The dividend period of the Credit Union is quarterly, beginning on the first day of such period and ending on the last day of the period.
Annual percentage yield or “APY” means a percentage rate reflecting the total amount of dividends expected to be earned in a year on an account, based on the dividend rate and the frequency of compounding accrued dividends.
All disclosures concerning the APY applicable to an account assume that the dividend rate disclosed remains in effect for one year and that dividends are not withdrawn.
Dividends are compounded quarterly on balances of $50.00 or more based on the average daily balance in your account. You can compute the dividends earned on your account in a period by multiplying the then current simple annual dividend rate times the Average balance in your account at the end of the period, dividend by the number of periods in a year. The amount of dividends you earn for the period will be added to your principle balance at the end of the period. If you withdraw funds from your account balance before dividends are paid, you will receive dividends accrued on the funds prior to withdrawal, but such dividends will not be credited to your account until the next dividend declaration date. If you close your account prior to a dividend declaration date, you will not receive any dividends accrued prior to the date the account is closed.
Your account will be charged any applicable fees, charges and/or penalties as set forth in our fee schedule, which is available upon request.
Minimum Balance Requirements
In order for your account to earn dividends for a dividend period, you must maintain an average daily balance of at least $50.00 during that period. If your average daily balance falls below $50.00 for that dividend period, you will not earn any dividends during that period. In order to earn the annual percentage yield disclosed elsewhere for a particular account, you must meet the minimum balance requirement applicable to that account at all times.
All Truth-In-Savings Rules Apply.
Save More With Us!
Consumers FCU offers a variety of savings and investment programs. Each pays a high yield for your hard-earned money. Plus, member’s deposit accounts are federally insured by the NCUA (a division of the federal government) for a total of $250,000, ensuring you your money will be there for you when you need it.
Your Share Savings Account is the first account you open when joining the credit union. Your initial deposit of $50 into this account entitles you to enjoy the many benefits of credit union membership. A Share Savings Account provides members with an excellent method of saving money on a regular basis.
Consumers FCU offers Club Accounts designed to allow you to save on a regular basis for a specific purpose.
For the highest yield possible, check out an Consumers FCU Share Certificate. For a minimum deposit of just $500, you can earn top dividends in this secure investment.
Open a share cerificate: Download a new certificate form to begin.
Individual Retirement Accounts (IRAs)
Thanks to last year’s changes in the tax laws, Individual Retirement Accounts (IRAs) are a more flexible investment option than ever before. Consumers FCU offers three IRA products to meet most every member’s saving and investment needs. The new IRAs can be used for more than just retirement savings. They can also help you save for a first-home purchase or a college education. More flexible eligibility requirements, provisions for penalty-free withdrawals, and tax-exempt earnings potential make the new IRAs even more attractive.
- Traditional IRA: New provisions for penalty-free withdrawals are just one of the changes that make the revised Traditional IRA a viable savings option in planning for retirement.
- Roth IRA: This investment product offers such benefits as tax-free earnings (interest) at the time of withdrawal and no mandatory distribution date.