Checking & Savings

Checking

Excellence (Dividend-Earning) Checking Account

If you can maintain a balance of at least $250.00, our dividend-earning checking account may be just what you’re looking for. If your account balance falls below $250.00 at any time during the month, your account will be charged a minimum balance fee of $3.00 plus $.10 per check in excess of 15/month that clear. These fees will not apply under certain circumstances (such as when you choose to have your payroll/net check directly deposited to your Ripco Excellence Checking account) as set forth in credit union policy. For the current rates on our dividend-earning Excellence Checking account, please see our current saving rate listing. To see additional terms and conditions, please click here to review our Truth in Savings disclosure – Important Account Information for our Members.

Attitude (Free) Checking Account

Ripco’s free Attitude Checking account has no minimum balance requirement and no transaction limitations. It’s perfect for members who may not choose to maintain a balance of at least $250.00.   You’re gonna like our Attitude….free checking without a lot of rules!

Please note that there is a check negotiation fee assessed when the aggregate balance in all account types in less than $250.00 and the member has no other qualifying Ripco relationship (loans, credit cards). For a complete schedule of our service charges, click here To see additional terms and conditions, please click here to review our Truth in Savings disclosure – Important Account Information for our Members.

Money Market Index Account

Our Money Market Account requires a minimum of $10,000 to open and a minimum of $10,000 to avoid a monthly service charge.  The minimum amount you may withdraw is $500.00 per withdrawal, and this account is subject to Regulation D transaction limitations.

FEDERAL REGULATION D Transaction limitations:

During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Fees and charges:

For each withdrawal in excess of six during a month, in addition to being subject to Closure, your account may be subject to a fee in an amount to be determined from time to time by the credit union. Also, your access to electronic services and overdraft protection may be temporarily or permanently suspended when transfer limitations are exceeded.

CheckRight

CheckRight is a web-based checking account management education module designed to teach you how to manage a checking account.

Use CheckRight if:

    • you are looking to open a checking account for the first time or
    • you have had difficulty handling an account in the past.

Among other things, CheckRight will help you learn how to:

  • open an account
  • write checks
  • make deposits
  • maintain a check register
  • reconcile an account
  • create a spending plan

CheckRight is a self-study program that allows you to learn at your own pace. Once you have read through the chapters, you will be directed to a quiz that will test your knowledge on checking accounts.  You will be able to view the results and you have the option to send the results to Ripco Credit Union via e-mail (ripco@ripco.org).

Click HERE to access CheckRight.

Savings

Traditional “Share” Savings

 Your Ripco savings account is your first line of defense against whatever life throws your way, and is a great emergency cushion.

FEDERAL REGULATION D Transaction limitations:

During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Fees and charges:

For each withdrawal in excess of six during a month, in addition to being subject to Closure, your account may be subject to a fee in an amount to be determined from time to time by the credit union. Also, your access to electronic services and overdraft protection may be temporarily or permanently suspended when transfer limitations are exceeded.

Special Purpose Savings

Set up extra savings accounts for planned expenses like vacations, education, holidays or even your pets’ medical bills.  Special purposes savings help you keep your emergency fund intact!

FEDERAL REGULATION D Transaction limitations:

During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Fees and charges:

For each withdrawal in excess of six during a month, in addition to being subject to Closure, your account may be subject to a fee in an amount to be determined from time to time by the credit union. Also, your access to electronic services and overdraft protection may be temporarily or permanently suspended when transfer limitations are exceeded.

Certificate Disclosure

Christmas Club Savings Account –

Make Christmas shopping merrier each year by opening a Christmas Club account:

  • $5 minimum opening balance
  • No monthly maintenance fees
  • Deposits of any amount can be made during the months of November through the following October
  • Earns dividends (interest) at a rate similar to our regular share savings account – sometimes even with a slightly higher Annual Percentage Yield (APY) (link to fee schedule)
  • There is a fee charged for early withdrawal (link to fee schedule)
  • The balance in your Christmas Club account will be automatically transferred into your Ripco checking account (or into your Ripco savings account if you don’t have a Ripco checking account) at the end of October. Your Christmas Club Funds will be available for your use on November 1st!

IRAs and HSAs

As your full service financial cooperative, Ripco offers our members Individual Retirement Accounts and Health Savings Accounts.

IRAs

Be ready for retirement with a little help from your Ripco Credit Union Individual Retirement Account.  Adding a Ripco IRA to your retirement plan can offer certain tax advantages. The two most common accounts are Traditional IRAs and Roth IRAs. Each offers different tax advantages and benefits, so it’s important to compare them.  See which once would be most beneficial to you!

ROTH VS. TRADITIONAL
Roth IRATraditional IRA
Tax advantages
ContributionsNot tax-deductible.Tax-deductible, subject to certain limitations.
EarningsTax-free, subject to certain limitations.Taxes are deferred until you begin withdrawing funds.
WithdrawalsTax-free withdrawal of original contribution; potentially tax-free withdrawal of earnings if part of a qualified withdrawal.Taxable.
Contributions
Maximum Contributions2013: Up to $5,500 for those under 50; $6,500 for those 50 and up.2013: Up to $5,500 for those under 50; $6,500 for those 50 and up.
EligibilityNo age restrictions.

If you are single, you may have a modified Adjusted Gross Income (AGI) of up to $112,000 in 2013 to make a full contribution.

If you are married filing jointly, you may have a modified AGI of up to $178,000 in 2013 to make a full contribution.
Anyone with earned income may contribute up to age 70-1/2.
Withdrawals
Tax/penalty consequencesContributions can be withdrawn anytime without taxes or penalties.

Earnings can be withdrawn, without taxes or penalties, if you are 59-1/2 and your account has been open five years or more.
All earnings and deductible contributions are taxable upon withdrawal.

Penalties will be assessed if withdrawals are taken before age 59-1/2, or if withdrawals are not taken by age 70-1/2.
Distribution requirementsNone.Required minimum distributions upon reaching age 70-1/2.
Exceptions to penaltiesSome exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses.Some exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses.

Health Savings Accounts

A Health Savings Account (HSA) is a tax-advantaged medical savings account that you own. A Ripco HSA is a great way for individuals and families to cover the cost of medical and health-care expenses that would otherwise not have been covered by their health insurance plan. Your HSA can be used to pay for qualified medical expenses and comes with a Ripco MasterMoney HSA debit card.

Certificates

Term Share Certificates 

When you open a Term Share Certificate- also known as  Certificate of Deposit or CD, you deposit your money for a set period of time (usually between 3 months and 4 years) with a minimum amount as low as $500.  CDs generally earn higher interest/dividends than regular savings accounts.

Certificate Disclosure

Check out our rates!

 

Investment Yield Calculator

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