Dividend Rate and APY (Annual Percentage Yield)
The dividend rate as of the last dividend declaration date was 2.75% APR.
Variable Rate Accounts
The dividend rate and APY may change every six month period as determined by the credit union's Board of Directors.
Compounding
Dividends will be compounded semi-annual and credited semi-annual. The dividend period is six months. The beginning of the date of the first dividend period of the calendar is January 1st and the ending date is June 30th. The dividend declaration date is the third Tuesday in the last month of the period and for example will be the third Tuesday in June.
Effects of Closing an Account
If you close your account before dividends are paid, you will not be paid the accrued dividends for the period.
Minimum Balance Requirements
To open an account, you must have a minimum amount of $5.00. To earn the APY disclosed, you must maintain a minimum daily average balance of $101 for each day of the dividend period. You will not earn dividends for any day that your balance drops below $101.
When Dividends are Calculated
Dividends are calculated using the daily balance method. This method applies a daily periodic rate to the balance in the account each day.
When Dividends Begin to Accrue
Dividends begin to accrue on cash and non-cash deposits, such as checks, on the business day you make your deposit.
We Insure Your Savings
When you save money in your credit union, your savings provide life insurance
for you if you are physically able to perform the usual duties of your occupation
when your deposit is made. Every dollar you save up to $2,000 provides life
insurance for you according to the following scale:
- Each $1 you save before age 55 provides $1 of life insurance.
- Each $1 you save from age 55 through age 59 provides $.75 of life insurance.
- Each $1 you save from age 50 through age 64 provides $.50 of life insurance.
- Each $1 you save from age 65 through age 69 provides $.25 of life insurance.
- No insurance is provided on savings deposits made on or after age 70.
- These amounts apply after six months of age. Each $1 deposited for an infant under six months of age provides $.25 of life insurance. This amount increases to 100% at age six months, subject to the plan's maximum.
As long as your savings are deposited in your credit union, your life insurance remains in force. In the event of your death, your family receives not only your savings; but also, the life insurance which your savings provided.
The maximum deposit per month is $5000
