Building a healthy savings
fund is something we all strive for because we know it can be the
of our financial security. But it's not easy to save. Living expenses
continue to go up, and if you're like everyone else, there is always
something you want to buy. These demands on your earnings can make
a healthy savings fund an elusive concept.
At Georgia's Own, we have a number of ways to help you save and a variety of savings accounts available. Just choose what's best for you-Regular Savings, Savings Certificates for higher yields, or Individual Retirement Accounts for supplemental retirement funds.
All regular savings accounts earn the same exceptional dividend and are insured by the National Credit Union Administration (NCUA), an agency of the Federal Government. Each savings account can be opened with a minimum $5 deposit and requires a minimum daily balance of $5.01 to earn dividends. To apply for these accounts, complete an online application, and we'll contact you.
Types of Accounts
- Basic savings account required for membership
- Your initial $5 deposit will remain in this account as long as you are a member of the Credit Union
- $5 in your base savings represents your "share" in Georgia's Own and makes you a member/owner
Club Accounts (related accounts)
- You can have multiple club accounts under your base savings account
- Use these accounts to save for special purposes like vacation or holiday expenses
Holiday Savings Accounts
- Helps you save for the holidays all-year long
- Funds are automatically transferred to your regular savings account on November 1st of each year
Coindexter Club® Savings
- For children 13 years of age and younger
- Can be opened under child's Social Security number with an adult as joint owner on the account
- Exclusive savings account for teens to young adults-ages 14 -25
- Lets you connect with other adults your age, plus earn some cool stuff along the way
Golden Bell® Savings
- For retired members, and Members 50 years of age and older
HSA Checking Account
- FREE Visa® Debit Card
- FREE ATM withdrawals at over 80,000 participating ATMs
- Allow you to save for high or unexpected medical costs
- Employer contributions are tax-free to the employee
- Individual contributions are tax-deductible on federal and some state tax returns
- The earnings in an HSA are tax-deferred until withdrawn
- There is no "use it or lose it" provision like Flexible Spending Accounts (FSA)
- The HSA is portable, so if you change jobs, the account remains with you
- Distributions for qualified medical expenses are tax-free and penalty-free at any age
- Distributions after age 65 that are not for qualified medical expenses are penalty-free
- Can make deposits through payroll deductions
- No administrative or maintenance fees
Direct deposit, of course, is the easiest way to save money. Just allocate a specific amount each payday to be deposited to your savings. It can be as little as $5 up to as much as you want, but you should decide on an amount that you know you won't need to pay normal living expenses. You'll be surprised at how quickly your savings will add up.
Open multiple savings accounts (club accounts) under your base savings account and designate them for specific purposes-holiday expenses, vacation expenses, even auto maintenance, to name a few. You can even make payroll deduction deposits to any or all of these accounts.
You can also use your savings account as collateral for a loan at the Credit Union. When you do, you'll get our low Savings Secured rate. Plus, your savings will continue to earn dividends, even while it's pledged as security on your loan.
Dividends - The beauty of a regular savings program at Georgia's Own is that you'll earn the highest possible dividends. Dividends are calculated using the Daily Balance Method, compounded and credited to your account on the last day of each quarter.
Accessing your savings- There are a number of ways to access your savings funds when you need them. Withdrawals can be made at any Georgia's Own Branch Office or by calling Member Services and asking that we send you a check. You can also withdraw funds at an ATM or choose to transfer your savings funds to your All Access Checking account via Online Banking where they'll be ready for your immediate use.
Fees - Georgia's Own provides 5 free withdrawals from your savings account per quarter. After the 5th withdrawal, there is a $5 fee for each excess withdrawal. (Transfers between Credit Union accounts are not counted as withdrawals.) However, Regulation D (set forth by the Federal Reserve Bank) limits the number of certain withdrawals, such as automatic transfers, to 6 per month. Please keep this in mind when making withdrawals from your Georgia's Own savings account, and for more details on Regulation D, please refer to the FAQs link below.