Accounts

Building up your savings will be the smartest financial move you make. Your first step to membership is opening a Savings Account with a $200.00 deposit, but don’t stop there! You can even set up separate holiday and vacation savings accounts to help meet your saving goals. Continue saving, and the money you deposit will earn daily dividends that are compounded and paid out monthly.

Holiday Club

The holidays can be stressful and expensive, so don't let your finances add to it! Set aside money and stay disciplined with being able to withdraw the money once a year in time for the holiday expenses. When the holidays arrive, you will be able to shop with cash in your pocket instead of your credit card with high interest rates. Dividends are compounded and paid monthly.   

Vacation Club 

Why pay for vacation with a credit card when you can start saving now? Your vacation account is a set of tools for planning your vacation budget and creating a savings plan to meet your goal. When it’s time to book your trip, you can use the money in your account to pay for the expenses and not at the expense of your savings account. Save, plan, and enjoy your vacation!

Why should you do all the hard work to make money when you can let your savings make money for you? With a Share Certificate, you can lock in at a much higher dividend rate to earn on your money over a set period of time. When we say a much higher rate, we really mean it. Our Certificate rates are at least 10 times higher than the average savings account rate, and at least 3 times higher than the average Certificate rate. This is the savings strategy that offers the best low-risk reward.

There is a $1,000.00 minimum deposit to open and available terms of 12-60 months. The best part is, the more money you put in, the higher the interest rate! Your rate is fixed once you have selected the terms that best fit your needs. If you are afraid of those early withdraw penalties, we’ve got you covered! Unlike most banks, your early withdraw penalty will never exceed the interest you have earned. We want our members earning money, so contact us to get the best deal for your budget.

While we work hard today, we dream about the day of retirement where we can relax a little more. At Energy People, we will help you start planning for those relaxing times ahead right now! Our IRA Savings Accounts and IRA Certificates are a great way to save for retirement. They are also a great choice for a new retiree looking to roll over their 401(k). You’ve already put in the hard work to build your savings, so now is the time to invest in a low risk account with our competitive rates.

Make sure you determine which of the following tax advantages offered by our different IRAs best suit your needs. There are factors you should consider before choosing an IRA including: your current age, plans for needing the money prior to age 59½, plans for leaving the money to heirs, and the likelihood that you will actually invest the money you save on taxes in another retirement account. Your financial or tax advisor can help you determine which tax advantages would benefit you most.

Traditional IRA

With a Traditional IRA, contributions can be tax deductible and earnings accumulate tax deferred, so you will not owe income taxes until you make withdraws. Deductible contributions and earnings could be taxed or penalized upon early withdraw.

Roth IRA

Roth IRA contributions are not tax deductible. However, withdrawals of your contributions are always tax-free and penalty free. Additionally, earnings accumulate tax-free and are free from income tax upon withdraw if you meet specific conditions. A Roth IRA also has more flexible early withdrawal rules than a Traditional IRA, and you are not required to begin withdraws at age 70½.

Coverdell Educational IRA 

When you have a child, educational expenses are an easy problem to keep pushing aside for the more immediate ones. This type of IRA is a custodial savings account and helps you prepare for those future educational expenses. Taxpayers may make nondeductible cash contributions of up to $2,000.00 a year for each child under age 18 (or for a special needs beneficiary). It can be used for elementary, secondary, or higher education expenses. There are contribution limits for taxpayers based on the contributor’s Modified Adjusted Gross Income. However, contributions are not subject to gift tax because this account is tax-exempt. Distributions not in excess of amounts spent on qualified education expenses will be tax-free. These expenses include tuition, fees, books, supplies, equipment, and basic roam and board charges.