- Competitive rates.
- Savings accounts are known as share accounts.
- As a member, you are part owner of the financial cooperative of Southern Chautauqua Federal Credit Union.
- Your initial $25 deposit is held in a Share 1 account, collecting interest throughout membership.
- Easily open sub accounts to designate special savings.
Money Market Accounts
- A smart place to stash some extra cash
- Higher APR*than a regular share savings account
- Minimum deposit balance requirement = $2500
- Dividends paid monthly
- Maximum of 4 withdrawals or transfers per month**
- Accessed in branch or via a phone call during regular business hours
- Tiered dividend rates, ideal deposit amount = $75,000 based on current tiered rate structure
*Rates subject to change at the discretion of the Board of Directors.
** Exceeding the maximum withdrawals or transfers in a month will cause the Money Market Account to be closed and forfeiture of accrued dividends. The account is eligible to be reopened in the following quarter.
- Prepare for out-of-pocket medical expenses.
- Contribution limits: Single $3500/Family $7000.
- If you are aged 55 and older, you may add $1000 to the above listed limits.
The facts about Health Savings Accounts (HSAs):
- You must become a member of Southern Chautauqua Federal Credit Union to use our HSA account.
- You must have a high deductible health insurance plan to save in an HSA: Additional information.
- You are able to contribute to your HSA account with cash, check or direct deposit.
- Currently, our HSA program provides direct withdrawal from the account via checks.
- Southern Chautauqua FCU provides our members with one box of free checks each year.
- You will be responsible to keep receipts that substantiate your withdrawals for medical expenses.
- Health Savings Accounts are subject to government regulations and IRS reporting. SCFCU reports as regulated.
- The information packet and startup forms can be found at any of our branches.
HSA Eligibility Exceptions
- Medicare recipients are not eligible to make contributions.
- VA medical benefit recipients are not eligible to make contributions.
- Person(s) on a COBRA plan are not eligible to make contributions.