Checking

Our basic checking account is more than just a place to keep your money. Our team members strive to provide a top-of-the-line personalized experience for our members. Our goal is to provide our members with the most up-to-date technology and security features in the financial industry. This account is designed to serve everyone!

Digital Banking FAQs
 

Checking Account

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Elite 55+ Checking Account

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Are you age 55 or better? Then you qualify for our Elite 55+ Checking Account! This account offers no monthly service fee and receives all the benefits as our basic checking account with a few extra perks, such as free checks and dividend earnings. (Active accounts in good standing. One box at a time; one box every 6 months.)

 
 

Basic Checking

  

Elite 55+ Checking
NO Monthly Service Fees
NO Minimum Balances
Convenient Online Banking
Easy Access Mobile Banking
24-Hour Telephone Banking
Instant Issue Visa Debit Card
  Check Orders - 2 FREE Per Year**
  Interest-bearing (paid monthly)
  $1,000 Minimum Earning Balance
  Must be Age 55+ to Qualify
 

Savings

NCUA Insurance Estimator

Invest in you! It is never too early to start a savings account. A savings account is a safe place to keep your money for when you need it later. You might have an unexpected expense, a desire to purchase a larger item, or just need a vacation! Whatever it may be, let us be a part of reaching your financial goals and dreams today!

 

Prime Share Savings

This is our basic savings account. Upon joining, the $1 to open the account is your ownership in the credit union, called shares, and it is held for the lifetime of the account. Statements of your account will be sent at least quarterly.

Your savings account will earn dividends, also known as interest, quarterly on an average daily balance of $100.00 or more.

 

Money Market Savings

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Our Money Market Account is a great option to earn a higher yield for balances over $2,500.00. You have access to your funds whenever you need them but can rest assured that they are earning dividends until then. If the balance falls below $2,500.00, no dividends are earned. The Money Market Account is a balance-tiered product; the balance of the account determines the rate. See our rates page for all current rates.

Coverdell Savings

A Coverdell Education Savings 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. Stop in today to get started with a Coverdell Savings Account.

 

Kids Account (Ages 0-18)

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Kids development excellent financial habits just by opening and maintaining a savings account at a young age. This savings account receives a special spot in the quarterly newsletter designed just for kids, and encourages savings by rewarding kids that make a $5.00+ deposit with a prize from our Coloramo Treasure Chest! Kids also receive a birthday card and free gift each year on their birthday.*

*A birthday card containing instructions on how to obtain the free birthday gift will be mailed during the child’s birthday month.

 

Individual Retirement Accounts (IRAs)

We offer an IRA Share as well as certificate options. There are two types of Individual Retirement Accounts (IRAs): Traditional and Roth. Though the eligibility requirements for each differ, often the decision of whether to contribute to a Traditional IRA or Roth IRA depends on your income. Both offer flexibility, accessibility, and valuable tax benefits. Coloramo staff are not tax advisers. Be sure to ask a tax professional which option is best for you.

 

IRAs

There are two types of Individual Retirement Accounts (IRAs): Traditional and Roth. Though the eligibility requirements for each differ, often the decision of whether to contribute to a Traditional IRA or Roth IRA depends on your income. Both offer flexibility, accessibility, and valuable tax benefits. Ask us about which IRA is right for you!

Stipulations Roth IRA Traditional IRA
Tax Benefits The withdrawal of Contributions from a Roth IRA can be made with no tax or penalty at any time, for any reason. Withdrawals of Earnings work differently, only qualified withdrawals are tax and penalty-free. The Contributions you make to the account may entitle you to a tax deduction each year. Traditional IRAs are tax-deferred, meaning you don't have to pay tax on any interest or other gains the account earns until you make a withdrawal.
Contribution Age Requirements Contributions can be made at any age. Contributions can be made at any age.
Early Withdrawal Penalties There may be tax penalties if the Distribution does not meet certain requirements set by the IRS. Generally, early withdrawals prior to age 59½ can be subject to being included in gross income plus a 10% additional tax penalty unless certain exceptions set by the IRS are met.
Required Minimum Distributions (RMDs) RMDs are not required. You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 72.

Certificates

Open A Certificate

Our Share Certificates guarantee a fixed Annual Percentage Yield (APY) for a specific length of time. Share Certificates are available for regular shares, as well as either type of IRA or the Coverdell Education Savings Account. They offer higher yields than regular savings accounts. In exchange, you leave your funds in the account for a specified amount of time. If you withdraw funds from a Share Certificate before the predetermined maturity date, you may be charged a penalty. The dividends, or earnings, you can make on a Share Certificate are quoted in terms of the APY. This rate takes into account the compounding period, which is the frequency with which returns are added to the account. Coloramo Certificate rates are compounded on a quarterly basis and are insured through the National Credit Union Administration or NCUA.