This account doesnâ€™t differ much from the bankâ€™s Regular Savings account. The only true difference is that you can earn a much higher rate on up to your first $500 deposited into the account, but then the rate goes down to match that of the Regular Savings account. Otherwise, this is pretty much another no-frills account with minimal fees and requirements, but no real perks either.
As a savings account, this one abides by Federal Reserve Regulation D, a rule that limits certain withdrawals and transfers up to six per month.
Qualified customers can open one of the credit unionâ€™s savings accounts either online or in person. Theyâ€™ll just have to be sure to open a Regular Savings account with a minimum deposit of $5 to start. To open an account, youâ€™ll need your Social Security number and a government ID, such as a driverâ€™s license.