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Serving the Education Community

Watch your savings add up with a 2.00% APY Premium Summer Pay

Wednesday, March 1, 2017

We've all heard the saying, "Pay yourself first." For educators, that starts by opening a Premium Summer Pay account.1

Watch your savings grow
By saving a portion of every paycheck during the school year through direct deposit, you could have the money you need to really enjoy the summer. In addition to saving regularly, your money will also grow with a high rate of return of 2.00% APY.2

In the summer, your money will be transferred to your Educational Systems FCU regular savings or checking account in four equal allotments on the first and third Friday of July and August for you to use. It's just like receiving a paycheck every two weeks, which makes it the perfect account for 10-month paid school employees.

Upgrade to a premium summer pay account
We're here to help you maximize your savings for the summer. If you currently have a Standard Summer Pay (these are accounts opened prior to January 1, 2016), you can upgrade your account to a 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. 

Helpful tip:
To help you calculate how much to save each pay period, we provided the sample savings chart below.3

 Amount Saved Each Pay Period

 Total Amount Saved (Over 20 Pay Periods)

 Amount Received on the First and Third Friday in July and August

$200

$4,000

$1,000

$400

$8,000

$2,000

$600

$12,000

$3,000

 

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 subject to change. The 2.00% APY is for Tier 1 which applies to balances held in Premium Summer Pay accounts up to $20,000. The Tier 2 APY of .05% APY applies to average daily balances above $20,000. The 2.00% APY is accurate as of February 15, 2017. 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.
3 The sample savings chart is based on 20 pay periods and does not include dividends or early withdrawals.









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© 2014 Educational Systems Federal Credit Union. All rights reserved.
Educational Systems Federal Credit Union Routing #255077008

PO Box 179, Greenbelt, MD 20768-0179  ·  301.779.8500  ·  800.356.6660
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