|
Increase Your Earnings - Maintain Your Liquidity & Safety
This is a common goal we all seek for our savings - we look for ways
to maximize the earnings on our savings, while maintaining access to our funds (liquidity) and safety for our funds.
The Hi-Yield Account, commonly referred to as a "money market account," pays a higher dividend. By maintaining the required minimum balance you enjoy a higher return and with unlimited deposit and withdrawal priviledges, at any time, without penalty. Our Hi-Yield Account offers you these competitive advantages:
-
High dividend rates paid on balances $1,500.00 or more.
-
It earns daily dividends which are paid monthly.
-
There are no monthly fees.
-
-
It provides maximum flexibility allowing you to make deposits and withdrawals in any amount, at any time.
The HiYield Plus account is especially designed to give higher rates to members who maintain larger balances of $50,000 or more. With the HiYield Plus account you still have access to your funds and the security, plus you get even higher dividend rates. To qualify for the new HiYield Plus account, you must have:
- minimum deposit of $50,000 (if the balance falls below the minimum requirement, you will earn the APY for the highest tier in the regular share savings account)
- an active Financial Plus checking account and direct deposit of pay, Social Security or retirement benefits; or at least $10,000 of the initial deposit must be new money (funds not currently on deposit with us)
The rate on the HiYield Plus account will be tiered based on the balance in your HiYield Plus account. The rates can adjust weekly, however we will set a minimum annual percentage yield in January for January through June and in July for July through December. For more information, or to open your HiYield Plus account, call us at (810) 244-2200 or toll free (800) 748-0451.
__________________________________________________________________________
Important Information About Hi-Yield Savings ...
Rate Information and Nature of Dividends: The Hi-Yield and Hi-Yield Plus Accounts are variable rate accounts on which the dividend rate and ANNUAL PERCENTAGE YIELD (APY) may change weekly. Rate changes are solely at the discretion of the credit union and there are no limitations on the amount the rate may change. There is a minimum balance requirement of $1,500.00 for the Hi-Yield Account and a minimum balance requirement of $50,000.00 for the Hi-Yield Plus Account. Balances below $1,500.00 in the Hi-Yield account earn no dividends and balances below $50,000.00 in the Hi-Yield Plus account earn the declared dividend rate and annual percentage yield set for regular share accounts with balances of $3,000 and over. Dvidends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
Compounding and Crediting: The dividend period begins on the 16th day of each month and continues through the 15th day of the following month. Dividends are compounded and credited to the account monthly on the 16th day of each month. If the account is closed before
dividends are paid, accrued dividends will be forfeited.
Balance Information: There is a minimum opening balance requirement of $1,500.00 for the Hi-Yield account. There is a minimum opening balance requirement of $50,000.00 for the Hi-Yield Plus account, as well as (1) the maintenance of an active checking account, in good
standing, with direct deposit regularly posted to the account, or (2) a minimum of $10,000 new money (funds not currently on deposit with the credit union) at the time the account is opened. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. Dividends will begin to accrue on the business day non-cash items (i.e. checks) are deposited to the account.
Transaction Limitations: Transactions and withdrawals made by telephone, by Touch Tone Teller, by Home Financial Services, by transfer to an authorized third party, or to cover share draft overdrafts will be limited to six such transfers per month. If the transfer limitations set forth
are exceeded, the account is subject to closure. Credit union bylaws reserve the right to require a member intending to make a withdrawal from any account (except Share Draft/Checking) to give written notice of such intent not less than 7 days and up to 60 days before such withdrawals.
|
 |
