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Savings Accounts

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We realize our members have different savings goals ranging from short-term purchases to long-term nest eggs. That’s why Equitable Federal Credit Union has several savings options for you to choose from.

Share (Savings)

The Share Savings account is the basic account that comes with your Equitable Federal Credit Union membership. With this account you have access to all of our other saving products. The opening deposit required is just $5, which represents your "share" in the credit union, and once your balance reaches $100 this account will begin earning dividends.

Christmas Club

The holidays always seem to creep up on you. Be prepared this year by opening a Christmas Club Savings Account. You will earn the same dividend rate as your Share Savings account and the funds are disbursed to you the first Friday of November either by a transfer to your savings account or by a check mailed directly to you. If you don't need your funds that year, you can request for your balance to be rolled-over into the next year.

Custodial Savings

When you are ready to start saving for your child's future, Equitable Federal Credit Union can help. We offer accounts that can be opened under the Uniform Transfers to Minors Act (UTMA) for the benefit of a minor. This type of account requires that an adult over age 18 be named as a "custodian" of the account. The minor cannot withdrawal this money until reaching a designated age (usually 18 or 21); at this point the custodian must turn control of the funds over to the minor who may change the account into their own Share Savings account.

Special Savings Accounts

With a special savings account, we can help you save for a specific purpose. These accounts earn the same dividends as the Share Savings account and have the same rules and restrictions. To help you differentiate between your other accounts, you can rename this account type to tailor your specific purpose through Online Banking.

Term Share Certificate

Term Share Certificates are a simple way to put some money aside. How long you have your certificate determines how much interest you’ll make. We offer terms from 12 to 72 months. The minimum balance required to earn dividends is $1,000. There is a penalty for early withdrawals.

Regulation D

The Federal Reserve Bank's Regulation D limits certain withdrawals and transfers from a Equitable FCU share and special savings accounts. The following withdrawals and/or transfers are limited to six (6) per account per calendar month:

  • Internet transfers from a share or special savings account to another deposit account
  • Phone transfers from a share or special savings account to another deposit account via Teller24 Audio Response
  • Overdraft transfers from a share savings account to a checking account
  • Automatic funds transfers from a share savings account to another deposit account
  • Funds transfers or withdrawals not initiated in person at a branch and payable to a third party (such as a wire transfer request)

The following withdrawals and/or transfers are not limited on your share or special savings account and can be performed as often as needed:

  • Transactions completed in person at a branch
  • Transactions done at an ATM
  • Transfers to loans or credit cards
  • Transactions sent in by mail

Note: Deposit accounts that are exempt from Regulation D and therefore have no withdrawal and transfer limitations are as follows: free checking accounts and interest bearing checking accounts.

For more information on Regulation D please visit the Federal Reserve website.