SAVINGS ACCOUNTS
Perry Point Federal Credit Union offers
a variety of savings plans to meet your needs. You’ll
notice that we call our savings accounts “shares.”
We use the term “share” because your deposits
in these accounts represent your share of ownership in the
credit union. The National Credit Union Administration, a
U.S. Government agency, insures all of your deposits in our
credit union up to $250,000.
Regular
Share Savings
This is the basic account that all adult members must have
to maintain membership in the credit union. The minimum balance
required to open and maintain this account is $5.00. You must
maintain a minimum average daily balance of $50.00 during
the calendar quarter to receive dividends (interest) on this
account. Click here for information on current
dividend rates, calculation of dividends,
and transaction limitations.
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Minor
Share Savings
This is the basic account that all
members under the age of 18 must have to maintain membership
in the credit union. The minimum balance required to open
and maintain this account is $5.00. You must maintain a minimum
average daily balance of $5.00 during the calendar quarter
to receive dividends (interest) on this account. Click here
for information on current dividend
rates, calculation of dividends,
and transaction limitations.
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Special
Share Savings
This is a savings account that members
can use for any reason they want to keep money separate from
their regular savings or checking account. It can be used
to save for a child’s education or wedding; a vacation
or “rainy day” emergency fund; a downpayment on
a home or car; or any other worthwhile purpose. The minimum
balance required to open and maintain this account is $5.00.
You must maintain a minimum average daily balance of $50.00
during the calendar quarter to receive dividends (interest)
on this account. Click here for information on current
dividend rates, calculation of dividends,
and transaction limitations.
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Christmas
Club Share Savings
This is a savings account that members
can use to save money for holiday shopping. The account balance
will be transferred to your Regular Share Savings account
on October 1st each year where it will continue to earn dividends
until you're ready to spend it. An early withdrawal penalty
of $10.00 will be deducted from your account for each withdrawal
you make from this account anytime during the year prior to
October 1st. There's no minimum balance required to open and
maintain this account. You must maintain a minimum average
daily balance of $50.00 during the calendar quarter to receive
dividends (interest) on this account. Click here for information
on current dividend rates,
calculation of dividends, and
transaction limitations.
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Coverdell
Education Share Savings
A Coverdell Education Savings Account
(ESA) allows you to save up to $2,000 per child per year,
and earnings grow tax-free if distributions are used for
qualified education expenses (tuition, fees, books, supplies,
equipment, and in some cases, room and board and computers).
Contributions to a Coverdell ESA are never tax-deductible.
Anyone who meets the income requirements can open and contribute
to a child’s
ESA until the child’s 18th birthday. This includes
grandparents, aunts, uncles and family friends. However,
the total contributions to all Coverdell ESA’s for
a child can’t exceed
$2,000 per year. There's no minimum balance required to open
and maintain this account. Click here for information on current
dividend rates, calculation of
dividends,
and transaction limitations. NOTE:
Because of the income tax advantages of a Coverdell ESA,
the I.R.S. has a number of conditions on making deposits
to and making withdrawals from this account. For more details,
consult your tax advisor or click on the link below to view
an online brochure.
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Calculation
of Dividends
Dividends are paid from current income
and available earnings after required transfers to reserves
at the end of the dividend period. The dividend rate and annual
percentage yield may change at any time as determined by the
Board of Directors. Dividends are compounded and credited
to these accounts quarterly. The dividend period is the period
of time at the end of which an account earns dividend credit.
For these accounts, dividends will be credited at the end
of each calendar quarter.
We use the average daily balance method to calculate the dividends
on your account. This method applies a daily periodic rate
to the average daily balance in the account. The average daily
balance is determined by adding the full amount of principal
in the account for each day of the period and dividing that
figure by the number of days in the period.
Dividends will begin to accrue on non-cash deposits (for example,
checks) on the business day you make the deposit to your account.
If you close your account before accrued dividends are credited,
accrued dividends will not be paid.
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Transaction
Limitations
During any month, you may not make
more than 6 withdrawals or transfers to another Credit Union
account of yours or to a third party by means of a preauthorized
or automatic transfer, telephone order or instruction, or
similar order to a third party. If you exceed the transfer
limitations set forth above, your account will be subject
to closure by the Credit Union. We reserve the right at any
time to require sixty (60) days notice in writing before each
withdrawal from a dividend bearing account.
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410-642-6037