Start Saving Today
Now is the Perfect Time
There are a lot of unknowns in the world today but at Blackhawk Community Credit Union we know that adults that teach their children and grandchildren the importance of saving money, help raise children who understand how to manage their money for financial success.
Help secure their future and start a youth savings account at Blackhawk Community Credit Union. It’s easy--open a youth savings account today to help your children or grandchildren develop financial skills for life!
NCUA Coverage
Savings balances are federally insured up to $250,000.
Savings balances are federally insured up to $250,000.
Dividends
Dividends are compounded daily and paid quarterly for savings accounts.
Dividends are compounded daily and paid quarterly for savings accounts.
Savings Accounts
| Accounts | Description | Minimum Opening Balance | Minimum Balance |
|---|---|---|---|
| Primary Savings | The easy way to start saving. A minimum $5 deposit is all you need to own one “share” of Blackhawk Community Credit Union. This brings you all the benefits of membership, including the right to vote for our Board of Directors. | $5 | $5 |
| Name Your Savings | Save for a future event such as a vacation, wedding, insurance, or even that expensive lawn mower you’ve been wanting to buy. As long as you have a Primary Savings account, you can open any additional savings accounts and you can name them anything you want! | $0 | $0 |
| Christmas Club | A Christmas club lets you save for the holidays before you shop.
|
$0 | $0 |
| Vacation Club | Vacation Club accounts are savings accounts that are specially designed to help members save for a vacation. | $0 | $0 |
| Challenge Club |
The Challenge Club is a tool for members to build their personal savings. It’s meant to make saving easy because it starts small and builds. In a one-year period, on a weekly basis, the member makes a deposit that incrementally steps up by $1. So, week one is a $1 deposit, week two is a $2 deposit, week three is a $3 deposit, and it keeps building to week 52, which is a $52 deposit. A full year of deposits ends with $1,378.
Because this is a club account, when we reach the end of the year, we also reach the end of the club, so the balance in the account is transferred to the account the member designated at account opening. Then, the club account is set back to zero to start again for the new year. There can only be one Challenge Club account per member.
|
$0 | $0 |
| Wealth Builder | A Wealth Builder Account allows members to earn a higher interest rate with the convenience of liquidity and flexibility. | $10,000 | $10,000 to avoid monthly service fee |
Youth Savings Accounts
| Accounts | Description | Minimum Opening Balance | Minimum Balance |
|---|---|---|---|
| Youth Savings Account | Blackhawk rewards children for starting good savings habits by paying a higher rate of interest on their deposits. A youth savings account with a higher savings rate can be set up for any child under 18. | $5 | $5 |
| Money Minder Account | Ages 12 & Under, Joint Account with an adult
|
$0 | $5 |
| Money Maker Account |
Ages 13 to 17, Joint Account with an adult
At ages 16 & 17 there are some additional benefits to your savings:
|
$0 | $5 |
Certificates & IRA’s
Share Certificates and IRA’s offer you safety and peace of mind. They are a great way to earn higher dividends on your hard-earned money. Federally insured up to $250,000 by the National Credit Union Administration, deposits are fully backed by the faith and credit of the US Government. Blackhawk offers the following investment options:
| Details | Share Certificates | Smart Saver Certificate | Individual Retirement Accounts (IRA's) |
|---|---|---|---|
| Description | Share Certificates (Certificates) allow members to earn higher rates of interest by agreeing to leave their funds on deposit for a specified time period. | Smart Saver Certificates are available to members under the age of 24 or that have automatic transfer/direct deposit going to the CD. Members can continue to add deposits to their Smart Saver certificate anytime during the term and can take one withdrawal during the term of the CD without a penalty. | IRAs are designed to help you save for retirement. The credit union offers Traditional and Roth IRAs, which can be a variable IRA savings account or fixed certificate of deposit. Coverdell Education savings accounts are available and are a savings account with special tax exemptions. The Coverdell accounts can also be put into the variable or IRA CD account. |
| Minimum Opening Balance | Regular: $1,000 Jumbo: $10,000 |
$5.00 | Variable Rate IRA: None Fixed Rate IRA Certificate: $1,000 IRA Jumbo Certificate: $10,000 |
| Monthly Maintenance Fee | None | None | None |
| Terms | 3 months to 6years | 12 months | Certificates: From 1 year to 6 years |
| Deposits | Not permitted, except at maturity. | Permitted at any time. | Deposits limited by IRS annual limits. |
| Withdrawal Penalty | Certificates withdrawn prior to maturity will incur an early withdrawal penalty. One year or less, penalty is 90 days interest, and greater than one year is 180 days interest. | One early withdrawal permitted per term. Subsequent withdrawals, withdrawn prior to maturity, will incur an early withdrawal penalty. One year or less, penalty is 90 days interest and greater than one year is 180 days interest. |
Certificates withdrawn prior to maturity will incur an early withdrawal penalty. One year or less, penalty is 90 days interest, and greater than one year is 180 days interest.
Withdrawals are permitted according to IRS regulations and may be subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death or disability of any owner of the account, after owner reaches age 59 ½, or to satisfy the Required Minimum Distribution after the member has attained the age of 72.
|
| Renewal | Members have a 10-day grace period from the date of maturity to change their renewable term share certificates. An unchanged account will automatically renew for another term, at the current rate offered (term will roll up to the closest rate), on its maturity date. | Members have a 10-day grace period from the date of maturity to change their renewable term share certificates. An unchanged account will automatically renew for another term, at the current rate offered (term will roll up to the closest rate), on its maturity date. | Members have a 10-day grace period from the date of maturity to change their renewable term share certificates. An unchanged account will automatically renew for another term, at the current rate offered (term will roll up to the closest rate), on its maturity date. |