Share Savings/Club Accounts
Share Savings and Club Account Rates
|Account Type||Minimum to Open||Minimum to Obtain APY||Dividend Rate||*Annual Percentage Yield||Compounded/Credited|
*Annual Percentage yield assumes dividend remains on deposit. Withdrawals will reduce earnings.
The dividend rate and APY may change every dividend period as determined by the credit union board of directors.
- Compounding and crediting. Dividends will be compounded and credited as shown. For these account types, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is January 31.
All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is February 1. If you close your account before dividends are credited, you will not receive accrued dividends on your regular share and club accounts. You will receive dividends on your daily market share and IRA accounts to the date of close-out.
- Balance computation method. Dividends are calculated by the average daily blance method which applies a periodic rate to the average daily balance in your account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
- Accrual of dividends. Dividends will begin to accrue on the business day you deposit noncash items (e.g., checks) to your account.
- Nature of dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Regular Share and Daily Market Share Accounts only.
- Transaction limitations. During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party.
Use the Savings Calculator to determine how much you will need to save to reach a determined savings goal. Simply fill in four of the fields to calculate the value of the fifth, then press “Calculate”. Press “Reset” to clear all the fields and enter new information.