We have a wide variety of savings products designed to meet your investment needs. From Regular Share Accounts to higher yielding Share Certificates, you're sure to find the savings vehicle that's right for you. All accounts are insured to $100,000 by the NCUA.
Regular Share Accounts - 01
With our Regular Share Accounts, (Savings), you are required to purchase a $5.00 share in the Credit Union to open your account. You must maintain this minimum average deposit in your account at all times. In order to earn a dividend you must maintain a minimum average balance of $100.00 or more. Dividends are compounded monthly and are credited the last day of each month.
Additional Share Accounts- 02 and 04
Want to keep your money separate under one account number? Open up another Share Type. You can have two additional accounts. With the 02 and 04 share types there is no additional membership fee and no minimum balance required. These accounts earn the same dividend as our Regular Share Accounts. Dividends are compounded monthly and paid monthly.
VISA Pledged Share Account- 99
When you have a Share-Pledged VISA with us you must open an additional share type also known as a 99 account. There is a $5.00 minimum deposit required to open this account. The dividend rate is the same as on the Regular Share Account. Dividends are compounded monthly and are credited the last day of each month.
Money Market
Money Markets are a great way to save for that something special when you want to earn a higher dividend rate without tying your money up!
The minimum deposit required for you to open a Money Market Account is $2,500. You must maintain a minimum average daily balance of $2,500 to earn a dividend. We calculate the interest on three tiers - the more you deposit, the more your earn. Higher interest rates don't mean that your funds have to be tied up for any length of time. You can make withdrawals and deposits to this account without penalties. For your convenience deposits can be made through Payroll Deduction. Dividends are compounded weekly and paid weekly.
Share Certificates
Share Certificates allow you to deposit your savings for a specified period of time with a locked in interest rate.
The minimum deposit amount is $500.00. Terms of 6 months, 1 year, 18 months and 2 years are offered. Dividends are compounded monthly and are credited on the last day of each month. We may impose a penalty if you withdraw any of the principal from your account before the maturity date. Upon maturity the total amount of your certificate will go directly into your Regular Share Account.
IRAs
At different stages in your life, you face different financial needs. Whether you want to start saving for your future, avoid taxes on a pension plan payout, or protect a lifetime of savings, a So-Val Tel IRA may be the right solution. Besides flexibility, IRAs offer advantages over other savings options, such as the opportunity for tax-deductible contributions or tax-free earnings.
You cant depend on Social Security and pensions to bankroll your future. That is why you need to build your personal savings with a So-Val Tel IRA.
If you start now, you can actually contribute less money to your IRA and end up with more savings than if you wait. Over time, the money in your IRA will grow tax-deferred. And in the case of a Roth IRA, your withdrawals (including earnings) will be tax free if the account has been open for five years and one of the following reasons applies: Age 59 , Disability, Death, or your 1st home purchase- ($10,000 lifetime limit).
Avoid a financial loss that can result from a pension plan payout. When you change jobs or retire early it often leads to a payout from your pension plan. If you take a lump-sum payment directly from your plan, 20% of it will be withheld for federal taxes. With a direct rollover of your payout to a So-Val Tel IRA, you can avoid income taxes as well as the 10% early distribution tax on most withdrawals if you are age 59 .
It is time to check our rates and consolidate you IRA funds here at the credit union. With a direct transfer of your retirement funds into a So-Val Tel IRA, you can maximize the security of your savings as retirement nears. Consolidation also allows you to perform all of your IRA transactions in one place, working one-on-one with our helpful staff. Plus, with a Roth IRA, you can keep contributing beyond age 70 as long as you still earn compensation. There is no age at which you are required to take distributions from a Roth IRA, which means you can continue building your savings for future retirement years or even a gift to you loved ones. Your IRA accounts are now insured up to $250,000.
Classic Checking
Looking for a Checking Account that doesn't charge you each time you walk into their office? So-Val Tel has just the account for you!
Our Checking Account, (Share Draft), has no limit on how many times you can talk with a teller, write a check or make a deposit. With your So-Val Tel Debit Card you get UNLIMITED Point of Sale transactions for NO extra charge . To open an account you need a first time minimum deposit of $100.00, be a member and have no record in ChexSystems. You are responsible for ordering your checks either through our vendor or one of your choice.
Courtesy Pay-$500 line of credit- CP is a service is we add to your checking account to cover overdrafts to a set limit, subject to the eligibility criteria as explained below. While we reserve the right to unilaterally refuse to pay any item that is presented, with CP we generally pay your overdraft items up to $500. When we pay overdraft items for you, you will be charged our normal overdraft fee, currently $25.00 for each item that is presented. Both the amount of the overdraft items and all applicable fees, including but not limited to the $25.00, overdraft fees, are included in this limit. Business accounts are not eligible.
Eligibility Criteria- No application is required for CP; eligibility is based on you managing your checking account in a responsible manner. You will be eligible for the CP Privilege unless:
* You are more than 30 days past due on any Credit Union loan or delinquent on any other obligation to the Credit Union
* You are subject to any legal or administrative orders, levy, or are currently a party in a bankruptcy proceeding
*You have an outstanding balance on an Overdraft Repayment Plan
* An extended hold is being place on your checking account or any other relationship, in which case your CP Privilege will be suspended without prior notice.
* You are a minor
* A ChexSystems or any other negative indicator is present.
* You have an account that has been opened less than 30 days, or if you were overdrawn for more than 5 consecutive days during the first 30 days that your account was open.
* Your account is a fiduciary trust or escrow account.
* Your account is classified as dormant.
**If you want a copy of the entire disclosure which contains additional information on CP please contact our office.**
Youth Checking
We also offer Youth Checking Accounts for members aged 16 to 18. We require that these accounts have a joint owner that is a parent or legal guardian over the age of 18. When the minor turns 18 years old, the Account will be converted into a Regular Checking Account. There is no monthly fee for the Youth Checking Account and your first box of checks is free.
Christmas Club
Make your next holiday easier on your wallet by opening a Christmas Club Account!
With our Christmas Club Accounts you're in charge. You decide how much you want to deposit and when. Have the convenience of payroll deduction, coming to the credit union. Your account will then be automatically reopened for the following year. nalties The minimum deposit required for you to open your Christmas Club Account is $5.00 and you must maintain this minimum average balance to obtain a dividend. Dividends are compounded monthly and are credited the last day of each month.
