Share Savings
A Share Savings Account is established when you join the credit union. The account serves as your primary savings account and is great for emergency savings and to cover any accidental checking overdrafts. As a member you are required to maintain a minimum balance of $5.
Club Accounts
Members may establish Vacation, Christmas, or one or more other Club Accounts for any special-purpose savings and earn equal rates on each. We recommend convenient payroll deductions for automatic deposits with each direct deposit. Dividends are distributed monthly and funds are available for withdrawal at any time
Stork Club
When a new baby arrives, the YEFCU Stork Club will waive the $1.00 membership fee and deposit the young one’s first $5.00 to his/her share account. All you need to do as a parent (or grandparent) is complete a membership card within 6 months of the baby’s birth (or adoption). A social security number will be required to open the account. The minimum balance of $5 remains the same for Stork Club Accounts.
Savings Account Rates
| Balance | Dividend | APY* |
|---|---|---|
| $5-%2500 | 0.05% | 0.050% |
| $2500.01 and over | 0.05% | 0.050% |
*APY: Annual Percentage Yield
**Effective March 1, 2024
| Balance | Dividend | APY* |
|---|---|---|
| Minimum $500-$10,000 | 0.75% | 0.725% |
| $10,001-$50,000 | 1.00% | 1.005% |
| $50,001 and over | 1.25% | 1.257% |
*APY: Annual Percentage Yield
**Effective March 1, 2024
The minimum balance for a YEFCU Certificate of Deposit is $500.
| Term | Dividend | APY* |
|---|---|---|
| 6-months | 0.75% | 0.751% |
| 12-months | 1.00% | 1.01% |
| 18-months | 1.45% | 1.451% |
| 24-months | 2.00% | 2.02% |
| 48-months | 2.45% | 2.456% |
*APY=Annual Percentage Yield. Six-month Share Certificate dividends are compounded monthly; 12- to 48-month Share Certificates are compounded quarterly.
**Effective January 11th, 2023
Single & Joint Owner Accounts
It’s always important to decide whether you want to be the only member named on your account, or if you want another member to have access as well.
Accounts may be opened with one or multiple owners. The single owner account is in the name of one individual and it’s advisable to have a will or other document to designate an heir or heirs in the event of the death of the account owner.
For married persons, children, and many others, joint accounts are encouraged so that the money passes to the other owner(s) upon the death of the first named owner automatically. There is no limit to the number of owners on an account.
Only the first-named person on Share Savings joint accounts may make loans, and this person is a credit union member. Therefore, it’s a good idea for each family member to be the first-named person on his or her own Share Savings Account, whether it be a single or joint owner account.
Overdraft Statement
Whenever you don’t have the available funds in your checking account for a purchase, our system automatically pulls from your savings to make sure all the charges are covered.