Energy Credit Unions savings plans help you build a nest egg, save for a special occasion, or plan for emergencies. For additional investment options, consider our IRAs.
 

Statement Savings Account

Our basic savings plan is right for members who want to manage everyday expenses, save for a rainy day or teach their children the value of saving.
 

Certificates of Deposit (CDs)

CDs are a vehicle for risk-free savings and are ideal for people who do not need access to their funds during the investment period. Invest as little as $1,000. Choose how long you would like to invest, from 6 months to 5 years.
 

IRAs

An Individual Retirement Account (IRA) is a smart way to plan for retirement and educational expenses. Energy Credit Union offers Traditional and Roth IRAs, as well as Coverdell Education Savings Accounts (formerly known as Education IRAs). Each type of IRA offers different benefits and has its own rules and restrictions. Energy Credit Union offers expert advice to help you select the right IRA for your needs. For more information, call or visit Member Services or request an application.

Why open an IRA with Energy Credit Union?
With Energy Credit Unions IRAs you pay no annual fees, there's no risk of loss, and IRAs are insured by the National Credit Union Administration (NCUA) for up to $250,000. Deposits over $250,000 are insured up to statutory limits set by the Massachusetts Share Insurance Corporation (MSIC).

For the 2009 tax year, individuals who are under 50 years of age can contribute up to $5,000 of their taxable income. Individuals who turn 50 years of age or older prior to 2010 can contribute up to $6,000.

Traditional IRAs
A Traditional IRA lets you lower your taxable income while saving for retirement. With a Traditional IRA, your contributions are fully or partially tax-deductible, depending on your income and tax-filing status. The earnings grow tax-free until withdrawal.

Roth IRAs
With a Roth IRA, your contributions are not tax deductible, but you may withdraw contributions tax-free at any time. Your earnings grow tax-free, and you may withdraw interest earned free of any taxes and penalties if you hold the account for five years and are buying your first home, or if you are 59 1/2.

Coverdell Education Savings Accounts (ESAs)
ESAs are flexible accounts that allow you to save for your child's qualified educational expenses, including college, private high school tuition, and after-school tutoring. Relatives and friends can also contribute to an ESA for your child. Contributions are not tax-deductible, but earnings accumulate tax-free, and distributions are tax-free if they are used to meet qualified education expenses.


Vacation Club

Make your vacation dreams a reality with a Vacation Club account.
 

Holiday Club

Put away those credit cards, our Holiday Club offers a way to plan to avoid holiday debt.