Savings

Ely Area Credit Union offers their members a safe and secure place to grow their savings accounts. Whether you’re just starting out or are a new parent, saving for college or planning for your retirement, we can help. Your savings is insured up to $250,000 by the National Credit Union Administration and is always available to you with no penalties for withdrawing.

 

Regular Savings Accounts

Members are required to deposit at least $5 in a share savings account at the credit union upon joining, and must maintain a $5 minimum balance to use any or all of the services we offer. Dividends are calculated on your average daily balance and paid to this account quarterly. There is no penalty for withdrawing your money when you need it. Ely Area Credit Union also provides a life insurance policy of up to $2,000 on this savings account.

 

Deposit Savings Accounts

Members also have the option of putting their money in our Deposit Savings Account. This account has no minimum balance and your funds are available to you any time with no penalty. Dividends are calculated on your average daily balance and paid to this account quarterly. The interest rate earned on this account is nominally higher than our regular savings account.

 

Special Savings Accounts

Members can open special savings accounts to save for specific things like a vacation, car, Christmas, or anything you can think of. These accounts work just like our Deposit savings accounts accept for the interest rate is the same as the Regular Savings Account.

 

Children’s Savings Accounts

It is never too early to teach your children the importance of saving. We encourage all parents to open savings accounts for their children and have them deposit into it. No deposit is too small. All of our savings accounts are available to our littlest members.