Savings accounts & certificates
Financial well-being starts with a Savings Account.
Whether you’re saving for a rainy day, a new home or your child’s college education, we can help you set and meet your savings goals. At TruStone Financial, we make it easy for you to keep more of your money. Plus, all of your savings are insured up to $250,000 by the National Credit Union Administration (NCUA).
Grow your funds steadily.
Primary Share
With a deposit of just $5, this account is not just your way into the credit union, it’s also the first step for anyone looking to start saving. It’s a great way to save for that family vacation or any big-ticket item you have on your wish list. You’ll earn dividends and receive a quarterly statement that outlines all of your activity.
Money Market
This account is for the serious saver and requires a minimum deposit of $2,500. With our Money Market account, you’ll get bigger dividends that grow as you continue to save.
Certificate
If you want a slightly bigger commitment than a traditional savings account, a certificate might be right for you. Certificates require that your money remain in the accounts for a certain period of time, but provide greater dividends. Dividends are compounded and credited at the end of each quarter and at maturity.
Individual Retirement Account (IRA)
To enjoy a comfortable retirement, it’s crucial you have enough income to cover your living expenses. Prepare for your golden years by opening an IRA. The two most common plans are Traditional IRAs and Roth IRAs. Each plan offers different tax advantages and benefits, and we offer savings accounts and certificates for both plans.
Traditional IRAs allow you to make tax-deductible contributions, and your taxes are deferred until you begin making withdrawals. With a Roth IRA, you make contributions with after-tax dollars and your withdrawals are potentially tax-free.
1
1Consult your tax advisor to find out what tax benefits may be applicable to your situation.
Savings Accounts
Effective March 1, 2021 (rates subject to change)
| Account |
Minimum Opening Deposit |
Dividend Rate |
Annual Percentage Yield (APY)* |
| Primary Share Savings |
$5 |
0.10% |
0.10% |
| MoneyWise Primary Share (Youth) |
$5 |
0.30% |
0.30% |
| Sub Share Savings |
$0 |
0.10% |
0.10% |
*APY: Annual Percentage Yield. Fees could reduce the earnings on the dividend bearing accounts.
DIVIDEND INFORMATION:
Balance computation method — Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on non-cash deposits — Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. Nature of dividends — Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. Compounding and frequency - Dividends will be compounded monthly and credited to your account on every monthly statement or at the end of the calendar quarter. Effects of account closing — If you close your account before dividends are paid, you will receive the accrued dividends. These are prospective dividend rates and anticipated Annual Percentage Yields (APY) for the current dividend period and may change at any time without limitations as determined by the TruStone Board of Directors. To confirm the current rates, call 763.591.4949 or 800.343.8328
The minimum deposit to open a Primary Share and maintain membership is the purchase of a $5 share in TruStone Financial.
For these account types, the dividend period is quarterly: for example, the first dividend period of the calendar year is January 1 through March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the ending date of a dividend period: for example, March 31.
Money Market Accounts
Prospective for March 1, 2021 (rates subject to change)
|
Tier |
Minimum Opening Deposit |
Dividend Rate |
Annual Percentage Yield (APY)* |
| Money Market |
Tier I: $.01 to $9,999.99 |
$2,500 |
0.25% |
0.25% |
|
Tier II: $10,000 to $24,999.99 |
$2,500 |
0.30% |
0.30% |
|
Tier III: $25,000 to $49,999.99 |
$2,500 |
0.40% |
0.40% |
|
Tier IV: $50,000 to $99,999.99 |
$2,500 |
0.45% |
0.45% |
|
Tier V: $100,000 - $249,999.99 |
$2,500 |
0.55% |
0.55% |
|
Tier VI: $250,000+ |
$2,500 |
0.70% |
0.70% |
| MoneyWise Money Market |
Tier I: $0 - $499.99 |
$500 |
0.30% |
0.30% |
|
Tier II: $500 - $9,999.99 |
$500 |
0.35% |
0.35% |
|
Tier III: $10,000 - $24,999.99 |
$500 |
0.45% |
0.45% |
|
Tier IV: $250,000+ |
$500 |
0.60% |
0.60% |
*APY: Annual Percentage Yield. Fees could reduce the earnings on the dividend bearing accounts.
DIVIDEND INFORMATION:
Balance computation method — Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on non-cash deposits — Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. Nature of dividends — Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. Compounding and frequency - Dividends will be compounded monthly and credited to your account on every monthly statement or at the end of the calendar quarter. Effects of account closing — If you close your account before dividends are paid, you will receive the accrued dividends. These are prospective dividend rates and anticipated Annual Percentage Yields (APY) for the current dividend period and may change at any time without limitations as determined by the TruStone Board of Directors. To confirm the current rates, call 763.591.4949 or 800.343.8328
For these account types, the dividend period is monthly; for example, the first dividend period of the calendar year is January 1 through January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the ending date of a dividend period: for example, January 31.
Savings Certificates
Effective March 1, 2021 (rates subject to change)
| Term |
Dividend Rate |
Annual Percentage Yield (APY)* |
| 3 month |
0.30% |
0.30% |
| 6 month |
0.45% |
0.45% |
| 12 month |
0.70% |
0.70% |
| 24 month |
0.85% |
0.85% |
| 36 month |
1.00% |
1.00% |
| 60 month |
1.24% |
1.25% |
| 48 month |
1.05% |
1.05% |
*APY: Annual Percentage Yield. Fees could reduce the earnings on the dividend bearing accounts.
TruStone Financial membership required.
CERTIFICATE INFORMATION:
Minimum Balance - Minimum balance to open a certificate is $500. If you are under age 18, the minimum balance to open a 12 month MoneyWise Certificate is $25. Renewal Policy – Automatically renewable certificate accounts will have up to a 10-business-day grace period after the maturity date to withdraw or close the account. Accrued dividends will be paid during the 10-day grace period. For certificate accounts that do not automatically renew at maturity, dividends will no longer be paid. Early withdrawal penalties – Penalties may be imposed if you withdraw any of the principal in your account before the maturity date. The penalty will equal 90 days’ dividends on your account if the original term is one year or less. The penalty will equal 365 days’ dividends on your account if the original term is greater than one year. If a certificate is withdrawn within 6 calendar days after the account is opened, a penalty of at least 7 days’ dividends will be assessed. If the account is part of an IRA, see your plan disclosure for details on penalty exceptions.
DIVIDEND INFORMATION:
Balance computation method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on non-cash deposits – Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. Compounding and crediting frequency – Dividends will be compounded and credited at the end of the calendar quarter and on the maturity date of your certificate. On certificate terms of 12 months or longer, dividends can be paid out to you monthly or quarterly. Withdrawal of dividends prior to maturity – The APY assumes that dividends will remain in your account until maturity. A withdrawal will reduce earnings.
RATE INFORMATION:
These are prospective dividend rates and anticipated Annual Percentage Yields (APY) for the current dividend period and may change at any time without limitations as determined by the TruStone Board of Directors. To confirm the current rates, call 763.591.4949 or 800.343.8328. The dividend rates on certificates will be in effect until the maturity date.
Traditional and Roth Individual Retirement Accounts (IRA)
Effective March 1, 2021 (rates subject to change)
| Minimum Opening Deposit |
Dividend Rate |
Annual Percentage Yield (APY)* |
| None |
0.40% |
0.40% |
*APY: Annual Percentage Yield. Fees could reduce the earnings on the dividend bearing accounts.
DIVIDEND INFORMATION:
Balance computation method — Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Accrual of dividends on non-cash deposits — Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account. Nature of dividends — Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. Compounding and frequency - Dividends will be compounded monthly and credited to your account on every monthly statement or at the end of the calendar quarter. Effects of account closing — If you close your account before dividends are paid, you will receive the accrued dividends. These are prospective dividend rates and anticipated Annual Percentage Yields (APY) for the current dividend period and may change at any time without limitations as determined by the TruStone Board of Directors. To confirm the current rates, call 763.591.4949 or 800.343.8328
For these account types, the dividend period is quarterly: for example, the first dividend period of the calendar year is January 1 through March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the ending date of a dividend period: for example, March 31.
Updated on April 24, 2024 10:09:51 AM EDT
Wednesday’s bond market has opened in negative territory, erasing yesterday’s late gains. Stocks are mixed with the Dow down 12 points and the Nasdaq up 111 points. The bond market is currently down 12/32 (4.65%), which should keep this morning’s mortgage rates close to Tuesday’s early pricing. If you saw an intraday improvement in rates yesterday, you likely will see an increase of approximately the same size this morning.
This morning’s economic headlines came from the release of March’s Durable Goods Orders report at 8:30 AM ET. It revealed a 2.6% rise in new factory orders for big-ticket items such as airplanes, appliances and electronics. The headline number was a bit stronger than the 2.4% that was expected, but this data is known to be volatile. Therefore, the variance from forecasts is fairly insignificant. Also, a secondary reading that excludes transportation orders (airplanes) came in slightly below predictions (up 0.2% compared to 0.3%). Furthermore, February’s increases for these numbers were revised much lower than previously announced.
There is also a 5-year Treasury Note auction taking place today. Results of the sale will be announced at 1:00 PM ET. If the results show a strong demand for the securities, we may see afternoon gains in bonds that lead to a slight improvement in mortgage rates during afternoon trading. However, if the benchmarks point towards a lackluster demand, in other words a poor auction, it is possible that rates will revise modestly higher later today. This scenario will be repeated tomorrow when 7-year Notes are sold.
Tomorrow has two early morning releases scheduled, but one is much more important to the markets than the other. The report the markets will be focused on tomorrow is the initial 1st Quarter Gross Domestic Product (GDP) reading at 8:30 AM ET. GDP is the sum of all products and services produced in the U.S. and is considered to be the best measure of economic growth or contraction. Market participants are expecting it to reveal the economy grew at an annual rate of 2.4% during the first three months of this year, slowing from the 3.4% rate of the end of last year. A noticeably smaller growth rate would be considered very good news for mortgage rates.
We will also get last week’s unemployment figures at the same time as the GDP release. Forecasts have them showing 215,000 new claims for benefits were made, up from the previous week’s 212,000. Rising claims are a sign the employment sector is weakening, so the larger the number, the better the news for bonds and mortgage rates. That said, the GDP will have a much stronger influence on tomorrow’s trading than this weekly update will.