Saving is more than simply putting money aside – there are many options and paths to choose from when it comes to saving and investing your money. We offer several types of savings accounts to meet your needs. And because we’re in business for you, and not for profit, we’re able to offer rates that others don’t.
This account serves as your primary account (required) which earns dividends based on your balance. Your membership remains active by satisfactorily maintaining this account.
Primary Share Savings Rates
| Savings (A) | Minimum | Rate* | APY* |
|---|---|---|---|
| Regular Shares | $100-2,499 | 0.000% | 0.000% |
| Christmas Club | $2,500-9,999 | 0.050% | 0.050% |
| You Name It | $10,000 | 0.100% | 0.100% |
We want to provide you with the tool that helps you save for the Holidays. This account is free to maintain and funds can be deposited at any time. We recommend that automatic transfer or payroll allotments are made on a regular basis to ensure that you have sufficient funds to plan for the Holidays.
Christmas Club Savings Rates
| Savings (A) | Minimum | Rate* | APY* |
|---|---|---|---|
| Regular Shares | $100-2,499 | 0.000% | 0.000% |
| Christmas Club | $2,500-9,999 | 0.050% | 0.050% |
| You Name It | $10,000 | 0.100% | 0.100% |
We all have different financial goals. Some plan for a vacation, car purchase, mortgage down payment, or to simply save. We let you call this account any name you prefer. Best of all, this account is absolutely free. Let us help you save toward that particular goal with a You Name It Account!
You Name It Savings Rates
| Savings (A) | Minimum | Rate* | APY* |
|---|---|---|---|
| Regular Shares | $100-2,499 | 0.000% | 0.000% |
| Christmas Club | $2,500-9,999 | 0.050% | 0.050% |
| You Name It | $10,000 | 0.100% | 0.100% |
Summer Safeguard Savings (for school employees)
A rewarding account to save for the summer months! This account typically pays more than any Term Certificates (CDs) being offered by other major banks. On the first business day of July, all funds will be automatically transferred to your primary share savings account.
- No monthly maintenance fees.
- Earn higher dividends than with a traditional savings account.
- Easy accessibility of funds with two off-cycle distributions (withdrawals) per year.
- Contributions (deposits) are limited via payroll deduction, direct deposit, and automatic share to share transfer1. Funds must originate from a qualified schools district, such as LAUSD and LACCD.
NET Direct Deposit/Payroll has to be routed to a Schools Federal Credit Union Checking Account. The maximum contribution to this account cannot exceed $2,000 per month. Limited to a total of 2 off-cycle annual withdrawals per year; after that, the account will be subject to closure.
| Savings | Minimum | Rate* | APY* | |
|---|---|---|---|---|
| Summer Safeguard | Automatic Contribution | 6.44% | 6.60% | Maximum contribution of $2,000 per month from a qualified source, such as payroll from LAUSD or LACCD |
We have even more additional Savings Account types to fit your needs
Supplement your pension with a Traditional or Roth IRA. You can grow your balance with deposits throughout the year up to your maximum allowable annual contribution.
More Information on IRA Accounts
IRA Accumulation
| Minimum | Rate* | APY** |
|---|---|---|
| $100 | 0.150% | 0.150% |
Start saving for the education of the young people in your life with a Coverdell Education Savings Account! This account can play an important role in helping pay for qualified educational expenses. As an added bonus, we’re rewarding you with an attractive rate of 3.00% (3.034% APY)!
You can contribute to a Coverdell ESA even if you don’t have earned income. The contribution is limited to $2,000 a year for each beneficiary until the age of 18. Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.
More Information on Coverdell Education Savings Accounts
Coverdell Education Savings Account
| Minimum | Rate* | APY* |
|---|---|---|
| $50 | 3.00% | 3.034% |