Regular Savings Accounts

Regular Savings Accounts:

• Available to all members 14 yrs and over.
• Receive 3% interest annually

Deposit Accounts:

• Acts like a second savings account and is used primarily for minor accounts and business accounts
• This is the account to which you have access if you have a loan or an ATM card

Minor Accounts:

• Parents/ Guardians can open accounts for children 0 months to 13 years old
• Receive 3% interest annually

School Savings Accounts:

• Available to all children where the school savings program is available
• Acts like a savings account where the children save through their schools
• Receive a special interest
• Save a minimum of $1.00 weekly

Fixed Deposit Accounts:

• Fixed deposit accounts begin at $5000
• Our fixed deposit term is 12 months
• Earn up to 4.25% interest on your fixed deposit account

Saving Clubs:

• Operates like throwing  “Box money”
• Save a fixed  amount of $50 or more each month for the specified period and earn a special interest
• Summer Club runs from September to June
• Christmas Club runs from January to November

Community First Educational Savings Account (CFESA):

• Parents and guardians now have an opportunity to open a special savings account for their children.
• CFESA runs from age 0-18yrs.
• Participants are required to begin this plan with EC $500 minimum.
• A minimum monthly deposit of $50 must be maintained.

Withdrawals will be based on the following criteria:

1. 5 days notice
2. Before the maturity date, withdrawals will be subject to 10% of the accumulated interest, being retained by the credit union.
3. Members can however withdraw up to 10% of their savings for medical emergency without incurring a penalty.

• Members are not allowed to borrow against this fund.
• For every monthly payment missed there is a charge of EC $25.
• Interest rate is 5% per annum calculated on the minimum quarterly balance.
• This rate is subject to change at anytime by the credit union based on market conditions.
• On reaching 18yrs the parent/guardian must give permission for the fund to be release.

Community First Individual Retirement Account (CFIRA):

• Individuals now have the opportunity of saving specifically for their retirement.
• CFIRA runs from age 18yrs-60yrs.
• Members must not be more than 50yrs to qualify.
• Participants are required to begin this plan with EC $1000 minimum.
• A minimum monthly deposit of $100 must be maintained.

Withdrawals will be based on the following criteria:

1. 5 days notice
2. Before the maturity date, withdrawals will be subject to 10% of the accumulated interest, being retained by the credit union.
3. Members can however withdraw up to 10% of their savings for medical emergency without incurring a penalty.

• Members are allowed to use up to 50% of their CFIRA savings as security for a loan for education, land, home improvement or construction, computer purchase and major medical expenses.
• For every monthly payment missed there is a charge of EC $25.
• Interest rate is 6% per annum calculated on the minimum quarterly balance.
• This rate is subject to change at anytime by the credit union based on market conditions.
• At age 60yrs Community First Co-operative Credit Union will disburse the fund in one lump sum or in installments as directed by the member.