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Savings Accounts

A Regular Share Savings Account for Everyone

 

You can establish membership with BlueOx Credit Union when you open a Regular Share savings account, our most basic savings account, with just a $5 deposit.  Membership will allow you to take advantage of our other products and services.

Federal Share Insurance

Member investments are safe at BlueOx CU. Each member's account is insured to at least $250,000 by the National Credit Union Association (NCUA). Not one penny has ever been lost by a member of a federally insured credit union.

IRAs: The Alphabet Soup of Retirement Accounts

Consumers and small business owners are fortunate to have a variety of retirement savings opportunities available to them through BlueOx Credit Union that can be used to save for retirement and save on some taxes. These options are especially important now that traditional pensions and employer-funded retirement plans are less common than in the past. One challenge, though, is determining which retirement savings vehicle may be right for you.

Traditional IRAs are attractive because expanded income limits mean more individuals are able to deduct their contributions, thus decreasing taxable income and the income tax bill for that year. And, hopefully, the account increases in value over the years through appreciation and interest, and that growth would be tax-deferred. Anyone under the age of 70 ½, who has income from compensations or who is filing jointly with a spouse who earns compensations, is eligible to open a Traditional IRA. In addition, penalty-free withdrawals are allowed for qualified educational expenses and first-time home purchases.

Roth IRA contributions are not tax-deductible (contributions are made with after-tax dollars), but individuals may make penalty-free and tax-free withdrawals of their contributions at any time. Roth IRA earnings can be withdrawn without penalty as long as the account has been open at least 5 years and the individual is over 59 1/2, or disabled or buying their first home. Individuals who are eligible to open a Roth IRA include anyone who has income from compensation or who is jointly filing with a spouse who earns compensation, and has the following modified adjusted gross income according to this information provided by the U.S. government (updated yearly).

Because IRA earnings are usually sheltered from taxes, either upon deposit or withdrawal, IRA earnings usually grow faster than ordinary savings accounts. Please consult a tax advisor to determine which IRA is most advantageous to your situation.

Contribution Options

Annual contribution limits: Please consult this information provided by the U.S. Government (updated yearly).

Catch-up contributions: Please consult this information provided by the U.S. Government (updated yearly).

Rollover options: If you are retiring or changing jobs, roll over your retirement funds to an IRA to avoid stiff withholding and tax penalties.

*Please consult your financial planning professional for further information.

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