Savings Accounts

With as little as a $5.00 deposit and a completed membership application, you can open a Savings account and earn dividends with no monthly fees for active accounts. Savings/Club rates

Club Accounts

Club accounts work just like a Savings account and earn the same dividend rate with no minimum balance or monthly fees. You can open a Club account with just a $1.00 deposit. The Credit Union offers four different types of Club accounts: Vacation Club, Holiday Club, Special Purpose Club, and Eagle Club (for kids up to age 15).

Money Market Accounts

A Money Market account is a flexible federally insured investment that offers high yields without the term restrictions of Certificate accounts, so you have the benefit of accessing your funds anytime they are needed. Dividend rates are tiered, so the higher your balance, the greater your dividend rate, and the greater your earnings. Dividends are compounded and calculated based on the daily balance during the month and paid on the first day of each month. The Credit Union offers two types of Money Market accounts. Money Market rates

Money Market

Open a basic Money Market Account with $2,000 or more. There are tiers that pay you a higher dividend rate based on your average daily balance. 

Money Market Plus

Open a Money Market Plus account with $50,000 or more. A Credit Union Checking account is also required. Just like a traditional Money Market account, you can access the funds in your Money Market Plus account as needed.

my ultimate money MARKET 

The My Ultimate Money Market account is only available to members with a My Ultimate Checking account. You can open a My Ultimate Money Market with a $2,000 or more. There are no monthly maintenance fees associated with the account. There are tiers that pay you a higher dividend rate based on your average daily balance. They are the same as the standard "Money Market Account". Just like a traditional Money Market account, you can access the funds in your My Ultimate Money Market account as needed.
 

Certificate Accounts

The Credit Union offers guaranteed, federally insured Certificate accounts that pay higher dividend rates that regular Savings or Money Market accounts. A $1,000 minimum deposit is required to open a Certificate with terms ranging from 3 months to 60 months. Generally, the longer the term, the higher your dividend rate will be. A penalty for early withdrawal may apply. Once the certificate term has reached its end or “maturity,” you may have full access to the funds without penalty. You may choose to renew a certificate for the same or different term, or take no action and allow the certificate to renew automatically. There is a seven day grace period following the maturity of a certificate account, during which you may withdraw the funds without being charged an early withdrawal penalty. Certificate rates

Individual Retirement Accounts

Financial experts agree that you will need approximately 60-70% of your final salary to maintain your standard of living during your retirement years. An Individual Retirement Account (IRA) with American Eagle FCU is a great way to plan for the future because of the available tax benefits, its guaranteed earnings, and every penny is federally insured up to $250,000 per account. While an IRA is still one of the best ways to plan for those post-employment retirement years, you can also use an IRA to plan for other major events in your life including the purchase of your first home, college education, or a medical emergency. American Eagle FCU offers several different IRA options.

Traditional IRA

A Traditional IRA delivers money-saving benefits today and for the future. A Traditional IRA offers a tax shelter that can help you build substantial savings for retirement. Qualified deposits are tax-deductible and your earnings grow tax-deferred until you withdraw the funds starting at age 59 ½. You are required to begin making annual withdrawals from a Traditional IRA when you reach age 70 ½. Consult your tax advisor for details. A minimum of $1,000 is required to open a Traditional IRA.

Roth IRA

A Roth IRA is funded by post-tax income, so you do not gain the benefit of a tax-deduction. However, all earnings grow tax-free and you pay no taxes when the money is eventually withdrawn. Funds may be withdrawn provided that they have remained untouched in the account for at least five years and one of the following criteria applies: you reach age 59 1/2, you become disabled, you purchase your first home, or upon your death the funds are paid to your beneficiary. Mandatory annual withdrawals are not required. Consult a Credit Union IRA Specialist or your tax advisor for details. A minimum of $1,000 is required to open a Roth IRA.

Coverdell (Education) IRA

The Coverdell Education Savings Account is an IRA that allows an investor to make a qualified annual contribution of up to $2,000 per child. Contributions are funded by post-tax income, so you do not gain the benefit of a tax-deduction. However all earnings grow tax-free and you pay no taxes when the money is withdrawn for qualified educational expenses for children up to age 30. Consult a Credit Union IRA Specialist or your tax advisor for details. A minimum of $500 is required to open a Coverdell IRA.

Accumulator IRA

American Eagle FCU offers an Accumulator IRA for members to gradually build up the funds to open an IRA. You make deposits into an interest-bearing savings account and grow tax-deferred. Once the minimum IRA level is reached, you can transfer the funds to the IRA certificate of your choice to earn higher dividends. Consult a Credit Union IRA Specialist or your tax advisor for details. A minimum of $5 is required to open an Accumulator IRA.

IRA Rollovers and Transfers

If you leave your employer and withdraw your pension, retirement or profit-sharing funds, those funds become taxable and your former employer is required to withhold federal income tax at a rate of 20%. You can avoid the 20% federal tax withholding by authorizing a direct rollover or transfer of those funds into a Credit Union IRA. There is no limit to the amount you can rollover from qualified retirement plans. The IRS has strict requirements for handling tax-deferred rollovers and transfers. Consult a Credit Union IRA Specialist or your tax advisor for details.

Features Matrix Traditional IRA Education IRA Roth IRA
Annual Contribution Limit (income dependent) Up to $5,000 for 2012 and $5,500 for 2013 Up to $2,000 per child for 2012 and 2013 Up to $5,000 for 2012 and $5,500 for 2013
Accumulator Account Option yes yes yes
IRA Certificate Options $1,000 minimum. Choice of 3, 6, 12, 13, 15, 18, 24, 30, 36, 48, or 60-month term $500 minimum. Choice of 3, 6, 12, 13, 15, 18, 24, 30, 36, 48, or 60-month term $1,000 minimum. Choice of 3, 6, 12, 13, 15, 18, 24, 30, 36, 48, or 60-month term
Tax-deductible at Time of Contribution yes* no no
Tax-free at Time of Withdrawal no yes, for qualifying post-secondary education expenses yes, provided funds were undisturbed in the account at least five years *
Catch-Up: Age 50 by end of taxable year yes, $1,000 no yes, $1,000
Mandatory Distribution yes, age 70 1/2 no, but to avoid taxation, deplete for education purposes by age 30 or transfer to another eligible child no
* Income limits apply. Consult your tax advisor for details.

Uniform Transfer to Minors Account (UTMA)

An UTMA is an irrevocable account which is managed by a Custodian. The Custodian authorizes all deposit and withdrawal transactions to the account(s) and is legally bound to manage the funds in the UTMA account. A minor may have several UTMA accounts established for him/her but these must be managed by only one Custodian. While a Custodian may be any adult, it is recommended that a parent or legal guardian only to act as Custodian for the minor. Exceptions may be handled on a case-by-case basis. Contact a Credit Union representative for details.

Revocable Living Trust

A Revocable Living Trust is a type of savings account established to prevent your estate from going to probate court upon your death. Ownership of the account is changed from an "individual" owner to that of an "entity." That is, your assets are essentially renamed and put in the name of the Trust. The entity or "Trust" becomes the account holder and as such may take advantage of any other products or services available to an individual account holder. Trust funds are controlled by the named trustee or trustees. You must go through an attorney to set up a Trust account. All trustees must be eligible for Credit Union membership in their own right. All assets defined by you must be converted to the Trust.

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Member Account Information-terms and conditions

Please click the link to view the Terms and Conditions of your account.