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 July 26, 2024 10:13:41 AM EDT
Friday’s bond market has surprisingly opened well in positive territory despite unfavorable economic news. Stocks are in rally mode with the Dow up 582 points and the Nasdaq up 130 points. The bond market is currently up 12/32 (4.19%), which should improve this morning’s mortgage rates by approximately .250 of a discount point.
Yesterday’s 7-year Treasury Note auction went better than Wednesday’s sale. Investor demand was a bit stronger for these securities than the 5-year Notes. Bonds improved slightly after results were announced at 1:00 PM ET, but not enough to cause intraday revisions to mortgage pricing. Most lenders appear to have chosen to reflect that move in this morning’s pricing rather than changing them late yesterday.
This morning’s big news was June’s Personal Income and Outlays report. It showed that income rose 0.2% while spending was up 0.3%. Both of these readings were lower than expected, meaning consumers had less money to spend and spent less than thought. This is good news for bonds and mortgage rates because weaker spending limits fuel for economic growth.
What the markets were more interested in was the inflation readings within the report. The Fed’s preferred inflation gauge- Personal Consumption Expenditures (PCE) index, actually gave more bad news than good. The overall PCE for June rose 0.1% and the annual reading slipped 0.1% to a 2.5% yearly pace, as they were expected to do. Both of the Core PCE monthly and annual readings exceeded predictions by 0.1% (up 0.2% and 2.6% respectively). Since the Fed relies mostly on the core data, we have to label the inflation readings bad news for bonds and mortgage rates. For some reason, and to the benefit of mortgage shoppers, bond traders are opting to ignore this morning’s inflation numbers.
Posted late this morning was July's revised Index of Consumer Sentiment from the University of Michigan Index. They announced a reading of 66.4 that was a little higher than the initial estimate of 66.0 from two weeks ago. The higher number means more surveyed consumers felt better about their personal financial and employment situations than earlier in the month. Since consumers tend to spend more when they feel good about their own finances, this is also bad news for rates. However, the inflation data was of much more importance to the markets this morning than this report was.
Next week starts light with nothing of importance scheduled Monday and just a moderately important economic report Tuesday morning. Things drastically change Wednesday afternoon when the FOMC meeting adjourns. That will be followed by the start of the highly important new month reports Thursday and Friday morning (ISM manufacturing and Employment reports). Look for details on all of next week’s activities in Sunday evening’s weekly preview.