Watch your savings add up with Premium Summer Pay
We’ve all heard the saying, “Pay yourself first.” For educators, that starts by opening a Premium Summer Pay account.1 Saving a portion of every paycheck during the school year through Direct Deposit can help you save for the summer months, whether you're a 10- or 12- month employee. Your money will also grow with a 0.50% APY.2
How Premium Summer Pay works
In the summer, your money is automatically transferred to your Educational Systems FCU regular Savings or Checking account, or to an account at another financial institution. The transfers occur by the first and third Friday of July and August in four equal proportions.3 The dates for the summer automatic distributions in 2020 include:
- July 3
- July 17
- August 7
- August 21
If you need access to your money on other dates, transfers can be made starting on July 1 through Online Banking, Mobile Banking, Audio Response Teller (ART) or by speaking to a Credit Union employee.
Open your account today
We’re here to help you maximize your savings for the summer. Open your account by visiting a branch or calling us at 301.779.8500.
To help you calculate how much to save each pay period, use the sample savings chart below.4
Amount Saved Each
|Total Amount Saved
(Over 20 Pay Periods)
|Amount Received by the
First and Third Friday in July and August
1 The Premium Summer Pay account is only available for Direct Deposits received from qualifying school systems and community colleges.
2 Annual percentage yield current as of May 22, 2020. Rate subject to change without notice. The Tier One Annual Percentage Yield (APY) of 0.50% applies to average daily balances up to $20,000. The Tier Two APY of 0.01% applies to average daily balances above $20,000. Fees could reduce earnings.
3 Automatic distributions can be made to an Educational Systems FCU savings or checking account, or to another financial institution in four equal proportions by the first and third Friday of July and August. Withdrawals are restricted to summer disbursals in July and August. A $25 fee will be assessed for each early withdrawal made outside of this time period.
4 The sample savings chart is based on 20 pay periods and does not include dividends or early withdrawals.