Certificates & IRAs


  • Competitive dividend rates make Credit Union Share Certificates a good, solid, long-term investment. These certificates earn dividends at a higher rate than that paid on share savings accounts.

Earn dividends at a higher rate than share savings accounts with flexible terms from 2 months up to 60 months. Share certificates are compounded monthly and require a $500 minimum deposit.

Share Certificates Benefits:

  • Terms of 2 to 60 months
  • Withdrawal dividends at any time without penalty
  • $500 minimum balance requirement
  • Certificates can be used as collateral for loans

The minimum to open a Share Certificate is $500. Dividend is compounded and credited monthly. There is a penalty for early withdrawal of principal before the maturity date. The penalty amount is based on the term of your account: terms of 7-31 days – the greater of the dividends earned on the amount withdrawn or all of the dividends that could have been earned on the amount withdrawn during a period equal to one-half the maturity period; terms of 32 days – 1 year – an amount equal to 60 days’ dividends, whether earned or not; terms of more than one year – an amount equal to 120 days’ dividends, whether earned or not. Certain exceptions apply.


Lucky Savers Share Certificate

  • The Lucky Savers Share Certificate is a prize-linked savings product that is designed to help people learn to save. The minimum age requirement is 18 years old.
Winners of lucky savers

It Pays to Save. The Lucky Savers program is a 12-month certificate account that enters account holders into monthly cash drawings dependent on their deposit activity for every $25 increase in balance month over month. Members are limited to ONE Lucky Saver Certificate no matter how many credit unions they do business with in New York State.


  • Automatically entered into monthly cash drawings for every $25 increase in balance
  • Maximum monthly deposit of $250 ($3,000 per year)
  • Maximum of 10 entries per member per month
  • Allowed one withdrawal per 12-month term for a fee of $25
  • Automatic renewal at maturity


Lucky Savers Rules

Lucky Savers Disclosure


The Traditional IRA allows you to contribute up to $6,500 a year. Contributions cannot exceed annual compensation. Owners aged 50 or older, are allowed a “catch up” contribution up to $7,500.


  • Offers tax-deferred earning
  • Possibility for tax-deductible contributions
  • All earnings are tax free until they are withdrawn
  • Begin receiving your disbursements as early as age 59 1⁄2 or delay them until 73.



The Roth IRA allows you to contribute up to $6,500 a year while earning generous dividends while you build your balance and invest in your future. Owners aged 50 or older, are allowed a “catch up” contribution up to $7,500.


  • Contributions are not tax deductible
  • Contributions can be withdrawn at any time, tax & penalty free
  • Withdrawal of earnings will be a qualified distribution, not subject to taxation, if:
    • 5 Year test has been met
    • Other qualified reason
      • Age 59 1/2
      • Death
      • Disability
      • 1st time home purchase ($10,000 max)
  • Never required to withdrawal


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