Savings

Share Savings Account

Membership begins when you open a Share Savings Account. Once you open a Share Savings Account you are qualified for additional services, such as: Share Draft Checking Account, Certificates of Deposits, Loans, and any other services that Rimrock Credit Union provides. The basic savings account is also the shares of ownership you have in Rimrock Credit Union.

  • $25 minimum to open account
  • Receive competitive monthly dividends
  • Quarterly statements
  • Federally insured to $250,000 by the National Credit Union
  • Administration, a U.S. Government Agency

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Christmas Club Accounts

Plan ahead for Christmas expenses by opening a special Christmas Club Account. These accounts pay an annual dividend and are automatically transferred to regular Share Savings Account during the last week of October. Dividends will only be paid on balances up to $7,500. There are no restrictions on the frequency of those deposits, however, withdrawals other than the annual transfer are discouraged.

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Money Market Share Accounts

Our money market share account offers a higher yielding dividend rate while allowing easy access to your money.

  • The minimum balance to open is $1,000.00.
  • Dividends are compounded monthly based on the average daily balance.
  • There is a limit of six (6) withdrawals per month, but there is no minimum deposit amount after the initial $1,000 deposit.

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Traditional IRA Account

Traditional IRA's are an excellent way to plan for the future. In many cases your funds are tax deductible, and dividends earned are tax deferred.*

  • Open a Traditional IRA at anytime
  • Deposit to an existing IRA (For the previous tax year any time before April 15th)
  • Withdraw funds at anytime (early withdrawal penalties apply)
  • Start-up fee $10.00
  • Annual maintenance fee $10.00
  • Close Account fee $10.00

* Consult the IRS or your tax advisor for specific guidelines.

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Roth IRA Accounts

A Roth IRA is an individual retirement account in which participants are able to make annual non-deductible contributions. Unlike a traditional IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax-free.

  • Start-up fee $10.00
  • Annual maintenance fee $10.00
  • Close Account fee $10.00

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Funds Availability Policy

Our general policy is to allow you to withdraw funds deposited in your account on the first business day after we receive your deposit. Electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then the funds will generally be available by the fifth business day after the deposit.

Share Certificates (CDs)

Share Certificates or Certificates of Deposit (CDs) are traditionally one of the fastest ways to shave for diverse purchases.

  • Certificates always hold their original value
  • Accrue interest over time
  • Terms offered vary from three months to one year
  • Dividends earned are always higher than regular savings account rates

Certain penalties may apply to any withdrawal prior to the maturity date. Federally insured to $100,000 by the National Credit Union Administration, a U.S. Government Agency

APR is the Annual Percentage Rate. APR (Annual Percentage Rate) is simple interest without compounding. For example, $10,000 @ 6.00 APR for 2 years will produce $600 of interest per year (or $300 semiannually, or $150 quarterly, or $50 monthly). APY (Annual Percentage Yield) is compounded interest (usually daily or monthly) calculated for 1 year (even if the term is longer). For example, $10,000 @ 6.00 APR for 2 years compounded monthly, produces a 6.17 APY which returns a total of $11,272.07 after 2 years.

APY is the Annual Percentage Yield. The Annual Percentage Yield (APY) is accurate as of August 11, 2008. Dividends on your savings are calculated daily, paid monthly, and are shown on your quarterly statement. Fees could reduce earnings on the account. Rates may change after the account is opened. For more current rates please contact the credit union.

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Education IRA Accounts

Unlike traditional and Roth IRA’s, Coverdell IRA’s are not tools for retirement savings. They are designed solely to help pay higher education expenses.

  • Earnings on the funds in a Coverdell IRA will be tax free (if used to pay for higher education expenses before the designated beneficiary reaches age 30)  
  • Earnings are taxable to the designated beneficiary (not the responsible individual or contributor) if withdrawn for other purposes.
  • Encourages a savings program for child’s education
  • Persons, such as grandparents, can fund the IRA
  • Start-up fee $10.00
  • Annual maintenance fee $10.00
  • Close Account fee $10.00

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Savings Calculators

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Personal

Rimrock Credit Union offers online banking for access to your accounts

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Loans

Whether you're looking to purchase a vehicle, boat, RV, or just need a little extra cash

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Checking

Rimrock Credit Union share draft checking accounts are an easy way to pay your bills

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Membership

Rimrock Credit Union is a not-for-profit financial cooperative.

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