Deposit Accounts
Account Descriptions Account Descriptions | Account Services | Applications | Deposit Rates
Deposit Accounts (in English) Click this link to access an easy to print page of our deposit account descriptions in English.
Deposit Accounts (en Espanol) Click this link to access an easy to print page of our deposit account descriptions in Spanish.
Below is a comprehensive description of each of our deposit account products.
Basic Checking
Open this account with no minimum deposit. Enjoy unlimited check writing, a debit card, and no monthly fee. Interest is earned on a daily balance of $100 or more. Interest is compounded daily and interest earnings are posted on the last day of the month. Direct deposit and overdraft coverage is available with this account.
Eligible members may choose either an overdraft line of credit or overdraft transfer. With either option, overdraft funds will be accessed in the event of insufficient funds in the primary checking account. Eligibility for any overdraft line of credit is subject to the loan approval guidelines of the credit union. Overdraft lines of credit range from $250 to $500 for this checking account. See the Account Services section of this website for more information on overdraft coverage.
Premium Checking
Open and maintain a daily balance of at least $2,500 and get a premium interest rate with no monthly maintenance fee. Check writing privileges, deposits, withdrawals, and transfers out of the account are unlimited. Enjoy free checks and a debit card with this account. Direct deposit and overdraft coverage is available with this account. Interest is compounded daily and posted on the last day of the month. The account holder forfeits interest earnings for the month when the account balance falls below $2,500 at any time during the month.
Eligible members may choose either an overdraft line of credit or overdraft transfer. With either option, overdraft funds will be accessed in the event of insufficient funds in the primary checking account. Eligibility for any overdraft line of credit is subject to the loan approval guidelines of the credit union. Overdraft lines of credit range from $250 to $500 for this checking account. See the Account Services section of this website for more information on overdraft coverage.
Business Checking
Open this checking account with an initial deposit of $25 or more. The Business Checking account is designed for the typical business, organization, or individual in need of a separate checking account to manage and track business activity. This account offers unlimited check writing, and a debit card. Direct deposit and overdraft coverage is available with this account. Interest is earned on a daily balance of $100 or more. Interest is compounded daily and interest earnings are posted on the last day of the month. This account earns interest at the same rate as the basic checking account. A monthly maintenance fee is charged on this account. Contact the credit union for a copy of the fee card for details on transaction and maintenance fees.
Eligible members may choose either an overdraft line of credit or overdraft transfer. With either option, overdraft funds will be accessed in the event of insufficient funds in the primary checking account. Eligibility for any overdraft line of credit is subject to the loan approval guidelines of the credit union. Overdraft lines of credit range from $250 to $500 for this checking account. See the Account Services section of this website for more information on overdraft coverage.
Nonprofit Organization Checking
Open this checking account with no minimum deposit. Interest is paid on a daily balance of $100 or more. This account offers unlimited check writing and a debit card. Direct deposit is available with this account. Overdraft coverage is not available with this checking account. Interest is compounded daily and interest earnings are posted on the last day of the month. This checking account earns interest at the same rate as the Basic Checking account. A monthly maintenance fee is charged on this account. Contact the credit union for a copy of the fee card for details on transaction and maintenance fees.
Savings Account
Open this account with a minimum deposit of $25. This savings account must be maintained in order to open any other credit union account, or to be eligible for loan consideration by the credit union.
Make up to two free over-the-counter withdrawals each month from this account without penalty. A fee will be charged for each over-the-counter withdrawal made on this account in excess of two per month. An inactive savings account is subject to an inactivity fee. Interest is compounded daily and interest earnings are posted on the last day of the month. Contact the credit union for a copy of the fee card for details on transaction and maintenance fees.
Youth Savings Account
Use this account to contribute to your child’s financial future and get them in the habit of saving with an account in his/her own name. Open this savings account with a deposit of $25 or more, and make additional deposits at any time. Funds in the account are controlled by the adult custodian until the minor reaches at least 18 years of age. The minor is the primary credit union member and gains access to the funds upon reaching adult age. When opening this account, fill out the credit union membership application along with our separate custodian account form and use the term “Youth Savings Account-UTTMA” (Uniform Transfer to Minor Act) to identify this account. Neither an ATM or debit card is available with this savings account. Overdraft transfer may not be linked to this account.
Money Market Account
Open and maintain this deposit account in the amount of $500, or more, and earn a preferred interest rate on the account balance. Add funds to the account at any time. Make up to six preauthorized transfers to another account of yours, or to a third party, each month. Make unlimited transfers to any of your accounts in person or by mail. Check writing is limited to no more than three per month to a third party. Each check above the monthly limit of three is subject to a per check fee, which will be deducted from the account. Transaction limitations do not apply to loan payments made from this account. An account maintenance fee is charged when the account balance falls below $500. Interest is compounded daily and posted to the account on the last day of each month. Contact the credit union for a copy of the fee card for details on transaction and maintenance fees.
A preauthorized transfer includes any arrangement you make with the credit union to pay a third party from your account including verbal and written notification, and electronic payments like Bill Pay or any other automatic or telephonic transfer.
Holiday Club Account
Open this popular savings account with no minimum deposit. Save for the holidays by making deposits into the account throughout the year. Make deposits using payroll deduction, automatic transfer, or any other deposit method. Each year, funds in the account will be available for a lump-sum withdrawal between November 1 and December 31. As a withdrawal option, have your Holiday Club funds automatically transferred into any other deposit account you hold at the Credit Union. Automatic transfer payouts are done once a year within the penalty-free withdrawal period. Early withdrawal penalties do apply for any withdrawals made from this account outside of the authorized withdrawal period. Dividends are earned at the regular savings account rate. Contact the credit union for a copy of the fee card for additional information on transaction and maintenance fees.
Term Certificate
This premium interest rate deposit account requires a minimum deposit of $500, and a minimum certificate period of three months. Certificate periods include 3, 6, 12, 24, 36, 48, and 60 month terms. The interest rate is fixed for the duration of the term. Interest is compounded daily and credited to the account on the last day of each month. Penalties apply for early withdrawal. Contact the credit union for a copy of the fee card for additional information on transaction and maintenance fees.
Term certificates renew automatically at the same term length as the newly mature certificate (known as a “rollover”). The account holder has a 10-day grace period after the maturity date of the certificate to change the term length of the renewal certificate, and add or withdraw funds from the account without penalty. The account holder will receive a renewal notification two weeks prior to the maturity of the certificate.
Specialty certificates are available for depositors who want to support Self-Help’s environmental and/or childcare lending. Our environmental lending program is designed to fund small businesses that preserve natural resources and create opportunities for environmental businesses. Our childcare lending is designed to fund home and center-based childcare providers. We also offer an Economic Development term certificate for credit union members who choose to forego premium interest earnings in support of socially responsible lending.
Individual Retirement Account
This is a retirement savings plan that allows you to make tax-deductible or tax-deferred contributions to the account.
- The credit union offers Traditional, Roth, and Coverdell Education IRAs.
- Account holders have the option of earning interest on the IRA through a savings account or term certificate.
Tax-deferred dividends are paid monthly on the daily balance. Your credit union IRA is insured up to $250,000. The account holder may withdraw funds from the IRA without penalty beginning at 59.5 years of age. The IRA term certificate must reach certificate maturity before funds can be withdrawn without penalty, regardless of age. Consult with a tax professional for specific information about IRA tax advantages. U.S. government penalties apply for early withdrawals of IRA funds. Speak with a credit union representative for more information about opening an IRA.
IRA Savings
The minimum deposit required to open an IRA savings account is $25. The IRA savings account carries a variable interest rate that is subject to monthly adjustments. Once a month, the IRA savings account interest rate will adjust to match the interest rate of the credit union’s 12-month term certificate on the day of adjustment. It is possible to convert from an IRA savings account to an IRA term certificate at any time.
IRA Term Certificate
The minimum deposit to open an IRA term certificate is $500. IRA certificate rates are fixed for the duration of the certificate. Available terms range from 1-5 years (3 and 6 month IRA certificates are not available). Certificate term lengths are renewable upon the maturity of the certificate, throughout the life of the IRA. The IRA term certificate will automatically renew at the new interest rate, and for the same term length as the newly mature certificate (known as a “rollover”). The account holder has a 10-day grace period after the maturity date of the certificate to change the term length of the renewal certificate or convert from an IRA term certificate to an IRA savings account, without penalty.
The credit union does permit funds to be added to an IRA term certificate at any time during the term of the certificate provided the add-ons comply with the contribution limits and other rules and regulations of the IRA.
This "add-on" provision does not apply to regular term certificate accounts.
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The National Credit Union Administration (NCUA), a U.S. government agency, federally insures credit union deposits up to $250,000. |
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