Savings Rates
“Rates” explains current terms and rates applicable to the savings (share), checking (share draft) and share certificate accounts we offer. We may offer other rates or amend the rates from time to time. Each owner on an account agrees to the terms described in the Member Service Agreement (MSA).
Effective: 10/01/2024
| Type | Dividend Rate | Annual Percentage Yield | Minimum Opening Balance | Minimum Balance to Earn APY** | Dividends Compounded & Credited | Dividend Period |
|---|---|---|---|---|---|---|
| Regular, Christmas, Vacation | 0.050% | 0.05% | $5.00 | $100.00 | Quarterly | Quarterly |
| Kids Account | 0.050% | 0.050% | $25.00 | $100.00 | Quarterly | Quarterly |
| Club Share Account | 0.000% | 0.000% | $5.00 | $0.00 | Quarterly | Quarterly |
| IRA Shares | 0.149% | 0.15% | $100.00 | $100.00 | Quarterly | Quarterly |
| Checking $5,000.00+ | 0.000% | 0.000% | $25.00 | $0.00 | Monthly | Monthly |
| Money Market | Dividend Rate | Annual Percentage Yield | Minimum Opening Balance | Minimum Balance to Earn APY** | Dividends Compounded & Credited | Dividend Period |
|---|---|---|---|---|---|---|
| $2,500.00 to $25,000.00 | 1.391% | 1.40% | $2,500.00 | $2,500.00 | Monthly | Monthly |
| $25,000.00 to $50,000.00 | 1.539% | 1.55% | $2,500.00 | $2,500.00 | Monthly | Monthly |
| $50,001.00 to $100,000.00 | 1.736% | 1.75% | $2,500.00 | $2,500.00 | Monthly | Monthly |
| $100,001.00 + | 1.883% | 1.90% | $2,500.00 | $2,500.00 | Monthly | Monthly |
| Share Certificates | Dividend Rate | Annual Percentage Yield | Minimum Opening Balance | Minimum Balance to Earn APY** | Dividends Compounded & Credited | Dividend Period |
|---|---|---|---|---|---|---|
| 6 months | 4.4268% | 4.50% | $1,000.00 | $1,000.00 | Quarterly | Quarterly |
| 12 months | 4.184% | 4.25% | $1,000.00 | $1,000.00 | Quarterly | Quarterly |
| 2 years | 3.211% | 3.25% | $1,000.00 | $1,000.00 | Quarterly | Quarterly |
| 3 years | 1.491% | 1.50% | $1,000.00 | $1,000.00 | Quarterly | Quarterly |
| 4 years | 1.886% | 1.90% | $1,000.00 | $1,000.00 | Quarterly | Quarterly |
| 5 years | 2.083% | 2.10% | $1,000.00 | $1,000.00 | Quarterly | Quarterly |
| IRA Certifcates - (Traditional, Roth, Educational) | Dividend Rate | Annual Percentage Yield | Minimum Opening Balance | Minimum Balance to Earn APY** | Dividends Compounded & Credited | Dividend Period |
|---|---|---|---|---|---|---|
| 1 year (13 months) | 4.038% | 4.10% | $500.00 | $500.00 | Quarterly | Quarterly |
| 2 years | 3.064% | 3.10% | $500.00 | $500.00 | Quarterly | Quarterly |
| 3 years | 1.639% | 1.65% | $500.00 | $500.00 | Quarterly | Quarterly |
| 4 years | 1.738% | 1.75% | $500.00 | $500.00 | Quarterly | Quarterly |
| 5 years | 2.231% | 2.25% | $500.00 | $500.00 | Quarterly | Quarterly |
* Minimum balance to earn dividends
** Annual Percentage Yield
Rates are subject to change without notice
May be a penalty for early withdrawal
Explanation of Rates
As explained in the MSA, “Rates” applies to all the accounts we offer. Except as specifically described, the following terms apply to all of the accounts you have with us.
1. Rate Information
The Dividend Rate and Annual Percentage Yield on the accounts are set forth above. For all accounts except certificates, the Dividend Rate and Annual Percentage Yield may change at any time as determined by the Board of Directors. Checking and Money Market accounts are Tiered Rate Accounts. The Dividend Rate for a particular tier will apply to the entire account balance if the account balance is within the balance range for that tier. The Dividend Rates and Annual Percentage Yields are the prospective rates as of the effective date shown above. For certificate accounts the Annual Percentage Yield is based on the assumption that dividends will remain in the account until maturity. A withdrawal of dividends will reduce earnings.
2. Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
3. Compounding and Crediting
Dividends will be compounded and credited as set forth above. For dividend-bearing accounts, the Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
4. Accrual of Dividends
Dividends will begin to accrue on noncash deposits (e.g., checks) on the business day you make the deposit to an account you have with us. If you terminate the account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information
The minimum balance required to open each account and earn the stated Annual Percentage Yield is set forth above. If you do not maintain the minimum balance, you will not earn the stated Annual Percentage Yield. For all dividend-bearing accounts, dividends are calculated by using the Average Daily Balance method, which applies an average daily periodic rate to the balance in the account for the period. Please see the Service Charges on page 4 regarding the minimum balance information to avoid monthly service charges.
6. Account Limitations
For a Christmas account, the entire balance will be transferred to another account with us on or after October 1 and the account will remain open. The account is nontransferable and nonnegotiable. The funds in the account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
7. Certificate Account Features
a. Account Limitations
After you start the account, you may not make additional deposits to a Certificate Account.
b. Maturity
The Certificate Account you have with us will mature on the maturity date identified on your Account Receipt or Renewal Notice.
c. Early Withdrawal Penalty
We may impose a penalty if you withdraw any of the principal of the Certificate account before the maturity date. For Super Certificates, you may withdraw up to 50% of the original principal balance after the first six days the account is open without an early withdrawal penalty. Withdrawals in excess of that amount will be subject to early withdrawal penalties as set forth below. All other certificates are subject to early withdrawal penalties as set forth below.
Amount of Penalty. The amount of the penalty depends on the term of the certificate. For certificates with terms of less than 12 months, the penalty is equal to all dividends earned on the amount withdrawn, with a minimum of seven (7) days dividends and a maximum of 30 days dividends. For certificates with terms of 12 to 18 months, the penalty is equal to all dividends earned on the amount withdrawn, with a minimum of seven (7) days dividends and a maximum of 90 days dividends. For certificates with terms of over 18 months, the penalty is equal to all dividends earned on the amount withdrawn, with a minimum of seven (7) days dividends and a maximum of 180 days dividends
How the Penalty Works. The penalty is calculated as a forfeiture of all or part of the dividends earned on the amount of early withdrawal. If earned dividends have previously been withdrawn or the account has not yet earned enough dividends, the penalty will be deducted from the principal balance
Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an ac- count owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner attains age 59 1⁄2 or becomes disabled and begins making periodic withdrawals
d. Super Certificate Rate Bump
For Super Certificate accounts, once during any term of the ac- count, you may elect to increase or “bump” the rate on the account to the rate currently in effect for super certificate accounts of the same term. You must contact the credit union to request a rate increase.
e. Renewal Policy
Certificate accounts are automatically renewable accounts. Automatically renewable accounts will renew for another term upon maturity. You have a grace period of five (5) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.
f. Nontransferable/Nonnegotiable
The account(s) you have with us is/are nontransferable and nonnegotiable. This means that an account and the funds in the account may not be pledged to secure any obligation of an owner, except obligations with the credit union.