Savings Calculator/ Resources
All City of Boston share accounts, including regular Shares (Primary Savings), Share Drafts (Checking), Money Market Accounts, and Share Certificates, are federally insured by the National Credit Union Share Insurance Fund (NCUSIF).
NCUSIF is operated by the National Credit Union Administration (NCUA), a federal government agency that charters and supervises federal credit unions. NCUSIF provides all members of insured credit unions with $250,000 in coverage for their individual accounts. For more information about the NCUA and the NCUSIF please click here.
City of Boston Credit Union also maintains excess share and deposit insurance through Massachusetts Share Insurance Corporation (MSIC), fully insuring deposits in excess of the NCUA limits. For more information about MSIC insurance visit msic.org.
Members do not pay directly for Share Insurance protection. City of Boston Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union and based upon the excess Share Coverage into MSIC.
Even small deposits can help you build wealth over time. Use the Savings Calculator to improve financial stability and plan ahead for personal goals.
The starting balance or current amount you have invested or saved.
Years to save
The total number years you are planning to save or invest.
Rate of return
The annual rate of return for this investment or savings account. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor’s 500® (S&P 500®) for the 10 years ending Dec. 1st, 2014, had an annual compounded rate of return of 8.06%, including reinvestment of dividends. From January 1970 through to Dec. 2014, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.
It is important to remember that these scenarios are hypothetical and that future rates of return can’t be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that Separate Account investment funds and/or investment companies may charge.
Earnings on an investment’s earnings, plus previous interest. This calculator allows you to choose the frequency that your investment’s interest or income is added to your account. The more frequently this occurs, the sooner your accumulated earnings will generate additional earnings. For stock and mutual fund investments, you should usually choose ‘Annual’. For savings accounts and CDs, all of the options are valid, although you will need to check with your financial institution to find out how often interest is being compounded on your particular investment.
The amount that you plan on adding to your savings or investment each period. This calculator assumes that you make your contributions at the beginning of each period.
Frequency of contributions
Choose how often to make contributions to your account. The options include weekly, bi-weekly, monthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.