Savings & Certificates

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: 0.20% APY¹
• Minimum Deposit: $5.00

Money Market

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

Rates

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

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 For accounts having a term of 365 days or less, the penalty imposed will equal 90 days of dividends on the amount withdrawn. For accounts having a term greater than 365 days, the penalty imposed will equal 180 days of dividends on the amount withdrawn.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 May 20, 2013 and subject to change at any time.

Table of Contents:

• Expert Articles/Papers
• Infographics
• Blogs
• Good Choices: Financial Strengthening
• FAQs

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.

Infographics:

• The True Cost of Tax Refund Loans
  
   
• The Real Game of Life
  
   
• Enhancing Small Business Lending
  
   
• Tighten Your Wallet and Your Waist
  
   
• Building for your future, now!
  

Blogs:

• To Fee, or Not to Fee
  Do you remember that whole “incident” with proposed new debit card fees, the ensuing customer outrage, and the eventual banking industry mea culpa? As history tends to repeat itself, banking fees are making a comeback in many ways.
   
• Avoid Social Media Profiling
  It seems online job applications are here to stay. We’re getting further away from the days when we could pick up the phone and speak with a manager, or walk in the door and drop off a résumé. Although this online age allows employers to work in almost complete privacy, this does not necessarily hold true for job applicants.
   
• Ready-Made Business, Just Add Owner
  It has happened to all of us. You’re traveling or on a vacation in a new city. You try a new restaurant, and think to yourself, “I wish they would put one of these in my neighborhood.” You take a closer look around and you see a sign advertising franchising opportunities. For a few seconds, you consider the possibilities before shrugging it off.
   
• Step Right Up! Everyone's a Winner!
  Investing is similar to a fair. There are some fair goers, or investors, shouting with arms held high into the air as they experience the exhilaration, chaos and uncertainty of the up-and-down roller coaster ride. Others are relaxing with the slow and steady enjoyment found on the kiddy ride, where little is risked and little is gained. Many are riding the long, unstoppable, downward plummet of the fun slide, while some are fixated on the distorted illusion presented to them in the wacky funhouse mirror.

Good Choices: Financial Strengthening:

• Buyer Beware: Predatory Payday Loans
• Credit Scores & Reports Explained

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.