The Special Savings Account has the same characteristics as Primary Savings. This account has a $5.00 minimum balance. Check rates.
- Dividends are paid based on the balance in the account
- Dividends are calculated monthly and paid quarterly using the average daily balance method
- Members receive statements quarterly, or monthly when there is an electronic funds transfer (EFT) transaction
- Members have access to funds through 24 Hour Phone Teller and e-Banking
OPEN A NEW ACCOUNT
What is a Special Savings account for?
For members who want to segregate their funds for special purposes.
I have a hard time saving money. Why is this a good option?
We can make it easy by arranging for a Payroll Deposit, or an automatic transfer from any of your accounts on a schedule of your choice.
The dividend rates for this account are determined at the discretion of the Board of Directors. See current rate sheet for dividend information. Dividend rates and annual percentage yields may change at any time.
Nature of dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
Crediting frequency – Dividends will be credited into this account monthly.
Compounding frequency – Dividends will be compounded monthly.
Dividend period – For this account type, 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 precedes the ending date of a dividend period, and for the example above is December 31.
Effect of closing an account – If you close your account before dividends are paid, you will not receive the accrued dividends.
Average daily balance computation method – Dividends are calculated by the average daily method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly.
Accrual of dividends on non-cash deposits – Dividends will begin to accrue on the business day you place non-cash items (for example, checks) into your account.
Minimum balance to open – The minimum balance required to open this account is $5.00.
Minimum balance to obtain the disclosed annual percentage yield– You must maintain a minimum average daily balance of $50.00 in your account to obtain the disclosed annual percentage yield.
Addition limitations – You may make unlimited additions to your account.
Withdrawal notice – We reserve the right to require not less than sixty days’ notice in writing before each withdrawal.