At Sb1, we call our savings accounts "Shares" because the deposit you make to maintain a relationship with Sb1 represents an individual share of the Credit Union. Each of our members owns an individual share of the Credit Union.
This might seem like a small detail, but this philosophy leads to larger payouts because unlike a bank that has a first priority of paying external stockholders a profit - Sb1's priorities of paying shareholders and members is aligned since they're the same group. Therefore we convert any profits we do create into keeping your savings rates as high as possible along with keeping loan rates competitive and charging you fewer fees.
At Sb1 FCU, we have a full variety of options to cover all your savings needs with the best possible rates.
Sb1's Elite Money Market Account enables you to earn higher yields without tying up your funds for any specific amount of time. You will have easy access to your funds via NetBanker, Telephone Teller and free personalized checks.
To reorder Elite Money Market Account checks give us a call at 800.806.9465 or send your request through Communications Center, Sb1's secured email system available through NetBanker.
|Tier Balance||Annual Percentage Yield1||Dividend Rate|
|$0.00 to $2,499.99 (EMMA IRA only)||0.10%||0.10%|
|$2,500 - $9,999.99||0.10%||0.10%|
|$10,000 - $24,999.99||0.10%||0.10%|
|$25,000 - $99,999.99||0.15%||0.15%|
|$100,000 and up||0.20%||0.20%|
|1Rates are subject to change without notice.
Some restrictions do apply to the Sb1 Elite Money Market Account. Although you can make transfers to your Money Market Account via NetBanker, account access is not available through ATMs or through Sb1's BillPay service.
Up to six (6) preauthorized, automatic, telephone transfers or withdrawals may be made from each Money Market Account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. Any checks drawn on your Money Market Account must be for an amount of $250 or more. If you exceed these limitations, your account may be subject to a fee or be closed.
There is no minimum balance required to open an Sb1 Money Market Account, however to start earning interest the minimum balance is $2,500.
If you make in excess of 6 transactions per month (writing checks, transfers) or you draw checks in an amount less than $250, your account will be subject to fees. Fees could reduce the earnings on the account.
Elite Money Market dividends are calculated monthly on your entire balance in the tier your balance falls in for that month. For example, if your balance is $15,500.00 for the first 15 days in the month, you will earn the dividend rate for tier 2 on the entire balance in the account, for 15 days. If your balance is $7,500.00 for the last 15 days of the month, you will earn the dividend rate for tier 1 on the entire balance in the account for 15 days.