Savings

Get into the habit of saving and feel better about your future!

Savings Accounts

It is always good to be prepared for the unexpected events in life. Put money away for a rainy day in our savings account and it will gather dividends for you while it waits to cover your unexpected expenses.

  • No monthly service charges or transaction fees
  • Convenient access via branch, online banking, or by phone
  • Online Banking + Mobile App + eStatements
  • Federally insured by NCUA up to $250,000 per individual depositor
  • Life Savings protection available up to $2,000 (certain restrictions apply)

Ready to become our member? Click here to start the membership application.

Special Savings Accounts for our Youth Members:

Mitten Club Accounts

With a Mitten Club Account you don’t have to worry about your child’s financial future. In fact, we will help you get the process started by making a gift deposit into your child’s new account. Your child, or children, may become a Mitten Club member from the day of birth up until the age of 18. *Your child deserves a quality education, so why wait to start saving?

Plus, our Mitten Club members are eligible to apply for college scholarships thanks to our credit union and the Ukrainian-American Community Foundation, Inc.  Since 2010 the UAC Foundation distributed over $150,000 in donations, of which $72,000 was for scholarships to UFCU student-members pursuing degrees in colleges and universities across the country. We also have yearly Youth Week celebrations with prizes for our Mitten Club members. Open a Mitten Club Account today! Your child will thank you later.

* $10 Gift Deposit will be made for every child when they open a new Mitten Club Account. Gift Deposit amount may change. UFCU reserves the right to discontinue this promotion at any time.

Coverdell Education IRA

Coverdell Education Individual Retirement Accounts (IRAs) offer the following advantages:

  • Financial contributions are saved on behalf of your child until they reach 18 years of age.
  • Every year you, extended family members, relatives, and friends, can contribute up to a maximum of $2,000 per child. Deposits limited by IRS rules and regulations.
  • Withdrawals that are made for qualifying education expenses are tax-free.
  • Earnings grow tax-free.
Minimum opening balance $50
Minimum balance to earn dividends $50
Start Smart Young Adult Accounts

Managing your money doesn’t have to be complicated, especially when you go off to college. Start managing your money the smart way and build your credit with a personalized UFCU Visa® Credit Card. With a Start Smart Young Adult Account you can get all of these great features:

  • Checking Account1 with:
    • VISA Debit Card
    • Online & Mobile Banking
    • FREE First Set of Checks
    • Access to the 30,000+ fee-free CO-OP ATM Network
    • Overdraft Line of Credit2
    • Visa® Credit Card2 with credit line up to $1,000

1Must be 18 years of age or older to open a checking account, or have an accompanying joint member on the account who is 18 years of age or older.

2Subject to application and credit approval. Must be 18 years of age or older to apply and must have an accompanying joint member on the account who is 21 years of age or older.

Money Market

If you have larger balances and want to earn dividends but also need quick access to your funds then a Money Market Account may work for you. Our Money Market Account gives you immediate access to your funds and pays a monthly dividend. In return you get the best of both worlds, you earn higher dividends and you can also use the funds when necessary.

  • No monthly maintenance fee
  • Minimum balance $500
  • Minimum to earn dividends $500
  • Limit of 3 withdrawals per month
  • Withdrawals must be $100 or more

→Click here to see our rates

Individual Retirements Accounts (IRAs)

Traditional IRA

Traditional IRA contributions can be tax deductible in the year the contributions are made. The taxes on these earnings are deferred until the time of withdrawal. Traditional IRAs are funded with pre-tax dollars. You may open a traditional IRA either as a certificate or in a floating rate account.

Minimum opening balance $50 – Share ; $500 – Certificate
Minimum balance to earn dividends $50 – Share ; $500 – Certificate

Deposits
Deposits limited by IRS annual limits. Currently $5,500 per year, $6,500 for members 50 and older.
Annual contributions can be made from January 1 through April 15th of the following year.

Withdrawal penalty
Permitted according to IRS regulations. Subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death of any owner of the account.

Roth IRA

Roth IRAs allow only nondeductible contributions but feature tax-free withdrawals for certain distribution reasons after a five-year holding period. You may open a Roth IRA either as a certificate or in a floating rate account.

Minimum opening balance $50 – Share ; $500 – Certificate
Minimum balance to earn dividends $50 – Share ; $500 – Certificate

Deposits
Deposits limited by IRS annual limits. Currently $5,500 per year, $6,500 for members 50 and older.
Annual contributions can be made from January 1 through April 15th of the following year.

Withdrawal penalty
Permitted according to IRS regulations. Subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death of any owner of the account.

Coverdell Education IRA

Coverdell Education Individual Retirement Accounts (IRAs) are designed to help members save for qualified education expenses for a child.

Features:

  • Excellent tool for parents, grandparents and others to help meet the rising costs of a student’s education
  • Earnings grow tax-free
  • Can be use to pay qualified elementary school and secondary school expenses as well as those for higher education
Minimum opening balance $50
Minimum balance to earn dividends $50

Deposits
Deposits limited by IRS annual limits. $2,000 annually, and can be made from January 1 through April 15th of the following year.

Withdrawal penalty
Permitted according to IRS regulations. Subject to IRS penalties. Withdrawals can be made for qualifying education expenses. Can be transferred from one child’s account to another.

Third Party Links Disclaimer. You are now exiting the Ukrainian Federal Credit Union Web Site. Please read the following and then click on the button below to access your requested website. Links that open a new browser window are opening a third party page. Ukrainian Federal Credit Union is not responsible for the content or availability of these linked sites. UFCU does not represent either the third party, or the member, if the two enter into a transaction. Privacy and security policies may differ from those practiced by Ukrainian Federal Credit Union. To return to the UFCU web site, click Cancel window that opened for the third party link.