Security One Federal Credit Union

817-273-5900

Products and Services

Deposit Accounts

Savings Account
This account is a passbook-type account. Opening and maintaining this account establishes membership in the Credit Union, thus giving members ownership, voting privileges in their financial institution, and access to other services and products the Credit Union offers. One share equals $25.00, which is the minimum balance that must be maintained to remain a member.

Benefits:

Dividends are compounded and paid quarterly, using the daily balance method
Members may have payroll deduction deposited into this account
NCUA insures the cumulative deposits of savings/checking/TSA accounts up to $100,000
Quarterly statements
This type account may be used as collateral for a secured loan
This account may be used for overdraft protection

Requirement to Open:

$25 minimum to open

Money Market Accounts
A premium checking account that offers the opportunity to earn higher dividends than regular checking accounts. To receive a higher rate, member must maintain a balance of $2,000.00 and above. The member must have a savings account with a minimum balance of $25.00.

Traditional Money Market

$2,000 minimum to open
Balances less than $2,000 earn a rate equal to the current checking account rate

Smart One Money Market
Earns even higher dividends for larger deposits.

Benefits:

First box of personalized duplicate checks at no charge
Dividends are calculated and paid monthly, using the daily balance method
Monthly statements

Individual Retirement Accounts (IRAs)
An IRA is a federally-regulated, special savings account that allows you to save for your retirement years while enjoying tax-deferred benefits now.

Traditional IRA earnings are tax-deferred. Withdrawals can be made without penalty after age 59 1/2 when most people are in a lower tax bracket, so the tax savings can be considerable.

Traditional IRA contributions could be tax-deductible! If you do not participate in an employer-sponsored retirement plan and depending on your income, you could deduct your annual IRA contribution. If you are covered by an employer-sponsored plan, your IRA contributions could still be fully or partially deductible. Talk with your tax advisor about your personal tax benefits.

Traditional and Roth

Contributions may be made until April 15th of each year for the previous year
Contributory, Spousal, Direct Transfer, Rollover, and Direct Rollover
IRA Share Savings to build your IRA funds
IRA Term Share Accounts with certificates issued for 1, 2, or 3 year terms
IRAs are insured separately from other savings and checking accounts by the NCUA for up to $100,000
There is NO IRA administration fee

Coverdell ESAs

Total contribution amount is $2,000 per child
Contributions can be received up to one day before the child reaches the age of 18 years
All funds must be disbursed before the individual reaches the age of 30 years or transferred to another family member under the age of 18 years
Finance elementary, secondary and post-secondary education expenses
Qualified expenses include: tuition, fees, books and equipment required for enrollment or attendance at nearly any public, not-for-profit or proprietary school
Potential for tax-free earnings, similar to a Roth IRA
Since they are for school – not retirement, qualified distributions to finance education are permitted at younger ages
IRAs are insured separately from other savings and checking accounts by the NCUA for up to $100,000

Term Share Accounts
These accounts have higher dividend rates based on the term selected. The member chooses which term best fits their financial plan. Certificates are issued on these accounts at the time of deposit.

91 & 182 day earn simple interest
1-4 year compound monthly
Low minimum deposit requirements
May be used as collateral for a loan
Variety of maturity dates (91 & 182 days, 1, 2, 3 & 4 years)

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