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NESC Federal Credit Union offers a variety of savings products
to help you meet everyday needs, tackle large expenses, build a
nest egg, or just prepare for a rainy day. Contact
us to learn more or open accounts.
We do business in accordance with the Federal Fair Housing Law
and the Equal Housing Opportunity Act. Deposits Insured to $250,000
by the National Credit Union Administration (NCUA), a U.S. Government
Agency. Deposits in excess of NCUA limits are insured up to a statutory
Massachusetts limits by the Massachusetts Share Insurance Corporation
(MSIC).
Share Savings Accounts
Children's Accounts
Christmas Club
Share Money Market Accounts
Share Certificates
IRAs (Traditional, Roth and Education)
Truth in Savings Disclosure
A Share Savings Account is your key to a world of credit union benefits.
Get into the savings habit.
- Minimum balance of $25 to maintain membership
- Competitive rates
- Visa Check Card
- Voting privileges at our Annual Meeting
Good financial habits start at a young age. Children of members
are eligible to join NESC Federal Credit Union and learn the value
of saving.
A Christmas Club accounts is an easy way to plan for holiday expenses, without
taking on personal debt.
- Start with as little as $25
- Deposit automatically from your paycheck with Direct
Deposit
- Available
Christmas Club funds will be automatically transferred to your Share Savings
Account on November 1.
If you typically maintain higher savings balances, enjoy higher
returns with a Share Money Market Account.
- Open your account with a minimum of $2,500
- Make deposits any time
- Earn dividends
- No monthly fees
Certificates are a risk-free way to enjoy competitive
rates while reaching your savings goals with guaranteed returns.
- Start with as little as $500
- Choose from terms of 6 to 60 months
- Dividends compounded and posted monthly
An Individual Retirement Account (IRA) is a smart way to plan for
retirement, education and home ownership. NESC Federal Credit Union
offers Traditional and Roth IRAs, as well as Coverdell Education
Savings Accounts. You pay no
annual fees.
Benefits of a Traditional IRA
A Traditional IRA lets you reduce your taxable income while saving
for retirement. Your contributions are fully or partially tax-deductible,
depending on your income and tax-filing status. For 2009, the maximum
contribution is $5,000 for individuals under age 50 and $6,000 for
individuals age 50 and above.
A Traditional IRA can be structured as a Money market Account or
as a share certificate. IRA share certificates require a minimum deposit of $500. IRA Money Market
Accounts may be opened with as little as $100, with ongoing contributions
added to your account through Direct
Deposit.
Benefits of a Roth IRA
With a Roth IRA, your contributions are not tax deductible, but
you may withdraw contributions tax-free at any time. Your earnings
grow tax-free, and you may withdraw dividends earned free of any
taxes and penalties if you hold the account for five years and are
buying your first home, or if you are 59 1/2. For 2009, the maximum
contribution is $5,000 for individuals under age 50 and $6,000 for
individuals age 50 and above.
A Roth IRA Money Market Account requires a minimum deposit of $100,
with ongoing contributions added to your account through Direct
Deposit.
Coverdell Education Savings Accounts (ESAs)
ESAs (formerly known as Education IRAs) are flexible accounts that
allow you to save for a child’s qualified educational expenses,
including college, private high school tuition, and after-school
tutoring. Relatives and friends can contribute to an ESA for your
child. Contributions are not tax-deductible, but earnings accumulate
tax-free, and distributions are tax-free if they are used to meet
qualified education expenses. (Please consult your tax advisor for
more information on the rules for ESAs.)
ESAs require a minimum deposit of $100, with ongoing contributions
added to your account through Direct
Deposit.
Get Started
To learn more and decide which type of IRA is right for you, contact
Member Services.
Read our truth
in savings disclosure statement for a full explanation of our
policies and procedures for savings accounts.
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