Credit Union Savings Accounts
The Cumberland Credit Union has four types of Savings Accounts:
Plan-24 As the name would imply, the account calculates interest daily based upon your closing balance at the end of the day and pays that interest monthly. This includes weekends and all holidays. In addition, deposits and withdrawals can be made daily and when deposits are made, they begin to earn interest right away. There are no fees for withdrawal or transfer to other accounts. The account is accessible online through our MEMBER DIRECT ONLINE BANKING. Several members use this account as their TAX ACCOUNT and a no fee automatic monthly transfer can be made to the account to build up funds for later use.
Special Savers is an account type that is similar to the Plan-24 except interest is based upon the minimum monthly balance. The interest is paid out monthly and is usually similar to the Plan-24 rate. Withdrawals are free as are transfers to other accounts.
The Non-Equity Share Account is the member's preferred choice for a savings account. The interest paid on the account is based on the minimum monthly balance and paid by way of a Dividend. This account type has, for the past 20 years, paid a much higher rate of return than all other types of savings accounts. A statement of account transactions is available anytime at the branch or online through MEMBER DIRECT. The annual Dividend is declared by the Board of Directors in January of every year and paid in February. The amount of Dividend a member earns is based on their minimum monthly balance for the previous calendar year.
All deposits at the Credit Union are guaranteed up to 100% including unpaid interest and funds held in foreign denominations. The one exception to this rule is the EQUITY SHARE ACCOUNT. This account type has all the same characteristics of the Non-Equity Share account but is not included in the member deposit guarantee. For this reason the Provincial Government does not permit members to hold more than $1,000.00 in this type of account. The interest paid on the accounts is declared in January every year by the Board of Directors and is based on the minimum quarterly balance of the preceding calendar year. Withdrawals from the account require approval of the Board of Directors( unless your account is being transferred or closed).