Whether you're just launching your savings plan or trying to set a course for retirement planning, Bay Gulf's high yield savings accounts are your maps to earning and a successful journey. We offer a sea of possibilities, from a starter savings account, money market accounts to certificates of deposit and Individual Retirement Accounts (IRAs).
Share Savings - Holiday Club Savings - Financial Management Savings - Share Certificates (CDs) - Money Markets - Money Market Certificates - Coverdell Education Savings - Traditional IRAs - Roth IRAs
Setting Sail - Starting to Save
SHARE SAVINGS ACCOUNTS- Your basic membership savings account is a great way to begin saving.
HOLIDAY CLUB SAVINGS ACCOUNTS- Save year 'round for holiday expenses and your funds are automatically transferred to your regular share savings account on October 1.
FINANCIAL MANAGEMENT SAVINGS ACCOUNTS-- Have something specific other than the holidays to save for? Furniture? Vacation? Down payment? Set up a sub-savings account for any purpose you choose and you're on your way.
* Open any one of these savings accounts with a $5 minimum deposit to get you started saving today!
* Put any of these savings accounts on automatic pilot with Payroll Deduction or recurring electronic transfers or make transfers any time using PC Acce$$ online or by calling Express Teller at 813.932-1301 or 800.275.4229.
* Any of these accounts may also be used for overdraft protection for your checking account.
Cruising - Saving for Tomorrow
SHARE CERTIFICATES (CERTIFICATES OF DEPOSIT) -- They're one and the same, and you can open one with just $500 to achieve a higher yield on this savings account. Lock in a guaranteed rate of return for your choice of terms from six months to five years.
MONEY MARKET ACCOUNTS-- Open this flexible, higher yield savings account with just $1000. Make unlimited deposits and up to six withdrawals per month.
MONEY MARKET CERTIFICATES -- Open this combo account with just $2500 and get the higher yield of a share certificate and the flexibility of a money market account. Add to it anytime in increments of $1000 or more during the guaranteed five-month term, and even make one penalty-free withdrawal per month.
COVERDELL EDUCATION SAVINGS ACCOUNTS (formerly known as Coverdell IRAs or Education IRAs) -- Save up to $2000 each year in this account designed for education and tuition expenses for elementary school, high school, and college costs.
Grand Voyage - Saving for Retirement
Invest your Traditional or Roth IRA dollars in an IRA Savings Account or an IRA Share Certificate. Open an IRA Share Certificate with a minimum amount of $500.00 with your choice of terms from six months to five years.
TRADITIONAL IRAs (Individual Retirement Accounts)
| Contributions |
Up to $5000 under age 50 and up to $6,000 if age 50 or older each year you have earned income |
| Taxes |
Tax-deferred; may be tax-deductible on federal tax returns |
| Withdrawals |
Begin withdrawing after age 59 1/2 and before April 1 of the year you reach age 70 1/2; you can make early withdrawals, penalties may apply and the amount withdrawn must be included as taxable income on your federal tax return |
ROTH IRAs
| Contributions |
Adjusted Gross Income
|
Annual Contribution Limit
|
|
Individuals
|
less than $95,000
|
up to $5,000 under age 50
up to $6,000 if age 50 or older
|
|
|
$95,001 to $110,000
|
reduced amount adjusted for income
|
|
|
$110,001 or more
|
cannot contribute to a Roth
|
|
Married filing jointly
|
less than $150,000 (combined)
|
up to $5,000 under age 50
up to $6,000 if age 50 or older
|
| |
$150,001 to $160,000
|
reduced amount adjusted for income
|
|
|
$160,001 or more
|
cannot contribute to a Roth
|
|
Married filing separately
|
$10,000 or less
|
reduced amount adjusted for income
|
| Taxes |
Investments are made after taxes, so withdrawals may be tax-free |
| Withdrawals |
IRS penalty-free withdrawal after age 59 1/2, as long as the money has been in a Roth account for at least five years.
Penalty-free and tax-free withdrawals even prior to age 59 1/2 if the funds have been in the account for at least five years and are used for disability or first-time home purchase. |
Your savings accounts at Bay Gulf Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the U.S. Government. In addition, IRAs are insured separately from your other share savings accounts at Bay Gulf, for up to $250,000, by the National Credit Union Share Insurance Fund.
IRAs are subject to certain income limitations by the Internal Revenue Service. All wage earners may open an IRA and there can be significant tax benefits to qualified members. Always consult wtih a tax professional to determine the tax consequences of any action on an Individual Retirement Account.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.