Savings, Certificate of Deposits & IRA
Saving is the keystone of any long-term financial plan, and credit unions like Compass often offer better rates on Savings Accounts, Certificates of Deposit, and IRA Certificates of Deposit.
If you’re wondering, “Is there a credit union near me?”, the answer is “Yes.” Compass Community Credit Union is headquartered in Eureka, and we offer everything from traditional savings accounts to online banking!
Member accounts are fully insured up to $250,000 by the NCUA. Accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $1,000,000 by ASI. To learn more about your insurance coverage, click here.
Savings Account
Our primary share (savings) account pays higher dividends than similar accounts offered by other financial institutions. Dividends are earned from the day of deposit to the day of withdrawal and are compounded daily and paid quarterly. A Share Savings Account is required for membership with a minimum balance of $5. Click here to apply online.
Minor Account
Savings account for youth 17 and under – requires a parent/guardian to be joint on the account. Dividends are earned from the day of deposit to the day of withdrawal and are compounded daily and paid quarterly. A Share Savings Account is required for membership with a minimum balance of $5. Click here to open your account online.
Secondary Savings Account
You can open an additional savings account and put money away for vacations, or that big purchase you’ve been planning. If you are already a member, click here to open your secondary account online.
Holiday Club Account
Open a Holiday Club Account to help you save through the year for the holiday season. Think of it as a gift to your future self. Only $5 to get started and you can stash money away all year long. On November 1 of each we will transfer the entire balance to your Savings Account. If you are already a member, click here to open your Holiday Club account online.
Share Certificate of Deposit (CD)
Have funds you don’t immediately need? Invest them in a Share Certificate of Deposit (CD) and enjoy a greater return. Fixed rates are guaranteed for the length of the term. Choose terms from 6 to 60 months. To open your account, print and complete the paper application by clicking here.
If you prefer a paper application for any of the accounts listed above, click here.
Traditional IRA – Certificate of Deposit (CD)
- Contributions may be deductible on state and federal income tax*
- Contribute up to $5,500 annually; age 50 and older can contribute up to $6,500
- Early withdrawals subject to penalty**
- Withdrawals can begin at age 59½ without penalty
- Mandatory withdrawals at age 72
Choose terms from 6 to 60 months with a minimum deposit of $500. Dividends are compounded daily and paid quarterly. Call 707-443-8662 for more information and to speak with a specialist.
Roth IRA – Certificate of Deposit (CD)
- Contributions are NOT tax-deductible
- Contribute up to $5,500 annually; age 50 and older can contribute up to $6,500
- After five years, earnings are 100% tax-free at withdrawal – over the age of 59½; under 59½ an early withdrawal penalty applies
- Early withdrawals subject to penalty**
- No mandatory distribution age – you can withdraw from a ROTH at any time, penalties and fees may apply; there is no mandate that says you ever have to withdraw from a ROTH IRA.
Choose terms from 6 to 60 months with a minimum deposit of $500. Dividends are compounded daily and paid quarterly. Call 707-443-8662 for more information and to speak with a specialist.
*Subject to some minimal conditions. Consult a tax adviser. **Interest and IRS penalties - Certain exceptions apply, such as healthcare, purchasing first home, etc. Investments 12 months or less have a penalty of 90 days. Investments greater than 12 months have a penalty of 180 days.
If you have any questions, call us at 707-443-8662.
