Membership Savings Account
A Membership Savings Account is more than just a place to save money—it's the account that establishes your membership with Circle Federal Credit Union. Unlike a traditional bank, where customers are simply account holders, credit union members are part owners of the institution. Opening and maintaining this account gives you access to the credit union's complete lineup of financial products and services.
Safe Place to Build Savings
The account is designed to help members save while earning dividends (the credit union equivalent of interest). Dividends are calculated based on your daily account balance and are paid monthly on balances over $1.
Federally Insured Savings
Funds deposited into the account are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 per member, per ownership category. This protection is similar to FDIC insurance offered by banks, giving members confidence that their deposits are safeguarded by the U.S. government.
Convenient Access to Your Money
Members can manage their savings through multiple channels:
- ATM access for cash withdrawals and balance inquiries
- Online Banking (It'sMe247) for transfers, account management, and transaction history
- CU*Talk Telephone Banking for 24/7 automated account access
- Transfers between savings and other Circle FCU accounts
This combination of digital and self-service options makes it easy to monitor and manage savings anytime.
Added Financial Flexibility
One unique benefit of the Membership Savings Account is that it can serve as collateral for certain loans or be linked as overdraft protection for a Circle FCU checking account. Instead of having a transaction declined or incurring overdraft fees, available funds in savings may be used to cover eligible checking transactions, depending on account setup and credit union policies.
