Though typically referred to as “Savings” accounts, in a credit union, they are called “Share” accounts. Hotel & Travel Industry FCU offers members the following types of share accounts:
Daily Share Account:
This account is a basic savings account that boasts no minimum balance restriction, and can be used as collateral against a Share Secured Loan. Dividends are paid and compounded quarterly back into the account.
Keiki Share Account:
Good financial habits start at an early age. Parents can help keiki learn how to save by opening them a savings account. Children under the age of 18 can enjoy the benefits of this membership so long as a parent is a joint member on the account.
Christmas Club Account:
Make saving up for holiday shopping a breeze by depositing a little bit of each paycheck into the Christmas Club Account. This interest-bearing account, accumulates dividends quarterly. When the account matures each year on September 30th, your savings will be auto-deposited into the account of your choice.
Example: If you were to deposit $50.00 from each paycheck, in one year, you will accumulate about $1,200.00 plus dividends (if you are paid 2x per month x 12 months).
Vacation Club Account:
Similar to the Christmas Club Account, this account helps you save up for future vacations by depositing a bit of each paycheck. This account is also interest-bearing and dividends are paid quarterly. The Vacation Club Account matures on May 31st of each year and will be automatically deposited into the designated account of your choosing.
|Account Type||Dividend Rate/Annual Percentage Yield (APY)||Minimum Opening Deposit||Minimum Balance Required to Earn Stated (APY)||Dividends Compounded/Credited|
|Daily Shares Account||0.10%||$-||$-||Quarterly|
|2nd Daily Shares||0.10%||$-||$-||Quarterly|
|Christmas Club Account||0.30%||$-||$-||Quarterly|
|Vacation Club Account||0.30%||$-||$-||Monthly|
|Keiki Daily Shares||0.10%||$-||$-||Quarterly|
|IRA Passbook Share Accounts (Traditional, Roth & Education)||0.25%||$50.00||$50.00||Quarterly|
*Federally insured by NCUA.