Newsletter 2024 V3 Article - Open Savings Accounts Online

You worked hard and saved the money. Now make sure to keep it in an account that works best for you. 

Go beyond a basic savings account with a Money Manager or Term Deposit Savings Account. Members can now open both these types of accounts through Online Banking!

Money Manager Accounts earn a higher dividend rate than our traditional savings accounts. With multiple earning tiers, the higher your savings balance, the more you’ll earn. Our Money Manager Plus account has the most competitive rates. Both accounts are a great way to save for more medium-to-long term goals, such as saving for a car or a house. You have full access to your money to withdraw or transfer funds as needed.

Term Deposit Savings Accounts allow you to lock in a higher interest rate for a specific period of time. We have terms that begin with as few as 90 days, and range up to five years, for those who want to optimize dividends. Roll the interest you’ve earned back into the deposit, or transfer dividends at the Term Deposit’s maturity. Plus, you can get an even higher APY with Co-op Points. A $500 minimum deposit is required to open.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. UMassFive College Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members. CUSO Financial Services, L.P. (CFS) and its Registered Representatives do not provide tax or legal advice. Clients should always check with their tax advisor before engaging in any transaction involving IRAs or tax-advantaged investments. Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA, an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.