Whether saving for a vacation, home improvements, or a college education, CoastHills has a savings plan to fit every need.
A Basic Share is required for credit union membership. This main account gives each member ownership, voting privileges (age 16 and over), and the opportunity to take advantage of other accounts, products, and services. A minimum balance of $5 is required, and dividends are earned daily and paid monthly.
Members may have unlimited Special Share accounts to separate their savings. No minimum balance is required and dividends are earned daily and paid monthly.
This tiered-rate share account earns a higher return than traditional savings accounts and offers more flexibility than certificates. With a money market account, your funds earn dividends while remaining liquid. Limited check writing is available with this product. A minimum deposit of $5,000 is required and dividends are compounded daily.
Index Money Market
This account is similar to the Classic Money Market, but the dividend rate is tied to the treasury index. Subject to availability. Check writing is not available.
This account allows members to save for the holidays all year. There is no minimum balance requirement and dividends are earned daily and paid monthly. The balance of the Holiday Club account is automatically transferred to your designated checking or savings account in mid-November.
Trust accounts are available to all members. They are generally established by a trustee for the benefit of another person or persons.
These accounts are for members who want a higher rate of interest on their savings and don't need immediate access to funds. An add-on feature allows members to add to their certificates at anytime, as long the total of the deposits does not exceed the original opening deposit. Dividends can be compounded, mailed, or transferred to another share account monthly or at maturity. Certificate terms range from 3 months to 84 months with a minimum balance of $500. IRA Certificate terms range from 12 months to 84 months with a minimum balance of $500. The minimum balance for mini-jumbo certificates is $50,000; the minimum balance for jumbo certificates is $100,000.
A penalty may be imposed if you withdraw any funds from your certificate account before the maturity date. Share certificates with a term of less than one year will be subject to a forfeiture of up to 90 days of dividends on the total certificate balance at the time of early withdraw. Share certificates with a term of one year or greater will be subject to a forfeiture of up to 180 days of dividends on the total certificate balance at the time of early withdraw.
Individual Retirement Accounts (IRAs)
These accounts are used for long-term personal retirement savings programs. IRAs are insured by the NCUA up to $250,000. Contributions to IRAs may have several tax benefits, depending on current laws.
Health Savings Accounts (HSAs)
CoastHills now offers a Health Savings Account. In order to be eligible for this account, you must:
- Be covered by a high deductible health plan
- Have no other health coverage (with a few exceptions) and not be enrolled in Medicare
- Not be claimed as a dependent on someone else's tax return
Contributions to HSA's made by April 15 may have tax advantages for the prior year.