Premium Summer Pay Accounts
Watch your savings add up with a Premium Summer Pay Account
Increase Summer Savings
We’ve all heard the saying, “Pay yourself first.” For educators, that starts by opening a Premium Summer Pay Account with competitive interest rates from Educational Systems Federal Credit Union. Saving a portion of every paycheck during the school year through Direct Deposit can help you build your savings balance for the summer months, whether you're a 10- or 12- month employee.
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.
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
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
Helpful Links
We’re here to help you maximize your savings for the summer.
Financial Wellness is Within Reach
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.