Georgia Power NE Credit Union
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Savings
REGULAR SAVINGS INDIVIDUAL RETIREMENT ACCOUNTS
SHARE RATES DIRECT DEPOSIT
SAVINGS CERTIFICATES PAYROLL DEDUCTION
FEDERAL INSURANCE (NCUA)  

Regular Savings

When you become a member of the credit union, a savings account is opened in your name. An initial deposit of $10 is required. This includes a one-time membership fee of $5 and a $5 minimum savings deposit. All members must maintain a $5 balance in their savings account to remain a member, and demonstrate regular activity in their account to keep it open.

Other features of Regular Savings include:

  • A competitive interest rate paid quarterly on the average daily balance in your savings account. Click here for current rate information.
  • Withdrawals: To withdraw money from your savings account, simply stop by the credit union. Members may make up to six savings withdrawals per quarter free of charge. After six withdrawals in one quarter a $3 charge per excessive withdrawal is applied.
  • Quarterly statements by mail.
  • Payroll deduction: You may have deposits to your savings account deducted directly from your paycheck.
  • If you have any other questions about regular savings accounts at Georgia Power Northeast CU, contact us.

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Federal Insurance (NCUA)

The National Credit Union Administration (NCUA) provides insurance coverage of up to at least $250,000 for your Credit Union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure visit this link directly to NCUA: http://www.ncua.gov/ShareInsurance/index.htm.

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Individual Retirement Accounts

Traditional IRA

Georgia Power Northeast CU offers a share savings IRA. There is a $5 minimum deposit to open an IRA account and a $100 minimum balance to earn dividends. Six month up to 24 month certificates are also available. A minimum of $1,000.00 is required to set up a share certificate.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59 1/2 there is a 10 percent early distribution penalty unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death, or receipt of your IRA assets in equal payments over your life expectancy.

Members under age 70 1/2 may contribute to an IRA at a maximum of $4,000 per year for tax years 2005 - 2007.

Roth IRA

Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred.

If you do not withdraw any of the earnings until you have had the plan for at least five years, or satisfy one of the qualifying events, those tax-deferred earnings become tax-free. Unlike the traditional IRA, there is no 70 1/2 age limit on making contributions. You simply need to have earned income equal to the amount you contribute up to a maximum of $4,000 per year.

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