Regular Share Savings Account
This is the account you open when you join the credit union. It establishes the rights and privileges of your member-ownership in the credit union. Once this account is opened, you are eligible for other products and services that the credit union offers. This account has a minimum balance of $25. Some of the features of this account include:
- No monthly fee
- 24/7 access by telephone and online
- Free ATM card to access account
- Can be set-up as overdraft for your UYFCU checking account
Money Market Account
Looking for a higher yield while keeping your funds available? Then a money market account is the answer. You are allowed up to six withdrawals or transfers from this account per month. A minimum balance of $500 is required to open and maintain this account. Higher balances earn higher dividends. Dividend rates are based on two tiers:
- $500 – $9,999
- $10,000 and above
Vacation/Holiday Account
These accounts help you ease the financial burden of your two biggest expenses of the year. Contribute small amounts on a weekly or monthly basis and watch your savings grow. Make it even easier by signing up for payroll deduction or automatic transfer to these accounts. Holiday account checks are disbursed in November; just in time for holiday shopping. The minimum balance to open one of these accounts is only $5.
Senior Accounts
A special benefit package is available if you are over the age of 60.
- Choice of checking account with no monthly service charge.
- No minimum balance required on checking account.
- Free personalized checks for life.
Teen/Minor Account
This account is designed for responsible minors and teenagers between the ages of 12 and 17. This is the perfect way for teens to save for future goals and learn about financial responsibilities. An adult is required to be a joint owner on this account. However, the minor can do transactions on this account on his or her own. Some of the features of this account include:
- A passbook to keep track of balances
- A minimum balance of $25
- No membership fees
- Quarterly statements and newsletters
- Limited ATM/Debit Card access (with parent authorization)
In addition to savings accounts for minors, Union Yes also offers Coverdell (Educational) IRAs as an additional tool to save for your child’s future.
Custodial Account (Minor Account)
Also known as the California Uniform Transfers to Minor Act (UTMA) Account. This account is opened for the benefit of the minor, and the only person authorized to transact on this account is the custodian. This account can be opened for any child under the age of 18. This account provides a way to save for a child and not be taxed on the earnings. (Ownership of this account is the child’s and the child is subject to income tax on the earnings, if applicable.) Some of the features include:
- A passbook to keep track of balances
- A minimum balance of $25
- No membership fees
- Quarterly statements and newsletters
