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 Available 10/20/14

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 Certificate and Specials." **These rates are available for a limited time and are subject to change once targets are met.

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, excluding specials, 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.

 

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.

For more information regarding issues involving contribution, deductions, tax advantages, and withdrawal restrictions use the following link:

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Routing Number: 325182344 (wire instructions)