Savings, Certificate & IRA FAQs

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What is the minimum deposit requirement for a Share Savings account?
The minimum amount required to open and maintain a Share Savings account is $5.00.

    This is not a fee; the funds are yours to use, will earn interest, and are required to establish your ”share” of ownership in the Credit Union. All members, regardless of the amount of their deposits or number of services used, enjoy equal ownership rights.

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    What types of Share Savings accounts are available to me?
    NWFCU offers a wide array of savings services, including:

    How old do you have to be to open an NWFCU Share Savings account?
    Children of any age can open an NWFCU Share Savings Account. Parents, grandparents or other relatives may wish to establish a Custodial Account for minors; a special savings account where funds are only accessible to the designated child at age 18 or 21.

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    What is an IRA?
    IRAs are long-term investment accounts that allow for tax-free accumulation of assets. Today's IRAs aren't just for saving for retirement – they offer opportunities to save for a child's education or even your first home – while providing compound earnings and tax benefits that most other savings tools just can't match! (Consult your tax advisor for information on IRA-related tax savings.)

    Even if you participate in an employer-sponsored retirement plan such as a 401k, you can contribute to an IRA – in fact, many experts agree that it's a good idea to diversify your retirement savings. And, since all NWFCU IRAs are federally insured, you can count on your retirement nest egg to be there when you need it! Learn more about our IRA Account options.

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