RSS Feed
Account Rates
Jump to: Loan Rates | Fee Schedule
Rates are effective May 15, 2008**
Note: ITT Employees Federal Credit Union Variable Rate Share Accounts, Special Savings Accounts, and Individual Retirement Accounts are daily accounts and have no maturity date. Funds are available to members at their request. Dividend rates may change as noted below.
| Savings and Checking Accounts | |||
| Variable Savings & Checking Rates | Dividend Rate | Annual Percentage Yield (APY) | Minimum Balance Required |
| Savings Account | 1.00% | 1.01% | $5.00 |
| Four Seasons Club | 1.25% | 1.25% | $5.00 |
| Checking Account | .30% | .30% | N/A |
| Dividends are compounded monthly and paid on the last day of each month. Dividends are paid on actual balance. Account must be open on the last day of the month to receive dividend for the month. | |||
| IRA and Educational Accounts | |||
| IRA Accounts | Dividend Rate | Annual Percentage Yield (APY) | Minimum Balance Required |
| Traditional IRA | 4.25% | 4.33% | $5.00 |
| Roth IRA | 4.25% | 4.33% | $5.00 |
| Coverdell ESA | 4.25% | 4.33% | $5.00 |
| Dividends are compounded monthly and paid on the last day of each month. Dividends are paid on actual balance. Account must be open on the last day of the month to receive dividend for the month. Withdrawals may be subject to IRS penalties and taxes. | |||
| Short Term Certificates | |||
| Share Certificates | Dividend Rate | Annual Percentage Yield (APY) | Minimum Balance Required |
| 91 Day | 2.65% | 2.68% | $1000.00 |
| 182 Day | 2.75% | 2.78% | $1000.00 |
| 90 days interest penalty for early withdrawal. Simple interest, not compounded. Dividends are paid at certificate maturity date to designated share or share draft account. Automatic renewal at maturity. | |||
| Long Term Certificates | |||
| Share Certificates | Dividend Rate | Annual Percentage Yield (APY) | Minimum Balance Required |
| 1 Year | 2.90% | 2.92% | $1000.00 |
| 2 Year | 3.00% | 3.04% | $1000.00 |
| 90 days interest penalty for early withdrawal. Simple interest, compounded daily. Dividends are paid on certificate in six month increments based on date of purchase. Automatic renewal at maturity. | |||
Rate Information
The Dividend Rate and the Annual Percentage Yield (APY) may change monthly on our Variable Rate Share, Share Draft, Club and IRA Accounts as determined by our Board of Directors. Our Share Certificates are Fixed Rate and will be in effect for the term of the account. The APY is a percentage rate that reflects the total amount of dividends to be paid on our Variable Rate Accounts and Fixed Rate Share Certificates based on the Dividend Rate and frequency of compounding for an annual period.
Nature of Dividends
The Dividend Rate and APY are prospective rates and yields that our Credit Union anticipates paying for the current dividend period. Dividends are paid from current income and available undivided earnings after all required transfers are made at the end of each month.
Balance Information
The minimum balance required to open each account and additional minimum requirements are as noted on the Rate and Fee Schedule.
Accrual and Compounding of Dividends
Dividends will begin to accrue the day we receive any deposit (cash and/or non-cash items) into an account with our Credit Union. Dividends will be compounded as printed on the Rate and Fee Schedule for each type of account that is offered by our Credit Union. All accounts are using the Daily Balance Method. Dividends are calculated by applying the daily periodic rate to the principal in each account each day.
Crediting of Dividends and Penalties
The dividend period starts the first day of each month and ends on the last calendar day of each month for Variable Rate Accounts. If you close any Variable Rate Account before dividends are credited, accrued dividends will not be paid. There is a $15.00 early withdrawal service charge for Club Accounts if funds are withdrawn before automatic transfer at Club Account's maturity date. For Share Certificates, the dividend period starts the day of purchase /renewal date of the Certificate and ends on the maturity date. There is a 90 day penalty (exceptions noted on Certificate) for early withdrawal of Share Certificates. Additions may be made to our Fixed Rate Share Certificates only at the time of maturity/renewal.
Automatic Renewal of Fixed Rate Share Certificates
All of our Share Certificates will renew automatically at maturity for an additional similar term if you do not request to withdraw/cancel the Certificate within three business days from the maturity date. You will receive notice of Maturity/Renewal at least 30 days prior to each maturity date.
Nontransferable / Nonnegotiable
Accounts with our Credit Union are nontransferable and nonnegotiable. The funds on deposit with our Credit union may not be pledged to secure any obligation outside of our Credit Union.
Please visit our Disclosures page for available disclosures.
A Rate & Fee Schedule is available upon request.
**Please note that all rates and dividends are subject to change without notice.
