Savings & Certificates

  • Open an account with as little as $5.00
  • Flexible options to fit your needs
  • First step in teaching kids about money
Printer-friendly version

 

Texas Saves Week: February 19 - 26

Saving your hard earned money means you gain more financial control. Across Texas people just like you are proving you can start small and think big. Texas Savers are setting financial goals, tracking their spending and taking control of their financial future. Generations can help. With resources and tools we will help you develop a savings strategy. So what are you waiting for? Start saving today!

Learn more about the Texas Saves program.

Basic Savings

  • A great way to start saving. These accounts also provide the option of automatic deposits towards a savings goal via our savings clubs.
  • Interest Rate: 0.25% APY1
  • Minimum Deposit: $5.00

Money Market

  • Great for members with higher deposit balances seeking a higher interest rate.

Rates

Daily Balance Dividend Rate (APR2) Annual Yield (APY)
$2,000 - $25,000 0.45% 0.45%
$25,000 - $50,000 0.55% 0.55%
$50,000 + 0.65% 0.65%

 

Term Share Certificate (similar to a CD)

  • Great for members seeking the highest available interest rate who won't need immediate access to funds.
  • First-time account holders and students are encouraged to participate in our jump-start classes to learn how to best use these products to grow their savings.

Rates

Regular Term Share Certificate ($1,000 minimum balance) Dividend Rate (APR) Annual Yield (APY)
6 month 0.45% 0.45%
12 month 0.75% 0.75%
24 month 0.991% 1.00%
36 month 1.49% 1.50%
60 month 2.13% 2.15%

 

Mini Jumbo Term Share Certificate ($30,000 minimum balance) Dividend Rate (APR) Annual Yield (APY)
3 month 0.40% 0.40%

 

Jumbo Term Share Certificate ($100,000 minimum balance) Dividend Rate (APR) Annual Yield (APY)
3 month 0.45% 0.45%
6 month 0.60% 0.60%
12 month 0.90% 0.90%
24 month 1.14% 1.15%
36 month 1.59% 1.60%

 

For Term Share Certificate accounts the following applies: Early Withdrawal Provisions – Generations Federal Credit Union imposes a penalty if you withdraw any of the funds before the maturity date. For accounts having a term of 365 days or less, the penalty imposed will equal 90 days of dividends on the amount withdrawn. For accounts having a term greater than 365 days, the penalty imposed will equal 180 days of dividends on the amount withdrawn.

1 Annual Percentage Yield. 2 Annual Percentages Rate. All rates are as of January 9, 2012 and subject to change at any time.

Table of Contents:

Expert Articles/Papers:

  • Shaping Up Your Finances
    You manage to make ends meet. You pay every expense and bill on time, every time. But there’s one person you’ve forgotten to pay… yourself. This white paper offers some great budgeting ideas to help you move away from living paycheck to paycheck and begin saving for your future.
  • Checklist: Creating a Budget
    Follow these steps to create your budget.
  • Checklist: Spending Money Wisely
    Spending money is easy. Spending money wisely is another matter. Follow these steps to shop smarter.
  • Part One: What Does Zero Mean?
    This first of a two-part series seeks to uncover the truth behind the promise of zero as it pertains to credit cards, payday loans and pawnbrokers.
  • Part Two: What Does Zero Mean?
    This second of a two-part series seeks to uncover the truth behind the promise of zero as it pertains to the rent-to-own industry, refund anticipation loans and car loans.
  • Give Yourself Some Credit
    The bills are piling up and you don't know what to do. Maybe an unexpected medical expense put you behind, or maybe your hours at work were reduced. Whatever the reason, you're behind on your payments and your credit score is taking a beating. It's not too late to turn it all around.
  • My Personal Finance: Credit Reports
    Your credit report tracks your credit activity. This handout will break down and explain the many sections of a credit report.

Good Choices: Financial Strengthening:

People Helping People blog:

Frequently Asked Questions

Q. How do I open an account?

A. Visit any one of our convenient locations to open your account.

Q. How do I set up automatic deposits into my savings account?

A. You can have money deposited directly into your savings account automatically via direct deposit from your employer or government payments. You may also automatically transfer money from your other Generations account(s) at regular intervals, or automatically transferred from accounts at other financial institutions. When you open your account, we'll give you information for your employer/government agency to set-up your direct deposit. Please note: beginning in May 2011, those applying for Social Security benefits will be required to receive funds via direct deposit to an account with financial institution or a prepaid debit card. Retirees already receiving paper checks have until March 1, 2013, to switch to the prepaid debit card or direct deposit.

Q. What is the difference between savings, money market, and Term Share Certificate (or Certificate) accounts?

A. A Savings Account allows you to earn dividends on money in the account, but cannot be used directly for transactions (for example, writing a check). These accounts let you set aside money for future use while earning a monetary return, one that is generally higher than what you earn with a checking account.

A Money Market is similar to a savings account, with a higher minimum opening balance, and earning a greater rate of interest on average daily balances. The interest rate is generally tiered and is based on the average balance you maintain.

Term Share Certificates (similar to Certificates of Deposit/CDs) are accounts where you deposit an amount of money for a specified period of time, at a guaranteed interest rate. As long as you don't withdraw funds from this account before the end of the end of agreed upon time frame, you will receive the full original amount plus interest earned. Term Share Certificates can be automatically renewed, and are widely regarded as a safe investment.

Q. Can I use my savings account for Overdraft Protection on my checking account?

A. Yes, you can link your checking account to your savings account. Should you overdraw your checking account, and funds are available in your savings account, we will automatically transfer in $100 increments (or up to the available funds if $100 is not available) to your checking account for the item to be paid, all free of charge.

Q. How do I close an account?

A. Should you need to close your account, please visit any one of our locations and we will work to meet your account needs.

Savings 4.6 5 27 27
Generations has been my first and only bank to help me start my financial future! Hello, I have been with GFCU for 3 years now. I set up a savings account with my step dad when i was 18 and had receieved money as graduation gifts. I was not sure which bank to choose seeing that there was so many to choose from in todays world, the decision soon became easy. I had found out that my mother, step father, grandpa, grandma and aunt all had accounts through Generations and trusted that they would serve me well seeing my family had chosen them. Generations has helped me through the years to manage my money and has always been very helpful. Even through the hard times, they have been there for my family. My mother and step-dad are going through a divorce right now and seeing that married couples have joint accounts, they have been there to help them through it all. My whole family has grown relationships with the WW White branch and so have I. They are great people and a great company. I even reccomended friends to come here and they have. Thankyou Generations for helping me and my family grow financially and for always being professional! November 29, 2011
This product needs better rates Teller services at the windows take too long, other than that everything is good. November 19, 2011
allways had my account for a long time i can always count on my bank November 12, 2011
Ease of use Having a savings account with a credit union like Generations is great. You recieve statements that break down interest earned, and your always going to receive great customer service if you ever need to call in. Generations makes banking personal and convenient, Im glad I switched from Chase!!! November 9, 2011
Love my saving account i use my savings account for everything i can always transfer money out when i really need to or the compant just does it auto. i can keep it there with out touching it and i love that i can get my direct deposit into my saving account and i can all be linked into the same account since i got my checking later on throught out the year it is very helpful to myself November 3, 2011
Safe, competitive returns. All my experiences with Generations have been excellent. October 26, 2011
Monitoring your savings with assurance Generations provides a wonderful atmosphere of confidence and makes you feel welcome to do banking with them. October 26, 2011
All experiences have been very good. My needs have always been met when opening or renewing CDs. October 25, 2011
2 next>>

Request More Information