From a Basic account to the Vacation Club, to a Flexible Retirement Plan, let Advantage FCU help you choose your savings account.
Advantage FCU offers seven types of Rochester NY Savings Accounts for your convenience; Basic, Holiday Club, Spread-the-Check, Money Maker, Vacation Club, Share Certificates, and I.R.A’s.
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When you become a member of Advantage FCU, you automatically have access to a Basic (Share) Savings Account. To open an account you will need a deposit of $5.00. There is no minimum balance to maintain. Funds can be deposited or withdrawn at your discretion.
It’s easy to plan ahead with Holiday Club! Be prepared for year-end spending with a convenient Holiday Club savings account that earns dividends. Shop with confidence and know exactly how much you have available to spend, before you shop. With a Holiday Club account there is no need to worry about post-holiday bills.
Have a specific amount deducted from your paycheck so when October arrives, just in time for year-end planning, all the money you’ve accumulated in your Holiday Club savings will be transferred to your checking account. Start your account anytime, but the sooner you do, the bigger the savings.
How it Works: If you are paid twice a month and automatically deduct $20 from each paycheck into your Holiday Club, that would give you $520 to spend on STRESS-FREE holiday shopping! There is no minimum balance to maintain.
* If you withdraw from your account before October 15th, you will be charged a fee as disclosed in the Service Charges. However, no fee will be charged if the withdrawal occurs within seven (7) days of the date the account is opened.
Spread-the-Check provides you with the ability to save automatically through payroll deduction with each pay period. Your money will then be available to use for a variety of options during the summer months.
Many of our members use this service to manage their cash flow during the summer months because they are paid on a 10-month basis. For these members, Spread-the-Check “spreads” their 26 pay periods by taking the funds deposited to their account through payroll deduction during their pay periods and dividing them equally over the summer months. A great way to plan and budget money!
How it Works:
- Dividends will be calculated on actual daily balance and paid to the account quarterly at the then-current rate. The rate is variable and may change on a quarterly basis.
- Funds will be disbursed at two-week intervals during the summer months, beginning in July. At that time, funds will be made available automatically in your checking account (or savings account if you do not have a checking account), every other Friday.
- You may withdraw the entire balance in a lump sum at any time from July 1 to September 15, at no charge.
- Your payroll deductions will continue to be deposited to your Spread-the-Check account with each pay period. This means that the amount of each of your disbursements during the summer will differ.
- Payroll deductions and automatic transfer services are FREE! Using the transfer option provides, at no charge, the convenience of funds availability in your checking account every other week during the summer.
*There will be a service charge of $5.00 for each unscheduled withdrawal from your Spread-the-Check account during the year. (The $5.00 service charge will be waived if you withdraw the entire balance of your Spread-the-Check account as a lump sum during the summer distribution time frame, July 1 through September 15.)
If you want to earn higher dividends than our Basic Savings, a Money Maker Account might be your best choice. Although you are earning higher dividends, your funds are still accessible; you can have up to six (6) transactions per month*.
An Advantage Money Maker Account will pay some of the highest dividends available for this type of account. Interest is paid monthly and is calculated using the daily balance method. There is a $2,500 minimum balance required to open the account. If you are looking for a safe place to earn extra money, compare AFCU Money Maker rates to the others!
* Six (6) preauthorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. Balances below $2,000 are assessed a $5.00 monthly service charge.
Be prepared for YOUR vacation with a convenient Vacation Club savings account that earns dividends. With Vacation Club you can save money for your hotel room, travel-fare, expeditions, and much more! Shop with confidence and know exactly how much you have available to spend, before your trip to your paradise, so there will be no need to worry about post-vacation bills.
Have a specific amount deducted from your paycheck so when April arrives, all the money you’ve accumulated in your Vacation Club savings will be transferred to your checking account. Start your account anytime, but the sooner you do, the bigger the savings.
Share Certificates are a secure investment opportunity that helps you build your savings. Advantage offers multiple terms, ranging from of 6 to 60 months.
- 6-11 Months
- 12-17 Months
- 18-23 Months
- 24-29 Months
- 30-35 Months
- 36-47 Months
- 48-59 Months
- 60 Months
*Minimum opening deposit of $500 required. Early withdrawal penalties may apply.
Social Security and pension income may only provide about half of the income you will need for retirement. IRAs are an ideal way to save for retirement. Advantage offers flexible plans with no maintenance fees or commissions. Your savings are federally insured and your balances will not be subject to losses from fluctuations in market value. Advantage has a systematic way for you to save throughout the year so you don’t have to come up with $2,000 at one time. Here’s an easy way to save for retirement. Pay yourself each payday with a convenient, automatic deposit into your personal Variable Rate IRA Savings Account at Advantage. Because of your long-term commitment to retirement savings, your Variable Rate IRA Account pays an even higher interest rate than either Money Maker or Share Savings. Advantage also offers IRA certificates. You can transfer funds from your IRA Savings Account to an IRA certificate at any time without penalties or fees. If your retirement is far away, the sooner you start saving, the better! You can actually contribute less money to your Individual Retirement Account (IRA) and end up with more savings than if you wait until you’re older. This is the power of tax-deferred compounding. In the example below, Amy contributes half of what Bill contributes. But, because she started earlier, she ends up with about $45,000 more in her IRA at age 65.
Contributions IRAs value at Age 65* Amy $30,000 over 15 years (2,000/year from age 21 to age 35)+ $185,234 Bill $60,000 over 30 years ($2,000/year from age 36 to age 65) $139,104
*This example illustrates account growth with a dividend rate of 5%.