Save Throughout the Year for Summer with Premium Summer Pay
For school employees whose pay schedule changes during the summer, everyday expenses like groceries, utilities, childcare, travel and home projects can become harder to manage. A Premium Summer Pay Account from Educational Systems Federal Credit Union helps turn that seasonal challenge into a year-round savings plan. You choose how much of each qualifying paycheck to set aside through Direct Deposit or make transfers into the account as often as you would like. Then, instead of trying to build a summer fund at the last minute, you save throughout the year and receive the money in scheduled summer distributions.
Premium Summer Pay at a glance
Premium Summer Pay helps keep money for summer separate from everyday spending. You can automate savings by directing a portion of each qualifying paycheck into the account or make transfers as often as you would like. Premium Summer Pay Accounts are more structured than a traditional savings account. A $35 fee applies to each withdrawal outside the designated summer period, making this account best suited for funds you won't need until summer. For unexpected expenses, we recommend maintaining a separate emergency savings account.
This payment schedule can make summer budgeting easier. Instead of receiving one large payment at the beginning of the summer and deciding how long it needs to last, you receive four planned installments across two months.
Consider a simple example. If you direct $200 from each of 20 paychecks to the account, you will contribute $4,000 before dividends. When July arrives, the balance is distributed in four parts under the account's payout schedule.
For Premium Summer Pay Accounts, Direct Deposit does more than just deliver your paycheck. It automates your savings goals. That consistency can be especially helpful during busy stretches of the school year, when summer planning is easy to postpone.
Members can also transfer money into their Premium Summer Pay Account as often as they would like, providing another way to build savings throughout the year.
Premium Summer Pay at a glance
- Build savings automatically through qualifying Direct Deposit or add money through transfers during the year.
- Earn 4.00% annual percentage yield (APY) on average daily balances up to $20,000.*
- Receive the balance from your Premium Summer Pay Account in four equal distributions on the first and third Fridays of July and August.
- Send your Premium Summer Pay Account balance distributions to an Educational Systems FCU savings or checking account, or to another financial institution.
- No minimum balance requirement.
What is a Premium Summer Pay Account?
A Premium Summer Pay Account is a type of high-yield savings account built around a specific goal: having money ready for the summer months. It is available to Educational Systems FCU members who meet the account-opening requirements and can be funded through qualifying Direct Deposit or transfers into the account.Premium Summer Pay helps keep money for summer separate from everyday spending. You can automate savings by directing a portion of each qualifying paycheck into the account or make transfers as often as you would like. Premium Summer Pay Accounts are more structured than a traditional savings account. A $35 fee applies to each withdrawal outside the designated summer period, making this account best suited for funds you won't need until summer. For unexpected expenses, we recommend maintaining a separate emergency savings account.
How the summer payout works
Educational Systems FCU divides the available Premium Summer Pay Account balance into four equal distributions. Payments are made on the first and third Fridays of July and August to the specified account you select.This payment schedule can make summer budgeting easier. Instead of receiving one large payment at the beginning of the summer and deciding how long it needs to last, you receive four planned installments across two months.
Consider a simple example. If you direct $200 from each of 20 paychecks to the account, you will contribute $4,000 before dividends. When July arrives, the balance is distributed in four parts under the account's payout schedule.
Why Direct Deposit matters
Direct deposit is an electronic transfer from a payer, such as an employer, into the account you designate. It removes the paper check step and can make funds available without a trip to a branch.For Premium Summer Pay Accounts, Direct Deposit does more than just deliver your paycheck. It automates your savings goals. That consistency can be especially helpful during busy stretches of the school year, when summer planning is easy to postpone.
Members can also transfer money into their Premium Summer Pay Account as often as they would like, providing another way to build savings throughout the year.
How to set up Direct Deposit
- Open a Premium Summer Pay Account. Become an Educational Systems FCU member if needed, confirm that you meet the account requirements, and open a Premium Summer Pay account online or with the Credit Union.
- Choose how you want to contribute. You can establish qualifying Direct Deposit, make transfers into the account or use both options to build your summer savings.
- Confirm that your payroll qualifies for Direct Deposit. Premium Summer Pay Accounts accept qualifying Direct Deposits from the school systems and community colleges listed by Educational Systems FCU.
- Choose an amount. Select a fixed dollar amount or payroll allocation that fits your summer savings goal and current budget.
- Gather the account details. You will generally need the Credit Union's routing number, 255077008, and your Premium Summer Pay Account number.
- Complete the correct form. Educational Systems FCU provides Direct Deposit forms for participating public school systems and community colleges. Your employer may require an additional payroll or HR form.
- If establishing Direct Deposit, submit and verify. Follow your employer's instructions, keep a copy and check the next pay statements and account activity. A payroll change can take two to three pay periods, so do not assume it is complete until the first deposit appears.
Make the account work harder
A few habits can make Premium Summer Pay Accounts more effective without becoming more complex:- Use a real target. Estimate summer expenses based on common spending habits and summer plans instead of choosing an arbitrary round number.
- Build your savings consistently. Set up Direct Deposit, make regular transfers or use a combination of both to work toward your summer savings goal.
- Automate your savings. Set up Direct Deposit for your Premium Summer Pay Account to build your savings and for peace of mind.
- Keep emergency savings separate. Premium Summer Pay is designed for scheduled summer distributions, while emergency savings should remain available for unexpected costs.
- Check progress occasionally. Review your deposits and transfers and compare the total account balance with your target a few times during the year.
- Plan around the payout dates. Match July and August bills to the four-distribution schedule before summer starts.
- Review current terms. APYs and product requirements can change, so verify the latest interest rate and disclosures before opening the account.
Start saving for summer
With a Premium Summer Pay Account from Educational Systems FCU, contributions through qualifying Direct Deposit, transfers or both and an account contribution based on your actual expenses, you can build your savings gradually and receive funds throughout the summer.Frequently Asked Questions
Direct Deposit is an electronic transfer that sends a payment, such as payroll, directly into a checking or savings account. For Premium Summer Pay Accounts, a selected portion of qualifying payroll is deposited into the account automatically. Members can also add money to their Premium Summer Pay Account through transfers.
The account is available to Educational Systems FCU members who meet the account-opening requirements. Members can fund the account through qualifying Direct Deposit or transfers. If using Direct Deposit, it must come from one of the participating school systems or community colleges identified by the Credit Union.
No, Premium Summer Pay Accounts do not have a minimum account balance requirement.
The Premium Summer Pay Account balance is distributed to four equal portions on the first and third Fridays of July and August. Distributions can go to an Educational Systems FCU savings or checking account or another financial institution.
Yes, but a $35 fee applies to each withdrawal made outside the designated summer window. Review the current fee schedule and account disclosure before requesting an early withdrawal.
* APY = Annual Percentage Yield. Dividends are compounded and credited monthly. The Premium Summer Pay account is available to Educational Systems FCU members who meet the account opening requirements and establish Direct Deposit. 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.