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Basic Savings Account:
To open a savings account at Local 50 Federal Credit Union, you must be initiated into the union or an immediate family member of an existing Local 50 Credit Union member. The only exception to this rule is for apprentices obtaining a tuition loan. They may immediately join the credit union and obtain an apprentice tuition loan (only). A $5.00 deposit into your account is required at the time the account is opened. This $5.00 balance must be maintained at all times in order to keep the account open.
The prospective dividend rate for the current period is 1.25% with a prospective corresponding annual percentage yield (APY) of 1.26%. The annual percentage yield is a percentage rate that shows the total amount of dividends, based on the dividend rate and the frequency of compounding for a 365-day period. The NCUA (National Credit Union Administration) insures all accounts up to $250,000.00.
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