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Who Can Join?

Savannah Schools FCU provides all the benefits of a member-owned financial institution to employees of:

  • Savannah-Chatham County Public School
  • SystemSavannah Technical College

Additional membership is extended to:

  • Oatland Island Center

Your immediate family members are eligible to join SSFCU as members. Includes your spouse, brothers, sisters, children, or grandchildren.

Checking and Savings Accounts

Checking Accounts

Savannah Schools Federal Credit Union offers a terrific checking plan. Savannah Schools FCU checking offers no monthly service fees, no minimum balance, and no per-check charges. There is a $1,000.00 minimum balance required to earn dividends and a $50 minimum deposit to open.

These features apply to Savannah Schools FCU checking accounts:

  • Pre-authorized automatic drafts (no charge)
  • Online Bill Payment
  • Overdraft protection with savings or approved Line of Credit
  • Consolidated monthly statements
  • Direct deposit
  • Payroll deduction
  • Wire transfer of funds to an outside account (fee applies)
  • Order checks online thru Deluxe.com
  • VISA© Debit Card
  • Online access to view transactions, make transfers between accounts, and pay bills thru Bill Payer

Overdraft Protection

Avoid the expense and inconvenience of overdrafts with overdraft protection from Savannah Schools Federal Credit Union. Overdraft protection is available on our checking accounts using your savings account or a pre-approved line of credit.

Contact the Credit Union if you have any questions about Overdraft Protection.

Regular Savings

When you become a member of the credit union a savings account is opened in your name. An initial deposit of $25 is required. All members must maintain a $25 balance in their savings account to remain a member, and demonstrate regular activity in their account to keep it open.

Other features of Regular Savings include:

  • A competitive interest rate paid quarterly on the average daily balance in your savings account. Click here for current rate information.
  • Withdrawals: To withdraw money from your savings account, simply stop by a credit union branch. Members may make up to three savings withdrawals per quarter free of charge. After three withdrawals in one quarter a $12 charge per excessive withdrawal is applied
  • Online access to your account.
  • Quarterly statements email.
  • Payroll deduction: You may have deposits to your savings account deducted directly from your pay check if you work with the Board of Education or Savannah Technical College.
  • Direct Deposit through most employers.

Please contact us if you have any questions about Regular Savings Accounts.

Savings Certificates

You can open a Regular Savings Certificate with a minimum balance of $1,000. Certificates are available with terms of 90 days to five years. In addition to regular Certificates of Deposits, we also offer IRA Certificates of Deposit.

Features of our Savings Certificates include:

  • A fixed dividend for the term of the certificate.
  • Competitive dividend rates.
  • Dividends can be paid Monthly.

Please contact us if you have any questions about Share Certificates.

Coverdell Education Savings Account

Coverdell Education savings account can be used to fund a child's education. An educational IRA can be opened for any child under the age of 18. The child is the account beneficiary. Like the Roth IRA, contributions to the account are not tax deductible but earnings accumulate tax free. Withdrawals from Educational IRAs can be used to pay for tuition, books, supplies and room and board (for fulltime students).
 
If a child does not attend college, the money must be withdrawn by the time he or she turns 30. Those earnings are subject to income tax and the 10% penalty. The Coverdell Education savings account can also be rolled over without penalty to another member of the family.

For more information on IRAs please contact the Member Services Department at the nearest branch office.

Money Market

You can open a Savannah Schools Federal Credit Union Money Market Account with a minimum deposit of $2,500. A minimum average daily balance of $2,500 also is required to obtain Annual Percentage Yield and to avoid fees on your account. Other features include:

  • A competitive dividend rate
  • Tiered-rate pricing
  • Access through Online Banking and Chat line, our 24-hour telephone teller system
  • Free Check Orders
  • Deposit at any branch or by mail

Please contact us if you have any questions about Money Market Accounts.

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Custodial Accounts

Usually for minors, a Custodial Account is a Savings account in the minor's name with an adult custodian, usually the parent.  The minor does not have access to the account.  Dividends are usually reported under the minor's SSN.

This is account is different than having a regular joint account with a minor, where the minor would have joint access to funds in the account.

Contact a Member Services Representative for further guidance.

Club Accounts

At Savannah Schools Federal Credit Union, you can open a Club account and save for whatever special purpose you have, such as;

Christmas Club

Vacation Club

Special Savings

Features included in the Club Account include:

A competitive dividend rate

No minimum balance required

Access through our Online Banking system

Quarterly statement

Payroll deduction for convenient automatic deposits

Deposits at any branch or by mail

Contact the Credit Union if you have any questions about Club Accounts.

Traditional IRA

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Savannah Schools FCU offers a share savings IRA that pays the same quarterly interest rate as share savings accounts.  Ninety (90) days up to five years certificates are also available.  A minimum of $1,000.00 is required to set up an IRA share certificate.

Individual retirement accounts are a smart way to save for the future.  A traditional IRA can be opened and funded without any employer participation.  Contributions and/or earnings are tax-deferred until retirement.  Unlike many employer plans, money in the account is always accessible; however, until age 59 1/2 there is a 10 percent early distribution penalty.  Some exceptions do apply, check with your tax adviser for more information.

IRA Options

Roth IRA

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Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed.  So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines.  This retirement plan allows the money you contribute to grow tax-deferred.

If you do not withdraw any of the earnings until you have had the plan for at least five years, or satisfy one of the qualifying events, those tax-deferred earnings become tax-free.  Unlike the traditional IRA, there is no 70 1/2 age limit on making contributions.

Deposit Rates

Deposit Savings Rates - $25 minimum investment

Annual Percentage Yield is accurate as of April 1, 2015.  Rates and other terms may change at any time without prior notice.  A penalty is imposed for early withdrawal.  Fees could reduce earnings on the account.

Account Type Minimum
Opening
Deposit
Minimum
Balance
to Earn APY
Limitations* Divident
Interest Rate
Annual
Percentage
Yield
Dividends (interest) will be compounded Monthly and will be credited Monthly.   
Based on Average Daily Balance.
Checking
Share Draft Account
$1,000 +
$50 $1,000   .10% .10%
Money Maker
Money Market Account
$ 2,500 - $ 9,999.99
$10,000 +
$2,500 $2,500 Transfer* .25%
.20%
.25%
.20%
Dividends (interest) will be compounded Quarterly and will be credited Quarterly.  
Based on Average Daily Balance.
Regular Share Savings Account $25 $100
$10,000+
Transfer* .25%
.20%
 .25%
.20%
Christmas Club Savings $25 $100
$10,000+

Transfer &
Withdrawl*

 .25%
.20%
 .25%
.20%
Vacation Club Savings  $25 $100
$10,000+ 
 Transfer &
Withdrawl*
 .25%
.20%
 .25%
.20%
Special Savings $25 $100
$10,000+
Transfer* .20%
.15%
.20%
.15%
IRA Savings $100 + $100 $100
$10,000+
Transfer* .20%
.15%
.20%
.15%
* For additional information regarding the above accounts, please refer to the
Truth-In-Savings Fee Schedule.

Share Certificates & IRA Certificates

Annual Percentage Yield is accurate as of April 1, 2015.  Rates and other terms may change at any time without prior notice. *$1,000 minimum required to open Share or IRA Certificate.  After your certificate is opened, the dividend rate is fixed for the term.

  • A penalty is imposed for early withdrawal.  Fees could reduce earnings on the account.
  • Dividends will be compounded Quarterly and will be credited Quarterly.
  • If you close your Share Account before dividends are paid, you will not receive the accrued dividends.
Terms Dividend Rate Annual Percentage
Yield Monthly WD
Annual Percentage Yield
6 Months .20% .20% .20%
1 Year .25% .25% .25%
2 to 4 Years .30% .30% .30%
5 Years .50% .50% .50%
* For additional information regarding the above accounts, please refer to the Truth-In-Savings Fee Schedule