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Building a healthy savings
fund is something we all strive for because we know it can be the
cornerstone
of our financial security. But it's not easy to save. Living expenses
continue to go up, and if you're like everyone else, there is always
something you want to buy. These demands on your earnings can make
a healthy savings fund an elusive concept.
At Georgia's Own, we have a number of ways to help you save and a
variety of savings accounts available. Just choose what's best for
you-Regular Savings, Savings Certificates for higher yields, or Individual
Retirement Accounts for supplemental retirement funds.
All regular savings accounts earn the same exceptional dividend and
are insured by the National Credit Union Administration (NCUA), an
agency of the Federal Government. Each savings account can be opened
with a minimum $5 deposit and requires a minimum daily balance of
$5 to earn dividends. To apply for these accounts, complete
an online application, and we'll contact you.
Regular Savings
• Basic savings account required for membership
• Your initial $5 deposit will remain in this account as long as you are a member
of the Credit Union
• $5 in your base savings represents your "share" in Georgia's
Own and makes
you a member/owner
Club Accounts (related accounts)
• You can have multiple club accounts under your base savings account
• Use these accounts to save for special purposes like vacation or holiday expenses
Holiday Savings Accounts
• Helps you save for the holidays all-year long
• Funds are automatically transferred to your regular savings account on November
1st of each year
Cub Club® Savings
• For children 12 years of age and younger
• Can be opened under child's Social Security number with an adult as joint owner
on the account
Club T Savings
• Regular savings account for teens to young adults-ages 13-22
• Can be up to age 24 with valid student ID
Golden Bell® Savings
• For retired members, and
• Members 50 years of age and older
Payroll deduction, of course, is the easiest way to save money. Just allocate
a specific amount each payday to be deposited to your savings. It can be as little
as $5 up to as much as you want, but you should decide on an amount that you
know you won't need to pay normal living expenses. You'll be surprised at how
quickly your savings will add up.
Open multiple savings accounts (club accounts) under your base savings account
and designate them for specific purposes-holiday expenses, vacation expenses,
even auto maintenance, to name a few. You can even make payroll deduction deposits
to any or all of these accounts.
You can also use your savings account as collateral for a loan at the Credit
Union. When you do, you'll get our low Savings Secured
rate. Plus, your savings
will continue to earn dividends, even while it's pledged as security on your
loan.
Dividends - The beauty of a regular savings program at Georgia's
Own is that you'll earn the highest possible dividends. Dividends are calculated
using the Daily Balance
Method, compounded and credited to your account on the last day of each quarter.
Accessing your savings- There are a number of ways to access
your savings funds when you need them. Withdrawals can be made at any Georgia's
Own Branch Office or by
calling Member Services and asking that we send you a check. If you have a Telco
checking account with a TELE-24 ATM access card, you can also withdraw funds
at an ATM or choose to transfer your savings funds to your All Access Checking
account where they'll be ready for your immediate use. You can do this by using
our 24-hour TELE-TALKPlus service.
Fees -You can make 5 withdrawals during a quarter from your savings account.
After the 5th withdrawal, there is a $3 fee for each excess withdrawal. Transfers
between Credit Union accounts are not counted as withdrawals. |
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