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Savings

 

Bylaw Requirements

You must complete payment of one share in your Regular Share account as a condition of admission to membership. The par value of a share in a Regular Share account is $25.00.


National Credit Union Share Insurance Fund & Massachusetts Share Insurance Corporation (MSIC)

Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund with supplemental coverage provided by MSIC.


Transaction Limitations

We reserve the right to, at any time, require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic 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.


Rate Information

  • For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is February 1.
  • Daily Balance Computation Method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
  • Accrual of Dividends – Dividends will begin to accrue on the business day you deposit cash or non-cash items (for example, checks) into your account.
  • The annual percentage yield is based on the assumption that dividends will remain in the account until maturity and that funds will remain on deposit for one year.
  • The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

 

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Savings Account

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Minimum Balance Requirements

The minimum balance required to open this account is $25.00.

Par value of a Share

The par value of a share in this account is $25.00.

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CD's and IRA's

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Term Share Certificates of Deposit enable you to lock in a rate of interest your investment earns. Maturity dates range from 6 months to 5 years, with appropriately increasing Annual Percentage Yields. You can plan the use of your funds, knowing that they earn an attractive, highly competitive rate of interest.

All Term Share Certificates of Deposit are insured by the National Credit Union Share Insurance Fund (NCUA) with supplemental coverage provided by the Massachusetts Share Insurance Corporation (MSIC).

Interest on all Term Share Certificates is compounded daily and posted monthly.

 

Automatically Renewable Account

  • This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. If you prevent renewal, your funds will be placed in a dividend-bearing account.
  • Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new Term Share Certificate accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original term share account.
  • You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.

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Christmas/All Purpose Club Accounts

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Bylaw Requirements

You must complete payment of one share in your Regular Share account as a condition of admission to membership.


Minimum Balance Requirements

The minimum balance required to open this account is $5.00. You must maintain a minimum daily balance of $10.00 in your account each day to obtain the disclosed annual percentage yield.

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Youth Finance

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Start Right Account

Learning how to save money is a valuable lesson for those of all ages. With SCU’s Start Right program, youth can open and maintain their own account and earn dividends on their funds, teaching them that saving money pays in more ways than one!

In addition to learning how to save and invest for their future, teens can open a checking account and begin learning the importance of handling money responsibly. Add the Rewards Debit Card, and you have a tool that helps model the importance of establishing and maintaining good credit.


Start Right Savings Account

(Youths under 18 require an adult co-signer.)

Break open that piggy bank and bring in the first deposit. We make it easy to start learning the basics of a checking account and how to manage your money wisely. No monthly or annual fees and competitive rates!

Students with senior standing will receive a free membership Savings account if all service are opened and kept for one year:

  • Checking Account
  • Savings Account
  • Telephone Banking
  • eStatements
  • Remote Check Deposit
  • ATM/Debit Rewards Card
  • Online Banking
  • Online Bill Payment

Student Start Right Program Flyer

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