Savings Accounts

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Savings Accounts

There are a Lot of Ways to Save at Banner Federal Credit Union.

Share Savings Account

Share Savings Accounts

A Share savings account at Banner Federal establishes your membership with us. It is easy to use for putting away a little extra money each paycheck and comes with ATM access to over 30,000 surcharge-free machines nationwide. Share savings must remain at a minimum balance of $25.00 during your membership with the credit union.

In accordance with Regulation D, members are limited to six transactions per statement cycle from your share savings. A fee will be assessed for each transaction beyond three of $1.00. See full details of Regulation D below.

[su_button url=”https://www.bannerfcu.org/wp-content/uploads/2016/03/Reg_D-notice.pdf”]How Regulation D Affects Your Account[/su_button]

Kids Savings Accounts

Kids Savings

Teach your children how to save early with a Kids Club Account with Banner Federal. They will earn dividends on their deposits and can even get an ATM card. Open your new baby’s account before their first birthday and we will match your initial deposit up to $25.

Club Savings Accounts

Holiday Club

The Holiday Club Account is a separate savings account that helps you be better prepared for the holidays. You can deposit to this account all year by direct deposit, transfer, or cash but you are limited on withdrawals from January 1 through November 1 each year. On or around November 1st, we automatically make the funds available to you by transferring to your checking or savings. Holiday Club Accounts are easy to open and can be started with just $1.00!

You can request one here!

Open a New Account

Vacation Club

The Vacation club helps you stash cash for weekend getaways or that dream vacation you’ve always wanted. Open for as little as $1.00 and contribute through payroll deduction or monthly transfers until you are ready to use it.

Open a New Account

Miscellaneous Club

This special account can help you save for a specific goal like insurance premiums, a down payment for new car or even that designer bag you have been eyeing.

Open a New Account

IRAs

A Banner Federal (IRA) empowers you to prepare for the future by making periodic contributions through a direct payroll deduction or over-the-counter deposit. The competitive rate and tax-deferred dividends improve your earning potential. For 2023, you may contribute up to $6,500 annually ($7,500 if you’re age 50 or older) 2  and $7,000 for 2024 ($8,000 if you’re age 50 or older) or $2,000 for ESA. Contributions may be made up to April 15 of the following year.

Types of IRA’s available:

  • Traditional IRA – Contributory, Transfer, Rollover
  • Roth IRA – Contributory, Conversions from Traditional IRAs, Transfer and Rollover plans
  • Coverdell ESA – Exclusively for Education

Banner Federal’s IRA Features:

  • No set up or annual maintenance fees

  • $1.00 minimum to open

  • Convenient deposits through payroll deduction and automatic transfers

  • Attractive rates, with higher rates for IRAs with larger balances

  • IRAs are insured up to $250,000 by the National Credit Union Administration, a U.S. Government Agency

How to Open Your IRA

Just call or stop by one of our conveniently located offices to pick up your packet. To open an IRA with Banner Federal you must be the primary member on the account and deposit just $1.00 to get started!

Call one of our IRA specialists today at (602) 254-5291 for more information.

Your IRA is not taxed as income until you withdraw them as early as age 59 1/2 and you can keep making contributions as long as you have an income.

Maximum contribution applies to total deposits made to all investment retirement accounts.

The Internal Revenue Service will assess a penalty for early withdrawals made before age 59 1/2.

Please consult your tax professional for advice regarding the best IRA investment for your situation.

CD at Banner FCU

Share Certificate Accounts

SC’s are for longer-term saving at higher rates. Terms run from six months to three years. This is a great alternative to the ups and downs of mutual funds or the stock market.

Dividends reported annually via 1099-INT. Consult your tax adviser regarding your individual tax situation.

*Dividend penalties apply for early withdrawal. Rates are based on the date/time that funds are received and processed.

Federally insured credit unions offer a safe place for credit union members to save money. All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, with deposits insured up to at least $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union.

Calculate Your Share Insurance
Deposit RatesLoan Rates

Deposit Rates

Effective as of 07/01/2024
Banner Federal’s deposit accounts are a variable rate account. Dividend Rate may change after the account is opened.

Savings Accounts Rates**

Penalties will or may be imposed for early withdrawal.
APY = Annual Percentage Yield

Savings RatesAPYDIVIDEND RATE
Regular Shares
$75 Minimum		0.10%0.10%
Club Savings
$75 Minimum		0.10%0.10%
Checking
$500 Minimum		0.01%0.01%
Money MaximizerAPYDIVIDEND RATE
$1 – $9990.95%0.95%
$1,000 – $9,9991.25%1.24%
$10,000 – $25,0001.40%1.39%
$25,000+1.60%1.59%
IRA SavingsAnnual Percentage YieldDIVIDEND RATE
$0 – $10,0003.95%3.88%
$10,000+4.00%3.93%

Share Certificate Rates** (Savings and IRA)

Penalties will or may be imposed for early withdrawal.
APY = Annual Percentage Yield

Terms/BalanceAPYDIVIDEND RATE
6 Mo $500-$9,9994.20%4.12%
6 Mo $10,000 or Greater4.25%4.17%
1 Year $500-$9,9994.20%4.12%
1 Year $10,000 or Greater4.25%4.17%
18 Mo $500-$9,9993.95%3.88%
18 Mo $10,000 or Greater4.00%3.93%
2 Years $500-$9,9993.95%3.88%
2 Years $10,000 or Greater4.00%3.93%
30 Mo $500-$9,9993.70%3.64%
30 Mo $10,000 or Greater3.75%3.69%
3 Years $500-$9,9993.45%3.40%
3 Years $10,000 or Greater3.50%3.45%

Rates may change at any time without prior notice, before or after the account is opened. Fees could reduce earnings on the account. Dividends are paid on the entire balance once the tier minimum is met.

Loan Rates

Effective 07/01/2024

*All loan rates are shown as Annual Percentage Rate or APR.
**Dealer Indirect Rates may be higher.
***Example: A $25,000 closed-end loan, such as an auto loan, for a term of 60 months with a 6.24% APR, the monthly payment would be $486.25 per month.

Auto Loan Rates**

***73-84 months available on loans greater than $25K

Term in Months 2020 – New
As low as:		2015-2019
As low as:
0-606.24%7.99%
61-726.49%8.49%
***73-847.24%N/A

New / Used Motorcycle**

***84 month terms available on loans greater than $30K

Terms in monthsAs low as:
246.75%
367.00%
487.25%
607.50%
727.75%
***848.00%

RV‘s / Boats / ATV’s**

***120 month terms available on loans greater than $35K

Terms in MonthsAs low as:
246.50%
366.75%
487.00%
607.25%
727.50%
847.75%
968.00%
1088.25%
120***8.50%

Personal Loans** & Lines of Credit

Terms up to 60 monthsAs low as:
10.99% Variable Rate APR*

Home Equity / Second Mortgage ***

Lines of Credit and Closed End Available

Terms up to 240 monthsAs low as:
8.25% Variable Rate APR1
7.50% Fixed Rate APR2

***Fees And Charges
To open and maintain a home equity line of credit or closed-end second mortgage, you must pay us a $50.00 Application Fee. You must also pay certain fees to third parties. These fees generally total from $200.00 to $600.00.

1APR = Annual Percentage Rate. Subsequent APR may vary based on the index rate, plus a margin. Index rate is based on the average 26 week T-Bill Rate as published in the Wall Street Journal. On June 29, 2022, the index average was 2.08%; resulting APR with a 2.42% margin is 4.50%. Changes in the index will cause changes in the Interest Rate on the first day of each calendar quarter of each year. Increases and decreases will result in like increases and decreases in the Finance Charge and may affect the amount of the final payment. Your Interest Rate cannot increase or decrease more than 2.00 percentage points each year. APR will never exceed 18.00% and will never be less than 5.00%. “As low as” rate assumes excellent borrower credit history. Alternative rates and terms are available. Actual rates and APRs dependent on credit history and type of product. This line of credit has a 5-year draw period. Minimum monthly payment will be principal, and interest and equal to 1.60% of the balance during the 5-year draw period. After the Draw Period ends, your payments will be fixed to the amount necessary to fully amortize Your outstanding balance no later than 120 months after the from the end of the Draw Period, subject to the lesser of $100.00 or Your account balance.

2Fixed Rate Option: Rates for the Fixed Rate Option are typically higher than HELOC variable rates. Minimum payment on a Fixed Rate Option includes principal and interest in fixed monthly payments.

*Property insurance required. Interest may be tax deductible. Consult your tax professional regarding deductibility. NMLS ID #967410