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*APY=Annual Percentage Yield. APY is accurate as of 07/13/2023. Rates may change after account is opened. If qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed up to $20 ($4.99 per single transaction) and credited to account on the last day of monthly statement cycle; (2) balances up to $25,000 receive APY of 3.00%; and (3) balances over $25,000 earn 0.25% dividend rate on portion of balance over $25,000, resulting in 3.00% to 0.25% APY depending on the balance. If qualifications are not met, all balances earn 0.05% APY. Qualifying transactions must post to and settle account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle an account. ATM-processed transactions do not count towards qualifying debit card transactions. "Monthly Qualification Cycle" means a period beginning the first day of the current statement cycle through the close of the current statement cycle. Domestic ATM fees incurred during qualification cycle will be reimbursed up to $20 if qualifications are met within monthly qualification cycle. Limit one account per SSN.
Transaction Limitations:
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Additional Deposit: Not Allowed
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Dividend Withdrawal: Allowed
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Renewable: Automatic
Dividend Information:
- Dividends Compound: Monthly
- Dividends Credited: Monthly
- Dividends Period: Monthly
- Interest Rate Type: Fixed
Except as specifically described, the following disclosures apply to all of the above Certificate accounts.
· Rate Information – The Dividend Rate and Annual Percentage Yield on your accounts, as of the last dividend declaration date, are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for the term of the account. The Annual Percentage Yield is based on the assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings.
· Nature of Dividends - Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
· Compounding and Crediting – Dividends will be compounded and credited as set forth above. The dividend period for each account is set forth above. The dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month.
· Balance Information – The minimum balance required to open each account is set forth above. Dividends and minimum balances are calculated using the Average Daily Balance method. The Average Daily Balance is determined by using the full amount of principal in the account for each day of the period and dividing that figure by the number of days in that period.
· Accrual of Dividends – Dividends will begin to accrue on cash and non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
· Transaction Limitations – After your account is opened, you may not add funds to your account, but may make withdrawals of dividends from your account in any amount as indicated.
· Maturity – Your account will mature within the term set forth above or the maturity date set forth on your Certificate of Maturity Notice. The Credit Union will give the owner(s) at least 21 days' notice prior to maturity.
· Fixed Rate Accounts – The rate and yield will remain in effect for the entire term of the account.
Early Withdrawal Penalty – We may impose a substantial penalty if you withdraw any of the principal before the renewal date.
Amount of Penalty – For Certificates and IRA Certificates, the amount of the early withdrawal penalty of your account is an amount equal to 365 days dividends whether earned or not.
How the Penalty Works – The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.
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 account owner dies, where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment, if withdrawal occurs within ten (10) days of Automatic Renewal date.
Renewal Policy – Your account is an Automatically Renewable Account.
Nontransferable/Nonnegotiable - Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure an obligation of owner, except obligations with the Credit Union.
Transaction Limitations:
- Additional Deposit: Not Allowed
- Dividend Withdrawal: Allowed
- Renewable: Automatic
Dividend Information:
- Dividends Compound: Monthly
- Dividends Credited: Monthly
- Dividends Period: Monthly
- Interest Rate Type: Fixed
Except as specifically described, the following disclosures apply to all of the above IRA Certificate accounts.
· Rate Information – The Dividend Rate and Annual Percentage Yield on your accounts, as of the last dividend declaration date, are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for the term of the account. The Annual Percentage Yield is based on the assumption that dividends will remain on deposit until maturity. A withdrawal will reduce earnings.
· Nature of Dividends - Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
· Compounding and Crediting – Dividends will be compounded and credited as set forth above. The dividend period for each account is set forth above. The dividend Period begins on the first calendar day of each month and ends on the last calendar day of each month.
· Balance Information – The minimum balance required to open each account is set forth above. Dividends and minimum balances are calculated using the Average Daily Balance method. The Average Daily Balance is determined by using the full amount of principal in the account for each day of the period and dividing that figure by the number of days in that period.
· Accrual of Dividends – Dividends will begin to accrue on cash and non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
· Transaction Limitations – After your account is opened, you may not add funds to your account, but may make withdrawals of dividends from your account in any amount as indicated.
· Maturity – Your account will mature within the term set forth above or the maturity date set forth on your Certificate of Maturity Notice. The Credit Union will give the owner(s) at least 21 days' notice prior to maturity.
· Fixed Rate Accounts – The rate and yield will remain in effect for the entire term of the account.
Early Withdrawal Penalty – We may impose a substantial penalty if you withdraw any of the principal before the renewal date.
Amount of Penalty – For Certificates and IRA Certificates, the amount of the early withdrawal penalty of your account is an amount equal to 365 days dividends whether earned or not.
How the Penalty Works – The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.
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 account owner dies, where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment, if withdrawal occurs within ten (10) days of Automatic Renewal date.
Renewal Policy – Your account is an Automatically Renewable Account.
Nontransferable/Nonnegotiable - Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure an obligation of owner, except obligations with the Credit Union.
Details:
- Penalty for early withdrawal within the first 90days of account opening
- The penalty is equal to the minimum opening deposit of $25
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Dividends compounded
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Credited monthly
For a Share Savings Account in which transfer limitations apply, no more than six (6) preauthorized, automatic or telephone transfers may be made from these accounts to another of yours or to those of a third party in any month, and no more than three (3) of these six (6) transfers may be made by Check, Draft, or Debit Card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed.
Details:
- Penalty for early withdrawal
- The penalty is equal to 90 days of dividend earnings
- Dividends compounded & credited monthly
- Average Daily Balance Method
For a Money Market Account, withdrawals must be a minimum of $500, limited to six per month; no automatic transfers of loan advances allowed; minimum balance of $2,000 required to obtain the disclosed Annual Percentage Yield; no dividends will be paid if the average daily balance falls below $2,000; and Money Market Accounts are subject to account service fees as listed in our account service fee schedule including Share Draft (Checking) Accounts.
Details:
- Dividends compounded
- Credited monthly
Club Account Rates
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|---|---|---|---|
| Type | Average Daily Balance | Dividend Rate | APY** |
| Club | N/A | 0.10% | 0.10% |
| IRA Club | N/A | 0.10% | 0.10% |
*APR = Annual Percentage Rate. Rates based on creditworthiness and term of loan. Rates are subject to change at any time and are not guaranteed.
**APY - Annual Percentage Yield.