Savings

Regular Share Savings

Our basic membership account. Your Regular Share Savings Account qualifies you to open other OPEFCU accounts and apply to borrow from the Credit Union. Minimum balance required to maintain Credit Union membership is $50 (10 shares); minimum balance to earn dividends is $100. Dividends are calculated on your average daily balance and are compounded and credited to your account quarterly.

Statements are mailed quarterly. You may make two transfers and/or withdrawals per month from your Regular Share Account without transaction fees; beyond this monthly limit, fees apply (view Schedule of Fees). This account normally yields higher earnings than comparable bank savings accounts.

Share Draft (Checking)

An OPEFCU Share Draft Checking Accounts lets you withdraw your money and write checks against your account at any time. The Share Draft dividend rate is variable and dividends are compounded and credited monthly.

A $500 minimum balance is required to earn dividends.

You will receive a monthly checking statement.

Share Certificates

We offer higher dividend rates on certificates of varying terms from 6 months to 18 months. Minimum $2500, $10,000, $25,000, $50,000, and 100,000 certificates are available. Our Share Certificate Accounts are Term Certificates, Income Certificates and IRA Certificates. The account renews automatically unless you withdraw the entire balance within 10 days after maturity. Penalty for early withdrawal. Please call the Credit Union for more details.

Club Accounts

These special sub-accounts to your Regular Share Savings Account are available to you if you would like to separate out savings for a particular purpose (mortgage payments, your child’s education, etc.). Rate calculation and terms of these account are the same as our Regular Share Account, but only a $5.00 minimum balance requirement.

Vacation Accounts

Let the Credit Union help you save with this specially targeted account for a specific vacation departure date. You set the maturity date and your funds earn a special savings rate until you’re ready to go! Only a $5.00 minimum balance requirement. Direct Deposit is an excellent way to deposit to this account regularly.

Christmas Club Accounts

Let the Credit Union help you save for holiday season expenses with this specially targeted account! Only a $5.00 minimum balance requirement and Direct Deposit is an excellent way to add to this account regularly. Funds are automatically disbursed into your Regular Share or Share Draft account on the first Friday of November each year and your account automatically renews and continues for the following year.

Individual Retirement Accounts (IRAs)

You may deposit up to the maximum allowed annually by the federal government for you and your spouse. Your IRA savings may be tax deferred, depending upon whether you participate in another retirement plan. Your IRA earnings are tax-deferred without qualification. We offer IRA Share Certificates with 12-month terms. There is a minimum deposit of $500.00 to set up the account. Deposits are allowed at inception and at maturity dates only, and early withdrawal penalties apply. (Please ask for our IRA Agreement and Disclosure statement.) Dividends are compounded and credited at maturity. You may begin to withdraw your money without penalty at age 59½ or if you become taxable at that point when, as a retiree, you will most likely be in a lower tax bracket. Use this IRA Share Certificate account to maximize your earnings while savings for a secure future.