FAQs

A Premium Summer Pay Account is a high-interest savings account designed for school employees. A designated amount from their paycheck is deposited every pay period via Direct Deposit during the school year for use in the summer months. Account funds are automatically paid out in the summer.

*Educational Systems FCU to specify*

Premium Summer Pay Accounts are high-interest savings accounts, with higher rates than traditional savings accounts. A Premium Summer Pay Account builds interest during the school year months. A designated deposit amount from your paycheck is added to the account through Direct Deposit, and accumulated funds are released during the summer. 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.