to help you save for your family's future: Traditional IRAs, and Roth 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 under age 70½ years may contribute a maximum of $5K per year
A New Direction Credit Union offers a Traditional IRA that pays competitive market rates. No minimum amount is required to set up a Traditional IRA savings account. Please contact the credit union for current share rates.
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.
A New Direction Credit Union offers a Roth IRA that pays competitive market rates. No minimum amount is required to set up a Roth IRA savings account. Please contact the credit union for current share rates.
* 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.
The Kids 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 12 and under to join the Kids 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