Features
Member-Owner Status
With just $5 in your Prime Share Savings account, you become a member-owner of Educators.
Low or no Minimum Balance
Most savings accounts have a minimum balance of $5 or less.
Competitive Rates
No matter what you’re saving for, with our different savings accounts options, you receive returns.
Anytime Access
Log into your account online or with your smartphone to check your balance, make deposits with FlashCash, and more.
Direct Deposits
Start receiving interest on your earnings as soon as possible by using direct deposit.
eStatements and E-Alerts
Get your statement quarterly via email and receive e-alerts on the account activities of your choosing.
Compare Savings Account Types
| Prime share Savings Account |
High Yield Money Market Accounts |
Share Certificates | |
|---|---|---|---|
| Minimum opening balance | $5 | $1,000 | $500 |
| Activation or monthly fees | $0 | $01 | $0 |
| Direct Deposits | YES | NO | NO |
| Anytime Access | YES | YES | YES |
| ATM Card | YES | NO | NO |
| Number of withdrawals | No Limit | No Limit | No Limit |
| Terms | N/A | N/A | Terms from 91 days to 5 years |
| Interest rate increases | Interest is earned when the balance is $100 or more |
Interest rate increases automatically as your savings balance grows to levels of $2,500, $10,000, $25,000 and $50,000 |
Competitive dividend rate fixed throughout the term (Jump-up options offer one rate adjustment during term of the certificate. Add-on options offer the opportunity to add additional funds of $500 or more to the certificate.) |
Types of Savings Accounts and Add-Ons
PRIME SHARE SAVINGS ACCOUNT
A Prime Share Savings account is the base account needed to become a member of Educators. Just deposit $5, which represents one share (and your ownership) in the credit union. You’ll now be able to use all of Educators services! Interest is earned on the Prime Share Savings account when your balance is $100 or more.
Visit an Educators location to open your Business Savings.
OTHER SPECIAL SAVINGS ACCOUNTS
Special Savings accounts can be set up for any purpose. No minimum balance is required and interest is earned when the balance in the account is $100 or more. You can open a Special Savings account and rename these accounts as Holiday, Summer Pay or Vacation Club account. Ask any Member Finance Representative for more information on these options.
Contact us or open a new special savings in Online Banking.
SHARE CERTIFICATE JUMP-UP AND ADD-ON OPTIONS
Some of the Educators Share Certificates have Jump-up or Add-on options. The Jump-up option allows you to request a rate increase when our rates increase once during the term of your Share Certificate. You will receive the higher rate for the remaining term of the certificate.
The Add-on option allows you to add to the value of your Share Certificate by depositing a minimum of $500 to your Share Certificate at any time. The new money you add starts earning dividends the same day you make the deposit.
Check out the Share Certificate rates to see which certificates offer the Jump-up and Add-on options.
Account Opening
To open any business account you must have:
- Sole Proprietor – Proof of EIN (if applicable)
- Partnership – Proof of EIN and Partnership Agreement*
- Corporation – Proof of EIN and Articles of Incorporation*
- LLC – Proof of EIN and Articles of Organization*
- Tax Exempt Club/Donation – Proof of EIN and Proof of Nonprofit/Tax Exempt Status
*STARTING MAY 1st – All signers including any owner with 25% or more interest will need to provide personally identifiable information (PII) to establish the account. PII includes Name, Address, Date of Birth, Social Security Number and Valid ID with current address.
Savings
| Type | dividend Rate | APy1 | Minimum Balance Required to earn APY | Minimum to open |
|---|---|---|---|---|
| Prime Share Savings | 0.06% | 0.06% | $100.00 | $5.00 |
| Change Up Savings | 0.51% | 0.51% | $0.00 | $0.00 |
| Christmas Club | 0.06% | 0.06% | $100.00 | $0.00 |
| Vacation Club | 0.06% | 0.06% | $100.00 | $0.00 |
| Summer Pay | 0.06% | 0.06% | $100.00 | $0.00 |
| Health Savings Account4 | 0.76% | 0.76% | $100.00 | $0.00 |
1APY = Annual Percentage Yield. Rates are subject to change after account opening.
2Fresh Start requires $20 one-time activation fee and $100 min. opening deposit. Members will be assessed a $10 fee monthly if their daily balance is below $100 or if they use fewer than 3 loyalty services(the fee is waived the month the Fresh Start Checking Account is opened).Member may be subject to $2 monthly service fee if receiving paper statements. Member may opt-in to eStatements to have fee waived.
4HSA has $25 set up fee.
5Member may be subject to $2 monthly service fee if receiving paper statements. Member may opt-in to eStatements to have fee waived.
6Fees could reduce earnings on the account
High Yield Money Market Account
| Dividend Rate | APY1 | Minimum Balance Required to eARN apy2 |
|---|---|---|
| 0.06% | 0.06% | <$2,500 |
| 0.08% | 0.08% | $2,500 |
| 0.11% | 0.11% | $10,000 |
| 0.14% | 0.14% | $25,000 |
| 0.19% | 0.19% | $50,000 |
1APY = Annual Percentage Yield. Rates will not change until the next tier is reached (ex. balance of $2,500 to $9,999 will have a rate of 0.08% APY). Rates are subject to change after account opening.
2For IRA Money Market the minimum to open account is $25. Minimum to open regular Money Market account is $1000, $10 fee per month for daily balances below $1000. Penalties apply for “under the minimum daily balance”, which may reduce earnings.
Premium Money Market Accounts (regular and IRA accounts)
| dividend rate | apy1 | Minimum Balance Required to Earn apy2 |
|---|---|---|
| 0.499% | 0.50% | $10,000 |
| 0.995% | 1.00% | $100,000 |
| 1.490% | 1.50% | $250,000 |
1APY = Annual Percentage Yield. Rates will not change until the next tier is reached (ex. balance of $10,000 to $99,999.99 will have a rate of 0.499% APY). Rates are subject to change after the account is opened.
2For Premium Money Market the minimum to open account is $10,000.
Points for Perks cannot be used to increase the rates on the Premium Money Market accounts.
Share Certificates
| Type | dividend Rate | APy1 | MINIMUM BALANCE REQUIRED TO EARN APY |
|---|---|---|---|
| 91 Day | 0.21% | 0.21% | $500 |
| 182 Day | 0.260% | 0.26% | $500 |
| 275 Day (Add-on) | 0.310% | 0.31% | $500 |
| 1 Year | 0.409% | 0.41% | $500 |
| 18 Month | 0.509% | 0.51% | $500 |
| 2 Year (Jump-up) | 0.658% | 0.66% | $500 |
| 30 Month (Jump-up, Add-on) | 0.708% | 0.71% | $500 |
| 3 Year | 1.105% | 1.11% | $500 |
| 4 Year | 1.502% | 1.51% | $500 |
| 5 Year | 1.995% | 2.01% | $500 |
Rates are for new shares only and require $500 minimum. A penalty applies for early withdrawal and other restrictions may apply.
1APY = Annual Percentage Yield. Rates are subject to change. Penalties apply for early withdrawals, which may reduce earnings.
Change of Terms Notice:
Effective 12/1/11, the early withdrawal penalty for new or renewed share certificates will be 90 days interest for terms of one year or less and 180 days for all terms over one year.
Effective 8/1/14 for new Share Certificates, early withdrawal penalty will be the lesser of dividends earned to date OR the amount of dividends that would be earned during 25% of the share certificate’s term, measured in days.