SAVINGS
RATES (effective December 1, 2010)
The Account Rate and Fee Disclosure Schedule is part of your account
agreement and describe charges and fees that may be made on your account.
Any charges may be deducted directly from your account. The rates and
conditions below are applicable to all of our accounts at the Credit Union
and are accurate as of the effective date. The Credit Union reserves the
right to amend this schedule. Each applicant agrees to these terms at
the time he or she becomes a member. Potential members or members may
receive disclosure forms at any time upon request. All certificates are
fixed rate accounts.
Account Type |
Dividend Rate * |
Annual Percentage Yield* |
Min. Opening Balance |
Min. Balance
for Dividends
|
| |
|
|
|
|
| Share Account |
.25% |
.25% |
$5 |
$250 |
| Special |
.25% |
.25% |
$5 |
$250 |
| Vacation |
.25% |
.25% |
$5 |
$250 |
| Insurance Accumulation |
.25% |
.25% |
$5 |
$250 |
| Holiday |
.25% |
.25% |
$5 |
$250 |
| Youth
Shares |
.25% |
.25% |
$5 |
N/A |
| Regular Checking (Share Draft) |
0.00% |
0.00% |
$0 |
N/A |
| Money Market Account |
.25% |
.25% |
$1,000 |
$1,000 |
| |
.40% |
.40% |
$1,000 |
$10,001 |
| |
.65% |
.65% |
$1,000 |
$25,001 |
| |
.90% |
.90% |
$1,000 |
$50,001 |
| |
|
|
|
|
| Traditional IRA |
1.00% |
1.01% |
$0 |
N/A |
| Educational IRA |
1.00% |
1.01% |
$0 |
N/A |
| Roth IRA |
1.00% |
1.01% |
$0 |
N/A |
*Rates are subject to change as determined by the board of directors. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Credit Union anticipates paying the dividend rates on the table above. The APY (Annual Percentage Yield) is a projected rate that takes into consideration the effect monthly compounding has on the dividend rate.
CERTIFICATES (effective
May 1, 2011)
Account Type |
Dividend Rate |
Annual Percentage Yield |
Minimum Balance |
Minimum Balance for Dividends |
| |
|
|
|
|
Share Certificates |
|
|
|
|
| 12-month
|
.65% |
.66% |
$1,000 |
$1,000 |
| 24-month
|
.95% |
.96% |
$1,000 |
$1,000 |
| 36-month
|
1.20% |
1.21% |
$1,000 |
$1,000 |
| 48-month
|
1.25% |
1.26% |
$1,000 |
$1,000 |
| |
|
|
|
|
Share Certificates |
|
|
|
|
| 12-month
|
.70% |
.71% |
$10,000 |
$10,000 |
| 24-month
|
1.00% |
1.01% |
$10,000 |
$10,000 |
| 36-month
|
1.25% |
1.26% |
$10,000 |
$10,000 |
| 48-month
|
1.30% |
1.31% |
$10,000 |
$10,000 |
| |
|
|
|
|
Share Certificates |
|
|
|
|
| 12-month
|
.75% |
.76% |
$50,000 |
$50,000 |
| 24-month
|
1.05% |
1.06% |
$50,000 |
$50,000 |
| 36-month
|
1.30% |
1.31% |
$50,000 |
$50,000 |
| 48-month
|
1.35% |
1.36% |
$50,000 |
$50,000 |
| |
|
|
|
|
IRA Certificates |
|
|
|
|
| 1-Year ** |
.90% |
.91% |
$1,000 |
$1,000 |
| 2-Year ** |
1.05% |
1.06% |
$1,000 |
$1,000 |
| 3-Year ** |
1.55% |
1.56% |
$1,000 |
$1,000 |
| 4-Year ** |
1.55% |
1.56% |
$1,000 |
$1,000 |
| 5-Year ** |
1.55% |
1.56% |
$1,000 |
$1,000 |
| *APY=Annual
Percentage Yield. Rates subject to change at anytime without
notice. |
Nature of Dividends
Rates are subject to change as determined by the board of directors.
Dividends are paid from current income and available earnings
after required transfers to reserves at the end of a dividend
period. The Credit Union anticipates paying the dividend rates
on the table above. The APY (Annual Percentage Yield) is a projected
rate that takes into consideration the effect monthly compounding
has on the dividend rate.
Compounding and Crediting
Dividends on the accounts listed above will be compounded monthly.
The dividend period will be the first calendar day of each month
to the last calendar day of each month. Dividends are calculated
on the last day of each month and will be credited to your account
on the last day of the month.
Balance Computation Method
The dividends are calculated by the daily balance method to
calculate dividends, which applies a daily periodic rate to the
balance in the account each day.
Dividend Accrual
Dividends begin to accrue on the day of your cash or non-cash
deposit(s). If you close an account, dividends will be paid as
of that date.
Minimum Balance Requirements
Credit Union’s minimum balance requirements are disclosed
in the table above. ** Minimum balance for Education I.R.A. Certificates
is $500.
Account Limitations
Early withdrawal penalty is equal to 90 days dividend. You may
not add to a certificate once it is opened. You may only make
additions after maturity and during the 14-day grace period.
You may not make withdrawals of principals from this account.
You may only withdraw dividends, if you elected to have dividends
automatically transferred to a disbursement account each month
in lieu of compounding, the APY will be equal to the stated dividend
rate.
Renewal/Maturity
The Credit Union will give the owners a minimum of 14 days’ notice
prior to maturity. The certificate will automatically renewed
at maturity, unless owner(s) elected to have all funds transfer
to the regular share account or pay funds directly to the owner(s).
The other account features will remain the same. |
© American Spirit Federal Credit Union
(302) 738-4515 |
|
