Savings accounts, or shares, as we refer to them at PSECU, offer a valuable way to save for the future. Having a separate savings account can help you reach your financial goals, like building an emergency fund or saving for your family’s dream vacation. Read on to learn more about the benefits of a savings account and how to open one online.
Saving Time and Money
In today’s busy world, saving money may be the last thing on your mind. Saving time can be as, if not more, important than saving money. That’s why PSECU offers a comprehensive online banking experience for busy Pennsylvanians. We want to make it easy for you to reach your financial goals.
At PSECU, all members are required to keep a minimum of $5 in a savings account we refer to as a Regular share. (The word “share” is common in the world of credit unions. It’s another term for “account.”) You can also create multiple savings shares for different purposes, such as putting money away for a vacation or a dream home. In addition, we have a savings share linked directly to our free Savings app, the app that makes saving money fun.
Although we do have other savings products such as certificates, this post will focus on our savings shares. These shares have the following characteristics.
- Dividends earned on any balances in all savings shares except our Money Market share. A Money Market share requires a $500 balance to earn dividends.
- No minimum balance requirements, except the $5 minimum required in the Regular share.
- Ability to make a deposit anytime, at your convenience.
Savings shares have an added benefit: They can also be used for Overdraft Protection Transfer Service. This service uses funds available from a Savings share, money market, other share account, or Visa line of credit (applicable Visa charges apply) that the member has elected to pay items presented against their checking account when a check or ACH transaction is more than the member’s checking account available balance. There is no fee for this service.
How to Open Additional Savings Shares Online
If you already have a membership with us, then you can easily add a savings share. Log into your online banking account at psecu.com, go to the “My Money” page, and select “Add a Share.” But for those who aren’t members yet, the first step is completing your membership application.
If you apply at PSECU or another credit union, you must meet certain membership criteria. At PSECU, a prospective member must fulfill one of these eligibility requirements:
- Reside in a household with a current PSECU member.
- Work for a company that offers PSECU membership as a benefit.
- Be a member of an association that offers PSECU membership as a benefit.
- Currently attend or have graduated from a college offering PSECU membership.
- Be in the immediate family of a current PSECU member (spouse, child, sibling, parent, grandparent or grandchild, including step and adoptive relationships).
If you don’t meet any of these requirements and you’re a permanent resident of PA, you can join the Pennsylvania Recreation and Parks Society to become eligible for PSECU membership.
Because PSECU requires a minimum $5 balance to establish and maintain your membership, you’ll need to make that deposit when you apply using a debit or credit card.
Want to transfer cash into any of your savings shares? You can deposit money into your PSECU account through one of many ATMs in our network.
Open a Savings Share at PSECU Today
Have you been considering opening a savings account? With PSECU, you can do it from the comfort and convenience of your home.
We offer our members many benefits with their shares, such as earning dividends on your balance and having low minimum balance requirements. Plus, our digital banking services make transferring money and checking your balance easy.
The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.