Regular Share Savings Account
Member savings are called Share accounts. The minimum deposit is $50‚ which is equal to one share. There is a $5.00 one time processing fee. All members must establish a share account when they join. These accounts earn dividends using the Average Daily Balance method. Dividends are paid on the first day of each quarter (January‚ April‚ July and October) and are compounded quarterly. Dividends are not guaranteed and are based on the income and expenses of the credit union on the last day of each quarter.
Special Share Savings
At the credit union you may set up a special account where you can save money for a special purpose. There is no minimum deposit required and this account will receive dividends just like your regular share account. Withdrawals may be made at any time and in any amount.
Holiday Club Savings
Saving for the holidays is easy with a Credit Union Holiday Club Account. Authorize an allotment from your paycheck for your regular deposits every payday and watch your savings grow!
- $5 minimum balance to open the account and begin earning dividends
- Holiday funds are transferred after the first payday in October to your choice of savings or checking account.
- A minimum of 2 withdrawals are allowed from this account with a fee of $10 each. If a third withdrawal from this account is requested it will be closed until the next enrollment period.
- Payroll deduction available for systematic and regular deposits
Holiday Club accounts automatically renew each year, so you can count on having cash for the holidays!
Second Chance Share Savings
If you take advantage of the Second Chance Loan, you will be required to establish a Second Chance Share Savings Account when your loan is granted. All deposits will be made to this account through payroll deduction or direct deposit each time you make a loan payment. Withdrawals may not be made until the loan is paid in full. The objective of this loan is to help members who have had a difficult time managing funds to establish a savings habit and have cash available to them. Please see detail regarding the Second Chance Loan under LOANS.
Savings Rates
Effective July 1, 2021| Account | Min Bal to Earn Dividend | Dividend Rate | APY* |
|---|---|---|---|
| Regular Share Savings | $200 | 0.10% | 0.10% |
| IRAs | None | 0.10% | 0.10% |
| Special Share Savings | None | 0.10% | 0.10% |
| Second Chance Savings** | None | 0.10% | 0.10% |
| Holiday Club Savings | None | 0.10% | 0.10% |
| *Annual Percentage Yield; Subject to change quarterly. Fees may reduce earnings. Dividends at HUEFCU accrue from the date of deposit and are compounded and paid quarterly on the first day of each new quarter (January, April, July and October). The Dividend Rate and Annual Percentage Yield are fixed. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The credit union will notify you at least thirty (30) days in advance of any dividend decrease. Dividends are forfeited if the account is closed before the dividend is paid. **No minimum balance required to earn dividends. Funds are not accessible for a term of 1 year or at the end of the Second Chance loan term. |
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