Peninsula Credit Union

Personal Accounts

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Personal Accounts: Certificates, IRAs, Checking and Savings Accounts

ira, cds, savingsA lifetime of smart money management can lead to a retirement without financial worries. That's why we have a variety of Certificates and IRAs to help our members maximize their investment, without market risk, for as little as $500. We have a variety of terms, all with competitive rates.

Certificates: Certificate dividend earnings may be left to compound, or you may take dividends quarterly. Both short and long-term investors will find the investment tool that's right for them. Check with the Credit Union weekly for the most current certificate rates. Certificate RATES remain fixed for the term of the certificate, excluding Bump Rate certificates. There are substantial penalties for early withdrawal of certificate funds.

Individual Retirement Accounts: IRAs include traditional, Roth, and Education IRAs in certificate form. Dividends on traditional IRAs are tax free until you begin to make withdrawals. (Check with your personal tax advisor to see if you are eligible to deduct your IRA contributions). You may choose from terms ranging from 6 months to 60 months.

Rates:

Certificate Dividend Rates

Rates effective as of April 1, 2014

Certificate Term

Dividend Rate

Annual Percentage Yield

Minimum Balance*

6 Month Certificate

.15%

.15%

$500

12 Month Certificate

.25%

.25%

$500

12 Month Save To Win Certificate

.30%

.30%

$25

18 Month Certificate

.30%

.30%

$500

24 Month Certificate

.45%

.45%

$500

26 Month Add-on Certificate

.45%

.45%

$500

30 Month Bump-Rate Certificate

.45%

.45%

$500

36 Month Certificate

.70%

.70%

$500

48 Month Certificate

.90%

.90%

$500

60 Month Certificate

1.19%

1.20%

$500

Minimum balance shown is reduced to $100 for members 0-23 years of age.
"IRA Certificates are available for all terms excluding Save to Win Certificates."

General Conditions:

Rates. Certificate rates are subject to change on Tuesday morning of each week; special rate offers are subject to change at any time. The Dividend Rate and Annual Percentage Yield on your accounts are set forth above.  The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period.  The Dividend Rate is fixed, excluding Bump Rate Certificates, and will be in effect for the term of the certificate.  The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity.  A withdrawal will reduce earnings. Edge Certificate rates only available to members 0-23 years of age.  Certificate RATES remain fixed for the term of the certificate, excluding Bump Rate certificates. Save to win certificates are only available to members age 18 and above.

Dividends.  Dividends are paid from current income and available earnings after providing for the required reserves and cannot be guaranteed. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

Crediting.  Dividends will be credited quarterly.  Once credited, dividends may be withdrawn without penalty.  (IRA accounts and Save to Win Certificates may be subject to other restrictions, see agreements for details.)

Balance.  The minimum balance required to open each certificate is set forth above.  Dividends are calculated by the Daily Balance method, which applies a daily periodic rate to the principal. After your account is opened you may not make additional deposits to your account, except for our Add-On Certificates and Save to Win Certificates.  Additional deposits of $500.00* or more are permitted at any time during the initial term of the Add On Certificate and additional deposits of any amount to Save to Win Certificates. Making additional deposits will not change the maturity date or other terms of the account. If the Add On Certificate or Save to Win Certificate is set to automatically renew, the Add On feature will continue for any renewal term

Accrual of Dividends.  Dividends will begin to accrue on cash or non-cash deposits (e.g. checks) on the business day you make the deposit to your certificate.

Maturity.  Your account will mature on the maturity date set forth on your Certificate Disclosure Statement.  Certificates  have an automatic renewal feature at maturity.

Penalties.   There are substantial penalties for early withdrawal of certificate funds.  Early withdrawal of certificate funds is subject to a penalty of one half of the interest that would be earned over the original term of the certificate.  The penalty is calculated on the amount withdrawn. Save to Win Certificate are subject to distinctive penalty rules.

*Wherever $500 is stated, $100 applies for members 0-23 years of age. Please refer to your certificate disclosure form for specific details.

Please refer to your certificate disclosure form for specific details.

 

Savings Account

This is the account that establishes you as a member of the credit union. The flexibility of this account can provide you with a regular savings account, Christmas Club or Business account.

Dividend Rate

Annual Percentage Yield

0.03%

0.03%

Rates effective as of April 1, 2014.

DIVIDENDS are declared and paid monthly and calculated on the average daily balance. To earn a dividend, your average daily balance must be $100 or higher. If your average daily balance is below $100.00 ($5.00 for accounts held by those under 18 years of age), no dividends are earned. A minimum of $5.00 is required to open and maintain an account “Dividends are based on Peninsula Credit Union’s earnings at the end of a dividend period and cannot be guaranteed.” .

Shares Plus - Market Rate Account

This is our tiered money market account for members who want to earn higher yields. We have four different tiers to choose from based on the average daily balance.

Dividend Rate

Annual Percentage Yield

Average daily balance $2,500 - $19,999.99

0.08%

0.08%

Average daily balance $20,000 - $49,999.99

0.10%

0.10%

Average daily balance $50,000 and up

0.13%

0.13%

Rates effective as of April 1, 2014.

DIVIDENDS are declared and paid monthly and calculated on the average daily balance. To earn a dividend, your average daily balance must be $2,500 or higher. If your average daily balance is below $2,500 no dividends are earned. Deposits and “in person” withdrawals are unlimited. Shares Plus checks are limited to six clearing your account per month, with a minimum of $500 per check. Dividends are based on Peninsula Credit Union’s earnings at the end of a dividend period and cannot be guaranteed.

Summit - Premium Money Market Account (not currently offering)

This is our premium tiered money market account for members who want to earn our highest money market yields. There are three different tiers to choose from based on the average daily balance:

Dividend Rate

Annual Percentage Yield

Average daily balance $45,000 - $69,999.99

.13%

.13%

Average daily balance $70,000 - $99,999.99

.16%

.16%

Average daily balance $100,000 and up

.20%

.20%

If your average daily balance is $2,500-$44,999.99 the dividend rate is .03%, APY .03%.

Rates effective as of April 1, 2014.

DIVIDENDS are declared and paid monthly and calculated on the average daily balance. To earn a dividend, your average daily balance must be $2,500 or higher. If your average daily balance is below $2,500 no dividends are earned. Deposits and “in person” withdrawals are unlimited. Shares Plus checks are limited to six clearing your account per month, with a minimum of $500 per check. Dividends are based on Peninsula Credit Union’s earnings at the end of a dividend period and cannot be guaranteed.

Checking Accounts

DIVIDENDS are not paid on checking accounts with the exception of the Vista Checking Account as described below.

Vista Checking Account

With Vista Checking you receive 1.25% APY on your account with no minimum balance and unlimited free ATM use nationwide just by doing the following three things monthly: 1) Use e-statements 2) Log onto your Vista account online 3) Use your debit card a minimum of 12 transactions per monthly statement cycle - minimum dollar amount of qualifying debit transaction: $5 (five dollars)

Dividend Rate

Annual Percentage Yield

 $0 up to $20,000.00 - Requirements met

1.24%

1.25%

 $0 up to $20,000.00 - Requirements not met

.01%

.01%

$20,000.01 and up - Requirements met or not met             

No dividend paid

 

Rates effective as of April 1, 2014.

DIVIDENDS are declared and paid monthly and calculated on the average daily balance. To earn Vista’s premium dividend on the first $20,000 in the account , you must use your cash/check (debit) card for 12 purchase transactions and log into your Vista account online once a month and receive Peninsula Credit Union’s electronic statements monthly. For qualification purposes, a month is defined as the last day of the month to the day before the last day of the next month. APYE calculated and shown on the periodic statements is based on the dividend limitations shown above. Dividends are based on Peninsula Credit Union’s earnings at the end of a dividend period and cannot be guaranteed.

 

 

Individual Retirement Accounts (IRAs)

Dividend Rate

Annual Percentage Yield

Basic Savings IRA

.25%

.25%

Rates effective as of April 1, 2014.

Certificates and IRAs:

CERTIFICATES and IRA CERTIFICATES are available at terms of 6 months to 5 years. Certificate RATES remain fixed for the term of the certificate, excluding Bump Rate certificates. Dividends are paid quarterly. Check with the Credit Union weekly for the most current certificate rates. There are substantial penalties for early withdrawal of certificate funds. *Minimum balance is reduced to $100 for members 0-23 years of age.

Note: Rates and terms are subject to change without notice. All rates quoted refer to Annual Percentage Yield (APY). Earned dividends are paid on entire balance in the account. Accounts, other than certificates, must remain open to the end of the dividend period to be paid dividends. Fees and charges may apply (and may reduce earnings) on the above accounts, please refer to the Fee Schedule for details. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. Dividends are paid from current income and available earnings after providing for the required reserves and cannot be guaranteed. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. Dividends will begin to accrue on the business day the deposit is made to your account. Federal Regulations state that you may make up to six (6) preauthorize, automatic, telephone, audio response, personal home banking system transfers to another account of yours or to a third party during any calendar month. You may make unlimited withdrawals or transfers in person, by mail, or at an automated teller machine, or by telephone with a check mailed to you. NCUA – Your savings insured to at least $250,000 and backed by the full faith and credit of the United States Government by the National Credit Union Administration, a U.S. Government Agency.

IRA Comparisons

An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement or, in some plans, for certain education expenses or first-time home purchase. PCFCU offers you a number of IRAs to choose from, including Traditional, Roth, or Coverdell Educational Savings Accounts (CESA).

Traditional IRAs are powerful tools in creating a balanced, long-term savings plan that will help provide safety and security for you and your family for years to come. Contributions may be deducted from your taxable income, reducing the income taxes you pay now.

Roth IRAs offer members an easy and safe way to plan for the future. Your contributions are not tax-deductible but the earnings within the IRA are tax-free as long as your funds have been in the account for at least five years and you are either over age 59½, disabled, or buying a first home.

Coverdell Educational Savings Accounts (known formerly as the Education IRA) can help your children attain their dreams of a college education. Although contributions are not tax-deductible, your withdrawals (including earnings) are tax-free if used for tuition, books, and other qualified higher-education expenses.

Use these charts to help you decide which IRA is right for you.

Who Can Contribute?

Traditional IRA

Roth IRA

CESA

Anyone under age 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation)

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI:*

  • Up to $107,000 (single filers)
  • Up to $169,000 (joint filers)

Reduced contributions allowed for higher incomes (up to $122,000 for single filers and $179,000 for joint filers)

Anyone who has MAGI*

  • Single filer: up to $110,000
  • Joint income for filers: up to $220,000.

Some people with higher MAGI* may be able to make smaller contributions - Contributions not allowed after the beneficiary reaches age 18 (except for special needs beneficiaries)

How Much Can I Contribute?

Traditional IRA

Roth IRA

CESA

$5,000 for 2011/2012

Higher limit if age 50 or older

Cannot exceed compensation

Reduced by contributions to Roth IRAs

$5,000 for 2011/2012

Higher limit if age 50 or older

Cannot exceed compensation

Reduced by contributions to traditional IRAs

$2,000 per child

Limit applies to all Coverdell Education Savings Accounts (formerly known as Education IRAs) for the same child

Who Can Make Deductible Contributions?

Traditional IRA

Roth IRA

CESA

Fully-deductible contributions:

  • Single individuals not active in employer retirement plans (regardless of income)
  • Single individuals active in employer retirement plans with MAGI* of $58,000 (tax year 2012)** or less
  • Married couples with neither spouse active in an employer retirement plan (regardless of income)
  • Married individuals active in employer retirement plans with joint tax returns showing MAGI* of $92,000 (tax year 2012) or less
  • Married individuals not active in employer retirement plans with spouses who are, as long as MAGI* is $173,000 or less (tax year 2012)

 

No one can deduct contributions

No one can deduct contributions

What Are The Tax Advantages?

Traditional IRA

Roth IRA

CESA

Earnings grow tax-deferred until withdrawn

Contributions may be tax-deductible

Regular contributions can be withdrawn tax- and penalty-free at any time

After the account has been open for five tax years, earnings can be withdrawn tax- and penalty-free for any of these reasons: age 59 1/2, disability, death, or a first-time home purchase**

Earnings and conversion contributions can be withdrawn penalty-free for the same reasons as those with penalty-free withdrawals from traditional IRAs (withdrawal may be subject to tax)

Withdrawals for certain qualified education expenses are tax-free

Special-needs beneficiaries can withdraw funds tax-free to pay for qualified education expenses at any age

Qualified education expenses may include tuition, fees, books, computer equipment and technology required for elementary, secondary, and post-secondary education

A beneficiary may receive tax-free distributions from an Education IRA in the same year he or she claims the Lifetime Learning or HOPE Scholarship tax credits

When Can I Withdraw Without Restrictions?

Traditional IRA

Roth IRA

CESA

Withdraw penalty-free for any of the following reasons:

  • Qualified higher-education expenses
  • First-time home purchase**
  • Age 59 1/2
  • Disability
  • Qualifying medical expenses exceeding 7.5% of income
  • Payments to beneficiaries upon the owner's death
  • Payment of health insurance premiums while unemployed

Earnings are tax-free if account is open for five years and withdrawn for a qualified reason (age 59 1/2, disability, death, or a first-time home purchase**)

Not required to start withdrawals at age 70 1/2

Withdrawals are tax-and penalty-free only for qualified education expenses (earnings are subject to tax and penalty for most other withdrawals)

Funds can be transferred from one child's account to an account for another child in the family

* MAGI - modified adjusted gross income from the federal tax form
** Lifetime limit for exemption on first-time home purchase is $10,000

 

Frequently Asked Questions

Can I switch money in a Traditional IRA to a Roth IRA?
Yes, but you will be taxed on the amount that you move from a Traditional IRA to a Roth IRA. This switch may make the most sense to people who have had their Traditional IRA for only a short time, thus minimizing the potential tax hit. Consult your tax advisor about the tax implications.

How does the "catch-up" contribution plan work if I am age 50 or older?
A special exception applies if you are age 50 or older that allows you to contribute an additional $1,000. This limit will not be adjusted for inflation.

How do the new rollover provisions work?
Now there are more options for you if you leave your job and want to take your retirement plan with you. Employees have always been able to roll over taxable distributions from Section 401 and 403(b) plans to an IRA. Starting in 2002, you will also be able to roll over nontaxable voluntary employee contributions and distributions from governmental Section 457 plans to an IRA.

Is my money safe in an IRA?
Your IRAs at PCFCU are insured separately from your other savings at PCFCU for up to $250,000 by the National Credit Union Administration (NCUA). The NCUA is the federal government regulator and insurer for credit unions. The insurance they provide protects you against any loss due to the failure of the institution.

We suggest that you contact a tax advisor to discuss which retirement plan will best meet your needs.

 

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