Savings

We understand that life can be unpredictable and that savings accounts are a high priority for our members. That’s why we offer savings to fit every need and help you best prepare for your future. We’re dedicated to finding one that best matches your savings goals, so we offer something for everyone at Picatinny Federal Credit Union.

Money Matters - Accounts that Make your Money Meaningful

Savings

At Picatinny Federal Credit Union, all members must open a savings (Share) account, with a minimum deposit of $5. Aside from empowering our members to save and plan for their future, PFCU Savings Accounts are our members’ financial share in our credit union. Unlike Wall Street banks, credit unions are not-for-profit institutions and our members are the shareholders. By maintaining a minimum balance of $5, members will receive all the benefits a credit union membership has to offer. This account earns a competitive rate and dividends will be credited to your account monthly.

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Money Market Account

Locking your money into an account that you can’t access without incurring a fee is not the best solution for many. A money market account acts similarly to a checking account, allowing you to withdraw money when you need it, while still earning interest at a higher rate than a basic savings account. This account requires a minimum balance of $1,000+ and the interest earned is dependent on the account balance. +A money market account that falls below the minimum balance of $1,000 will be charged a monthly fee of $10.00.

Club Accounts

We know how important it is to put money aside for vacations, holiday shopping, unexpected auto expenses, and more. That’s why we’ve created the Club Account, to help you save and grow the money you’ve already been setting aside, ready to use whenever you need it.

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IRAs

Life can be expensive, but we’re here to help you plan for your future. Whether saving for retirement or for your child’s education, we want to guide you through the process to pick the IRA (that stands for individual retirement account) option that best suits your needs.

Traditional and Roth IRAs are similar, with the biggest distinction being they are taxed differently.

To learn more about IRAs, schedule an appointment at your nearest PFCU branch today!

Types of IRA accounts offered at PFCU:

  • Traditional IRA – with a traditional IRA, your contributions are not taxed until you start receiving payments, meaning your money goes in now, tax-free.
  • Roth IRA – with a Roth IRA, you get tax-free income when you retire. As you contribute money to your account, you pay taxes according to the current rates.
  • Educational IRA – a tax-advantaged savings account used to pay for children’s educational expenses (similar to a 529 savings plan).

Share/IRA Certificates

A Certificate of Deposit (known as a Share Certificate at Credit Unions) is a safe and easy way to invest your money. Certificates are perfect for short- or long-term investments, and at PFCU, we have the right terms and rates for you. To apply for a Share/IRA Certificate. Please contact us! One of our Member Experience Professionals will assist you in this process.
 
The minimum balance required to open a Certificate is $500.00.
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Refer-a-Friend

Refer a Friend and get rewarded! When you tell your friends or family about the benefits of a Picatinny Federal Credit Union membership and savings account –you both will receive $25*!

Savings Rates Tables

To view the rates of all our savings accounts, click here.

Money Market: * APY=Annual Percentage Yield. APYs are effective as of 11/01/20 and are subject to change without notice. Rates are for comparison only. Actual rates may vary. Fees could reduce the earnings on the account (only applies if maintenance or activity fees are associated with the account).

Share Certificate: * APY=Annual Percentage Yield. APYs are effective as of 09/01/20 and are subject to change without notice. Rates are for comparison only. Actual rates may vary. Fees could reduce the earnings on the account (only applies if maintenance or activity fees are associated with the account).

IRA Certificate: APY=Annual Percentage Yield. APYs are effective as of 09/01/20 and are subject to change without notice. Rates are for comparison only. Actual rates may vary. Fees could reduce the earnings on the account (only applies if maintenance or activity fees are associated with the account).

Vacation Club: * APY=Annual Percentage Yield. APYs are effective as of 11/01/20 and are subject to change without notice. Rates are for comparison only. Actual rates may vary.

Holiday Club: * APY=Annual Percentage Yield. APYs are effective as of 11/01/20 and are subject to change without notice. Rates are for comparison only. Actual rates may vary.

Refer -a-Friend: * To qualify for $25 Cash Reward new member must open a savings account with a minimum deposit of $5. PFCU will give new member and referring member each a $25 Cash Reward. Reward will be credited to each members’ savings account immediately but will be held for a period of 60 days to finalize the offer. Savings account must remain open for 6 months. Offer subject to approval. All offers and terms are subject to change at any time. Exclusive offer for new PFCU members only. Cash reward is considered interest and will be reported on IRS form 1099-INT.

To qualify for membership, other deposit and loan products, you must open a savings account with a minimum deposit of $5.00.

Please call the credit union for the most up to date rate information. Not responsible for typographical errors.

Become a Member Today

We are a not-for-profit, full-service financial institution open to anyone who lives, works, worships or goes to school in Morris County. We are proud to offer all the benefits, products, technology, security and convenience of a big bank -- without the big bank headaches, bureaucracy or hidden fees. Join us today!
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