Premium Summer Pay Accounts

Watch your savings add up with a Premium Summer Pay Account

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Increase Summer Savings

We’ve all heard the saying, “Pay yourself first.” A Premium Summer Pay Account¹ from Educational Systems Federal Credit Union can help you do just that with competitive interest rates and automatic savings through Direct Deposit. By setting aside a portion of each paycheck throughout the year, you can steadily build your savings and have funds available to help cover summer expenses, vacations, special purchases or other financial goals.

Start saving today with a Premium Summer Pay Account

Earn 4.00% APY1 on account balances up to $20,000 and save automatically through qualifying Direct Deposits. Premium Summer Pay Accounts can help you build funds over time and receive planned savings account distributions in July and August.

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How Premium Summer Pay works

In the summer, the money that has accumulated in your Premium Summer Pay Account throughout the year is automatically transferred to your Educational Systems Federal Credit Union regular Savings or Checking Account, or to an account at another financial institution. The account balance transfers occur by the first and third Friday of July and August in four equal proportions.2

If you need access to the money in your Premium Summer Pay Account on different dates than the automatic transfer dates, transfers can be made starting on July 1 through Digital Banking, Audio Response Teller (ART) or by speaking to an Educational Systems Federal Credit Union Ambassador.

To help you calculate how much to save from your paycheck each pay period, use the sample savings chart below.3

Amount Saved Each Pay Period Total Amount Saved (Over 20 Pay Periods) Amount Received by the First and Third Friday in July and August
$200$4,000$1,000
$400$8,000$2,000
$600$12,000$3,000

Frequently Asked Questions

A Premium Summer Pay Account is a high-interest savings account designed to help members save throughout the year and receive their funds during the summer months. Members can designate a portion of their paycheck to be deposited automatically via Direct Deposit, helping them build savings over time. Account funds are then automatically distributed during the summer according to the account's payout schedule.[

The Premium Summer Pay Account is available to all Educational Systems FCU members who meet the account opening requirements.

A Premium Summer Pay Account is a high-interest savings account that typically offers a higher dividend rate than a traditional savings account. Members can contribute regularly through Direct Deposit, allowing their savings to grow throughout the year. Funds are then distributed during the summer based on the account's payout schedule. A traditional savings account builds interest on deposits made to the savings account and funds are accessible at any time.

There is no minimum balance requirement to open a Premium Summer Pay Account.

You can contact Educational Systems Federal Credit Union or open a Premium Summer Pay Account online and then set up Direct Deposit from your qualifying school system or community college.

An early withdrawal fee of $35 applies to withdrawals made outside the designated summer window.
MAXIMIZE YOUR SAVINGS

Unlock smart strategies to save more money and reach your goals.

  • Take advantage of higher-yield savings accounts or certificates to earn more interest
  • Apply the 50/30/20 budget rule: 50% to needs, 30% to wants, and 20% to savings and debt repayment
  • Save windfalls like tax refunds, bonuses, or gift money rather than spending them
  • Review your subscriptions and recurring expenses quarterly to cancel services you not longer use
Open a Savings Account

We’re here to help you maximize your savings for the summer.

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1 APY= Annual Percentage Yield. Dividends are compounded and credited monthly. The Premium Summer Pay account is only available for Direct Deposits received from qualifying school systems and community colleges. The Tier One Annual Percentage Yield (APY) applies to average daily balances up to $20,000. The Tier Two APY applies to average daily balances above $20,000. Rates are subject to change without notice. Fees could reduce earnings. Automatic distributions can be made to an Educational Systems FCU savings or checking account, or to another financial institution in four equal proportions on the first and third Friday of July and August. Withdrawals are restricted to summer disbursals in July and August. A $35 fee will be assessed for each early withdrawal made outside of this time period.
2 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 $35 fee will be assessed for each early withdrawal made outside of this time period.
3 The sample savings chart is based on 20 pay periods and does not include dividends or early withdrawals.