Savings

Savings (Share) Accounts are our basic savings program. Each member is required to have a minimum balance of $25.00 (one share) in a regular share account to maintain their credit union membership.  

The Frankie Fund is a kid’s savings account created to teach and promote financial education by laying the foundation for creating good savings habits. 

This account is intended to be an interactive experience for the child and requires that the child be present and participate in the account opening and in transactions to earn rewards.

BONUS - We will provide their initial member share of $25 at account opening to kick start their account.* 

The Franklin Fund Savers Club can be opened for those ages 3-12.   

Kids will receive a savings card that will help them track their deposits** and will be rewarded for hitting savings milestones.

Franklin First offers both HSA Share Savings and HSA Checking Accounts for your convenience.

• No minimum balance to open & no monthly fees (membership required)

• Tax-free withdrawals* for qualified medical expenses

HSA Eligibility

To open and make contributions to an HSA, you must meet the following requirements:

• You must be covered under a High Deductible Health Plan (HDHP)

• You cannot be covered by any other health plan that is not an HDHP

• You are not enrolled in Medicare

• You are not claimed as a dependent on another person’s tax return

• You are younger than 65 years old. (If you are 65 or over and choose to continue working but are not enrolled in Medicare, you are still eligible)

To confirm your eligibility, check with your Employer, Health Insurance Provider, or refer to IRS Publication 969.

A Money Market Account provides the best dividend rate available without locking your money in for a specific term. 

Franklin First offers four separate rate levels based on account balance. 

• Require a minimum balance of $500.00

• Offers higher yields than regular savings accounts 

• Terms range from six months to five years

•  Dividends or earnings are quoted in terms of the annual percentage yield (APY). 

• Additional deposits cannot be made after opening

• Subject to early withdrawal penalties 

Our Holiday Club Account allows you to save all year long to make sure you’re prepared for the holiday purchases. 

Funds from your Holiday Club Account are automatically transferred to your regular savings account in early October unless you make alternate arrangements with a Member Service Representative.  

Designed to help you care for your pet’s routine and unexpected needs.

How it works:

• The Pet Care Club funds can be used for veterinary care, medicine, food, pet care supplies, grooming, boarding, and pretty much any pet care related expense

• Add money to the account via direct deposit, in the branch, or via mobile deposit

• Withdrawals can only be made to cover expenses related to your pet’s care, and you can do this by bringing in a receipt, vet bill, or estimate for care

It is never too early to begin saving for retirement.  Franklin First offers:

Traditional IRA* 

Contributions made to a Traditional IRA have the potential to be tax deductible.  All earnings are tax-free until withdrawn.  

Roth IRA*

Contributions are not tax deductible, though your contributions may qualify you for a Savers Tax Credit of no more than $1,000. All earnings are tax-free and have the potential to be tax-free at the time of withdrawal.

Coverdell Educational Savings Accounts (ESA)* 

This IRA is designed to help fund a child’s education (elementary, secondary, or post-secondary). The contributions are non-deductible, but the earnings and contributions when used to pay for qualified education expense are tax-free. 

Investment options include an IRA Share or IRA CD (see current CD rate schedule for details).