Savings Accounts
Be Prepared: Save for Tomorrow
Here are some tips to consider:
Save money every pay. When you save money each and every time you are paid, it becomes an obligation similar to that of a loan payment. You will learn to live with a set amount of money, and it will become less difficult over time.
Have enough accessible cash to pay 3-6 months of bills. Keep enough money in your savings account to cover all of your bills, including your mortgage or rent, utilities, car loans, credit card bills, and all other living expenses for at least 3 months. The extra cash will then be available in case of an emergency, and you will not be strapped for money if your rainy day comes.
Limit your obligations. Analyze your current financial obligations. If you can comfortably rid yourself of or decrease any of these obligations, try to do just that. For instance, if you could pay off your high-interest rate credit cards with a low-interest rate credit card (like RFCU's), you would decrease the interest you would have to pay each month. By getting rid of excessive bills, you will have more money available to you.
Use credit wisely. Although saving money is very important during these volatile times, credit can also be beneficial when it is used wisely. During hard economic periods, interest rates are often at their absolute lowest. Therefore, if you are secure financially, good use of credit can be helpful because it is cheap.
Contact your creditors. If, for any reason, you may not be able to meet your financial obligations, contact all of your creditors immediately. Your creditors may be able to arrange a payment plan specifically for you. If nothing else, they will at least be more understanding of your situation.
Reliance Rookies
If you are between the ages of newborn and 18 or know someone who is, sign up to become a Reliance Rookie today.
These extraordinary members deserve special treatment. Each Rookie will receive stickers, workbooks, and coin cards when they join the team. Rookies up to 2 years old will have their names and their sponsors' names published in the Reliance Update.
For every $5 deposit, in addition to the $50 needed to open the account, the Rookie will be entered into a monthly drawing to win $5. Also, Rookies in 4th through 12th grades can earn up to $8 for great grades on their report cards. This program is called "Rookies' Rewards." The Rookies earn $2 for A's and $1 for B's in Reading, Math, History, and Science.
Certificates of Deposit
View the current rates on our Certificates of Deposit.
Club Accounts
Club Accounts pay the same competitive rate as Reliance FCU's regular savings account.
No restrictions - make withdrawals or transfers to other RFCU accounts at any time
Save before you spend by setting up payroll deduction, or we can make automatic transfers for you
Avoid credit card interest charges - use the vacation or holiday clubs or your many other club accounts such as child care, taxes, and insurance, just to name a few
Club accounts are accessible through Virtual Branch or Teddy (Telephone Teller)
View our current Savings Rates
IRAs
Q & A Rolling Over an IRA
Q: When can I roll over an IRA?
A: When an IRA can be rolled over depends on the type of IRA. If it is a personal IRA, it can be rolled over when you make a withdrawal. If the IRA is part of an employer-sponsored qualified plan, then it can be rolled over after a lump-sum payout.
Q: Why would I want to roll over an IRA?
A: A personal IRA usually is rolled over because the account holder wants to change how the IRA is invested. A company plan IRA is generally rolled over to postpone income tax on the account and/or to add it to another IRA account.
Q: How do I roll over a personal IRA?
A: A personal IRA can be rolled over via a direct trustee-to-trustee transfer, i.e., tell the bank or investment firm that has the account to transfer to the credit union. A taxpayer can make as many direct trustee-to-trustee transfers as he or she likes within a year. The other option is to withdraw the IRA funds directly and then deposit the withdrawn amount into a new or existing IRA within 60 days. You can use the funds for that 60-day period, but note that the IRS strictly enforces the 60-day period. This type of rollover can be done only once a year. But if you have other IRAs, these other accounts can be rolled over the same way during the year.
Q: How do I roll over a distribution from a company plan?
A: If you are eligible for a lump-sum distribution from your company plan, there are two ways you can roll the amount over. They are basically the same as the personal IRA methods. One way is to request that your company's trustee directly transfer the account to an IRA account at your credit union. The second method is to have the funds transferred directly to you. You then have 60 days to effectuate the rollover. If you choose to have the funds transferred to you personally, the company trustee is required to withhold 20% of the distribution for federal taxes. If the 20% is not replaced, then that amount is subject to tax and possible penalties.
Q: Can I roll over a company plan distribution onto a personal IRA?
A: Yes, it can be done, but it is not always the preferred choice. An IRA rollover from a company plan can qualify in the future as a rollover into another company plan, but a personal IRA does not qualify for this treatment. If you commingle the IRAs, then you cannot roll over any part of the commingled IRA into a new company plan. The advantage of rolling an IRA account back into a qualified company plan is that the amount can then be eligible for lump-sum distribution. Or, if you like the investment options given in the company plan, you may want to invest a greater portion of your funds in that plan.
Q: Can I roll over funds to another family member?
A: If a husband or wife is the designated beneficiary of the other's IRA, the spouse who inherits the IRA can roll it over into a new IRA. This treatment is not available to other family members. This spousal rollover is a valuable tax planning technique since it can be used to change future payout schedules.
Money Market Accounts
Silver, Gold, Platinum: View current Money Market Account rates
Money Market Accounts will help you earn higher dividends on your deposits. With only $1,000 needed to open the account, everyone can take advantage of this great product designed to help you reach your savings goals. What you don't know about Reliance FCU's Money Market Accounts could be costing you money!! For example, you may not know that they:
Pay up to twice what the major banks are paying
Have a low minimum balance requirement of $1,000 (most banks require as much as $10,000)
Are accessible with a simple phone call
Are federally insured for up to $250,000 per account holder
Unlimited withdrawals (some banks only allow 3 per month)