Savings

First American makes is easy to save for the future. We offer a variety of savings programs with the security of federal deposit insurance. We make it easy to achieve your savings goals.

Membership account
The basic account for membership, offering competitive yields. Minimum balance is just $5.

All-Savers account
Save for whatever purpose you choose. Interest is computed on your average daily balance and paid quarterly.

Market Share account
Higher yields than share savings without tying up your funds. Our tiered dividend structure rewards higher balances with higher rates. Interest is paid monthly. Minimum balance $1,500.

Term share certificate (CD)
Open a certificate for as little as $1,000. Terms from 6 months to 5 years available. Interest is paid quarterly. Interest is paid monthly on certificates over $90,000.

Individual Retirement Accounts
It's never too early to start saving for retirement, and an IRA from FACU is a great way to do it. We pay competitive yields and protect your savings with federal deposit insurance up to $100,000 per account. This coverage is separate from and in addition to the coverage on your regular savings accounts. If you wish, we can set up your IRA as an "accumulation" IRA, allowing you to make periodic deposits throughout the year until you reach your maximum annual contribution. We offer both Traditional and Roth IRAs, each with its own unique tax benefits.

Traditional IRA
A possible tax break during your working years. Your annual contribution may be deductible. Consult a tax professional to be sure. You'll pay taxes on your withdrawals at retirement, but by then you're likely to be in a lower tax bracket.

Roth IRA
This IRA gives you a benefit at retirement. Your annual contributions are not tax-deductible, but if you're at least age 59-1/2 and the IRA is at least five years old, your withdrawals at retirement, including earnings, will be tax free. In addition, there is no age at which you are required to begin making withdrawals.

Contribution Limits
The amount you can contribute to an IRA depends on your adjusted gross income. The maximum contribution limit has been increased to $4,000 by Congress for the 2007 tax year and $5,000 for 2008.

The National Credit Union Administration, a U.S. government agency, provides federal deposit insurance up to at least $100,000 on deposits at First American Credit Union. Additional protection up to $600,000 is available by establishing joint and trust accounts.