Savings Plans and Club Accounts
Members of the North Alabama Educators Credit Union have a variety of savings options available to them. Member savings deposits are very important to the credit union because member deposits fund the loan demand of those members borrowing with North Alabama Educators Credit Union. Financial cooperatives such as credit unions rely on borrowers and savers to operate. Please review the various deposit options available and utilize the "RATES" link below to compare dividend rates. The Board of Directors establishes rates on all deposit accounts. Your shares are insured up to at least $250,000 by the National Credit Union Administration.
Savings Account
This is the primary account of all members. It establishes a member's ownership, or share, in the credit union. A minimum deposit of $5.00 is all that is required for new members to join North Alabama Educators Credit Union. An average daily balance of $100 or more during the dividend period is required to earn a dividend. Dividends are paid quarterly. A Savings Account must be opened for access to any other member accounts or services.
Super Share Account
This is a secondary savings account that allows the member to earn a higher dividend if the daily balance is $2,000 or more. Balances that drop below the $2,000 minimum will earn the normal savings account rate. Dividends are paid quarterly on these accounts. A minimum deposit of $100 is required.
Secondary Savings Accounts
These are sub-accounts that provide members the ability to separate their savings plans. Members can establish multiple savings plans for a host of purposes. An example would be a member establishing (2) two secondary savings accounts, one being for a dream vacation and the other for a sailboat. Dividends are paid quarterly on these accounts and they do not require an average daily balance to earn a dividend.
Share Draft Account (Checking)
This is also commonly referred to as a checking account. A minimum deposit of $20 is required at the time the share draft account is opened. Mastercard Check Cards are available for worldwide access to the member. Our free 24-hour Online Homebanking, Mobile App and MemberLink audio response system provides access for account balancing and transfers within the credit union. Members receive duplicate carbon checks to assist in account balancing. There are no monthly fees or limit (minimum or maximum) to the number of checks that clear monthly on the account. Overdraft protection is available from the savings account and qualified members can access an approved overdraft line of credit. No dividend is paid on checking accounts.
Christmas Club Accounts
This is a great way to save for the holiday season. Payroll deduction is a popular method for deposits into this account, although counter and mail deposits are also available. Dividends are paid annually prior to the balance being transferred to your savings or share draft account which occurs the first week of November.
Certificates of Deposit
With a minimum deposit of $1,000, members can establish a time deposit with terms from 6 months to 36 months. The higher yields from certificates are guaranteed for the length of the term. Dividends are paid quarterly and deposited into the account of your choice. Since higher yields are typically paid on these time deposits, a substantial penalty is imposed for early withdrawals.
IRA Accounts and IRA Certificates
Traditional, Roth, Educational, and SEP IRA's are available. A minimum deposit of $25 is required on share IRA's, and $500 is the minimum deposit for IRA Certificates. IRA Certificates compound quarterly and provide the best investment for IRA accounts. A substantial penalty is imposed for early withdrawal on IRA Certificates. Members should consult their tax advisor for the tax implications of any IRA investment.
Minor Accounts
Parents, grandparents, and guardians can establish a savings account for minor children. A social security card for minor children must be presented at the time of account opening. A legal adult, age 19 and over, must be signed as a joint owner on the account. Payroll deduction can be used for automatic deposits to a child's account to help establish a consistent savings plan.
Full truth in lending disclosures are available upon request or at the time new accounts are opened. This credit union is federally insured by the National Credit Union Administration, a U.S. Government Agency.