SAVINGS AND CHECKING PRODUCTS

Business savings putting a coin in a piggybank

Minnequa Works Free Checking

When we say free – we mean free. There are no minimum balance requirements, no monthly fees for “Personal Premium Checking” that you may find elsewhere, and no minimum transaction requirements.

Write as many checks as you want, use your debit card as much or as little as you choose, and carry whatever balance you like.

Account Auto Transfer – We offer rollover account coverage to automatically cover that check that may have been just a bit more than you had by auto transferring from another account to cover.

Priviledge Pay / Overdraft Protection – Working like a line of credit, you may establish up to $1000.00 coverage for those times when life deals you a surprise. Each check that is written that utilizes your privilege pay is subject to processing fees.

Savings Accounts

Savings (share accounts) are your stock in Minnequa Works. This account is what makes you a member owner. Minimum balance requirement is $25,00 in your primary savings account, however you may have as many additional as you like for things like:

  • Vacation Savings
  • College and Education
  • Christmas and Birthday Accounts – and more!

These accounts require no minimum deposit and are yours to do with as you choose. Additionally, for your convenience you may rename these accounts to something more friendly or specific to you, like, “Travel Savings” or “Mary’s Checking” making them easier to manage and remember.

IRA stands for Individual Retirement Account, and it’s basically a savings account with big tax breaks, making it an ideal way to sock away cash for your retirement. A lot of people mistakenly think an IRA itself is an investment – but it’s just the basket in which you keep stocks, bonds, mutual funds and other assets.

Unlike 401(k)s, which are accounts provided by your company, the most common types of IRAs are accounts that you open on your own. Others can be opened by self-employed individuals and small business owners. There are several different types of IRAs, including traditional IRAs, Roth IRAs, SEP IRAs, andSIMPLE IRAs.

Unfortunately, not everyone gets to take advantage of them. Each has eligibility restrictions based on your income or employment status. And all have caps on how much you can contribute each year and penalties in most cases for yanking out money before the designated retirement age.

What is the difference between a traditional and roth IRA?

by money.cnn.com

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