Banks for You!

Provident Credit Union has a money in the bank deal through their high yield savings account called Accumulator Savings Plan. The guaranteed floor APY for 2010 is 0.25% with the high interest savings account having a current interest rate of 1.59% APY.

The Accumulator savings account is perfect for those who want to save up for important things like a holiday trip, taxes, or property. Here are some of its features:

• The floor APY is typically higher than a 12-month certificate of deposit
• It is very convenient with all of your deposits done through direct deposit of auto-transfer
• Funds must be transferred to your credit union savings account once a year
• Earnings are credited on the last calendar day of the month when you schedule the transfer to happen
• You will forfeit all your earnings if you decide to withdraw before the date you selected for the transfer of funds to your savings account
• The savings plan is limited to deposits of $3,000 per month for every member
• APY is variable and may change every 1st day of the month

Interested individuals can open an account online. The credit union requires a membership fee of $5 into a share savings account. You can use the online application for to join Provident and apply for an account. You can also print out the form, complete it, and bring it to the nearest local branch of the credit union. Provident can also serve you through Credit Union Service Centers if you don’t know of a local branch near your place.

You can join the credit union via accredited associations like the American Cancer Society or the Sierra Club. The Sierra Club collects a $25 membership fee.

If you are from from California may be automatically qualified for membership if you are from Humboldt, Placer, El Dorado, Sacramento, Monterey, Contra Costa, Alameda, Santa Clara, San Francisco, or San Mateo. People from Los Angeles are eligible to join.

Provident Credit Union is a large organization with about $1.6 billion in assets and a member base of about 97,000. They are covered by the NCUA through charter number 66343.

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