All You Need to Know About Savings Accounts

All You Need to Know About Savings Accounts

Looking for a safe place to grow your money? Look no further than the savings accounts at Olean Area Federal Credit Union!

Here’s everything you need to know about our savings accounts.

Opening a savings account

Stop by one of our branches or visit the Olean Area FCU website to open a Share Savings Account. You’ll need basic identifying documents and information along with a minimum initial deposit of just $5. If you’re looking to maximize your earnings on a higher balance, you can open a Money Market Account and earn dividends once you reach a $2,500 balance.

Accessing your funds

If you need to make a withdrawal from your Share Savings, visit a branch location to do it in person, visit our drive-thru or you can access your funds via our 24-hour ATM. You can utilize our E-teller or MobileCU to transfer funds between accounts.

Many financial institutions restrict the number of monthly withdrawals members can make from their savings accounts. At Olean Area Federal Credit Union, you have unlimited withdrawals from your Share Savings Account! We just hold $5 as your membership interest in the credit union.

If you use a Money Market Account, you are limited to six withdrawals or automatic and telephone transfers each month. This total also includes auto transfers if the account is linked as an overdraft privilege account to cover your checking account. However, you can have unlimited in-person and mobile transfers/withdrawals.

NOTE: Due to hardships associated with COVID-19, there is currently NO LIMIT to the number of transfers members can make whether they are automatic or not (It is unknown when this restriction will go back into place).

Fees and penalties

Banking partners may charge a nominal monthly maintenance fee for savings accounts, but these can generally be avoided by meeting specified account requirements. Savings accounts at Olean Area FCU have no monthly fee.

Bank and credit union members may be penalized for going over the withdrawal limit on savings accounts. If you go over the six-withdrawal limit in your Money Market Account, your account will be subject to closure by the credit union.

If you overdraft an account, you will be charged the standard NSF fee of $25 for all returned items. At Olean Area Federal Credit Union, you can sign up for Overdraft Privilege, linking your Savings to your Checking to prevent overdrafts. There is a $2 fee for automatic transfer from Savings to Checking to cover an overdraft.

Higher earnings rate

One of the most advantageous features of a savings account is its interest/dividend rate, which is nearly always higher than the rate of a checking account in that same institution. According to the NCUA , in December 2020, the average checking accounts rate for credit unions was 0.08% APY. The average rate for savings accounts was 0.11% APY.

Explore our Share Savings rates by clicking here, and our Money Market rates by clicking here.

Safety and security

Your money is always safe at Olean Area FCU. Our credit union is federally insured up to $250,000 by the National Credit Union Administration. The funds in your savings account will also be protected from the fluctuations of the stock market.

A savings account can be an excellent place for keeping and growing funds you may need to access in an emergency. Call 800.854.6052, click, or stop by Olean Area Federal Credit Union to open your account today!