Accounts

Regular Shares

Your main savings account with Public Service Credit Union (PSCU) is called your regular shares because a $25.00 minimum balance is required, which reflects your share of the credit union as a member-owner. Your main savings account is a dividend-earning account that is paid quarterly at the rate established by the Board of Directors.

Side Shares

Side shares are additional savings accounts that you can open under your membership. These function exactly the same as your regular shares account or “main” savings account in that they earn dividends each quarter and are accessible any time you need, except there is no minimum balance required! Many members open up side shares to save specifically for big purchases, property taxes, gifts, or any special occasion or goal. Some members use individual side shares as a kind of “envelope budget” where you set aside a certain amount of money in a specific side share for a specific purpose like food, travel, entertainment, etc. Then you won’t spend over your budget because there is only the amount of money you put in your side share or “envelope.”

Why Open a Savings Account with a Credit Union?

Credit unions are member-owned financial cooperatives that exist to serve their community rather than maximize profits. Here are some reasons why opening a savings account with Public Service Credit Union can be a smart choice:

1. Higher Rates: Credit unions often offer higher interest rates (called dividends since you are a member-owner) on savings accounts compared to traditional banks. This means your money can grow faster over time.

2. Lower Fees: Credit unions typically have lower fees and minimum balance requirements than banks. This can save you money in the long run.

3. Personalized Service: Credit unions are known for their personalized service and commitment to their members. You're more than just an account number - you're a member and owner of the credit union.

4. Community Involvement: Credit unions are deeply rooted in their communities and often support local causes and initiatives. By banking with a credit union, you're supporting your community directly.

5. Financial Education: Credit unions often provide financial education and resources to help their members make informed decisions about their money. From budgeting tips to planning for retirement, credit unions are there to help you navigate your financial journey.

In conclusion, opening a savings account with a credit union can offer you competitive returns, personalized service, a sense of community, and valuable financial education. Consider joining a credit union to enjoy these benefits and more.

Important Information About Procedures when Opening an Account

To help the government to fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

WHAT THIS MEANS FOR YOU: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver' s license or other identifying documents.

Take the stress out of holiday shopping by saving throughout the year. Our Holiday Club account helps you build your celebration fund steadily and smartly.

How It Works

Set aside money throughout the year in this special club account, and watch your holiday savings grow until September 30th. On October 1st, your funds will automatically transfer to your main account (either regular shares or share draft, if available) - just in time to get your shopping list ready!

Account Benefits

• Earn a higher annual dividends on this account

• Automatic transfer to your main account on October 1st

• Low $25 minimum opening deposit

• Perfect for budgeting holiday expenses

Plan Ahead, save ahead

By saving a little each month, you’ll build a robust holiday budget without the last-minute scramble. Whether you’re planning for gifts, travel, or festive gatherings, your Holiday Club account keeps your savings on track.

*Please note: early withdrawals are subject to a $5.00 fee per withdrawal. This account is designed to help you save. If you believe you will need to withdraw from the account at any time before October, we recommend setting up a side share at the regular dividend rate before establishing a Holiday Club.

Earn more with tiered rates

Watch your savings work harder with our competitive, tiered dividend rates. The more you save, the more you can earn! Our tiered rate structure rewards you for growing your savings. As your balance increases, you’ll automatically earn higher dividends on your entire balance. Plus, with monthly dividend compounding, you’ll earn dividends on your dividends, helping your money grow faster.

How Our Tiers Work

Every dollar in your account earns dividends based on your total balance at the end of each day. When you reach a new tier, your ENTIRE balance earns at the higher daily rate (the daily rate is the dividend rate of the tier divided by 365).

Key Benefits

• Monthly dividend compounding and crediting

• Competitive tiered rates

• Federally insured by NCUA

• No maintenance fees when enrolled in e-statements

• Easy access to your funds

Getting Started

Open your account with just $10,000 and start earning competitive dividends. No minimum balance required after opening.

Important Account Information

• Rates are variable and adjust to market conditions

• $5.00 fee may apply for exceeding six withdrawals or transfers per month

• $5.00 monthly maintenance fee is waived if account is enrolled in e-statements or member is 60 years or older

• Fees may reduce earnings

• All information on this website is for informational purposes only and each member should consult their Truth-In-Savings disclosure for complete and accurate account information and fees.

A share certificate is the credit union equivalent of a bank’s certificate of deposit or CD. When a member opens a share certificate, they are essentially lending money to the credit union for a fixed period of time, typically ranging from a few months to several years. In return, the credit union pays the member a predetermined dividend rate over the term of the certificate.

Share certificates are considered a secure investment option because they are insured by the National Credit Union Administration (NCUA) up to $250,000. This provides members with a safe way to earn a more favorable return compared to a regular savings account.

Upon maturity of the share certificate, the member has the option to withdraw the funds or reinvest them in a new certificate. If the member needs to access the funds before the maturity date, they will incur penalties or forfeit a portion of the interest earned.

Overall, share certificates are a popular choice for members looking to earn higher dividends on their savings while minimizing risk, making them a valuable investment tool offered by credit unions.

Public Service Credit Union offers share certificates with varying lengths and terms from six months to five years. You can see what the current rates are by visiting our rates page.

Share Draft Accounts: Coming Soon to Public Service Credit Union

A Share Draft Account is simply our version of a checking account. It’s a convenient way to access your money when you need it. As a member of Public Service Credit Union, your Share Draft Account is more than just an account; it’s a share in your financial cooperative.

Coming Soon: Personal Checks and Contactless Debit Cards

We're excited to announce that Share Draft Accounts will be available to all members in early 2025. To make your banking experience even more seamless, we'll also be offering both personal checks and contactless debit cards with mobile wallet capabilities like Apple Pay and Google Wallet.

With a Share Draft Account, you can:

• Pay bills with ease using personal checks

• Make purchases conveniently with your debit card

• Access your money quickly and securely

Stay tuned for more information about the launch of Share Draft Accounts and how to open yours.