Becoming a member means opening a share account, this is a basic savings account with a $5.00 minimum balance. The $5.00 is your “share,” or piece of stock in the Credit Union. It means that you are an owner of the Credit Union you can apply for any product or service that the Credit Union offers, attend and vote at the Credit Union’s annual meeting, and even run as a candidate for the Board of Directors yourself!
A great way to manage your different savings goals is to put your money in club accounts, such as a vacation club. Your money is available to you and earns the same interest rates as it would in your share account. After opening an account, you can then arrange for an amount of your choosing to be deposited into your club account from each paycheck and/or deposit and withdrawal at any time.
While similar to other club accounts in some ways, the Holiday Club has key differences that can make saving for the holiday season easier than ever. This club pays a higher interest rate than a traditional club account and it has a penalty for withdrawing funds before the maturity date. You can start a Holiday Club at any time and it will always mature the first week of October, at which point your funds will be automatically moved from your Holiday Club account to your checking account. If you choose to withdrawal your funds earlier there will be a $10.00 penalty (a helping hand to encourage you to leave those funds untouched until maturity in October).
If you want to earn more with your money than the dividend rates that a savings account provides, a share certificate maybe the savings solution you’re searching for.
All share certificates have a fixed term, or number of months or years, before they reach maturity, meaning that if you take your money out before the term is up you will be penalized.
Money Market accounts have similar features to both a checking and a savings account, but are a bit different than both. These accounts require $2,500.00 to open and maintain, meaning that you must keep the balance above $2,500.00 at all times, and earn dividends based on tiers. Premier Money Market accounts allow 6 withdrawals/transfers a month with no fee, any withdrawals/transfers beyond 6 will have a $7.00 fee for each transaction. As with all of our accounts, in order to open a Premier Money Market account you must have at-least $5.00 in a share account (savings account).