The Credit Union offers a variety of savings accounts all earning competitive interest with a qualifying balance.
Share Savings
At the Credit Union, your savings account is called a Share Account because it makes you an owner of our financial cooperative. This is your main account number and we can access all of your other accounts with it. With a 1ST Gateway Share Account your money earns a competitive dividend which is calculated on the average daily balance and credited to your account monthly. There are no service charges or withdrawal fees. All savings accounts are insured to at least $250,000 by NCUA, A U.S. Government Agency. Also, through our affiliation with Excess Share Insurance Corporation (ESI) an additional $250,000 of deposit insurance is provided.
Holiday Accounts
The Credit Union's Holiday Account (Christmas Club) helps you control your expenses. You may open this account any time during the year and make deposits when you wish. You can even make deposits to your Holiday Account through payroll deduction or direct deposit. On October 31st interest is posted to your account and the balance is transferred to your Share Account.
Special Savings Accounts
In order to meet individual's needs, we make a special savings account available for any purpose you desire. Members have used this account to save for property taxes, a vacation, a home improvement project or just a rainy day. These special accounts earn a dividend like the share account and are itemized on your statement for easy record keeping. When it comes to our special savings accounts, your imagination is the limit.
Term Share Certificate
When you want to earn more interest over a longer period of time, you can open a Term Share Certificate. Choose from 6, 12, 18, 24, 36 and 48 month terms; the programs have low minimum balance requirements and earn interest based on the length of your investment term. Penalties may be charged for early withdrawals on your Credit Union Term Share Certificate.
Individual Retirement Accounts (IRA's)
IRA's from 1st Gateway Credit Union may allow you to reduce the income tax you pay now and provide you with a more comfortable retirement. The fixed rate of return is determined by our Board of Directors. You can contribute to your traditional IRA programs through payroll deduction, in a lump sum or by purchasing an IRA Term Share Certificate. There is an annual maintenance fee on both the IRA Share Account and IRATerm Share Certificate.