Savings/Checking/CDs/Youth

DEPOSIT INSURANCE
All deposits up to $100,000.00 are insured by the National Credit Union Share Insurance Fund (NCUSIF), a branch of the National Credit Union Administration (NCUA), an agency of the U.S. Government established by Congress in 1970.

Deposits exceeding $100,000.00 are insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC).

Saugus Federal Credit Union offers members a variety of savings and certificate accounts. Whether you have short or long-term goals, we offer products to meet your changing financial needs. SFCU is a federally insured institution taking every precaution to ensure your accounts are fully protected.

STATEMENT SAVINGS - MEMBERSHIP SHARE ACCOUNT
Membership Share Account: A statement savings account with a minimum balance requirement of $25.00. This account establishes membership with the credit union and entitles you to participate in all products and services the credit union offers. All deposits in this account earn a very competitive interest rate.

A statement savings account does not require a passbook for posting transactions. Members receive a monthly statement itemizing all transactions and dividend postings.

Features:

  • Interest rates are compounded and credited monthly
  • Low minimum balance requirement
  • No fees
  • Detailed monthly statement
  • ATM access
  • Can be linked to your SFCU share draft account (checking account) for inter-account transfers
  • Transactions can be made using CusaTalk (audio response system) and Home Financial Services e*branch (SFCU@home).
  • Direct Deposit available

 

CERTIFICATE OF DEPOSIT
Term deposit accounts with typically higher interest rates than other account. Commonly referred to as a CD, it is an investment made for a certain period of time usually involving several months or years.

Features:

  • Investment term options from 3 to 30 months
  • Low minimum deposit requirements
  • Interest is compounded and credited monthly
  • Quarterly statements mailed itemizing all transactions and dividend postings
  • Interest earned can be transferred to your SFCU savings or share draft account or a check mailed to you.

INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)
IRAs are special investment account designed to help members save for retirement. SFCU offers three types of IRAs: Traditional IRA, Roth IRA, the Coverdell Education Savings Account (f/k/a Education IRA).

Features:

  • Investment term options
  • Higher interest rates than regular accounts
  • Interest is compounded and credited monthly
  • Deposits may be tax deductible
  • Interest earned may be tax deferred
  • Quarterly statements mailed itemizing all transactions and dividend postings

CLUB ACCOUNTS
Statement share accounts setup for a specific purpose. SFCU offers a Christmas Club Account and a Teachers' Club Account.

Features:

  • You determine the amount to save that suits your needs and budget
  • Set aside money for holidays, special events
  • Earn interest on the club accounts at the same rate as our statement savings account

PANDY PANDA ACCOUNT - YOUTH PROGRAM
SFCU offers a variety of youth savings programs geared toward specific age groups. We are committed to educating young members to the value of money that makes saving fun and easy.

Pandy Panda Account: The Panda, an international symbol for survival, was the basis for creation of the Pandy Panda Club. This club makes it fun and easy for young members to save what they earn.

Features:

  • Special Pandy Panda passbooks
  • Interest earned at the current statement share account rate
  • Savings Incentives
  • Pandy Panda Coin Savers
  • Social Events for Pandy Account holders

CU FIRST - Financial Services for Young Adults (High School Program)
A club designed by SFCU specifically for high school students to introduce them in a step-by-step format to the responsibilities of managing their own finances. CU First provides each student access to both deposit and credit union services. We have 3 high school credit union branches at: Saugus High School, N. E. Vocational Technical High School (Wakefield), and Lynn Vocational Technical High School.

Account Types:

  • Statement Savings Account
  • Share Draft Account
  • ATM Card
  • MasterCard
  • Share Certificate - CD

Features:

  • The program educates students to administer their own finances.
  • Students are enrolled in a special club.
  • A Credit Union Representative will be in charge of teaching individual students about the advantages of each service.
  • Students will have access to both Deposit and Credit services; including their own ATM and MasterCard.

SHARE DRAFT (Checking) ACCOUNT
With an SFCU Share Draft (checking) Account, you'll enjoy the benefits of minimum to no monthly service fees and you may earn interest on the balance in your account. If you are a senior, student, or direct deposit member, there is no minimum balance requirement and no monthly service fees.

We offer the added convenience of mailing an electronically imaged checking account statement each month so that you can review all your paid/cancelled checks easily. You no longer have to store piles of cancelled checks! If needed, you make request a copy of the front and back of the check.

Features:

  • Interest rates are compounded and credited monthly when applicable
  • No monthly service fees with direct deposit or if you are a senior or student
  • Low monthly service fee if your balance falls below a modest daily minimum balance
  • Unlimited Check writing ability
  • Detailed monthly statement with images of your paid/cancelled checks
  • ATM/MasterMoney Debit Card
  • Members of NYCE, CIRRUS, SUM networks
  • Can be linked to your SFCU share account (savings account) for inter-account transfers
  • Transactions can be made using CusaTalk (audio response system) and Home Financial Services e*branch (SFCU@home).
  • Direct Deposit available

MONEY MARKET ACCOUNT
Combination of checking/savings deposit account used as a means of saving with a higher interest rate, used to encourage savings.

Features:

  • Interest rates are compounded and credited monthly. The interest rate adjusts as the balance in the account drops below the minimum requirement
  • First 3 checks cleared per statement cycle are free; nominal fee is incurred for each additional check cleared.
  • Detailed monthly statement with images of your paid/cancelled checks
  • Can be linked to your SFCU share & share draft accounts (savings & checking accounts) for inter-account transfers
  • Transactions can be made using CusaTalk (audio response system) and Home Financial Services e*branch (SFCU@home).

OTHER SERVICES

  • ATM Card
  • MasterMoney? Debit Card
  • MasterCard
  • American Express Travelers Checques
  • American Express Gift Checks
  • Notary Public
  • Medallion Program (Signature Guaranty)
  • Money Orders
  • Bank Checks
  • Certified Checks
  • Bank-by-Mail
  • Direct Deposit/Payroll Deduction
  • Night Depository
  • Wire Transfer
  • EFT Services
  • EFTPS Services
  • CusaTalk (Audio Response System)
  • SFCU@home e*branch
  • Bill Payer

Like to become an SFCU Member?

It?s Quick & Easy!

Fill out our online Member Application then come by our office and sign the signature card and make your initial deposit of $25.00.

  

 

 


Youth Savings Programs?
Saving For Their Future

 

 
   
 
Copyright © 2007
Saugus Federal Credit Union.