Depository Options

 


Open   Compounded  
Balance Dividend Quarterly Dividends
Savings Product-
Last period dividends declared as of 3/31/06
Required Rate APY Credited
Classic Savings $5      
$150.00 & Over   0.75% 0.7521% Quarterly
Eddie & the Apple Savers $5 1.00% 1.0038% Quarterly
(Ages Birth-12)        
Teen Savers $5 1.00% 1.0038% Quarterly
(Ages 13-17)        
Christmas Club $0 1.00% 1.0038% Quarterly
Classic Money Market $2,500      
$5.00 to $2,499.99   0.75% 0.7521% Quarterly
$2,500.00 to $49,999.99   0.95% 0.9534% Quarterly
$50,000.00 & Over   1.25% 0.1.2559% Quarterly www.medcarnet.com
IRA Products        
  IRA-Savings $500 1.25% 1.2559% Quarterly
  IRA-Money Market $2,500 1.50% 1.5085% Quarterly
Checking Products        
Classic Checking        
$500 & over   N/A N/A Quarterly
Teen Checking N/A      
(Ages 13-17)        
$500.00 & Over   N/A N/A Quarterly
  Minimum Annual Compounded  
  Balance Dividend Monthly Dividends
Certificates - Effective 6/15/06 Required Rate APY Credited
3 months $500 2.50% 2.52% Monthly
6 months $500 2.75% 2.78% Monthly
9 months $500 3.00% 3.07% Monthly
12 months $500 4.75% 4.85% Monthly
15 months $500 5.00% 5.09% Monthly
18 months (One Time Bumped) $500 5.25% 5.37% Monthly
24 months $500 5.35% 5.48% Monthly
36 months $500 5.45% 5.58% Monthly
60 months $500 5.50% 5.64% Monthly
Jumbo-12 months $50,000 4.75% 4.85% Monthly
  $100,000 4.50% 4.58% or at Maturity
IRA Certificates-12 months $500 4.75% 4.85% Monthly
IRA Certificates-24 months $500 5.35% 5.48% Monthly
IRA Certificates-36 months $500 5.45% 5.58% Monthly
IRA Certificates-60 months $500 5.50% 5.64% Monthly

   Footnote 1: Rates change frequently. Call for current information.
   Footnote 2: APY is Annual Percentage Yield.


Savings


[On the rise] A share savings account is the first place you begin at EDCOM. With a $5 opening deposit, any and all services then become available to you. Deposits may be made at any time and in-person withdrawals are limited to 3 per month. Because a savings account is established for the purpose of saving and not spending, if you happen to exceed your limit during the month, a $5 fee will be charged. Dividends compound daily and are paid quarterly. Statements are mailed quarterly.


Eddie and The Apple Savers (for kids birth - 12)


[Eddie] The Eddie and The Apple Savers account is especially designed for children age birth to 12 years old. The minimum opening deposit is $5. We have designed a special passbook that enables your child to complete it by themselves every time they make a deposit. And, of course, we are here to help teach them the proper way to make deposits and withdrawals. The best part is that the account pays .25% higher dividends than the Classic Savings Account. Dividends are earned regardless of the balance. Dividends accrue daily and are credited to the account quarterly. Statements are mailed quarterly. To begin your child's savings account, stop by any branch location.


Teen Savers


Open to all teenagers ages 13-17 years old, the Teen Savers account supports and helps your child prepare for real world finances as they are growing. By the time they are off on their own, they will already be knowledgeable about finances and have one less thing to worry about. This account, like Eddie and The Apple Savers, also earns .25% higher
dividends than the Classic Savings Account. Dividends are earned regardless of the balance. Dividends accrue daily and are credited quarterly. Statements are mailed quarterly. To begin a Teen Savers account, stop by any branch location.


Christmas Club


[Christmas tree] Sign up for our Christmas Club for your special holiday needs. No initial deposit is required, however, deposits to the account are made by payroll deduction or automatic transfer from your checking or savings. Minimum monthly deposit is $20. You also earn .25% higher dividends on your Christmas Club deposits. Dividends are earned regardless of the balance. Dividends accrue daily and are credited quarterly. Statements are mailed quarterly. You may enroll at any time, but funds are only available November 1 - December 31 of each year.


Certificate of Deposit

With terms ranging from 3 months to 5 years, your investment dollars can be invested in one CD or laddered over several CDs. And with a minimum deposit of only $500, it's easy to begin your long-term savings. Our goal is to provide you with the best possible dividend and term for your investment.


Classic Money Market

Take advantage of increased dividends! Your Classic Money Market has tiered dividends which mean that the more money you have on deposit, the more you will earn in dividends. Tiers are available beginning at $2,500 and $50,000. Dividends accrue daily and are paid quarterly.


Classic Checking


[Sky's the limit] The sky is the limit with an EDCOM checking. With no monthly service fees and no minimum balance required, you're on your way to a totally free checking account! Open to all qualified members, the Classic Checking account gives you your first box of 50 duplicate EDCOM checks FREE. Plus, EDCOM doesn't charge ATM or POS fees. Several features of the Classic Checking include FREE Homebanking (EDCOM@home) with optional BillPayer, a FREE Visa Check Card, Call-24 Audio Response System, direct deposit or payroll deduction, overdraft protection from savings or PLC upon approval, automatic transfer of funds to loan payments. Members over 55 years of age get FREE checks for the life of their account.

 


Teen Checking


[Check] A Teen Checking receives all the benefits of the Classic Checking account. In addition, we offer FREE checking account reconciliation because we understand that teens may need occasional financial help. We want to help ensure their financial future and get them off on the right start. Encourage your teenager to begin their FREE Teen Checking account today!


Individual Retirement Accounts


[IRA]

IRA legislation has planted new seeds of opportunity for your future! IRAs have always been a good way to save for your day in the sun. Traditional IRAs offer tax-deferred earnings and the opportunity to deduct your contributions from your tax return. Roth IRAs offer the potential for tax-free withdrawals, including your earnings.

And now you can get even more out of those tax benefits. Here's why:

Higher annual contribution limits. Starting in tax year 2002, you may put up to $3,000 per year in your traditional or Roth IRA instead of the $2,000 limit. And the annual contribution limit keeps growing--to $4,000 in tax year 2005 and $5,000 in tax year 2008, with adjustments for inflation thereafter. These increases mean greater growth potential for your IRA.

Catch-up contributions. If you're age 50 or over, catch up on your retirement savings by making catch-up contributions to your IRA. In other words, you can exceed the regular annual contribution limit by $500 from tax year 2002 through tax year 2005. The catch-up amount increases to $1,000 for 2006 through 2010.

More rollover options for your retirement plan. When you retire or change jobs, rolling your retirement plan assets into an IRA instead of taking a cash payout helps you delay federal income taxes, and avoid mandatory federal withholding and applicable penalties. In the past, you could only rollover taxable distributions from 401(k) and 403(b) plans to an IRA. But now, funds from government 457(b) plans are also eligible for rollover into an IRA.

Tax credit for IRA contributions. If you're a low- or middle-income wage earner, you could qualify for up to 50% tax credit ($1,000 maximum) on your IRA contributions from tax years 2002 through 2006. For example, depending on your adjusted gross income, you could make a $2,000 contribution to a traditional or Roth IRA and produce a $1,000 tax credit.

The grass is greener at EDCOM. Credit Union IRAs offer advantages such as competitive rates, insured deposits and low minimum deposit requirements. All of this, plus personalized answers to your questions. So call us today--and let the new IRA improvements put your savings plan into full bloom! EDCOM also offers Education IRAs. Find out why it is worth the investment of an Education IRA by calling an account specialist today!
IRA Rates


 

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