Savings Accounts

SHARE ACCOUNT

The term ‘Share Account’ is used by credit unions to describe their savings accounts. To join the credit union, a minimum deposit of $5.00 is required and a one-time membership fee of $1.00.

In the St. John United Federal Credit Union, members are required to maintain a minimum of one share in their savings account ($5.00) in order to remain as a voting member of the credit union. There is no limit to the maximum amount of money or shares a member may save in their share account.

Dividends (interest) are paid June 30 and December 31 and are based on the daily average balance in the account during the 6-month period. Statements are mailed semi-annually for the periods ending June 30 and December 31.

GOLDEN-APPLE PROGRAM

This savings program is designed for 10-month employees giving them the opportunity to save during their working months so that they may have funds for the two months that they are not working. This is an ideal plan as checks are automatically mailed out June 30. This is an interest bearing savings plan. There is a $5.00 fee for withdrawals made prior to the check distribution month.

Although designed for 10-month employees, all members are welcome to open this account.

IDA ACCOUNT

This Individual Deposit Account is a matching savings program. This program helps members develop good saving habits. The credit union matches the amount saved depending on the specific terms determined when the account is established. There are income guidelines to receive matching funds. Contact the credit union office for details.

YOUTH ENCOURAGED TO SAVE – YES

This is a savings plan designed for our YOUTH. This program trains and encourages our young people to save. Dividends and statements are the same for the YOUTH as the Share savings account.

HOLIDAY SAVINGS

The credit union offers a Christmas/ Holiday Savings Plan. A member may make regular deposits into this club account. Checks are sent automatically on October 31 for the balance in the Christmas club account. There is a $ 5.00 fee for early withdrawal.

VACATION CLUB

This account is ideal for saving for the dream vacation! The member
Determines the terms for this account. It is an interest bearing account and statements are sent semi-annually, same as the savings account.