Start saving with a Share Account. To become a member of the Credit Union, you must sign a membership card, deposit a minimum of $25.00 in a Share Account (which must have a minimum balance of $25.00 at all times) and maintain a current address with the Credit Union.
Share Draft Accounts
Enjoy no-fee checking with Concho Valley Credit Union. We offer Share Draft Accounts with no monthly service charge and no minimum balance. You can earn interest on balances over $1500.00. Our account features no per check charges, no monthly maintenance charges and automatic, low fee transfers from your Share Account in the case you overdraw your Checking Account.
Money Market Account
Earn greater returns when you open a Money Market Account! Money Market Accounts are offered and are paying rates among the highest in this area. With a minimum balance of $2,500, your interest savings will grow. This Money Market Account features limited withdrawals, and unlimited deposits! Dividends are paid monthly. A monthly statement is issued for these accounts.
Term Share Certificates
Term Share Certificates at your Credit Union offer a unique and secure way to save money at a high rate of return. Term Share Certificates are a non-risk investment. We offer Certificates with minimum deposits of $1,000. We offer Certificates for 3 months, 6 months, and 1 year wtih competitive rates. Call for current rates. Interest is paid monthly, quarterly, or at maturity, depending on the term of the Certificate.
Individual Retirement Accounts (IRAs)
You may qualify for tax benefits while you save for retirement with our various IRA Accounts. Concho Valley Union offers a host of IRA Accounts such as IRA Certificates of Deposit and the New Roth IRA. In most cases, IRA savings are meant to stay in authorized retirement accounts until the depositor reaches age 59 1/2 to avoid governmental penalties. Please consult your tax advisor regarding your qualification for interest tax deductibility and for which cases when withdrawals may be made without penalty.
This tax deferred savings program features no minimum deposit requirement and no specified term that it must remain on deposit with the Credit Union. The interest rate is subject to change quarterly, and paid quarterly. This program offers a great place to "park" your IRA savings while investigating your retirement savings options.
This tax deferred savings program features the same minimum deposit requirement, terms and interest rates as our traditional Certificates of Deposit. The rate is locked in for the full term of the deposit. Upon CD maturity, the depositor may withdrawal the funds and redeposit into another authorized IRA within 60 days.
IRA Certificate of Deposit
This new IRA allows up to $2,000 non-deductible deposits with all earnings being free of federal income tax if the money saved is on deposit for five years or more. Another new feature of this account is that funds may be withdrawn penalty-free for qualified education expenses and both penalty-free and tax-free for first time home purchases up to $10,000. The Roth IRA is phased out for individuals with an adjusted gross income of under $95,000 ($150,000 for joint filers).
HSAs are individual accounts which allow members to use pre-tax dollars to pay for future medical expenses. Members with HSAs can make tax-deductible contributions, accumulate tax-deferred earnings, and withdraw funds tax-free for qualified medical expenses.