Need a smart way to save for a college education? A Central Willamette educational savings account, our Educational IRA, is the perfect financial tool for you.
A total of $2,000 can be set aside for the beneficiary annually. And the best thing is, your contributions will grow tax-free, and you will not pay any taxes or penalties on money that is withdrawn for higher educational expenses before the beneficiary reaches age 30. Just remember, Educational IRA contributions aren’t tax deductible.
529 Plans Help, Too
As a member, you can also sit down with our financial experts to discuss how to best use 529 Plans – tax-advantaged college savings plans – to help make college more about learning than worrying about tuition.
Because this particular area continues to change and grow, we have a more detailed article here to explain more about your options for college saving when using Educational IRAs, educational savings accounts and 529 plans.
Open an Account Today
Just stop by one of our branches and we can help get you started. If you would like to meet with one of our hand-picked CUNA Mutual Services financial advisors to discuss your larger goals, as a Central Willamette member the first visit is FREE.
And as a member, you also get access to all of our online banking services, including mobile check deposit, fund transfers and more!
Frequently Asked Questions
If you would like to open an account for your child, you will need to bring your child's social security number with you to one of our branch locations. It is not required for you to bring your child with you, however Central Willamette loves to meet its youngest members and help educate them on financial responsibility.
Yes, a teenager that is 18 or older may apply for a loan. Central Willamette will also consider a loan for a person younger than 18 with a qualified guarantor who is 18 or older.
Unlike banks, Credit Unions are member-owned financial cooperatives and are governed by a volunteer Board of Directors. When you join Central Willamette, your initial deposit to open a share account establishes your membership and makes you a part-owner. We offer a full spectrum of products and services to meet all of your financial needs.