Savings Accounts

Savings Accounts

A savings account is a ubiquitous term in today's culture. The main point to remember with all savings accounts is the idea of stability. These account types present the option to grow your money without the risk of investments not returning a value. As a form of investment, the downside is that the growth is small, but to the main point, stable and reliable. Savings accounts should provide ease of use and liquidity to your money at the cost of lower interest rates than other investments. Savings account interest is taxable income, and sometimes the federal government will cap the maximum amount of withdrawals in a month.

High-Yield Savings Accounts

A high-yield savings account typically offers much higher dividends than a standard savings account. This increase is accomplished by utilizing tiered balance requirements, initial deposit amounts, and sometimes account fees. With stricter account standards, interest rates can sometimes reach much higher than the national average at a given moment. Utilizing a high-yield savings account offers the best opportunity to grow your financial situation without risk if you can meet the criteria. Start your journey today with the best high yield savings account.

Wire Transfers

Wire transfers allow banks and transfer agencies worldwide to move money electronically from one financial institution to another. Savings accounts often utilize electronic transfers due to the account funds' non-tangible nature and the funds' size. When shopping for a savings account, look for the institution's wire transfer fees if they exist. Some savings accounts will even come with a free maximum amount of transfers or free transfers based on specific limits.

Annual Percentage Yield (APY)

The APY for an account is the return earned over a year for that savings account based on the effect of compounding interest. Annual percentage yield is one of the most important factors when determining which savings account to open. It determines the growth rate for your funds in a specific account with higher APYs building your savings faster. Higher APYs generally require stricter controls on depositing, withdrawal, and general usage of the funds.

Minimum Balance

A bank account's minimum balance is how financial institutions determine what qualified benefits are available. Typically, savings accounts utilize a minimum balance to create a rate structure for dividends with higher amounts reaching greater returns. When shopping for savings accounts, look for a minimum balance that fits your budget and spending habits while providing the best return available to you.

Features

Here are some other features available to you.

• You can make withdrawals using ATMs or any PFCU branch.
• Deposits may be made through Direct Deposit, ATM, our Philadelphia FCU Mobile App, or at any PFCU branch.
• Dividends are compounded daily and calculated on the daily balance when the balance reaches or exceeds $50.
• Dividends are paid on the last day of each month.

Terms

A $5 initial, refundable deposit opens your savings account. This deposit empowers the member as a shareholder in our credit union and must remain in their account to retain membership privileges.

Features

Here are some other features available to you.

• Make withdrawals at any PFCU branch or transfer the funds to another account via Mobile App, Teller Net or Teller Phone.
• Deposits may be made at any PFCU branch.
• Free monthly statements available by mail and electronically through Teller Net.
• Open to all member accounts.

Features

Here are some other features available to you.

• Dividends are compounded daily and are calculated on the daily balance when the balance reaches or exceeds $50.
• Dividends are paid on the last day of each month.
• You can make withdrawals at any PFCU branch.
• Deposits may be made at any PFCU branch.
• The first box of checks is included

Restrictions

• Only six (6) withdrawals may be made per month.
• Funds are not accessible through ATMs.
• Please refer to our account agreement for full account disclosure.

Terms

• Dividend rate will increase if the minimum daily balance reaches $2,500, $10,000 and again at $25,000.

Features

Here are some other features available to you.

• You can make withdrawals at any PFCU branch.
• Deposits may be made at any PFCU branch.
• Dividends are compounded daily and are calculated on the daily balance when the balance reaches or exceeds $50.
• Dividends are paid on the last day of each month.

Features

With a PFCU Savings Certificate, the longer you save your money with us, the better dividend rate you’ll earn. And our rates are some of the best in the area. What's more, your money is insured by the federal government up to $250,000 per depositor. For low minimum deposits, you pick the term. And the longer you save your money with us, the higher the dividend rate gets.