Savings & Investments Accounts

Some of the Most Attractive Savings Rates Anywhere!

Compare Wave rates and you’ll find that we consistently come out on top anytime. Whether you’re looking for short term or long term CDs, IRA accounts, educational accounts or our other savings products, this is the place to save…and earn! In addition, many of our savings accounts let you borrow on the value of your account at an extremely low rate of interest.

Share

E-Savings

Certificates of Deposit

IRA/ESA Accounts

Club Accounts

Wave Share Savings…ownership with interest.

A Wave Share Account is the foundation of your membership. We call it a share because it represents ownership in Wave Federal Credit Union. You can join the credit union with a $5 minimum deposit. Your share account earns interest and you can choose from a basic share account or, for higher interest plus additional benefits, open an Electronic Share Account. As an added advantage, borrow up to 90% of your Share balance at a rate 3% over the interest you are earning on your Share Account.

Basic Share

  • Earn interest
  • No monthly fees
  • Monthly/Quarterly statements
  • Low $5 minimum balance

E-Share

  • Earn a higher rate of interest than Basic Share
  • No monthly fees
  • Electronic statements
  • Low $5 minimum balance

E-Savings...The high-yield savings account

E-savings is a great way to earn tiered interest rates while enjoying all the benefits of the electronic media. You’ll be able to access your account 24-7 from anywhere there’s Internet access, pay bills, get e-statements immediately at the end of the month, obtain advance notification of upcoming general promotions and more. Plus, you can borrow up to 90% of your E-Savings balance at a rate 3% over the interest you are earning on your E-Savings Account. You’ll also be doing your part by “going green.”

  • $2,000 minimum to earn interest
  • Tiered interest rate levels
  • Unlimited withdrawals per month
  • Convenient electronic statement

Certificates of Deposit… short, long and in-between.

Whether saving for the short or long term, there’s a CD that’s just right for you. Choose terms ranging from 3 months to 5 years. Some of our CDs even have a “bump up” feature letting you increase the rate of your CD should interest rates increase during the period. You can also borrow up to 90% of your CD balance at a rate 3% over the interest you are earning on your Certificate of Deposit.

Individual Retirement Accounts/Educational Savings Accounts…tax savings and more.

Individual retirement accounts and educational savings accounts are programs that may provide tax savings for retirement or education. They are available in a number of forms and you should consult your tax advisor or attorney regarding tax issues specific to your circumstances. Here however, are the basics:

Traditional IRA Certificate…

  • Tax deductible contributions (depending on income level)
  • Withdrawals begin at age 59 ½ and are mandatory by age 70 ½
  • Taxes are paid on earnings when withdrawn from the IRA
  • Any funds withdrawn (including principal contributions) before age 59 ½ are subject to a 10% penalty (subject to exception)

Roth IRA Certificate…

  • Contributions are not tax-deductible
  • No mandatory distribution age
  • All earnings and principal are tax-free if rules and regulations are followed
  • They are available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually
  • Principal contributions can be withdrawn at any time without penalty (subject to some minimal conditions)

IRA Share…

Your IRA Share account can be established as either a traditional IRA or Roth IRA and the same conditions apply. The difference is that you can make deposits to your IRA Share during the year rather than making one lump deposit.

Coverdell Education Savings Certificate…

A Coverdell Education Savings Account (ESA) was created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary.

Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.

  • Distributions are tax-free as long as used for qualified education expenses
  • There is no tax on distribution if used for enrollment at an eligible educational institution
  • If the distribution exceeds qualified education expenses, a portion will be taxable to the beneficiary and will usually be subject to an additional 10% tax
  • There are contribution limits for taxpayers based on the contributor’s Modified Adjusted Gross Income

ESA Share Account…

The same conditions apply to your ESA Share account as the regular Coverdell ESA. The difference is that you can make deposits to your ESA Share during the year rather than making one lump deposit

Club Accounts…a plan for vacations and holidays.

Planning for the holidays or a vacation can be made easier by opening a Wave Club Account. Our Holiday account runs from October 1 to September 30 with distribution to your Share account in early October. Vacation Clubs run from June 1 to May 31 with distribution in early June. Club accounts are easy to open anytime and you can contribute as much or as little as you wish automatically. Deposit funds online, over the counter, by mail, payroll deduction or direct deposit.

Take the Plunge

Start riding your wave today. It’s easy. Just complete a simple application and spend $5 to purchase one share in the Credit Union. It’s a small investment in time and money that is sure to repay you many times over.

To open your account, or for more information, Contact Wave, call or visit a Wave office, or call our member services hotline at (401) 781-1020.

 

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