Certificate, Money Market & IRAs
We offer financial solutions to help you reach your financial goals. New Horizons Credit Union is committed to helping our members reach all of their financial goals with competitive rates and the right products.
There comes a time in our lives when a savings account isn’t enough; in fact, you’re compelled to take your financial freedom one step further. New Horizons Credit Union offers Certificate Accounts, Money Market Accounts, and Individual Retirement Accounts - all insured by the NCUA and earn a higher dividend rate than a regular savings account.
Learn more about the products we have to offer:
Certificate Accounts
If you are in the market for an insured account that offers a higher yield and you are willing to lock in funds for a set term, then a Certificate Account may be what you need.
You can be assured of competitive rates and high yield because with a Certificate Account your funds are locked in set term to maximize your return. We offer regular Certificate Accounts, Jumbo Certificate Accounts, and IRA Certificate Accounts.
Certificate account terms (depending on the type) range from 3 to 36 months with a minimum deposit of $500.00. We also offer Jumbo Certificate terms for deposits of $50,000.00 or more with terms ranging from 12 to 36 months. Deposits are insured by the NCUA. Dividends are compounded and credited monthly. Early withdrawal penalties may apply.
Call (251) 316-3240 or visit any of our offices for information regarding our specific investment options and current rates. You can also view our rates here.
Money Market Accounts
If you want to earn a better dividend rate than a regular savings account, but you are not ready to lock an amount for a set term and need the flexibility to use the funds, then a Money Market account may be right for you.
A Money Market account is also insured by the NCUA and allows you to write a limited number of checks and perform a limited number of transfers while earning a higher dividend rate. Because it is considered more of an investment account than a savings account, the number of transactions is limited by the Federal Reserve. There is a six transaction per month limit, and any transaction over the six is subject to a $5 charge per transaction. Special, low-cost, Money Market checks can be ordered from the Credit Union to help differentiate these checks from your regular Checking Account. Other details include:
- Minimum to open is $2,500.00
- Maximum of six transfers per month
- A maximum of three transfers may be by check, draft, or similar order payable to a third party.
- Account is insured by the NCUA and safe from market risk
- Offers a short-term investment option with the safety net for emergencies
- Offers quick access to cash
- View Money Market rates here.
Individual Retirement Accounts (IRAs) & IRA Certificate Accounts
At different stages in your life, you face different financial needs. Whether you want to start saving for your future, avoid taxes on a pension plan payout, or protect a lifetime of savings, a New Horizons Credit Union IRA may be the right solution. Besides flexibility, IRAs may offer advantages over other savings options, such as the opportunity for tax-deductible contributions or tax-free savings. New Horizons Credit Union offers Traditional, Roth, and Coverdell Education IRAs as described below:
A Traditional IRA is an individual retirement arrangement that allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool for creating a balanced, long-term savings plan.
A Roth IRA offers different tax incentives than a Traditional IRA to boost your retirement savings. Unlike a Traditional IRA, contributions to a Roth IRA are never tax-deductible. But the money you contribute to your Roth IRA can be withdrawn tax-free at any time. And, if you qualify, you can withdraw the earnings tax-free, too.
A Coverdell Education IRA (also known as an ESA) can help you save for a child's education expenses - such as tuition, fees, books, supplies, equipment, and in some cases, room and board. With this type of IRA, you make nondeductible contributions that may provide for tax-free withdrawals - including earnings - down the road.
IRA Savings Accounts (no minimum balance)
IRA Certificate Accounts (minimum balance as low as $500) and like regular Certificate Account may earn a higher dividend rate depending on term as compared to a regular IRA.
IRAs at New Horizons Credit Union are federally insured up to $250,000 per member (separate from your other New Horizons Credit Union accounts) by the National Credit Union Administration.
Additional account details may apply. Allowed contributions, income limitations, distribution, and deadlines may vary. Always contact your tax advisor for information and to see if you qualify for any IRA tax savings. Please view IRS Publication 590 for more information about income limitations at IRS.gov or see your tax advisor. For more information on our IRAs, visit one of our branches or call and speak with a New Horizons representative at (251) 316-3240. Click here for rates.
Health Savings Accounts (HSA)
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if not spent.
Health Savings Accounts by employers that offer High Deductible Health Plans (HDHPs) for their employees is anticipated to increase – and New Horizons Credit Union will be there to address those needs.
An HDHP generally requires that you pay out of pocket for medical expenses until your deductible is reached. In some HDHPs, this could be as much as $5,000/year out of pocket before a claim can be paid by insurance. Consequently, Health Savings Accounts (HSAs) offer, in most cases, a tax-advantage way to save on health care costs through tax-deductible contributions and tax-free distributions.
All New Horizons Credit Union branches have HSA literature with more details. Members may sign up for this account at any New Horizons Credit Union branch and order special, low-cost, HSA checks to help keep HSA expenses separate from other accounts for tax reporting purposes. A New Horizons Credit Union HSA is a non-dividend earning account.