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 By saving a portion of every paycheck during the school year through Direct Deposit, you could have the money you need for next summer. Your money will also grow with a return of 2.00% APY.2
How Premium Summer Pay works
In the summer, your money will be transferred to your Educational Systems FCU regular savings or checking account in four equal allotments. This happens on the first and third Friday of July and August. It’s just like receiving your regular paycheck every two weeks. That makes it the perfect account for 10-month paid school employees.
You can access your money using a debit card to make purchases or withdrawals at over 28,000 surcharge-free ATMs. You can also pay bills online through Bill Pay or request a check through Online Banking. Simply login to Online Banking, click on the 'Access Accounts' tab followed by the 'Withdraw' tab. Your check will be mailed the next business day to the address on your account.
Open your account today
We’re here to help you maximize your savings for the summer. If you currently have Standard Summer Pay, you can upgrade your account to Premium Summer Pay by visiting a branch or calling us at 301.779.8500. If you haven’t started a Summer Pay account yet, we can help you with that too.
To help you calculate how much to save each pay period, use the sample savings chart below.3
Amount Saved Each
|Total Amount Saved
(Over 20 Pay Periods)
|Amount Received on 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 including Anne Arundel, Calvert, Charles, Frederick, Montgomery, Prince George’s, St. Mary’s and Talbot Counties; and College of Southern Maryland, Montgomery College and Prince George’s Community College.
2 Annual percentage yield as of November 1, 2017 and is subject to change. The 2.00% APY is for Tier One which applies to balances held in Premium Summer Pay accounts up to $20,000. The Tier Two APY of .05% APY applies to average daily balances above $20,000. A $25 fee will be assessed for each early withdrawal. The Premium Summer Pay account distributions will be made to an Educational Systems FCU savings or checking account in four equal proportions on the first and third Fridays of July and August. For terms applicable to Standard Summer Pay accounts opened prior to January 1, 2016, please contact the Credit Union for further information pertaining to this account at 301-779-8500.
3 The sample savings chart is based on 20 pay periods and does not include dividends or early withdrawals.