Savings accounts are the very heart of the credit union movement. 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. Start with a savings account and find out why we are better!
Start your membership with a simple Savings account and open a world savings. 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.
A Money Market Account (MMA) is a great place to park money you plan to invest later. Starting at a low minimum balance of $2,500, you'll earn more in dividends than on a traditional savings account, and it's tiered upward from there. You have the option to select your Velocity Community Credit Union MMA as an overdraft option for your checking, but bear in mind that some restrictions may apply.
Make savings automatic with a Holiday club account, and you'll be ready for the season. This short-term savings account is an easy way to gradually save until the holiday season arrives. At the start of November, the funds are transferred automatically into your savings account with 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.
A savings account so flexible, it doesn't even have it's 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 itself works much like the Holiday Club Account except that we don't automatically transfer the balance to any of your other accounts at any time during the year. That's for you to decide. It's your savings account - you name it!
A Health Savings Account (HSA) is a membership that allows an individual to set aside money on a pre-tax basis* to pay for qualified medical expenses for the HSA owner, the HSA owner's spouse, and 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 the impact the HSA will have on your taxes, please consult your tax professional. Interest must also be disbursed 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.