Accounts

Share Accounts

Eligibility Requirements

  • Join and become a member through one of our current affiliated Field of Memberships.
  • Family of a current member can also become a member and join the credit union
  • Accounts may be single or joint.
  • Once a Member always a Member.

Regular Share Savings Accounts

  • This account is your main account and establishes you as a member of Cadets Federal Credit Union.
  • Members must maintain a minimum balance of $25.00 at all times.
  • Minimum average daily balance to earn dividends is $100.00.
  • This account allows members to access all other credit union services.
  • Dividends are calculated using average daily balances and are paid quarterly.

Premium Share Savings Accounts

  • Earn a higher dividend rate than on a Regular Share Savings Account.
  • Members must maintain a minimum average daily balance of $2,500.00.
  • Dividends are calculated using average daily balances and are paid quarterly.

Regular Share Draft Checking Accounts

  • This is a no fee checking account and no dividends are paid on this account.
  • Members must maintain a minimum balance of $25.00 in regular share accounts at all times.

Premium Share Draft Checking Accounts (Ultimate Checking)

  • This is a no fee checking account and dividends are earned for maintaining minimum balances.
  • Members who maintain a minimum average daily balance of $2,500.00 will earn dividends based on the Regular Share Savings Account dividend rate.
  • Members who maintain a minimum average daily balance of $5,000.00 will earn dividends based on the Premium Share Savings Account dividend rate.

Share Certificate Accounts

  • Earn a higher dividend rate based on length of term.
  • Share Certificate terms are offered from 1 to 5 years.
  • Dividends earned are posted to the Certificate of Deposit quarterly and at maturity.
  • Members are sent notice prior to maturity of their certificate.
  • Dividend rate is locked in at the time of purchasing certificate.
  • Penalties may be imposed on Share Certificates for any early withdrawals.
  • Dividends can be transferred to a share account or a check may be mailed to you.
  • Dividends are compounded quarterly and credited quarterly.

View Rates

Club Accounts

"Stash Your Cash"

  • Save for Vacation, Camping or the Holidays and take advantage of Payroll Deduction to make deposits each pay period.
  • Club accounts earn a higher dividend. $5.00 fee for withdrawals.
  • Minimum deposit of $5.00 required to open this account. Deposits can be made at any time.
  • The Spring Club Account runs from March 1st to February 28th each year. (Vacation Club)
  • The Summer Club Account runs from July 1st to June 30th each year. (Camping Club)
  • The Fall Club Account runs from November 1st to October 31st each year. (Christmas Club)
  • Payouts can transfer to your checking, savings or by check any time after each club period.
  • Dividends are declared and credited at maturity.

HSA Accounts

A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment.

To be eligible and qualify for an HSA, you must meet the following requirements:

  1. You must have coverage under an HSA-qualified "high deductible health plan" (HDHP).
  2. Have no other first dollar medical health coverage except what is permitted under, (Other Health Coverage: disability, dental care, vision care, or long-term care insurance are permitted).
  3. Are not enrolled in Medicare.
  4. Cannot be claimed as a dependent on someone else’s tax return.

You, your employer, or both can make contributions to your HSA. However, the total contributions are limited annually. If you make a contribution, you can deduct the contributions (even if you do not itemize deductions) when completing your federal income tax return.

Roth IRA Accounts

The Roth IRA is a personal retirement savings plan that offers: See IRS Publication 590.

  • The ability to contribute up to $5,000 to your retirement plan, some of which may be deductible from your taxes – contributions may be made now through April 15th.
  • Tax-deferred earnings on your contributions, which help grow your savings since taxes don’t get paid until you withdraw the funds.
  • The ability to withdraw funds without IRS penalty prior to age 59 ½ for certain qualifying expenses such as the purchase of a home, higher education, Death or Disability or certain medical expenses.
  • The ability to contribute up to an additional $1,000 "catch-up" contribution for taxpayer’s age 50 or older by December 31st – that contribution may be made through April 15st.
  • A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA).
  • Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. Visit the IRS website for more detail.

Rollover Individual Retirement Account

When you leave a job or retire, you are allowed to "roll over" funds from an employer-sponsored plan, such as a 401(k) or pension plan, into a Rollover IRA. The Rollover IRA allows:

  • Retirement savings to continue growing tax-deferred.
  • Greater flexibility in choosing your investments.
  • The ability to move or transfer you individual retirement account from one IRA provider to another.
  • The ability to withdraw money from your IRA more easily than from an employer plan.
  • View Rollover Chart

For more information regarding retirement plans and rollovers, visit Tax Information for Retirement Plans Community.

Locations & Customer Service

Elma Location

Address: 1751 Transit Road, Elma, New York 14059
Phone: [716] 771 3434
Fax: [716] 771 3435

Hours of Operation

Monday - Wednesday: 9:00am - 4:30pm
Thursday: 9:00am - 5:00pm
Friday: 9:00am - 5:30pm
Saturday: 9:00am - 1:00pm

Get Directions

Buffalo Location

Address: 927 Grant Street, Buffalo, New York 14207
Phone: [716] 873 1174
Fax: [716] 873 1256

Hours of Operation

Monday - Thursday: 9:00am - 4:30pm
Friday: 9:00am - 5:30pm

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