Money Market Accounts
This account helps members earn a higher dividend than the share account. Minimum balance to earn dividends is $2,000.00. Dividend rates are based on different tier levels.
Christmas Club Accounts
This account helps members save for Christmas or other large expenses. You may deposit any amount at any time. The balance of your Christmas Club will automatically transfer to your Share Account on October 1st. These accounts earn a dividend.
Certificates of Deposit (CDs)
CJCU offers a variety of certificate terms, with low minimum balances. CDs can be opened with as little as $1000. Youth certificates have a low $100.00 minimum. Dividends are paid on these accounts, and there is an early withdrawal penalty.
Roth IRA, Traditional IRA & IRA Certificates
CJCU offers traditional IRA share accounts or certificates. Dividends are paid on these accounts.
Stop in to see our IRA Specialist and learn how you can maximize your retirement funds!
What is a Money Market?
This is similar to a regular savings account except it pays a higher dividend due to the higher minimum balance requirement. It still has a monthly transfer limit, but funds can be accessed without penalties or fees.
| Minimum Balance $2,000 | Rate |
|---|---|
| $2,000 - $24,999.99 | .55% APY |
| $25,000- $49,999.99 | .65% APY |
| $50,000 -$99999.99 | .75% APY |
| $100,000.00 and over | .85% APY |
APY- Annual Percentage Yield. Rates subject to change without notice. Rates effective August 10, 2022.
What is an IRA?
An IRA is a special savings account for Retirement planning. We offer two types of IRAs and each have their own benefits and conditions.
What is a Traditional IRA?
These IRAs are funded by pre-tax dollars from you paycheck. The money invested and interest is not subject to income taxes until it is withdrawn. There is a 10% tax penalty applied to funds withdrawn before the age of 59 1/2, except for certain exceptions. There may also be an early withdrawal penalty applied to CD withdrawals before the maturity date. Deposits to a Traditional IRA account can be claimed on your income tax forms for an additional tax deduction.
What is a Roth IRA?
These IRAs are funded by income that you have already paid taxes on. Because of this, you may withdraw your contributions without a penalty or fee. The interest earned is tax-free, but may not be withdrawn except under certain circumstances. These accounts are ideal for younger, lower income workers because the initial tax benefits of a Traditional IRA are not as useful in their situation. These also allow individuals to avoid the cost of the income tax when they begin to withdraw the funds during retirement.
| Balance | Rate |
|---|---|
| Up to $24,999.99 | .55% APY |
| $25,000 - $49,999,99 | .65% APY |
| $50,000 and over | .75% APY |
APY- Annual Percentage Yield. Rates subject to change without notice. Rates effective August 10, 2022.
What is a Certificate of Deposit?
A CD is a type of savings account where you pledge your money for a set period of time. We currently offer CDs from 6-60 months. You select the time frame you want and typically earn higher rates the longer the CD is open. CDs may be closed early, but there are penalties and fees for doing so. These investments are virtually risk-free, making them a great option if you have extra funds you won’t need right away.
| Time | APR | APY |
|---|---|---|
| 6 month | 3.44% APR | 3.50% APY |
| 12 month | 3.68% APR | 3.75% APY |
| 24 month | 3.78% APR | 3.85% APY |
| 36 month | 3.88% APR | 3.95% APY |
| 48 month | 3.93% APR | 4.00% APY |
| 60 month | 4.02% APR | 4.10% APY |
APY- Annual Percentage Yield. Rates subject to change without notice. CD rates effective April 12, 2023.