Save For Tomorrow
Saving money is a big deal, but it shouldn’t be complicated.
Whether you are saving for short or long-term goals, we have simple products to help you save towards your financial goals.
Regular Shares
Your Granite CU membership requires a $25 deposit in your Regular Shares account. With your membership you will have full access to all the credit union benefits, all while earning dividends on your shares account.
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.
Your Shares Benefits:
- You’re insured up to $250,000 by the National Credit Union Insurance Fund
- Deposit and withdrawal anytime, in person, by mail or at an ATM
- Automatic Transfers & Payroll Deduction are available
- No penalties for withdrawals
- You get paid dividends each month on your average daily balance
- Your shares account can provide overdraft protection to your checking account
It’s easy to become a member and open your shares account!
Apply online or call us at 801-288-3000 or toll free 1-888-428-8326
Savings Certificates (Certificate of Deposits or CDs)
Savings Certificate
Traditional Certificate of Deposits (CD)
If you are interested in investing with low risk, a CD could be right for you. 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.
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 – 83 months
Alumni Association Certificates
For our members age 55 or better, we offer a special 18 month CD.
- Get started with as little as $500
- Special 18 month term for the 24 month rate
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-(GCU-TEAM) for more information.
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 $10.00)
- 12 and 60 month terms available
Home Buyer Certificate
Working towards purchasing a home? The Home Buyer CD is perfect for you!
- Start CD with initial deposit of $25
- Set up monthly transfer of $25 to Home Buyer CD
- Earn the rate of our Traditional 24 month CD
- No penalty if funds are withdrawn for the down payment of your home purchase
- BONUS: We waive the appraisal fee on your Granite CU mortgage
Money Market Accounts
Safe, Secure and Liquid
Savings with Easy Access
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 - 08/01/2019 | Minimum Balance | Dividend Rate | APY |
| 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 | .45% | .45% |
| MMA | $10,000 | .55% | .55% |
| MMA | $25,000 | .65% | .65% |
| MMA | $50,000 | .80% | .80% |
| MMA | $100,000 | .90% | .90% |
| MMA | $250,000 | 1.00% | 1.00% |
Individual Retirement Accounts (IRA)
Still the Best Way to Defer Taxes
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 - 08/01/2019 | Minimum Balance | Dividend Rate | APY |
| 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 | .45% | .45% |
| MMA | $10,000 | .55% | .55% |
| MMA | $25,000 | .65% | .65% |
| MMA | $50,000 | .80% | .80% |
| MMA | $100,000 | .90% | .90% |
| MMA | $250,000 | 1.00% | 1.00% |
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 - 08/01/2019 | Minimum Balance | Dividend Rate | APY |
| 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 | .45% | .45% |
| MMA | $10,000 | .55% | .55% |
| MMA | $25,000 | .65% | .65% |
| MMA | $50,000 | .80% | .80% |
| MMA | $100,000 | .90% | .90% |
| MMA | $250,000 | 1.00% | 1.00% |
Youth Savings Accounts
Youth Accounts
Special Youth Accounts
Click below to get information on your Youth Accounts.