Spokane Media Federal Credit Union -- Savings accounts

Savings products

We offer a variety of savings accounts at SMFCU. You can count on our rates and terms to give you everything you will need for saving. All of our savings accounts are federally insured for up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency.

Regular Savings: Our regular share savings account pays dividends on the daily balance, compounded quarterly, and are paid on a calendar quarter. The minimum opening deposit is $50 (under age 18 $5). You may also open other sub-savings' accounts on the same savings account number for special needs, such as saving for a vacation or whatever you desire.

Holiday/Special Savings Club: Did you save less than you had hoped for the holidays or something special, and spend more than you wanted? Now is the perfect time to open a SMFCU Holiday/Special Savings Club Account.

Our Holiday/Special Savings Club Account will help you save for anything you want. You can use direct deposit or payroll deduction to get on track today.

Regularly directing a specific amount to your Holiday/Special Club account each payday will ensure you are where you want to be for any occasion.

Share Certificates: Our share certificates offer a variety of terms and rates to meet your needs. Dividends are paid to the account monthly and you can either have the dividends compound in the certificate or have them transferred to your checking or savings account.

IRA Certificates: Our IRA certificates are a great way to begin saving for your retirement. You may contribute up to $5000 per year, or equal to your earned income if it is less than $5000. If you are over age 50 you may contribute up to $6000, or up to your earned income if it is less than $6000.

Roth IRA Certificate: The Roth IRA is not tax deductible but does provide for tax-free earnings. You can make tax-free withdrawals of your contributions from a Roth IRA anytime. Earnings can be withdrawn if the funds have been in the account for at least 5 years and you are either over 59 ½, disabled, buying your first home or paying qualified education expenses. You may contribute up to $5000 per year, or equal to your earned income if it is less than $5000. If you are over age 50 you may contribute up to $6000, or equal to your earned income if it is less than $6000.

Education IRA Certificate: The Education IRA helps parents and others save for education. Contribution limits are $2000 and are not tax-deductible, however the earnings do grow tax free. You can use the funds in this IRA to pay for qualified expenses such as tuition, fees, books, supplies and equipment required for attendance of a designated beneficiary (under the age of 18) at a qualified school.