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Savings Accounts

Start saving now … not later, tomorrow, or next week … NOW!

When it comes to saving, now is the operative word. It really is possible to bring your dreams to life if you commit to saving early on. Open a savings account today and begin to build a fund, or series of funds, for all that you desire. Step by step, you will move toward achieving your dreams.

Extra Credit Union offers you four, flexible savings accounts to help you save for your goals. We can guide you in selecting the one that will help you the most. Plus, you can develop a budgeted savings plan by setting up automatic transfers of money to your savings account {we’d be happy to help you set them up!}.

Our four savings accounts include:

Opening a savings account automatically makes you a member of Extra Credit Union, which offers access to all our services. As a member, get a checking account, borrow money, apply for a loan, get access to service providers such as insurance services, financial consulting services, and our mortgage expert, plus information about your credit report.

Savings Account

Every Extra Credit Union membership starts with a savings account. Have fun saving and keep your accounts organized by creating additional savings accounts and individually naming each to keep track of your savings, such as for:

Anything else that your heart desires

An Extra Credit Union savings account enables you to:

  • Become a member and open your account with a minimum deposit/purchase a share in the credit union of $5
  • Add optional sub-accounts as needed
  • Incur no minimum balance
  • Earn interest that is compounded and paid quarterly on balances that are over $100

Come open a savings account today!

Youth Savings Account

Help young people up to age 17 engage in the fun of saving and reward them for saving—all while helping them earn interest on any deposit. A parent, aunt, uncle, grandparent or friend can open a youth savings account, even for a baby, and help save for their future.

A youth savings account operates just like our regular savings account:

  • Open the account with a one-time, $5 membership deposit, which is required to purchase a share of membership in the credit union
  • Deposits and withdrawals can be made in any amount
  • Account interest is compounded and paid quarterly
  • Through this account, you establish membership at Extra Credit Union with access to all our services

Plus, members under 11 get a special gift package, which includes a:

  • Savings passbook
  • Punch card
  • Lanyard
  • Savings box
  • Tote bag

Come in and open a youth savings account today!

Certificates of Deposit

Are you yearning to reach a longer-range financial goal, such as saving up for a home or a cruise? A longer-term savings plan, such as certificate of deposit {CD}, will help you earn higher interest.

A CD guarantees that you will save for a particular time frame—180 days, 12 months, 24 months, 36 months, or 60 months—and you’ll keep funds in your account without withdrawing any funds, as the funds are for your future use. Choose the amount you want to invest and the period of time to keep the funds on deposit, remembering that the longer the term of your CD, the higher your rate of return.

Here’s how certificates of deposit work. They:

  • Are a secure way to invest
  • Provide a higher {and guaranteed} interest rate than a savings or money market account
  • Have a minimum balance requirement of $500
  • Offer terms from 180 days to 60 months
  • Enable you to cash in your CD with interest earned or roll it over into another CD when the maturation date arrives
  • Do not allow for early withdrawals

Money Market Account

Would you like your funds to earn more interest than a savings account and have ready access to your funds while they are being invested? Open a money market account. Make higher dividends based on your savings balance. And the higher your savings tier, the more you’re paid.

A minimum of $5,000 enables you to open and maintain an account, and you may withdraw unlimited funds whenever needed with no penalty, as long as your funds don’t drop below $5,000.

Here’s how a money market account works:

  • Start with a minimum $5,000 deposit (For the youth money market, the minimum balance is $2,000).
  • A balance between $20,000 and $49,999 earns a higher interest rate
  • A balance of $50,000 and up earns our highest money market interest rate
  • Interest is compounded and paid monthly

* Per federal regulations, transfers or withdrawals from an Extra Credit Union savings account are limited to six per calendar month.

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