Accumulator Account — A Simple Way to Save
Making things simple — what a great New Year's resolution. Finding a simple way to save — even better. You can make it happen with an Accumulator Account.
This high-yield savings account is a terrific way to set aside money for a specific purpose like income taxes, property taxes, new appliances, furniture, a vacation or down payment on a new car.
The Accumulator makes it so easy to save that you'll wonder why you haven't opened one sooner. You don't even need to make a deposit to open an Accumulator Account. Just set up the account and:
- Earn terrific dividends at the current rate of 4.554% APY*
- Enjoy the convenience of automatic deposits by using direct deposit or payroll deduction.
- Receive a guaranteed rate even if rates plummet.
- Accumulate your savings for a year, then make a transfer to your Provident Savings or Checking Account.
- Start over again next year!
Start your 2008 savings goals off with an Accumulator Account. It's the simple way to save!
Apply Now!
To request a new Accumulator Savings Account, complete an Application Form that you can print out and mail to us with your deposit. You can also use the form on that page to request a funds transfer from another institution to your Provident Credit Union account.
Or, contact us today at (650) 508-0300 or (800) 632-4600, visit any one of our Branches, or send an e-mail to one of our friendly Member Support Representatives.
Deposit Insurance
All Provident Credit Union deposits are federally insured up to $100,000 per member (in addition to a
separate $250,000 insurance for IRAs) by the National Credit Union Administration (NCUA), a United States
Government agency. This agency charters and supervises federal credit unions and insures savings in federal
credit unions and most state-chartered credit unions across the country through the National Credit Union Share
Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States
government.
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* Annual Percentage Yield is variable and subject to change monthly on the 1st. The floor APY is guaranteed through December 31 of the current year on all new and existing Accumulator Savings Plans and is subject to change once a year on January 1st. The floor rate for 2008 is 3.00% APY. Withdrawals will reduce earnings. Dividends are deferred until the last day of the month you have selected to have the balance of this account transferred to your Savings Account (00 Suffix). If you close or withdraw from your Accumulator Savings Plan before your transfer date you forfeit all dividends accrued on the amount withdrawn. This plan cannot be used for overdraft protection for checking, nor used as collateral on a loan. Deposits can only be made by Payroll Deduction or Direct Deposit unless you are self-employed, in which case automatic transfers can be made from a Provident Credit Union checking account. Withdrawals and transfers cannot be made from this plan via ATM, Account Manager, or Touch Tone Teller. In this agreement the terms "Direct Deposit" and "Payroll Deduction" apply only to money deposited from your employer. The Accumulator Savings Plan is limited to one (1) account and a maximum deposit of $3,000 per month per member. Terms and conditions may change at any time without notice.
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