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Providing a truly safe place to save money was a fundamental reason for establishing this Credit Union over a half-century ago. Back in 1942, members could only save small amounts at a time, and were not encouraged to do so by other financial institutions. The Credit Union welcomed these savers then, as it still does today, because all funds, small or large, are necessary to support a growing demand for loans by an expanding membership. Every savings account at Downriver Community Federal Credit Union is Federally Insured up to $100,000 by the National Credit Union Share Insurance Fund. This fund an independent agency of the federal government, also insures credit union IRAs up to $100,000. Our extensive array of savings accounts is certain to meet your saving plans. To encourage saving, the Credit Union has developed a broad selection of safe savings options. They are: PRIME SHARES This is our basic Savings Account required for all members. A minimum balance of $5.00 is required for this account that entitles you to membership at Downriver Community Federal Credit Union. While dividends are paid quarterly, they cannot by law be guaranteed ahead of time, but must be declared by the Board of Directors based upon that quarters earnings. Rate: .75% APY**: .75% SPECIAL SAVINGS Special Savings earns daily dividends, paid quarterly, with no minimum balance. This special savings account can be created for any special purpose. Rate: .50% APY** .50% CHRISTMAS CLUB A Christmas Club account is a great way to save for your holiday purchases and can be opened any time during the year. Members earn a regular dividend while accumulating funds through payroll deduction or deposits in person. In October each year, funds and earnings are made available, just in time for the Christmas shopping season. No minimum balance is required. Earns daily dividends that are paid quarterly. Rate: .75% APY** .75% MONEY MARKET SHARES A special opportunity to earn a higher than average daily rate, and still enjoy complete liquidity and access to your funds at all times. Interest compounds daily and is paid monthly. A minimum balance of $2000 is required to earn dividends. Withdrawals of less than $500 are subject to a $5 fee.
Rate: 2.40% APY**2.43% EDUCATION MONEY MARKET ACCOUNT
We offer our younger members the opportunity to open an Education Money Market account with an initial deposit of only $100.00. This money market account pays dividends monthly at a higher interest rate of .50% above the current rate to help encourage children to save for their future education. The terms and conditions of the Education Money Market account are as follows:
Rate: 2.90% APY**2.94% CHECKING ACCOUNTS Downriver Community Federal Credit Union checking account offers exceptional value and convenience. Here are some features for you to consider:
Rate: .25% APY*: .25% Consistently competitive rates for terms of 6 months to 36 months with minimum deposits of $2,000. Interest is paid monthly and may be left to compound, or deposited to checking or money market accounts. The same options hold true for principal at maturity. Early withdrawal from any certificate may incur a dividend penalty.
**APY - Annual Percentage Yield.
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