Savings accounts are the very heart of the credit union movement. That is why Velocity Community Credit Union was founded to promote thrift amongst its members and provide low-interest rate loans at a time when the big banks often couldn’t be bothered with the little guy. So, start with a savings account and find out why we are better!
When you start your membership with a savings account, you open a world of savings at Velocity Community Credit Union. Your initial deposit represents your share of ownership in the Credit Union and makes you eligible to take advantage of all the other services we have to offer.
There is a low minimum deposit of $5 and a one-time membership fee of only $5.
Money Market Account
A Money Market Account (MMA) is a great place to park money you plan to invest later. Since your dividend rate is tiered based on your balance, the more you deposit, the more you’ll earn. With a low minimum starting balance of $2,500, you’ll earn more in dividends than on a traditional savings account. In addition, you can select your Velocity Community Credit Union MMA as an overdraft option for your checking account but bear in mind that some restrictions may apply.
Holiday Club Account
Be ready for the end of the year when you make your savings automatic with a Holiday Club account. You can gradually save until the holiday season arrives. Then at the start of November, the funds are transferred automatically into your savings account at Velocity Community Credit Union. At which time, you are welcome to use the funds as you please.
Don’t let the name fool you! A lot of people use this account to save for property taxes and other year-end expenses.
You Name It
A savings account so flexible, it doesn’t even have its own name – so you get to name it! Saving for an iPad? Call it your iPad Account. Got your iPad? Change it to your Vacation Account!
The account works much like the Holiday Club Account except that we don’t automatically transfer the balance at any time during the year. You decide when you want to use it, and since it’s your savings account – you name it!
When you open a Health Savings Account (HSA), you are opening a separate membership that allows you to set aside money on a pre-tax basis* to pay for qualified medical expenses. Those expenses can be for the HSA owner, the HSA owner’s spouse, and their dependents. These accounts are typically tied to an HSA Checking, which comes with a free VISA Debit Card** to pay for qualified medical expenses.
Requirements to Have an HSA:
- Must have a qualified high deductible health plan
- Have no other major medical insurance coverage
- Not enrolled in Medicare
- Can’t be able to be claimed as anyone’s dependent
*Please note that we cannot offer any information that may be considered tax advice. For information on how the HSA will affect your taxes, consult your tax professional. Interest must also be used for medical expenses to stay tax-free.
**HSA VISA debit cards are not eligible for Rewards Points.
Velocity Community Credit Union offers IRAs (both Roth and Traditional), Coverdell Education Savings Account (CESAs), and Share Certificates (CDs). For more information on these services at Velocity Community Credit Union, visit our Investment Account page.
The National Credit Union Administration’s Share Insurance Fund insures your savings account up to $250,000. To read about your share insurance protection, visit the NCUA.