Accounts
Savings
Regular Shares
Your main savings account with Public Service Credit Union (PSCU) is also called your regular shares because a $25.00 minimum balance is required, which reflects your share of the credit union as a member-owner. Your main savings account is a dividend-earning account that is paid quarterly at the rate established by the Board of Directors.
Side Shares
Side shares are additional savings accounts that you can open under your membership. These function exactly the same as your regular shares account or “main” savings account in that they earn dividends each quarter and are accessible any time you need, except there is no minimum balance required! Many members open up side shares to save specifically for vacations, property taxes, Christmas, or any other special occasion. Some members use individual side shares as a kind of “envelope budget” where you set aside a certain amount of money in a specific side share for a specific purpose like food, travel, entertainment, etc. Then you won’t spend over your budget because there is only the amount of money you put in your side share or “envelope.”
Why Open a Savings Account with a Credit Union?
Credit unions are member-owned financial cooperatives that exist to serve their community rather than maximize profits. Here are some reasons why opening a savings account with Public Service Credit Union can be a smart choice:
Higher Rates: Credit unions often offer higher interest rates (called dividends since you are a member-owner) on savings accounts compared to traditional banks. This means your money can grow faster over time.
Lower Fees: Credit unions typically have lower fees and minimum balance requirements than banks. This can save you money in the long run.
Personalized Service: Credit unions are known for their personalized service and commitment to their members. You're more than just an account number - you're a member and owner of the credit union.
Community Involvement: Credit unions are deeply rooted in their communities and often support local causes and initiatives. By banking with a credit union, you're supporting your community directly.
Financial Education: Credit unions often provide financial education and resources to help their members make informed decisions about their money. From budgeting tips to planning for retirement, credit unions are there to help you navigate your financial journey.
In conclusion, opening a savings account with a credit union can offer you competitive returns, personalized service, a sense of community, and valuable financial education. Consider joining a credit union to enjoy these benefits and more.
Important Information About Procedures when Opening an Account
To help the government to fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
WHAT THIS MEANS FOR YOU: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver' s license or other identifying documents.
Share Certificate
A share certificate is the credit union equivalent of a bank’s certificate of deposit or CD. When a member purchases a share certificate, they are essentially lending money to the credit union for a fixed period of time, typically ranging from a few months to several years. In return, the credit union pays the member a predetermined dividend rate over the term of the certificate.
Share certificates are considered a secure investment option because they are insured by the National Credit Union Administration (NCUA) up to $250,000. This provides members with a safe way to earn a more favorable return compared to a regular savings account.
Upon maturity of the share certificate, the member has the option to withdraw the funds or reinvest them in a new certificate. If the member needs to access the funds before the maturity date, they will incur penalties or forfeit a portion of the interest earned.
Overall, share certificates are a popular choice for members looking to earn higher dividends on their savings while minimizing risk, making them a valuable investment tool offered by credit unions.
Public Service Credit Union offers share certificates will varying lengths and terms from six months to five years. You can see what the current rates are by visiting our rates page.
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