| Savings Account |
| This is the initial account you open to become a member. An initial deposit of $5.00 is all you will need to give you access to all of our products and services. |
| Money Market Account |
| A money market account offers the best of both savings accounts and fixed investments by paying high dividends but allowing a limited number of withdrawals per month. Our money market account is structured in tiers that provide room for growth. Dividend earnings increase with each level. Investments start at $2,500. Money market accounts are easily accessible and secure. |
| Certificates |
| Earn higher-yielding dividends with certificates. Invest as little as $500 and choose from a variety of terms. It's a convenient, safe way to maximize your savings. |
| Step-Up Certificates |
| A flexible way to save. The PFCU step-up certificates are for 24 or 60 months and they allow you to increase your rate once during its term. So, if rates increase, step-up certificates will help your money earn more. PFCU offers step-up IRA term certificates with the same feature to move the rate up once during its term too. |
| IRA Accounts (Individual Retirement Account) |
| An IRA is very important because Social Security and Pension Benefits are not intended to provide all of your retirement income. We offer several types of IRAs to satisfy your individual needs. |
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Traditional IRA
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| A simple way to save for retirement. The traditional IRA is a tax-deferred savings account. This means that the earnings generated by a traditional IRA are free of income tax until the funds are withdrawn. Additionally, contributions into a traditional IRA may be tax deductible. |
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Roth IRA
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| Unlike a traditional IRA, where your earnings are tax deferred, the earnings from a Roth IRA can be tax free. Deposits into a Roth IRA are non-deductible and qualify for distributions if funds in your Roth have met a five-year holding period and the distribution is made for one of the following reasons: (1) you have reached age 59, (2) you have become disabled, (3) you are a first time home buyer, or (4) upon your death. |
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IRA Info
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Consult your tax advisor for IRA contribution limits, deductibility, and more information on qualified withdrawals or contact us for an informative brochure. Once you've determined which IRA is best for you, visit PFCU. We have IRAs to suit your needs.
Commencing on April 1, 2006 the share insurance coverage provided by the National Credit Union Administration (NCUA) through the National Credit Union Share Insrance Fund (NCUSIF) will now insure your Palisades Federal Credit Union IRA and Roth account(s) up to an aggregate amount of $250K.
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Roth vs. Traditional IRA Calculator
| Coverdell Education Savings Account |
| A great opportunity to save for higher education costs, since all dividends earned and withdrawals can be taken tax free (age restrictions apply on withdrawals). |
| Special Savings Account |
| This savings account is available in addition to your membership savings account. Put money aside for any reason. Taxes, a new car, unexpected bills. The special savings has no set term, earns dividends, has a low minimum balance of $5.00 |
| Holiday Club Account |
| This account is specifically designed to help you meet your Holiday spending needs. It's extra savings that you can either deposit directly at the branch, have automatically deducted from pay, or you can use the TAP Audio Response System to transfer the funds yourself. Each November 1st the holiday club account matures and the balance of the account is deposited into your savings account. |
| Vacation Club Account |
| Give yourself the vacation of your dreams. Dividends are earned on all vacation club funds and you can withdraw the money when you need it. |
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