Savings
Regular Share Savings Account
This is our main savings account. The minimum amount to open
an account is $5.00. This account establishes your membership in the
Credit Union. In order to open any other type of account, or obtain
a loan, you must have a Regular Share Savings account.
Organizational Share Savings Account
This is our main savings account for member groups and businesses.
The minimum amount to open an account is $5.00.
An example of a
member group is a D/B/A (Doing Business As) opened with the member's social security number.
Business
accounts include the following
type of organizations and must be opened with a Tax ID number:
|
· Sole Proprietorships (w/ EINs) |
· Corporations |
|
· Partnerships |
· Government Agencies |
|
· Limited Liability Companies |
· Not-for-profit-Organizations |
Note 1: Loans are not offered to Organizational account holders.
Club Accounts
Holiday and Vacation Club accounts are available to members who wish
to save throughout the year for those special occasions.
There is no minimum amount required to open a Club account. These
accounts may be opened any time of the year and are continuous, which means you
can avoid opening a new account each year.
Holiday Club balances are automatically transferred to your Regular Share
account on October 1st each year.
Share Draft Account
There is no minimum amount required to open a Checking account. Statements
are issued on a monthly basis and your original checks are truncated to our
safekeeping system. Share Draft Accounts are interest bearing with
$100 or more per month. Personal Share Draft Accounts have no
monthly charge. Business Share Draft Accounts are charged
monthly transactional fees;
transactions are
defined as deposits, checks paid, withdrawals, transfers, and ACH debits &
credits.
All Purpose Accounts
All Purpose Accounts are additional share accounts for members who
need more than one savings account. There is no minimum amount required to open an
All Purpose account.
Term
Share Certificate
A
minimum balance of $1000 is required to open a CD. Interest
is paid at maturity. Terms range from 6 months to 3 years. Early
withdrawal penalties may apply.
Youth Savings Certificate
Members
under age 19 can earn "grown-up" dividends with the same great terms and
rates as a regular certificate, but requiring only a $250 minimum. The
Youth Savings Certificate helps young people yield more for their savings
sooner.
IRA Daily
Share A minimum
balance of $5.00 is required to open an IRA Daily Share account. These
savings accounts are offered for Traditional, Roth or Education IRAs.
There are no periodic terms required for these accounts and they pay dividends from day of
deposit to day of withdrawal.
Jumbo IRA
Certificate A minimum
balance of $30,000.00 is required to open a Jumbo IRA Certificate. This account
offers a term of either 36 or 60 months. Dividends are paid and
compound annually. Early withdrawal penalties may apply.
Investments
US Savings Bonds US Savings Bonds are a great way to save. They are competitive, safe, affordable and convenient. Savings Bonds are available for purchase in our Main Office in Stoneham and our branch in Wilmington. For more information, please visit www.savingsbonds.gov.
