Share Savings Account

All members open a share account to join Hopewell Federal Credit Union. It’s called a “share” account because it represents your partial ownership of the credit union.

Why Open a Savings Account With Hopewell?

Easy Membership

Become a member by living, working, worshiping, or attending school in Licking, Franklin, or Delaware County.

Affordable Opening Balance

  • Opening balance is $25.00, must maintain this amount at all times

Benefits of Membership

  • This is equal to one voting share at the annual

  • Once a member, you are eligible to run for the Voluntary Board of Directors

Earn Dividends

  • Start Earning: deposit of $50.00 to begin earning dividends

  • Compounding Interest: Dividends are compounded and credited monthly

Important Notes

  • Account Closure: The Primary Share (savings) account cannot be closed while there are open account(s) for that same membership. All other accounts have to be closed first.

  • Joint Owner Removal: Joint owner(s) can be added to the account with the primary owner’s approval and signature. Additional requirements may apply. The name of a joint owner cannot be removed from the account unless all owners (primary and joint) sign a deletion card (or the joint owner closes the account).

Holiday Club Accounts

We have the Hopewell Holiday Club account to help you save for your holidays. Set the money in a separate account and make it grow until you need it. This way, you can save throughout the year and enjoy the holidays next year because you’ll be prepared!

FUNDS RELEASE ON OCTOBER 15

Contact us at (740) 522-8311 or info@hopewellfcu.org  to set your account up today!

Youth

Children

Hugs Children's Accounts - Designed for Ages 0 to 12

  • It’s All About Saving - Your Hopewell Hugs account is a savings account for kids 12 and under

  • Get Rewarded for Savings - Each deposit earns you points toward fun surprises

  • Continue to Learn - Get a smart start and learn about the importance of saving by visiting these webpages

Teens

Horizon - Accounts for teens aged 13 to 18

IRAs

IRA 101

When you get to thinking about it, can you really rely on your employee pension and retirement plan to provide a comfortable lifestyle in your later years? An individual retirement account, better known as an IRA, can be a great vehicle to stash your cash for retirement.

An IRA works like a personal savings plan. It allows you to save money for your retirement while offering you tax advantages. You may be able to take a tax deduction for some or all of your yearly contributions. HFCU offers the following IRA options:

Traditional

These have been around since 1975. Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.

Roth

Just a bit of trivia here, the Roth IRA was named after former Senate Finance Committee Chairman William Roth, Jr. This IRA offers more incentives to boost your retirement savings and more ways to put your nest egg to work! With a Roth IRA, you pay taxes now on your contributions, you can withdraw your initial deposits at any time; however, for your dividends to be tax-free, you may not want to withdraw them until you are 59 ½ years old and have had the account for five years.

Education

This IRA’s main purpose is to help you pay for your child’s education expenses, from tuition to fees, books, supplies, and even room, board, and computers. Unlike traditional IRAs, your contributions to an Education IRA are never tax-deductible. However, it does offer you the potential for tax-free withdrawals, including earnings.
You can receive up to $500,000 in insurance for traditional and Roth IRAs. The NCUA has increased its insurance for Traditional and Roth IRA’s from $100,000 to $250,000. Plus with an additional $250,000 insurance is available from ESI. So again, rest easy, we’ve got your investments fully covered!

Money Market Accounts

Okay, so maybe money doesn't actually grow on trees, but if you're seeking a larger dividend rate for a higher savings balance, our Money Market Account may be the account for you.

Flexible - No penalties for early withdrawal here and no set time commitment like share certificates of deposit

Access -You'll have access to your money with limited check-writing access.

Our money market accounts carry a variable interest rate that's subject to change and assumes reinvestment of principal and interest for one year.

Additional Details

  • Offers many of the same services as a checking

  • Transactions are somewhat limited

  • Can store money that may be used for upcoming investments

  • No early withdrawal penalty

  • Safe and highly liquid investment

  • Interest rates are variable and can change frequently

  • Dividends are compounded monthly

  • Dividends are credited monthly

  • Minimum opening deposit is $2,000.00

  • Minimum balance to avoid fee is $1000.00

  • If the balance falls below $1000.00 any day of the month there is a $10.00 monthly service fee

  • Minimum withdrawal limit is $200.00 per withdrawal

  • Can access this account with checks, the first set of checks are free

  • Limited to three (3) written checks per month

  • For checks written below $200.00, there is a $25.00 fee

  • No more than six (6) pre-authorized, automatic, or telephone transfers may be made from this account to another account or to a third party in any month. No more than three (3) of these six (6) transfers may be made by check or draft to a third party

  • Not ATM/debit card accessible

  • Tiered Money Market Share Accounts

    • $0.00-$1,999.00

    • $2,000.00-$9,999.00

    • $10,000.00-$29,999.00

    • $30,000.00-$39,999.00

    • $40,000.00 AND UP

For a glimpse at our product rate and fee information.

Share Certificates of Deposit

If you want to place your savings in a sound yet profitable investment for the future – share certificates are the perfect choice!

With a share certificate, you can rest assured that your money is safe and sound. Certificates provide higher yields on funds as you invest your money for a set period of time.

As your savings grow, certificates allow you to “lock in” at a high rate of return for as few as three months or as long as 60-month terms.

Additional Details

  • Known as “time deposits”

  • Safest investment, low end of risk/reward spectrum

  • Has a higher interest rate than a Share (savings) account

  • NCUA insured investment available at Savings, Loans and Credit Unions

  • A certificate of deposit (CD) is where consumers agree to lend money to the institutions for a certain amount of time; in exchange, the consumer is paid a predetermined rate of interest

  • There is a penalty if the consumer withdraws or closes the certificate of deposit (CD) before the maturity date. Unless they open an 11-month, no penalty certificate (see below).

  • Penalties can be waived due to death or serious hardships with supporting documentation

  • The amount of the penalty is based on the term of the certificate of deposit (CD)

  • Penalty is calculated as a forfeiture of part of the dividends that have been or would be earned (in other words, the CD has not yet earned enough dividends, or if the dividends have already been paid, the penalty will be deducted from the principle)

  • Penalty schedule is as follows

    • Terms of 12 months or less 90 days’ dividends

    • Terms of 13 to 48 months 180 days’ dividends

    • Terms longer than 48 months 360 days’ dividends

  • Minimum amount to open a certificate is $500, unless it is a no-penalty or bump-up certificate. The minimum balance to open a no-penalty or bump-up certificate is $2,500.

  • Certificate of Deposit (CD’s) Term, Minimum Opening Amount and Rate are subject to change

  • 11 month “No Penalty”

    • Dividends are compounded daily and paid at maturity

    • Cannot withdraw prior to maturity, have to close it out

    • Withdrawing dividends only during the grace period is permitted

    • Withdrawing principal during grace period is Not permitted

    • If a member closes certificate of deposit (CD) within seven (7) days of the date it was opened there will be a penalty equal to seven (7) days’ dividends

Savings Bonds

Effective 1/1/12, members will no longer be able to buy paper savings bonds at Hopewell Federal or by mail order.  Hopewell Federal Credit Union can still assist you in redeeming U.S. Saving Bonds. Visit www.treasurydirect.gov to order bonds.

Additional Information

  • Electronic savings bonds are secure and convenient to manage in a TreasuryDirect account, and members will no longer have to worry about storing, misplacing, or losing paper savings bonds.

  • With a TreasuryDirect account, members can purchase electronic savings bonds:

    • As gifts

    • Convert paper savings bonds to electronic ones

    • Manage and redeem electronic savings bonds

  • Interest paid on these bonds are exempt from state and local income taxes

  • For current interest rates, you can call 1-800-4US-BONDS (1(800) 487-2663), request in writing from The Bureau of Public Debt, Bonds Div., Parkersburg, West Virginia 26106-1328, or get it from the website http://www.savingsbonds.gov

  • Savings bonds are not negotiable instruments and cannot be transferred to anyone at will. They may be transferred in limited circumstances, but there may be tax consequences at the time of transfer

  • At the time of purchase, a bond can be registered to:

    • Single person (“Single Ownership”)

    • Two people (”Co-Ownership”); Either named individual can do whatever they like with bond without consent of the other person; If one dies, the other becomes single owner

    • Primary owner and a beneficiary (“Beneficiary”); Bond is marked POD for “payable on death”; Primary owner controls the bond and ownership, including the responsibility of paying taxes on the interest; This passes to the beneficiary if the primary owner dies

  • Interest can be excluded if used to pay higher education expenses such as college tuition

  • U.S. citizens and residents of any age with a Social Security number can buy bonds

  • There are two (2) types of Savings bonds available for purchase:

  • Series EE Bonds-

    • They earn market-based rates that change every six (6) months

    • There is no way to predict when this bond will reach face value (it depends on interest rate; for example, 5% would reach face value in 14 ¼ years, and a bond earning 6% would reach face value in 12 years)

    • Series EE Bonds must be held for at least twelve (12) months before they can be cashed.

    • After Series EE Bonds mature, they will quit earning interest

    • If not cashed by the final maturity date, you will end up paying tax on earnings, paying interest and penalties

  • I Bonds-

    • I Bonds are purchased at face value (denomination)

    • Earns interest monthly

    • Interest is paid when the bond is cashed

    • Earns interest for up to thirty (30) years

    • Interest accrues on the first day of the month and is compounded semi-annually

    • I Bonds issued after February 2003 must be held for at least twelve (12) months before they can be cashed; bonds issued before February 2003 can be cashed anytime after six (6) months

    • If cashed within the first five (5) years, you will be penalized by losing three (3) months worth of interest

    • Interest can be deferred until the bond is cashed in or can be declared on your federal tax return as earned each year

    • When you cash the bond, you will be issued a Form 1099-INT. The owner will declare all interest earned on the bond received over what they paid for the bond

    • Interest yet not declared is known as “tax deferred”