Savings

Membership at Community Credit Union is established by depositing $25.00 into a Share Account. Share Accounts are also known as Savings Accounts. All members must meet our field of membership requirements of live, work or go to school in Androscoggin County or have a family member that meets that criteria. Once the membership is established then a variety of additional Savings Account types are available:

• Club Accounts
• Health Savings Accounts
• Individual Retirement Accounts (IRA)
• Money Market Accounts
• Share Certificates
• Youth Accounts
• Business Savings Accounts

What are HSAs?

HSAs are tax-friendly savings accounts that allow you to build a fund for future or current medical expenses that insurance may not cover. The best part is, the account is all yours and any unused funds may be used to supplement your retirement savings.

Who is Eligible?

Per IRS rules, if you are under the age of 65 and are covered by a qualified High Deductible Health Plan (HDHP) you may be eligible to open an account. However, if you are claimed as a dependent by another person or enrolled in Medicare, you are not eligible to participate.

Benefits

• Contributions are tax-deductible
• Interest earned is tax-free
• Funds may be rolled over each year
• Funds can be accessed through an in-branch transaction, checks and/or a Visa HSA Debit Card
• Withdrawals are tax-free when used for qualified medical expenses
• Funds may be used to cover you, your spouse or dependent children

Contribution Limits and HDHP Requirements for 2023¹

Limits	Self-Only HDHP Coverage2	Family HDHP Coverage
Annual Contribution Limit	$3,850.00	$7,750.00
Catch-Up Contribution Limit (for individuals 55 or older)	$1,000.00	$1,000.00
Required minimum annual HDHP deductible	$1,500.00	$3,000.00
Required maximum annual HDHP out-of-pocket limit	$7,500.00	$15,000.00

Contribution Limits and HDHP Requirements for 2024¹

Limits	Self-Only HDHP Coverage2	Family HDHP Coverage
Annual Contribution Limit	$4,150.00	$8,300.00
Catch-Up Contribution Limit (for individuals 55 or older)	$1,000.00	$1,000.00
Required minimum annual HDHP deductible	$1,600.00	$3,200.00
Required maximum annual HDHP out-of-pocket limit	$8,050.00	$16,100.00

¹If you did not have an HSA qualified HDHP for the entire year, please consult your tax advisor for contribution limits.
²For any individual, the maximum contribution is the lesser of the indexed amount or the deductible of the HDHP. Also, a minimum balance may be required to keep your account open.
Savings are federally insured to at least $250,000.00 and backed by the full faith and credit of the United States Government, the National Credit Union Administration.

Find the Individual Retirement Account that fits your needs.

The following are available at your credit union, call 207-783-2096 to schedule an appointment with a Relationship Specialist to set yours up today.

Roth IRAs

An account that offers individuals generous incentives to boost their retirement savings.

• Contributions are allowed at any age
• Qualified distributions are tax-free
• Flexible withdrawal options are available
• The amount you can contribute each year is increasing
• Contributions are never tax-deductible

Traditional IRAs

An account that offers individuals generous incentives to boost their retirement savings.

• Earnings accumulate tax-deferred
• Contributions are tax-deductible, if you qualify
• The amount you can contribute each year is increasing

SEP IRAs

An account that offers those who are self-employed, sole proprietors, partners, small businesses, small employee groups and corporations generous incentives to boost their retirement savings.

• Tax-deductible contributions
• Contributions may be made until retirement, regardless of age
• Employer contributions are considered a business expense that reduces net profits

Education IRAs

An account that allows you to help pay for your child's education expenses, such as tuition, fees, books, supplies, equipment, and, in some cases, room and board, and computers.

• Tax-free withdrawals when used for educational purposes
• Tax-free earnings when used for educational purposes

Account	Roth IRA	Traditional IRA	Education IRA	SEP IRA
Maximum contribution limit	$6,500.00	$6,500.00	$2,000.00	$66,000.001
Maximum contribution limit (Age 50+)	$7,500.00	$7,500.00

¹The maximum amount that can be contributed to a Simplified Employee Pension (SEP) plan is 25% of an employee's compensation.

Any questions concerning contribution limits should be referred to your tax advisor.

Savings are federally insured to at least $250,000.00 and backed by the full faith and credit of the United States Government, the National Credit Union Administration.

Money Markets are a great savings tool for members that want to earn a higher interest rate but still have convenient access to their funds. These tiered share accounts offer higher interest rates than a traditional Share account and require a minimum balance of $2,500.00. For current Checking rates for Money Markets click here.

• Dividends are paid monthly
• Account is accessible by check
• Limited to 3 drafts per month
• Minimum balance of $2,500.00 with higher interest rates available on higher balances
• Funds are not locked for a term

Community Credit Union offers a variety of Club Accounts in an effort to help members save for specific purposes:

• Christmas Club
• Vacation Club
• Flex Club
• IRA Club
• MatriMoney Wedding Registry

Club Accounts have varying maturity dates such as October 1st for Christmas Club, June 1st for Vacation Clubs and no maturity dates for Flex Club and IRA Clubs. There is a penalty assessed if funds are withdrawn before the maturity date. Upon maturity the funds are transferred to designated savings or checking accounts automatically. If withdrawing from an IRA Club there could be tax implications, see your Tax Advisor for guidance.



The Matri Money Account allows you to receive the gift of cash, so you can conveniently spend your money where you want, on the things you really need. When you open your MatriMoney Wedding Registry, we will provide you with registry cards to hand out to family/friends and offer great wedding gifts after you get married in the form of 1) certificate to receive a .50% APR*¹ discount on the purchase or refinance of a vehicle and 2) certificate to receive the minimum deposit for youth accounts to be opened for current or future children.

¹A discount of 0.50% APR (Annual Percentage Rate) will be provided on the purchase or refinance of a vehicle. Rate may be as low as 3.00% APR after all discounts have been applied. No in-house refinancing. Subject to credit approval. Certificate for rate discount will have an expiration date. Promotion may end at any time.

Community Credit Union offers a variety of Share Certificate options with terms ranging from 6 months up to 5 years and a minimum deposit of $500.00. Share Certificates are safe, stable investment options that allow members to lock in a fixed rate of return for a specified term and generally offers a higher dividend than rates of Share and Money Market accounts.

• Dividends are paid monthly
• Automatically renewable unless otherwise specified
• Dividends can be automatically transferred into another account
• A penalty may be imposed for early withdrawal. Early withdrawal penalty can be waived for qualifying life events such as disability, death or nursing home care

Click here to see all rates.

Monty Moose Savings Account

Community Credit Union offers a fabulous Monty Moose program to teach youths ages 9 and under to save. Every time a child makes a minimum deposit, they will receive Monty Moose Dollars. Those dollars can then be saved and used to purchase fun toys, educational activities and games at any of our locations!

• For youths ages 9 and under
• $5.00 minimum to open the account, earns $5.00 Monty Moose Dollar (MM)
• $1MM paid each time account increases in $10.00 increments
• Presentation of report card earns $3MM
• Birthday cards are mailed with $3MM
• Monty Moose dollars are only paid on new high balances, and not previous balances
• $5.00 penalty for closing account within 6 months of opening
• Use your $MM to purchase great gifts
• Maximum $10MM earned per youth, per visit
• No limits on $MM redeemed on any one visit (subject to prize selection available)

Monty Moose dollars have no cash value. The credit union is not responsible for lost Monty Moose dollars. The primary account holder must be present for Monty Moose dollars to be given. If credit union personnel perceive mistreatment of the program, the credit union reserves the right to deny program rewards. When making a deposit from outside the credit union (ie: direct deposits, automatic transfers, etc), please notify the credit union of the deposit so that we may mail you the appropriate number of Monty Moose dollars. All deposits made from outside the credit union must be redeemed for Monty Moose dollars within 30 days of the statement date or the last day of the following month. Subject to change without notice. Some restrictions may apply.

Life Saver Youth Savings Account

Community Credit Union offers a fabulous Life Saver program to teach youths ages 10 through 12 how to save and earn rewards at the same time. For every $25.00 a youth deposits and saves, they'll earn a punch on their rewards card. They can then save their punches for some great prizes:

Punches Needed	Reward
8 (1 card)	We are currently working on finding a member benefit to fill the 1 card option. We apologize for this inconvenience!
16 (2 cards)	Board Game
24 (3 cards)	$25.00Visa Gift Card
32 (4 cards)	$35.00 I-Tunes Gift Card
40 (5 cards)	$50.00 Visa Gift Card

• For youths ages 10 through 12
• $15 minimum to open the account, earns (1) punch
• (1) punch each time the account increases in $25.00 increments
• Punches are only given on new high balances, and not previous balances
• Presentation of report card earns (1) punch
• Birthday cards mailed encouraging youths to bring their card in for (1) free punch
• $15.00 penalty for closing account within 6 months of opening
• Maximum of 4 punches per week
• Card expires on the youth's 13th birthday whereas they are entered into our Teens Love Cash program

Punch card has no cash value. The credit union is not responsible for lost cards. The primary account holder must present card for punches. Cards may be saved for larger rewards or redeemed at any level. Once card is redeemed, a new card is issued and the punch count begins at zero again. If credit union personnel perceive mistreatment of the program, the credit union reserves the right to deny program rewards. When making a deposit from outside the credit union (ie: direct deposits, automatic transfers, etc), please notify the credit union of the deposit so that we may apply your card with the appropriate number of punches. All deposits made from outside the credit union must be redeemed for punches within 30 days of the statement date or the last day of the following month. Any gifts or incentives awarded in relation to this program may result in issuance of a 1099 if the aggregated fair market value is $10.00 or more. The card expires on the youth's 13th birthday. Subject to change without notice. Some restrictions may apply.

Teens Love Cash Account

Community Credit Union offers a fabulous teen savings program called Teens Love Cash for teens ages 13 to 17. It allows teens to earn punches on a rewards card and save their punches for chances in quarterly drawings. Each quarter four $25.00 VISA Gift Cards will be drawn from the punch cards turned in by members.

• $25.00 minimum to open account, earns (1) punch on rewards card (penalty applies for early closing)
• Punches are only given on new high balances, and not previous balances
• Presentation of report card earns (1) punch
• Earn (1) punch each time the account increases in $25.00 increments
• Maximum of (4) punches per week
• Checking account, Visa ATM/Debit Card available with parental/guardian joint ownership
• Direct deposit of teen's payroll check is allowed
• Members are eligible to apply for CCU's college scholarship when a senior in high school

At Community Credit Union, we offer a variety of savings products for members and many of those same products are available to our business members as well. If your business entity is reporting under a tax identification number (TIN) and not an individual social security number then eligible products would include basic Share Accounts, Club Accounts, Share Certificates and Money Market Accounts.