Shares (Regular Savings)
Share Savings are like Regular Savings but make you an owner of the Credit Union
Your savings in a “Share” Savings make you an owner of Granite Credit Union. With a minimum deposit of just $25 you can get started. Set some savings goals and get started achieving your long term financial goals. Whether you’re saving for security or some fun down the road, it’s never too soon to start saving.
The benefits of savings using a share account:
- You’re insured to at least $250,000 by the National Credit Union Insurance Fund.
- Just $25 will get you started saving and it’s not complicated. No penalties for withdrawing your money.
- Your share account makes you an owner of Granite Credit Union.
- You get paid dividends each month on your average daily balance as declared by the board of directors.
- Dividends are much like interest on savings but generally a little higher. See current rates.
- Your money is “liquid” meaning you can pull anything over the $25 minimum amount at any time without fees or penalties.
- You can deposit or make withdrawals anytime, in person, by mail or at an ATM.
- You can set up automated saving deposits using Payroll Deduction or by scheduling transfers from your Direct Deposit.
- Your Share Savings can provide overdraft protection to your checking account.
Your membership in the credit union requires a $25 deposit in a Savings account. Not only does that allow you all the other benefits of credit union membership, but you’ll earn dividends on your balances as well. Saving money is a big deal, but it shouldn’t be complicated. Granite has simple products to help you save towards your financial goals. Whether you are saving for short or long term goals, Granite has the products to make your money work for you!
Dedicated Savings
Sometimes finding the motivation and determination to save can be a challenge. A separate dedicated savings account can be titled anything you like such as “New Computer”, “Christmas”, “Vacation”, etc. Set a goal and schedule automatic transfers to make saving fun and easy.
- No minimum balance requirements
- Schedule automatic transfers or withdrawals
- Earn dividends the same as a Share Account
It’s easy to become a member and open your share account!
Apply online or call 801-288-3000 or toll free 1-888-428-8326.
Savings Certificates (Certificate of Deposits or CDs)
Savings Certificate
Traditional Certificate of Deposits or CDs
Savings Certificates have been used by wise investors for years to grow their wealth safely without any risk to their principal investment. With this account, you’re essentially lending (investing) your money to the credit union for a fixed term. The Credit Union uses your money for a pre-determined period of time. Generally, the longer you invest, the higher the interest rate the credit union is willing to pay. See current rates.
Benefits of a Savings Certificate
- Federally insured to at least $250,000 by the National Credit Union Insurance Fund.
- No risk of losing your principal (or your initial investment).
- Get started with as little as $500.
- Terms from 6 months to 7 years.
Other Consideration
- Early Withdrawal Penalty
- Since the credit union expects to use your money for a fixed period there is an “early withdrawal” penalty for deposits withdrawn before the maturity date. The penalty is generally 180 to 360 days of interest, so make sure you keep some of your money in a liquid account such as a Share Savings or a Money Market Account.
- Consider Laddering Your Maturites
- Since you won’t have access to your money immediately, many investors ladder their Savings Certificates. For example, rather than depositing $50,000 into a single 5 year Savings Certificate, they invest $10,000 each into 5 different Savings Certificates that mature in 1, 2, 3, 4 and 5 years.
First-Step Certificates
A great way to ease into savings and watch your savings grow quickly is a First-Step CD. You’ll still get a great rate and saving is fun and easy.
Benefits of a First-Step Certificate
- Same benefits as a regular Share Certificate but get started with as little as $25.00
- Schedule a recurring monthly transfer (as little as $25.00)
- 12 and 24 month terms available
Alumni Association Certificates
For our members age 55 or better, we offer a special 18 month CD. We think there ought to be a little reward for hanging around so long, as well as some incentive to start saving for retirement.
- Get started with as little as $500
- Special 18 month term
Saving at Granite Credit Union is easy and nothing is more satisfying than seeing your nest egg grow!
Call 801-288-3000 or toll free 1-888-428-8326 for more information.
Savings Certificate Rates
| Regular and IRA Certificates - Term | Minimum Balance | Dividend Rate | APY |
|---|---|---|---|
| Effective Date - 5/1/2018 | |||
| 12 months | $500 | 1.74% | 1.75% |
| 18 months* | $500 | 1.83% | 1.85% |
| 24 months | $500 | 2.08% | 2.10% |
| 36 months | $500 | 2.23% | 2.25% |
| 48 months | $500 | 2.47% | 2.50% |
| 60 months | $500 | 3.15% | 3.20% |
APY is Annual Percentage Yield. This rate schedule states rates applicable to specified accounts. Certificate dividends are compounded and credited monthly. Minimum balance requirements apply to average daily balance (amount of principal in account each day).
Penalties may be imposed for early withdrawals. The penalty is 90 days dividends on a term of 12 months or less, 180 days of dividends on terms of more than 12 months but less than 48 months and 365 days of dividends on terms 48 months or more.
Money Market Accounts
Money Market Accounts
Safe, Secure and Liquid
A Money Market Account is a good place to put money that is readily accessible and earns more than a regular savings account. It’s a perfect place to put your money when you don’t want to tie up your money or commit to a long-term investment.
Benefits of a Money Market Account:
- Open with a deposit of $2500 or more and earn a higher interest rate than a regular savings account.
- Your savings is available when you need it without penalty.
- Accumulate savings in a Money Market Account in order to make a large purchase or investment.
- Dividends are calculated on the Daily Balance and compounded and paid monthly.
Start saving now in a Money Market Account to accumulate money for those big purchases and large investments.
Apply online or call 801-288-3000 or toll free 1-888-428-8326 for more information.
Savings Rates
| Account Type | Minimum Balance | Dividend Rate | APY |
|---|---|---|---|
| Effective Date - 6/5/2018 | |||
| Regular Shares/Savings | $0.01 | .10% | .10% |
| Christmas Savings | $0.01 | .10% | .10% |
| IRA (Individual Retirement Account) and HSA (Health Savings Accounts) | $0.01 | .20% | .20% |
| IRA and HSA | $5,000 | .20% | .20% |
| IRA and HSA | $20,000 | .25% | .25% |
| Money Market Account (MMA) | $25 | .10% | .10% |
| MMA | $2,500 | .25% | .25% |
| MMA | $10,000 | .30% | .30% |
| MMA | $25,000 | .35% | .35% |
| MMA | $50,000 | .40% | .40% |
| MMA | $100,000 | .40% | .40% |
| MMA | $250,000 | .50% | .50% |
Individual Retirement Accounts (IRA)
Traditional IRA
Enjoy the Tax Benefits
Start enjoying the tax-benefits of saving for your future with a Granite Credit Union IRA. It’s still one of the best investments for deferring taxes until later, when you’re making less money.
Benefits:
- No Minimum Balance
- No Monthly Fees
- Tax-Deferred Contributions
- Insured up to $250,000
Roth IRA
Earnings Grow Tax-Exempt*
Since contributions are made after tax, the earnings generally grow tax-exempt.* Having your savings grow without increasing your annual taxable income can be a nice benefit.
Benefits:
- No Minimum Balance
- No Monthly Fees
- After tax contributions grow tax-exempt
- Withdrawals aren’t taxed like a traditional IRA
- Insured up to $250,000
Granite has IRA specialists to help you determine the best option for you right now. Either way, now’s the time to start taking advantage of a Traditional and/or a Roth IRA. Get started now by calling one of our IRA Specialists.
Call 801-288-3000 or toll free 1-888-428-8326 to talk to an IRA Specialist.
Simplified Employee Pension (SEP)
Granite CU also offers SEP for employers or self-employed individuals
A Simplified Employee Pension (SEP) plan is a type of retirement plan which allows you, the employer, to provide an important benefit to your employees. Help your employees prepare for their retirement through an SEP.
An “employer” may be a sole proprietor, partnership or corporation. Amounts you contribute for your employees under a SEP plan are deposited into your employee’s traditional IRA.
To learn more about how a SEP can help your business, call an IRA Specialist today.
*While the above statements are generally true, Granite Credit Union and its employees are not qualified to provide tax advice. Members should be encouraged to seek the advice of a skilled Tax Advisor for further information regarding tax rules and ramifications of any IRA.
Savings Rates
| Account Type | Minimum Balance | Dividend Rate | APY |
|---|---|---|---|
| Effective Date - 6/5/2018 | |||
| Regular Shares/Savings | $0.01 | .10% | .10% |
| Christmas Savings | $0.01 | .10% | .10% |
| IRA (Individual Retirement Account) and HSA (Health Savings Accounts) | $0.01 | .20% | .20% |
| IRA and HSA | $5,000 | .20% | .20% |
| IRA and HSA | $20,000 | .25% | .25% |
| Money Market Account (MMA) | $25 | .10% | .10% |
| MMA | $2,500 | .25% | .25% |
| MMA | $10,000 | .30% | .30% |
| MMA | $25,000 | .35% | .35% |
| MMA | $50,000 | .40% | .40% |
| MMA | $100,000 | .40% | .40% |
| MMA | $250,000 | .50% | .50% |
Health Savings Account
HSA
A Health Savings Account (HSA) from Granite Credit Union is a tax-advantaged savings account designed to help you save for qualified medical expenses.
HSA’s are available to members who:
- Are covered by a qualifying* High-Deductible Health Plan (HDHP)
- Are not covered by any other traditional health plan
- Are not enrolled in Medicare
- Are not claimed as a dependent on another person’s tax return
If you qualify for an HSA, Granite offers:
- No Minimum Balance
- No Monthly Fees
- Contributions are tax deferred
- Earnings grow tax free*
- Can be tax deductible
- Savings can be carried over year to year. (No “use it or lose it.”)
- Low Risk Investment
- Insured up to $250,000
Call and ask for a Health Savings Account (HSA) Specialist.
*Granite Credit Union does not determine eligibility for HSA’s. Consult a skilled tax advisor to determine your eligibility and to learn more about tax rules and the benefits of an HSA.
Savings Rates
| Account Type | Minimum Balance | Dividend Rate | APY |
|---|---|---|---|
| Effective Date - 6/5/2018 | |||
| Regular Shares/Savings | $0.01 | .10% | .10% |
| Christmas Savings | $0.01 | .10% | .10% |
| IRA (Individual Retirement Account) and HSA (Health Savings Accounts) | $0.01 | .20% | .20% |
| IRA and HSA | $5,000 | .20% | .20% |
| IRA and HSA | $20,000 | .25% | .25% |
| Money Market Account (MMA) | $25 | .10% | .10% |
| MMA | $2,500 | .25% | .25% |
| MMA | $10,000 | .30% | .30% |
| MMA | $25,000 | .35% | .35% |
| MMA | $50,000 | .40% | .40% |
| MMA | $100,000 | .40% | .40% |
| MMA | $250,000 | .50% | .50% |
Youth Savings Accounts
Youth Accounts
Special Youth Accounts
Click below to get information on your Youth Accounts.