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Savings Rates

Listed below are the various savings programs we offer, along with our current rates. Remember, your deposits in New Generations are insured to $250,000 and your IRA accounts to $250,000 by an agency of the Federal Government.


Share and IRA Certificate Rates Offered as of: 11.22.2013

 

Share and IRA Certificates
Term Minimum Deposit to Open Account Minimum Balance to Earn A.P.Y.*

Dividend Rate

Annual Percentage Yield*

Dividend Period
90 days $1,000 $1,000 0.050% 0.050% Monthly
6 months $1,000 $1,000 0.200% 0.200% Monthly
1 year $1,000 $1,000 0.400% 0.401% Monthly
 
2 years $1,000 $1,000 0.550% 0.551% Monthly
3 years $1,000 $1,000 0.700% 0.702% Monthly
5 years $1,000 $1,000 1.000% 1.005% Monthly
Last Dividend Declaration Date:  05.31.2014
Share Accounts
Type Minimum Deposit to Open Account Minimum Balance to Earn A.P.Y.* Dividend Rate Annual Percentage Yield* Dividend Period
Primary Shares* $5.00 $200.00 0.000% 0.00% Monthly
    $500.00 0.050% 0.05% Monthly
    $1,500.00 0.100% 0.10% Monthly
Sharedraft/
Checking
$0.00 N/A 0.000% 0.00% Monthly
Reward Checking** $0.00 $0.01 0.150% 0.15% Monthly
Mega Bundle*** $0.00 $0.00 0.000% 0.000% Monthly
Mega Checking*** $0.00 $0.01 0.100% 0.10% Monthly
Holiday or Vacation $0.00 N/A 0.050% 0.05% Monthly
Club $0.00 $5.00 0.050% 0.05% Monthly
Other Shares**** $0 $0 0.00% 0.00% Monthly
Money Market $1,500 $1,500 0.050% 0.05% Monthly
Super Money Market
$10,000 $10,000 0.150% 0.15% Monthly
    $25,000 0.250% 0.25% Monthly
    $50,000 0.300% 0.30% Monthly
    $100,000 0.350% 0.35% Monthly
IRA $0 $0.01 0.250% 0.25% Monthly


Share accounts are variable rate accounts and as such, the rate is subject to change after the account is opened. The annual percentage yield is accurate as of the last dividend declaration date shown. Fees may reduce earnings on accounts. 

Applicable to share and IRA certificates: A penalty may be imposed for early withdrawal. Rates shown above are subject to change; they are offered rates.

*Primary shares includes New Horizon, Visa share secured, secondary shares, loan payroll shares, mortgage escrow.

**Reward checking must meet requirements to accrue interest.

***Accounts no longer offered at this time; rates apply to existing accounts only.

****Other shares means Insurance accounts, Mortgage Share accounts and Visa Secured shares. 

Contact an employee for more information about applicable fees and terms: 

(804) 359-8754 option 4      (800) 230-4819 option 4 

Revision date 06.02.2014
Rates last changed 11.22.2013

New Generations is a Member-Owned Financial Cooperative serving Richmond since 1950
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
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We Do Business in Accordance With Federal Fair Lending Laws.
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