Savings Account
If you live, work, worship or attend school in Richland County, Ohio - take advantage of our free no fee banking solutions!
Are you tired of getting nickel and dimed with annoying fees that you never knew existed? We promise you, no hidden fees. When we say free, we mean it - absolutely free!
If you want a free savings account in Mansfield, Ohio - visit us. You don't need a lot of money to open an account either. Actually, you do not need any money! Just bring in a valid government issued photo id, like a driver's license and we will quickly get you set up.
We make your initial deposit for you, which is a purchase of a share in the credit union. You will no longer be just a customer, but an owner in the largest locally owned credit union in Richland County. Plus, you will open the door of opportunity into a new way of banking - the credit union way.
When we say free, we mean it! We promise no hidden fees!
- no minimum deposit to open- we pay it for you!
- no minimum balance requirements
- no monthly service fee
- earns interest
- dividends compounded and credited every quarter by the daily balance method
- deposits are insured up to $250,000 by the NCUA, National Credit Union Administration
Our free savings account includes free online banking, free e-Statements and a free accidental death and dismemberment insurance policy.
Club Accounts
For your convenience, in addition to your basic savings account, you may want to open up a seperate savings account for a special savings need you may have. We call these accounts Club Accounts and we offer these accounts at no additional cost. For example, you may want to open a vacation club, Christmas club or insurance club. These accounts, like our basic savings, have no minimum deposit requirement to open, no minimum balance requirements, no monthly service fee and earn interest.
- dividends are calculated by the daily balance method
- dividends will be compounded and credited every quarter
Individual Retirement Account
The Individual Retirement Account (IRA) is a long-term savings plan with special tax advantages. Advantage Credit Union offers the Traditional IRA, Roth IRA and the Education IRA.
Traditional IRA - This IRA allows a deductible contribution of up to $5,000 for those who qualify. The earnings are tax-deferred until time of withdrawal. The income thresholds, which qualify individual and joint filers for the tax deferral, will be increased and phased in over the next ten years.
Under the laws, penalty-free withdrawals are allowed for education and first-time home buyers.
Roth IRA - This IRA account allows up to $5,000 non-deductible contributions with all earnings being free of federal income tax if the money saved is on deposit for five years or more and used for a qualified purpose.
Qualified Distribution Reasons Include:
- Distributions made for higher education
- Purchase a first home (up to $10,000)
- Age 59 ½
- Disability
Education IRA - The Education IRA serves to help parents and others save for children’s education. Contributions are not tax deductible, but the earnings grow tax deferred. Distributions used to pay for qualified education expenses are tax-free.
Money Market Account
Advantage Credit Union's Money Market Account allows you to earn a higher interest rate than with a regular savings account, plus get the convenience of check writing.
- $1,000.00 daily balance required to avoid $5.00 monthly service fee.
- Dividends compounded and credited monthly, daily balance method.
- The maximum amount you may withdraw is $100.00 per draft withdrawal.
- During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, computer transfer, or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the Credit Union.
The dividend rate and annual percentage yield may change at any time as determined by the Credit Union board of directors.
Share Certificate Account
Share certificates may be an option for some of your saving goals. Advantage Credit Union offers terms ranging from 3 months to 5 years, depending on your saving needs. Like all financial institutions, there is a penalty for early withdrawal and there is a 7 day grace period after maturity date for any changes.
Advantages
- Competitive Rates
- $500 Minimum Balance
- Interest Compounded Quarterly
- Deposits are insured up to $250,000 by the NCUA, National Credit Union Administration
If you have any questions or need additional information, contact the Credit Union at (419) 529-5603.