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THERE ARE MANY WAYS TO SAVE AT RAINBOW FCU
- we offer numerous options for growing your savings, including direct deposit
or the savings product of your choice; Certificates,
Variable Money Market, Club Accounts,
IRA's,
U. S. Savings
Bonds,
Youth Programs.
When you visit one of
our branches, you may hear us talk about your SHARE account . . . that's
credit union language for your SAVINGS account - but no matter what you call it,
the following savings products will add up for you.
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Dividend Rates
on Certificates |
|
|
RATE |
*APY |
|
3
Months |
.50% |
.50%APY |
|
6
Months |
.75% |
.75%
APY |
|
1 Year |
1.40% |
1.41%
APY |
|
15-Month |
1.65% |
1.66% APY |
|
2
Years |
1.85% |
1.86%
APY |
|
3
Years |
2.00% |
2.02% APY |
|
4
Years |
2.25% |
2.27% APY |
|
5
Years |
2.40% |
2.43% APY |
|
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Other
Savings Products |
|
|
Rate |
*APY |
|
Shares (A) No
longer available |
.15% |
.15%APY |
|
Shares (B) |
.25% |
.25% APY |
|
Clubs |
.25% |
.25% APY |
|
Share Draft
Minimum Balance |
.15% |
.15% APY |
|
IRA Variable |
1.00% |
1.01% APY |
|
IRA 1 Year |
1.40% |
1.41%
APY |
|
IRA 2 Years |
1.85% |
1.86%
APY |
|
IRA 3 Years |
2.00% |
2.02% APY |
|
IRA 4 Years |
2.25% |
2.27% APY |
|
IRA 5 Years |
2.40% |
2.43% APY |
|
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Variable Money Market |
|
|
Rate |
*APY |
|
$1,000.00 -
$19,999.99 |
.60% |
.60%
APY |
|
$20,000.00 -
$49,999.99 |
.80% |
.81%
APY |
|
$50,000.00
and over |
.90% |
.91%
APY |
|
|
Jumbo Certificates & Jumbo
IRA's
(Minimum $90,000.00
per certificate) |
|
|
Rate |
*APY |
|
6 Months |
.80% |
.81% APY |
|
1 Year |
1.45% |
1.46% APY |
|
2 Year |
1.80% |
1.81% APY |
|
3 Year |
2.00% |
2.02% APY |
|
4 Year |
2.30% |
2.32% APY |
|
5 Year |
2.45% |
2.47% APY |
|
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In all cases
APY refers to
*ANNUAL PERCENTAGE YIELD
$500 minimum deposit must be made to open a Certificate and a
IRA regular certificate, a
minimum of $1,000 to open a Variable Money Market and a $90,000 minimum
to open a Jumbo Certificate and IRA.
Rates
do not apply to IRA Certificates.
Penalty imposed
for early withdrawal. Interest rates
effective as of
and subject to change without notice.
|
| Variable money market certificates: like a savings account with the
exception that the minimum balance is $1,000.00. No penalty to close
early since there is no maturity date. You can deposit and withdraw any
time as long as you do not go below the minimum balance, and if you do,
there is no penalty to close. Rates are tiered with the balances and can
change any time without notice. Dividends are based on daily balances. |
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The passage of the Emergency Economic Stabilization Act of 2008
means that savings insurance protection at all Maine credit
unions has now increased to $250,000 on all types of accounts.
Effective immediately, the
National Credit Union Administration
(NCUA),
a U.S. Government agency, has increased the savings insurance
until December 31, 2013.
John Murphy, President of the Maine Credit Union League, said
the increase in federal savings insurance at all Maine credit
unions further “reinforces the safety and soundness of Maine’s
credit unions. Again, it is important to let consumers know that
no one with their savings at a federally-insured credit union
has EVER lost a penny of their savings.”
How does
this effect Rainbow FCU members? Because of ESI coverage,
our members' accounts are now insured to the following levels:
|
Individual: $500,000
Joint: $1,000,000
IRA: $500,000 |
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Excess Share Insurance Corporation (ESI) is a property and
casualty insurance company licensed in the State of Ohio and 32
other states. ESI has always been and continues to be in good
standing with insurance departments and regulators in all states
of operations. The corporation has operated safely and soundly,
and has been financially stable since its incorporation in 1993.
ESI provides up to $250,000 of additional protection on member
share (deposit) accounts. By adding this coverage to the credit
union’s primary insurance limits, individual members can take
comfort in knowing their funds are safe and secure. ESI serves
credit unions…and only credit unions!
Annually, ESI’s
financial statements are audited by a nationally
recognized “Big 4” CPA firm and its loss reserves
are certified by internationally recognized actuaries. The
corporation maintains various committed lines of credit and
reinsurance from national
firms, which further strengthens its financial position.
If you have any
questions concerning Rainbow FCU's excess insurance coverage,
please visit www.excessshare.com, or call 800.521.6342. You
can also submit your questions via e-mail at
mail@excessshare.com.
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