Your parents or grandparents may
have opened a Share Savings Account (or Membership Account) for you
through our Captain Cash Club. If not, you can open a Share Savings
Account now with a minimum deposit of just $5.
You may have an ATM card if you
have a Share Savings Account. You will need to have your parent or
guardian sign a Parental Acknowledgement Form and get a passing
grade (80% or better) on a product quiz to obtain an ATM card.
Once you’ve opened your Membership
Account, we have other ways to help you make the most of your
savings. It can be tough to think about saving money long term,
especially when there are things you want right now. It’s never too
soon to plan for the future … here’s how we can get you started:
Money Market Investment
Account (MMIA)
Our MMIA pays a higher dividend rate than a regular Share
Savings Account. You can open a Money Market Investment Account
with a minimum deposit of $250. As long as you maintain the
minimum balance of$250, you’ll earn monthly dividends at the
current variable MMIA rate. If your balance falls below the
minimum, you’ll earn the regular Share Savings rate. You may
make deposits, withdrawals or close the account at any time with
no penalty.
Youth Add-On Share
Certificate
With a minimum deposit of $250, you can open a Share
Certificate. We offer a 24-month term at a fixed rate. You may
make additional deposits at any time.
Deposit Insurance
The National Credit Union Administration (NCUA) is the federal
agency that insures savings at credit unions across the country.
Just as banks are insured through the Federal Deposit Insurance
Corporation (FDIC), credit unions are insured through the National
Credit Union Share Insurance Fund (NCUSIF), which is backed by the
United States government up to at least $250,000.
At SELCCU, we go one step further
in protecting your hard-earned dollars. We provide up to an
additional $250,000 of savings protection to each qualified account
through Excess Share Insurance (ESI), a subsidiary of American Share
Insurance (ASI), the nation's largest private deposit insurer of
credit unions.
