Accounts

 

Share Accounts

As a VAPR Federal Credit Union member, you can earn dividends on your shares account. You can open an account with as little as $25, but the higher your balance, the higher the dividends you earn. Your dividends rise when your balance reaches $3,000, go up again at $15,000 and hit the top level once you have $50,000 in the account. So the more you save, the faster your savings grow.

Inactivity fees may apply. You can prevent an inactivity fee by making any type of deposit or withdrawal to the account.

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Share Account for Meeting

Tax Obligations

VAPR Federal Credit Union offers a tax savings account for members whose salaries are not subject to tax withholding or for any other member that wishes to save money to meet tax obligations. Members can have a set amount deposited in the account regularly so the money will be there when the taxes are due.

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Share Certificates

Your savings grow even faster in a share certificate account. You can choose a time period ranging from three months up to five years with a minimum investment of $1,000. Dividends are paid monthly, quarterly, or at maturity. Also, dividends can be added to the principal. There is a penalty for early withdrawal.

Like the share accounts and checks, the share certificates are insured up to $250,000. By the National Credit Union Administration, a Federal Government Agency.

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Individual Retirement Account (IRA)

Opening an IRA at VAPR Federal Credit Union makes double good sense. Your money grows for your retirement years and most married couples can deduct up to $10,000 on their tax return, or $5,000 for individuals (according to prevailing legislation). A VAPR Federal Credit Union IRA means lower taxes today and a more secure retirement later.

  • The regular VAPR IRA may be opened with just $500.00.
  • Interest rates are guaranteed for the length of your IRA.
  • You may choose terms of 1, 2, 5 or 10 years. The longer the term, the greater the dividend.
  • Insured up to $250,000 by the National Credit Union Administration.


Opening an IRA now puts the advantage of time on your side, helping your savings grow as your dividends compound.

 

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Children's Savings Account

The VAPR Kids Club is a saving account specially designed for children under twelve. The advantages of this account are: ,

  • No minimum balance required to open account
  • You may keep any balance in your account
  • Monthly account statement
  • No service charge


In addition your children receive:

  • Birthday and Christmas cards
  • A Kids Club member's identification card
  • A gift when the account is opened

 

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Vacation Club

Account specially designed to save for vacations. Members choose when to initiate deposits, amount of money, and frequency of deposits. The account can be open or closed anytime during the year.

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Christmas Club

An account designed to save for Christmas shopping. You may open it at anytime, but the earlier the better because then you can contribute for a longer period of time and it can grow more. Dividends are paid in November. Each member decides the amount and the frequency the deposits.

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Checking Accounts

Your checking account is the main tool for managing your money and VAPR Federal Credit Union makes it easy and inexpensive. You can open an account with as little as $100. If you maintain a minimum balance of $500 the account is cost-free and you will earn dividends. Dividends are computed daily and credited to your account on a monthly basis. Your checking account includes a courtesy protection plan that covers overdrafts of up to $500 (some charges & restrictions apply). Also, you can apply for reserve credit line of up to $5,000 to transfer money automatically from your reserve account to your checking account in case of an overdraft due to insufficient funds.

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