Christmas Club Savings
Want to plan ahead for the holidays? You can open up a Christmas Club account with just $1.00 and deposit to it weekly or monthly, and it will be there for you just in time for holiday shopping. Dividends are paid annually through October 31st and the funds are automatically deposited to your regular share account the first week in November.
Education Savings Account (ESA)
ESA is an investment vehicle designed to help parents fund their child's education. The ESA has replaced the Education IRA. Contributions to the account are taxed, but earnings used to pay education expenses are not. Maximum annual deposit is $2,000 and the entire account has to be disbursed before the beneficiary's 30th birthday, and any withdrawals after this date or for expenses that do not qualify under the act will be subject to income taxes and a penalty.