Member Savings

Build a strong foundation for your savings plan with your Spectrum Credit Union (Spectrum) Primary Share Savings account. Savings accounts earn highly competitive dividends, which are proposed by the Board of Directors at the beginning of each month. Start saving for a more secure financial future today!
 
Benefits

• Earn dividends, which are compounded daily and paid monthly.
• Rest assured because Savings accounts may be designated as overdraft protection for Spectrum Checking Accounts.

• Receive quarterly account statements.

Ownership Choices

Savings accounts can be designated as the following types of accounts:

• Individual.
• Joint.
• Uniform Transfer to Minors Act (UTMA), basically a custodial account.
• Trust accounts.

Only $25 is needed to open a Savings account, and minimum balance of $25 is required to maintain the account and to earn dividends.

Sub-Savings Account

Enjoy the flexibility of opening a free Sub-Savings account that can be used to save for anything you want. Put aside money for vacations, large purchases, or even for major monthly expenses and enjoy the convenience of keeping track of these extra pockets of savings separate from your main Savings account.

Holiday Savings Club Account

Save year-round for your holiday shopping with a Spectrum Holiday Savings Club Account.

Automatic transfers to your account make it easy to save a little every month. When your account matures on November 10 each year, we'll mail you a check for your balance plus interest.

Stop by your local branch or call us at 510-251-6000 or 800-782-8782 to set up your Holiday Savings Club Account.

MySavings^SM

The MySavings account is an inverted savings program offered to members 21 years old or younger with account balances of up to $1,000 will earn a rate of 6.77% (7.00% APY). What is an inverted savings account? In a traditional savings account, the higher the balance, the higher the rate of return. However, in an inverted savings account, the opposite holds true: the lowest balance tier receives the greatest yield.

Direct Deposit

Don't stand in line every payday just to deposit your paycheck. Instead, take advantage of Spectrum's Direct Deposit service and save time by having your entire paycheck, less the usual deductions, automatically deposited into your Spectrum Credit Union account. Direct Deposit is a free service to all members.

IMPORTANT: Instead of just your member number, you must use your 14-digit Spectrum account number (found in the MICR line of your Spectrum check) to authorize electronic debits or credits to your account. Please click here to find out how to establish your 14-digit Spectrum account number.

Direct Deposit Benefits

• Your funds are available immediately, even if you can't visit a branch.
• You can immediately withdraw cash at any Spectrum branch or any Spectrum or network ATM each payday.
• You can start earning dividends sooner on your deposited funds.
• Your paycheck cannot be lost or stolen.

On your payday, your employer will provide you with a pay stub, and that same day, the amount of your paycheck, less the usual deductions, will appear on your Spectrum member statement. If you ever need to verify a deposit, simply call our 24-hour Telephone Access Service or log onto PC Access. It's simple and easy.

Payroll Deduction Service

Spectrum's Payroll Deduction Service lets you conveniently and automatically arrange to have specified amounts allocated from your paycheck to separate Spectrum deposit, and loan accounts. With our Payroll Deduction Service, you'll:

• Never miss a loan payment.
• Maximize the amount you save with regular deposits to your savings, checking, IRA or other Spectrum accounts.
• Conveniently be able to allocate your deposit among several Spectrum accounts.

Master Account Agreement and Disclosure (PDF)
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