PRODUCTS AND SERVICES | SAVINGS

Share Savings / IRAs / Coverdell

Freedom now offers a wide range of checking accounts with great features and benefits.  Click here to see how the balances in any of the accounts below can help you earn greater rewards for doing more business with Freedom.

Share – You can open a share savings account for as little as $5.00 and become a member of Freedom Federal Credit Union. That’s all it takes to start enjoying all the many benefits of membership. Plus, with a Freedom share savings account, you’ll earn competitive dividends and enjoy complete liquidity.

Money Market– This type of account offers great liquidity (no term required in order to earn a dividend) and pays higher dividends based on a tiered rate when your balance is over $2,500. Plus, you can access your account …by using your ATM card or transferring funds from your Money Market account to another of your Freedom accounts using our MemberConnect Internet Banking service.  Please note:  Reg D rules do apply to transfer activities.

Money Market IRA - This type of account offers great liquidity and safety of principal for your Traditional IRA funds (no term required in order to earn a dividend) and pays higher dividends based on a tiered rate when your balance is over $2,500. This is a great place to roll over qualified retirement plans such as pension plans, profit-sharing plans and Federal Thrift Savings Plans (FTSP). These funds can be transferred to an IRA certificate or other like IRA plans at any time with no penalty. Freedom imposes no minimum term or early withdrawal penalties, however, penalties for withdrawals may be imposed by the IRS.

Christmas Club – Just decide how much you’d like automatically deposited into your Club account and we’ll deposit the money you’ve saved into your checking account next October – just in time for all that holiday shopping! Open one today!

Youth Accounts - Just click on the Youth Programs section to the right to find out all the details on our programs available to any member under the age of 25. 

Special Accounts - Have a special savings goal in mind?  You can also establish a special savings account for any worthwhile purpose and allocate your deposits, payroll deduction, or direct deposit to fund your account.

IRAs - The biggest benefits of having an IRA are that you receive tax advantages along with putting funds away for your retirement!  We have IRAs with great liquidity and IRA certificate accounts with terms from 6 to 60 months.  Click here for current rates.

Traditional IRAs offer:

Potential tax deduction for contributions.

Earnings are tax deferred.

Distributions are generally taxable.

Distributions may begin at age 59-1/2 without IRS tax penalties.

Distributions required to begin by age 70-1/2 (required minimum distribution) and no further contributions can be made once 70-1/2 is reached.

Can be placed into Freedom's Money Market IRA.

Roth IRAs offer:

Earnings are tax deferred and potentially tax exempt.

Contributions are not tax deductible.

Distributions are generally tax free.

No age limit for making contributions.

Income restrictions may apply.

No required minimum distributions

Can be placed into Freedom's Money Market IRA.

Coverdell Education Savings Account- Any family member can contribute to this type of account, they aren’t just for parents. Annual contributions of $2,000 are permitted and are not considered when calculating contributions to a Traditional or Roth IRA. Start that college fund today!

This type of account offers:
Contribution limit of $2,000 per child each year.
Contributions are not tax deductible.
Earnings are tax deferred and tax free if used for eligible education expenses.
Can be transferred to another family member.
Almost anyone can contribute on behalf of the child.

Can be placed into Freedom's Money Market IRA.

Safeguarding your hard-earned money is critical. That's why Freedom Federal Credit Union has federal share insurance, administered by an independent Federal Government agency, the National Credit Union Administration (NCUA). The National Credit Union Share Insurance Fund (NCUSIF) protects aggregate savings up to at least $100,000 in your regular Share Savings, Certificates, Share Draft/Checking, and Coverdell ESA accounts.

Individual Retirement Accounts (IRAs) are insured separately up to $250,000.

Use our handy savings calculator to see how fast your money can grow with regular deposits.

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