Simple Savings Calculator
Simple Savings Calculator
At Coloramo, we do not have a myriad of personal checking accounts with different fees and services for each one. We have ONE personal checking account for everyone... and it is FREE!
NO monthly service fees
NO minimum balance
FREE online banking
FREE mobile banking
FREE telephone banking
FREE visa debit card
Business share draft accounts may have fees and/or other requirements. Please ask a member service representative to learn more about business checking.
Are you over the age of 55?
- Check orders - up to 2 FREE boxes per year2
- FREE monthly service charge3
- $25 minimum opening deposit
- Interest bearing (paid monthly)
- $1000 minimum earning balance
- No monthly or annual fees for Debit Card4
- Unlimited check writing and withdrawal
This is our basic savings account. Upon joining, the $25 to open the account is your ownership in the credit union, called shares, which earn dividends. Statements of your account will be sent at least quarterly. You must always have $25 in your Prime Share Account to remain a member in good standing and eligible for other services.
If you have more than $2,500, but don't want to lock it up in a Certificate, the Money Market Account is a great choice. Under $2,500 it earns no dividend. It has 5 tiers with a higher dividend in higher tiers: Under $2,500, $2,500.00 - $24,999.99, $25,000.00 - $49,999.99, $50,000 - $99,999.99 and $100,000 +. Check out our Rates pages to see current rates.
Want a great way to save for Christmas? This is the account for you! Make deposits as often as you like or set up a monthly automatic transfer. On October 1st, the entire balance is transferred to a specific account of your choosing to go Christmas shopping. The account remains open and ready to start over again the next year. A $15 fee, or the reduction of dividends posted since October 1st, will be incurred for early withdrawal (whichever is greater). No fees are incurred for withdrawals occurring within seven (7) days of account opening.
A Coverdell Education Savings Account (also known as an Education Savings Account, a Coverdell ESA, a Coverdell Account, or just an ESA, and formerly known as an education individual retirement account), is a tax-advantaged investment account designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, and uniforms (for the same year as the distribution). Ask a tax professional today if this a good option for you.
Does your child have a savings account yet?
If they are age 12 & under and open an account at Coloramo, they will automatically be enrolled in our Savasaurus Club! It’s FREE!
Each child will receive the following:
Savasaurus Membership card
Welcome Kit filled with neat stuff
A Birthday Card and free gift each year
A Kids’ Newsletter just for them
Stickers and a prize from the Treasure Chest every time they make a deposit!
The Early Bird Savings Club
Individual retirement accounts (IRA)
We offer both Traditional and Roth IRA Accounts. Ask a tax professional today if this a good option for you.
|Roth IRA||Traditional IRA|
|Tax Benefits||Tax-free growth and tax-free qualified withdrawals.||Tax-deferred growth and tax-deductible contributions.|
|Age Requirements||Contribute at any age.||Contribute until you're 701/2.|
|Income Requirements||Your income affects how much you can contribute.||Your income does not affect how much you can contribute.|
|Withdrawal Taxes||You won't pay taxes when you withdraw your contributions, and you won't pay federal taxes on your earnings, as long as the five-year aging requirement has been met.||You will pay taxes when you withdraw your pre-tax contributions and when you withdraw any earnings.|
|Early-withdrawal penalties||If you make withdrawals before you're 591/2, you might have to pay taxes on your earnings plus a 10% additional tax.||If you make withdrawals before you're 591/2, you might have to pay a 10% penalty.|
|Required minimum distributions (RMDs)||RMDs do not apply during your lifetime.||RMDs must be taken starting in the year you turn 701/2|
Our Share Certificates (also known as CD's) guarantee an unchanged yield for a specific length of time and offer higher rates than shares. Share Certificates are available for regular shares, as well as either type of IRA, and the Coverdell Education Savings Account.
Certificate secured Loans
$1000 minimum opening deposit ($500 for minors)
Dividend bearing (paid quarterly)
$1000 minimum earning balance ($500 for minors)
Withdrawals may be made at maturity without penalty.
Terms Available: 3, 6, 12, 18, 24, 36, 48 or 60 Months.
No monthly service charge