Savings

Secondary Savings Account

Our share savings account is more than just an account — it’s also your ticket to enjoy the many benefits of becoming a Destinations Credit Union member. Once you’re a member, you’ll have access to educational resources, member-focused lending, and more to reach your goals. Get started today with just a $5 minimum deposit.

  • Establishes membership with Destinations Credit Union
  • Earn competitive dividends on average daily balances of $50 or more
  • No monthly service fee
  • Free online banking, mobile banking, and eStatements
  • Set up direct deposit or payroll deduction to build savings — automatically
  • $5 minimum deposit to open and maintain membership
  • NCUA insured up to $250,000
  • An additional $250,000 in coverage available through Excess Share Insurance

1If you sign up for direct deposit or payroll deduction, you do not need to make the $5 deposit; it will be deposited automatically with your first payroll deposit.

PREFERRED SAVINGS

PREFERRED Savings is a new savings account exclusively offered to our PREFERRED Rewards Checking members.1

Save More
● Access higher dividend rates – currently 0.15% APY1 (subject to change) on any balance up to $10,000 and 0.10% APY1 for amounts above $10,000.
● Choose to automatically transfer your earned dividends from your PREFERRED Rewards Checking into your PREFERRED Savings each month.

Enjoy Convenience & Peace of Mind
● No monthly maintenance fee
● No minimum balance to earn rewards
● Free online banking, mobile banking, and eStatements
● No minimum deposit to open
1APY=Annual Percentage Yield. APYs accurate as of 11/01/2021. Rates subject to change. Fees can reduce the earnings on the accounts. All PREFerred Rewards Checking qualifications must be met in order to qualify for any of the benefits

Club Accounts

Save money year-round for holidays, birthdays, vacations or other big events.
● Avoid credit card debt and periods of financial stress
● Competitive dividends paid on entire balance
● No monthly service fee
● Set up direct deposit or transfer funds from another account to build savings with ease
● Internal transfers available via phone or online banking
● Free online banking, mobile banking, eStatements
● No minimum deposit to open
● NCUA insured up to $250,000
Choose the Club Account that best suits your needs and deposit funds little-by-little to achieve your goals:
Holiday Account
● Funds transferred to Share Savings in mid-October
● Early withdrawal subject to penalty
Vacation Account
● Funds continue to accumulate until withdrawn for special purpose
● Funds can be withdrawn at any time
“You Name It” Account
● Anything from “Birthday Fun,” to “Wedding Party,” or whatever else you like
● Funds continue to accumulate until withdrawn for special purpose
● Funds can be withdrawn at any time

Youth Accounts

Our youth savings account can teach your child lifelong saving habits.

Looney Toons Savings Account
  • Savings option for children ages 7 and younger
  • Competitive dividends on the entire balance
  • No monthly service fee
  • Established in child’s name with an adult as a joint owner or parent or legal guardian as custodian1
  • Make deposits at any time or set up recurring deposits with payroll deduction
  • Set your child up for success by establishing the habit of saving early
  • Includes fun money-saving resources such as a Looney Toons Quarter Saver — every time it’s filled they’re ready for a new deposit
  • Free online banking. mobile banking and eStatements
  • $5 minimum deposit to open
1You will need a birth certificate and social security card for the minor to open the account. Financial Info & Activities for Kids Download an interactive activity book in English or Spanish to further promote the benefits of good savings habits.

High Yield Account

It’s your money, your goals — why not make the most of both? A versatile high yield account from Destinations offers more in the way of account access and earning potential. Your balance helps to make you more money via our tiered-rate system. At the same time, you’ll maintain access to your funds, including online and telephone access**. There’s no monthly service fee or balance requirements — just an opportunity to be gained. Benefit from a well-rounded account by signing up today!

  • Versatile savings solution for a wide range of goals
  • Save more to make more via tiered interest rates
    • Gain a higher rate by meeting higher deposit levels
    • Variable dividends calculated daily compounded and paid monthly1
  • No monthly service fee
  • Maintain immediate access to funds:
    • 4 free withdrawals per month; $1.50 per withdrawal in excess thereafter
    • 6 withdrawals per month available by telephone or internet2
    • Unlimited withdrawals available in person
  • Free online banking
  • Free mobile banking
  • Free eStatements
  • $2,500 minimum deposit to open
  • NCUA insured up to $250,000
  • An additional $250,000 in coverage available through Excess Share Insurance
1Rates subject to change every month.
2Funds will be transferred to your checking account if you prefer to write a check.

Share Certificates

A share certificate from Destinations is not only a safe and secure form of savings, it also provides a guarantee in the form of fixed rates and a much higher earning potential. Decide the term that works best for you so you can plan for specific goals.

  • Fixed rates for guaranteed savings
    • Higher rates than regular savings
    • Rates increase by selecting longer terms
    • Optional one-time boost in rates1
  • Terms ranging from 6 months to 5 years
  • Early withdrawal subject to penalty
  • No setup or monthly maintenance fees
  • $500 minimum deposit to open
  • NCUA insured up to $250,000
  • An additional $250,000 in coverage available through Excess Share Insurance

1Available upon your request.

There is a substantial penalty for early withdrawal. The penalty is an amount equal to 90 days worth of interest on the amount withdrawn whether it is earned or not. (This may reduce the principal of your Share Certificate.) If the certificate falls below the minimum required, the account will be closed and the penalty will apply to the full amount.

Individual Retirement Accounts (IRAs)

We offer both traditional and Roth IRA plans — each with different associated tax advantages, plus Coverdell Education Savings to help save for your child’s education. There are no setup or monthly maintenance fees, just dividends above standard savings to be earned.

  • Tax-advantaged retirement savings1
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $6,000 contribution limit per year
  • Additional $1,000 “catch-up” contribution allowed for ages 50+
  • Funds can be used to purchase share certificates within IRA
  • $25 minimum deposit to open shares
  • $500 minimum deposit to open a share certificate

1Consult a tax advisor.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional IRA

  • No minimum contribution requirement
  • Contributions are tax-deductible on state and federal income tax1
  • Earnings are tax-deferred until withdrawal (when usually in the lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 72
  • No age limit on making contributions as long as you have earned income

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax-deductible
  • Earnings are 100% tax-free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

Coverdell Education Savings Account (ESA)

Create an easier transition into college for students and yourself by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child’s education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made, or be a special needs student
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax-deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30 unless they are a special needs beneficiary3
  • The ESA may be transferred without penalty to another member of the family in certain instances
  • No minimum deposit to open shares
  • $500 minimum deposit to open share certificates
1Qualified expenses include tuition and fees, books, supplies, board, etc. 2Consult your tax advisor to determine your contribution limit. 3Those earnings are subject to income tax and a 10% penalty.

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