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Home > Member Resources > Current Rates & Fees > GEMC Federal Credit Union Savings Rates

Savings Rates

Savings Accounts
Effective Date: Effective 3/28/18
AccountDividend RateAnnual Percentage RateCalculation MethodCompounding FrequencyDividends Paid/PeriodFrequency of ChangeBalance to Open AccountBalance to Earn DividendsClosed Accounts
Savings 01 0.25% 0.25% Average Daily Quarterly Quarterly Quarterly $5.00 $100.01 No Dividend
Savings 02/03/05 0.25% 0.25% Average Daily Quarterly Quarterly Quarterly * $0.01 No Dividend
Christmas Club 08 0.25% 0.25% Average Daily Quarterly Quarterly Quarterly * $0.01 No Dividend

Christmas Club Accounts - During the first week of November, accounts that have balances over $15 will have their funds transferred to their Credit Union checking account. If you do not have a checking account, funds will be transferred to Account (01).
*Savings Account 01 Required. Calculation Method: Average Daily. Compounding Frequency: Quarterly. Dividends Paid/Period: Quarterly. Frequency of Change: Quarterly. Closed Accounts: No Dividend.

Checking Accounts
Effective Date: Effective 3/28/18
Balance to Earn DividendsDividend RateAPYBalance to Open AccountMinimum Balance Required
No Dividend Checking 77
N/A N/A N/A $100.00 N/A
Checking 73*
$0 - $1,000.00 1.98% 2.00% $100.00 N/A
$1,000.01 & above 0.05% 0.05% $100.00  
Checking 74, 75, 76*
N/A 0.05% 0.05% $100.00 $500

Savings Account 01 Required. *Calculation Method: Average Daily. *Compounding Frequency: Monthly. *Dividends Paid/Period: Monthly. *Frequency of Change: Monthly. Closed Accounts: No Dividend. Balance Requirement to Earn Dividends: $0.01.

Money Market Accounts 79
Effective Date: Effective 3/28/18
Balance to Earn DividendsDividend RateAPYBalance to Open Account
$0 - $2,499.99 0.25% 0.25% $2,500.00
$2,500.00 - $9,999.99 0.25% 0.25% $2,500.00
$10,000.00 - $24,999.99 0.30% 0.30% $2,500.00
$25,000.00 - $49,999.99 0.60% 0.60% $2,500.00
$50,000.00 & above 0.60% 0.60% $2,500.00

Savings Account 01 Required. Calculation Method: Daily. Compounding Frequency: Monthly. Dividends Paid/Period: Monthly. Frequency of Change: Daily. No Minimum Average Daily Balance Required.

IRA Accounts
Effective Date: Effective 3/28/18
AccountDividend RateAPY
Savings 81 0.50% 0.50%
Beneficiary IRA 84/85 0.50% 0.50%
Education IRA 87 0.50% 0.50%
Roth IRA 88 0.50% 0.50%
Conversion IRA 89 0.50% 0.50%

Savings Account 01 Required. Calculation Method: Average Daily. Compounding Frequency: Quarterly. Dividends Paid/Period: Quarterly. Frequency of Change: Quarterly. Closed Account: No Dividend. Balance Requirement to Earn Dividends: $0.01.

Certificate Accounts
Effective Date: Effective 3/28/18
TermRate/APYMin. Deposit to OpenEarly Withdrawal Penalty
Savings Certificate Monthly1,2
1 year 1.00/1.005 $500.00 31 Days/90 Days
2 year 1.100/1.105 $500.00 31 Days/90 Days
3 year 1.250/1.257 $500.00 31 Days/90 Days
4 year 1.300/1.308 $500.00 31 Days/90 Days
5 year 1.500/1.510 $500.00 31 Days/90 Days
Savings Certificate1,2
1 year 1.000/1.005 $500.00 31 Days/90 Days
2 year 1.100/1.105 $500.00 31 Days/90 Days
3 year 1.250/1.257 $500.00 31 Days/90 Days
4 year 1.300/1.308 $500.00 31 Days/90 Days
5 year 1.500/1.510 $500.00 31 Days/90 Days
IRA Certificate 821,2
1 year 1.000/1.005 $5,000.00 None
2 year 1.100/1.105 $5,000.00 None
3 year 1.250/1.257 $5,000.00 None
4 year 1.300/1.308 $5,000.00 None
5 year 1.500/1.510 $5,000.00 None
Roth Certificate 861,2
1 year 1.000/1.005 $5,000.00 None
2 year 1.100/1.105 $5,000.00 None
3 year 1.250/1.257 $5,000.00 None
4 year 1.300/1.308 $5,000.00 None
5 year 1.500/1.510 $5,000.00 None
6 Month Monthly2
6 month 0.70% $1,000.00 31 Days/90 Days
Jumbo Certificate 561
Call for Terms   $100,000.00 31 Days/90 Days

Type of Rate: Fixed. Calculation Method: Daily. Dividends Paid/Period: Monthly. Closed Account: No Dividend. Additional Deposits: Not Allowed. Withdrawal of Principal: Allowed. Withdrawal of Dividends: Allowed. Dividends paid to Savings.
1Compound Frequency: Monthly
2Automatically Renewable: 5 days grace


Account Information

Dividends – Savings and IRA Accounts
Dividends are determined by the Credit Union Board of Directors and are subject to change as described in the dividend section of the Rate and Fee Schedule. Dividends are paid from current income and available earnings after reserve transfers at the end of the dividend period. The Dividend Rate and the Annual Percentage Yield are rates the Credit Union anticipates paying the next dividend period.

The dividend period begins on the first calendar day and ends on the last calendar day of the dividend period. Dividends are calculated on the average daily balance in the account. Dividends will accrue on cash and non-cash deposits on the business day the deposit is made to your account. Dividends are paid to your account on the first day of the next dividend period.

Dividends – Certificate Accounts
The Annual Percentage Yield is based on the assumption that the principal and dividends will remain on deposit until maturity. A withdrawal of either principal or dividends will reduce earnings. The dividend period begins on the first and ends on the last calendar day of the dividend period. If you close the certificate prior to accrued dividends being paid, you will receive your dividend payment. For all certificate accounts, the rate will be fixed and will be in effect for the entire term of the certificate.

Account Limitations
For all Savings Accounts, Christmas Club Accounts, and Money Market Accounts: No more than six withdrawals/transfers permitted per month from your account to another account of yours, or to a third party, when made by telephone, fax, or personal computer, or made by preauthorized, automatic or bill-payment arrangement.

Christmas Club Accounts
During the first week of November, accounts that have balances over $15 will have their funds transferred to their Credit Union checking account. If you do not have a checking account, funds will be transferred to Account (01).

Certificate & IRA Certificate Accounts - Early Withdrawal Penalty
We may impose a penalty if you withdraw any of the principal before the maturity date. The penalty is calculated as a forfeiture of part of the dividends. The penalty is based on dividends earned and on the amount withdrawn and will not reduce principal.

Exceptions to Penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: 1) When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction; 2) Where the account is an IRA and any portion is paid within seven (7) days after establishment; or 3) Where the account is an IRA and the owner attains age 59 1/2 or becomes disabled.

Certificate and IRA Certificate Accounts - Renewal Policy
For all certificate accounts except Jumbo and IRA Certificates, your account will automatically renew for another term upon maturity. For all renewable accounts, you have five (5) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. For Jumbo and IRA Certificates, dividends will not be paid after maturity. The dividends can either be transferred to another account of yours at the Credit Union or paid to you by check.

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