Share Certificates

Alamo Federal Credit Union Share Certificates, also known as Certificates of Deposit (CD’s), offer risk-free savings options for our members. AFCU Share Certificates require reasonable minimum balances to open, and offer higher returns on dividends than regular share accounts. AFCU offers flexible 6-month, 1 year, or 2 year terms on the Share Certificates.

Share Certificate Terms:

• 6-month Share Certificate (CD): Minimum balance to open $500.00, no additional deposits permitted, withdrawals are not allowed, unless account is closed and a penalty is assessed for early withdrawal.
  Click here for rates.
   
• 1 year Share Certificate (CD): Minimum balance to open $500.00, no additional deposits permitted, withdrawals are not allowed, unless account is closed and a penalty is assessed for early withdrawal.
  Click here for rates..
   
• 2-year Share Certificate (CD): Minimum balance to open $500.00, no additional deposits permitted, withdrawals are not allowed, unless account is closed and a penalty is assessed for early withdrawal.
  Click here for rates.
   
• 1 year Liquid Certificate: Minimum balance to open $5,000.00, with ability to make deposits within first 6 months. One withdrawal allowed in a 12-month period.
  Click here for rates.
   
• 1 year Jumbo Share Certificate: Minimum balance to open is $25,000.00. The account balance tiers are $25,000.00 - $49,999.00; $50,000.00-$99,999.00, and $100,000.00 – up. No additional deposits, no withdrawals are allowed, unless account is closed and a penalty is assessed for early withdrawal.
  Click here for rates.
   
• 1 year IRA: Minimum balance to open $500.00, no additional deposits, and no withdrawals are allowed. The account balance tiers are $500 - $9,999; $10,000 - $89,999; and $90,000 – up.
  Click here for rates.
   
• 1 year IRA ROTH: Minimum balance to open $500.00, no additional deposits, no early withdrawals. Account holder must already have an IRA Share Account with AFCU to open an IRA Roth CD.
  Click here for rates.

Individual Retirement Account (IRA's)

Alamo Federal Credit Union offers two types of Individual Retirement Accounts (IRA) as an excellent tool for long-term savings: Traditional IRA and Roth IRA. Depending on the type of IRA opened, the contributions to your retirement account may be tax deductible and will grow either tax-deferred or tax-free. Alamo FCU also offers a Coverdell Education Savings Account (ESA) (formerly known as an Education IRA) as a way for parents or grandparents to help meet the rising costs of college tuitions.

• TRADITIONAL IRA – A Traditional IRA account is opened with annual contribution limits dependent on the year opened. After 2008, the contribution limits will be adjusted annually for inflation in $500.00 increments. Contributions are tax deductible if account holder is not an active participant in an employer retirement plan, and your investment will grow on a tax-deferred basis. The earnings are taxed only upon withdrawal.
  Click here for rates.
   
• ROTH IRA – A Roth IRA account can be opened as long as there is earned income during the year, and can be contributed to even after age 70 ½. The contributions are not tax deductible and contributions and earnings can be withdrawn tax-free, and unlike traditional IRA’s, there is no required minimum distribution after reaching age 70 ½. An AFCU member can convert a TRADITIONAL IRA to a ROTH IRA after 5 years, and enjoy tax-free withdrawals; however, the amount that is converted is subject to income tax.
  Click here for rates.
   
• COVERDELL EDUCATION SAVINGS ACCOUNT (ESA) – The annual contribution after 2002 has increased to $2000.00 per beneficiary. While there is no tax deduction for amounts contributed to an ESA, earnings grow tax-free. Withdrawals are not allowed, unless a dire medical emergency has occurred to the beneficiary. Since 2002, an ESA can be used to pay qualified elementary school and secondary school expenses, as well as those for higher education.
  Click here for rates.