Prime Share Savings Accounts
A prime share savings account is the initial account that you will open with Virginia Educators Credit Union. Once you make the initial $5 minimum balance deposit (par value), which is your share in the credit union, you become a member owner of VECU. As a new member owner you can take full advantage of all other products and services offered by the credit union including our convenient account access options, competitive loan rates and much more!
- $5.00 minimum opening deposit (required par value).
- Start earning dividends on balances of $200.00 or more. (The minimum
requirement to earn dividends is waived for members under age 23.)
- Overdraft protection for your VECU checking account.
- Funds federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
Click here to view current Prime Share Savings dividend rates.
Holiday Club Accounts:
Open a Holiday Club account today to save funds specifically for the holiday season. Holiday Club Accounts require a minimum balance and opening deposit of $5.00 and earn dividends on balances of $200.00 or more. Funds may be deposited to Holiday Club Accounts at anytime and are available to be withdrawn during November and December without penalty. Set up as an automatic payroll deduction to make saving easy and convenient.
Summer Reserve Accounts:
This savings program has been specifically designed to benefit 10-11 month school employees to ensure income during the summer months. This can also be used to save for other summer needs such as a special vacation or family trip.
All Purpose Accounts:
Use this savings account to save for whatever your needs may be. The funds may be withdrawn whenever you are ready at no penalty. Make savings automatic when you set up a payroll allocation for extra convenience.
Make progress towards your financial goals with VECU’s secure long term savings options and attractive rates.
- $1,000.00 minimum opening balance
- Terms from 6 months to 60 months
- Dividends are compounded quarterly and credited quarterly and at maturity
- Automatically renews at maturity
- Funds federally insured up to $250,000 by the National Credit Union Share Insurance Fund
Click here to view current share certificate account rates.
Individual Retirement Accounts (IRA’s)
Traditional and Roth IRA’s are offered by Virginia Educators Credit Union to assist members with saving for retirement. You can contribute to your IRA anytime, up to your annual IRA contribution limit. Traditional and Roth IRA’s are federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
Click here to view current IRA share dividend rates.
Custodial Accounts for Minors (VUTMA)
VECU offers accounts that can be opened under the Virginia Uniform Transfers to Minors Act (VUTMA) for the benefit of a minor, to help save for a child’s future. This account requires an adult over age 18 to be named as a “custodian” of the account. Only one minor and up to two custodians may be named on the account. Only a custodian can withdraw from the account, make deposits or close the account. Once the child reaches the designated age (18 or 21), a custodian must turn control of the funds over to the child.
Custodial account benefits:
- Convenient way to save for the benefit of a minor child while limiting the child’s
access to the account.
- Allows parents or other interested persons to make monetary gifts to minors.
- Easy way to save for long-term goals, such as college tuition.
- Funds may be used only for the benefit of the minor.
- Dividends are reported in the minor’s name.
The establishment of a custodial account may have legal and tax limitations, including income, gift, and estate tax consequences. You may want to consult your tax advisor before opening a custodial account.
If you wish for the minor to have equal access to an account, consider setting up a youth account with joint ownership. Click here for more information.