What are you saving for? A house, new car, education, vacation, retirement? Whatever your goals, ABECU can help you get there. And, it all begins with an initial $5 deposit into a savings account. It's that simple. Open your savings account and become a member today! Open your account online, request a new account packet, stop by a local branch or contact our Member Contact Center at 877-325-2848.
Regular Savings Account
This account is key to the credit union! Your Regular Savings Account earns a competitive rate and may be opened as an individual, joint or trustee account. You'll enjoy 24-hour access to your account online with OnlineAccess, on your mobile device with MobileAccess+, at ATMs and with Account Access by Phone. A low minimum balance of $5 is required at all times, so maintaining this account is easy. And, once you open your Regular Savings, you can take advantage of the wide range of savings, investment and loan products available at ABECU. The more you use, the more rewards and benefits you earn with Member Merits.
Money Market Account
Hitting your savings goal is a lot closer than you think. Turn to the Money Market Account to achieve your financial goals sooner! You'll earn higher interest rates as your balance grows, and interest is compounded daily on balances of $1,000 or more. (Interest is not compounded on days the average balance drops below this amount.) Learn more about how it works below or open this account today online.
What is a Money Market Account?
A money market account has similar features to both a checking and savings account. The difference is that a money market gives you higher payouts in interest than a traditional savings has but requires a larger minimum balance than the traditional checking account. Also, you can only withdraw from the account 6 times per month. The larger your balance is, the more interest you will earn at the end of each month!
How does it work?
Our accounts compound interest daily and pay out monthly. For example, let's say you were earning 1.00% and had $10,000 in your account. Let's also assume you did not withdraw or deposit any money from that account during the month. Since our money market compounds interest daily throughout the year, you would divide 1% APY (Annual Percentage Yield) by 365 days. That would come out to approximately 0.003% per day.
This is the percentage that you are earning daily. Now, multiply that 0.003% by the $10,000.00 in your account then that gives you approximately 30 cents per day.
On the second day, your new account balance would be approximately $10,000.30 (remember: this will not show in your account until the end of the month). Now, that 0.003% will be applied to $10,000.30 (not $10,000.00). So you're earning a little bit more than you did the first day. By the end of the month, it will come out to be approximately $8.33 in interest.
When does the actual Annual Percentage Yield (APY) apply?
If you multiply that $10,000 by .01 (the 1.00% APY in decimal form), it comes out to be $100. This is approximately what you will earn by the end of the year. However, these numbers are all estimated and will change if you regularly deposit or withdraw cash from your money market account.
The best part is you can hit your savings goals quicker if you continue to deposit money into that money market. If you do this, your monthly pay out and overall APY will continue to increase as well.
Holiday Savings Account
Save for the holidays, a family vacation or even your taxes. Get started with a Holiday Savings Account today! This popular account lets you make easy deposits automatically deducted from your paycheck or other ABECU account. You can also make deposits at any credit union office, or by transferring funds via OnlineAccess, MobileAccess+ or Account Access by Phone Open your Holiday Savings Account today!
For a complete service charge schedule simply click the link, stop by a local branch or contact our Member Contact Center at 877-325-2848. Save today for the things you want tomorrow. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency.