Savings Accounts

GVCU savings accounts have no monthly maintenance fees and are insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency.

Regular Savings Account

This account is opened when you become a member. The $5 opening deposit becomes your share of ownership at GVCU.

• Minimum opening deposit $5.00

• Minimum daily balance of $5.00 required to maintain membership

• Dividends paid monthly on balances of $100.00 or more

• Account is tiered so your dividend rate may vary from day to day depending on each day's ending balance

Money Market Accounts

For members who maintain a larger balance, this savings account will allow them to earn higher dividends.

• Minimum opening deposit $1,000.00

• No minimum balance requirement

• Dividends paid monthly on balances of $1,000.00 or more

• Account is tiered so your dividend rate may vary from day to day depending on each day's ending balance

Share Certificates

Whether for short-term or long-term savings goals, our share certificate accounts are a smart way to capitalize your investment.

• Minimum opening deposit $1,000.00

• Terms from 3 months to 60 months

• Dividends paid monthly into account, by check, or transferred into another GVCU account

• Automatically renews at the end of term

• Grace period of seven (7) days after maturity date to deposit, withdraw or change terms

IRA Certificates

Individual Retirement Accounts (IRAs) are a great way to help save for retirement. Our IRAs are invested in share certificates which will assure you a return on your investment.

We offer both Traditional and Roth IRAs with no set up charges or annual maintenance fees. Whether you need to start up a new contributory account, rollover funds from an established IRA or qualified retirement plan (QRP) such as a 401K or pension plan, or just changing your investment from another custodian, we have the right IRA account for you.

Traditional IRA

You are eligible to contribute if you are under age 70 ½ and earn compensation (or file a joint return with a spouse who earns compensation). You may contribute up to $6,500.00 per tax year or if you are age 50 and older, up to $7,500.00. Contributions are tax-deductible and some withdrawals may be penalty-free*.

• Minimum opening deposit $500.00

• Terms from 3 months to 60 months

• Dividends paid monthly into account

• Automatically renews at the end of the term

• Grace period of seven (7) days after maturity date to deposit, withdraw or change terms

Roth IRA

You are eligible to contribute if you earn compensation (or file a joint return with a spouse who earns compensation). You may contribute up to $6,500.00 per tax year or if you are age 50 and older, up to $7,500.00. Contributions are not tax-deductible so you can withdraw your contributions at any time, tax- and penalty-free*1. If you satisfy the qualified distribution requirements, you can withdraw the earnings tax-free if the account is opened for five (5) years*.

• Minimum opening deposit $500.00

• Terms from 3 months to 60 months

• Dividends paid monthly into account

• Automatically renews at the end of the term

• Grace period of seven (7) days after maturity date to deposit, withdraw, or change terms

We also offer the Coverdell Education Savings Account for members interested in saving for a minor's educational expenses. There are no set up charges or annual maintenance fees.

Coverdell Education Savings Account

Anyone can contribute to a Coverdell ESA, as long as they are eligible to contribute (based on modified adjusted gross income (MAGI) limits for the tax year) and the amount does not exceed the annual contribution limit per child. Contributions can be made up to $2,000.00 per child, per tax year until the child reaches age 18 (except for special-needs beneficiaries).

Withdrawals are tax- and penalty-free for qualified educational expenses* and the funds can be transferred from one child's ESA to another family member's ESA.

• Minimum opening deposit $500.00

• Terms from 3 months to 60 months

• Dividends paid monthly into account

• Automatically renews at the end of the term

• Grace period of seven (7) days after maturity date to deposit, withdraw, or change terms