The Club Account allows credit union members to make deposits throughout the year for specific purposes such as vacation, school expenses, taxes or holiday expenses. Check interest rates.
- No minimum opening balance if opened through Payroll Deduction
- Dividends are paid based on the balance in the account
- Dividends are calculated using the average daily balance method and paid at maturity
- Members may name the account and establish the account maturity date
- Account balance is transferred to the member’s checking or savings account on the maturity date
- Members receive statements quarterly; monthly if they have a checking account
- Deposits are voluntary and can be made anytime during the year
- $10 fee applies if a member withdraws prior to maturity
- OPEN A NEW ACCOUNT
Why should I open a Club savings account?
Many members find it is easier to accumulate funds by establishing and depositing into a separate account.
Won’t it be difficult to track two different accounts?
Although this is a separate account, you will still receive only one statement and may view all of your credit union accounts online with one simple login.
What if I can’t make it into the credit union to make my deposit?
We can arrange 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.