Camino Federal Credit Union has many different savings accounts that appeal to clients of all ages and points in their life. We want to break down which savings accounts we offer and the features of each of them so you can determine which one(s) are right for you.
We typically recommend all members start with a savings account. The Membership Savings is our most traditional and basic savings account. Although it may appear as a typical savings account, it is different because you would have access to it through our credit union. When you create an account at a credit union, you have more input compared to a regular bank. This allows us to pay greater dividends on your savings deposit. Below are the basic requirements and features our Membership Savings account has to offer.
Money Market Account
With our Money Market Account, you can earn up to quadruple the earnings of a regular savings account. In order to do so, you are required to keep a minimum balance of $2,500 at all times. If this sounds like the right option for you, we invite you to check out the basic requirements and features that come with our Money Market Account.
In order to enact the Certificate Account, you need to set a timeline. This time you decide is how long you are willing to allow your money to stay in the bank. The longer that your money is in the bank, the more return you get on your money. Take a look at the features of this account below and decide if it is right for you.
Individual Retirement Accounts (IRAS)
It is inevitable, but we are all going to retire one day. It’s never too early to start thinking about your options now. At Camino Federal Credit Union, when you open an IRA account, you will receive significant tax benefits which will bring you a greater return. If you want to begin planning ahead now, then consider the requirements and features of getting started below.
Summer Salary Savings
There may be no better feeling than finding money that you “forgot” you had. This is why our Summer Savings Account is great. Every paycheck you get, you will get money automatically deducted from it and put into a savings account. When summer finally comes, you will be prepared and glad that you did it. Find more information below if you want to get started!
Just like the Summer Salary Savings plan, we have our Christmas Club that will deduct money from your paycheck and add it to your savings account. By doing this, Christmas shopping will be a little easier when you are shopping for your beloved family and friends. Learn more below.
As a student, you have lots of expenses from auto and student loans to things like date nights and weekend getaways. We wanted to give students the opportunity to be financially dependent without having to consistently rely on your parents. Check out the requirements for this great account, and if you need more information or assistance, we would love to help you.
When it comes to your child’s future, it is important to plan ahead. With the Children’s Savings, you will not only help your child by saving money for them, but you will also be able to have your child learn about the world of finances. Here is some basic information before you get started:
Even though we have various options, you need to make sure you find the right account (s) that are right for you. To learn more about choosing the right savings account, check out our website, or contact us at (800) 835-3400. For more helpful tips and information about banking and personal finance, follow us on Facebook.