A Little Grows a Long Way
Establish your membership with an Amplify Savings Account
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Rates Effective as of June 1, 2016
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Amplify is a non-profit and member-owned financial institution, therefore our members are our shareholders. Therefore when a new member joins Amplify, the very first account that is opened for them is called the “Membership Share” account, also known as a Savings Account or “S1”. Additional account types, such as Checking and Money Markets, can be opened under the same membership number.
At account opening, Amplify requires $5 to be deposited into the Savings Account to secure the member’s share of ownership in the credit union. It represents the member’s voting rights at the Member Annual Meeting.
The S1 Savings Account is perfect for setting money aside for a goal or rainy day. You can have as many additional Savings Accounts associated with your membership as you like. If you intend on keeping your funds there long term, you may want to consider putting them into a Money Market or Share Certificate to potentially earn a better dividend rate.
Money Market Accounts typically offer higher dividend rates than traditional Savings Accounts, but they usually require higher minimum balances to avoid a monthly fee. There is also federally-mandated limit to the number of transactions accountholders can perform on their Money Market Accounts each statement period, whereas Amplify Savings Accounts do not have transactional limitations. However both Money Market Accounts and Savings Accounts offer more accessibility and liquidity than Share Certificates, also known as CDs. A complete savings plan may include a blend of all three of these accounts, depending on what your savings goals are.
Ample Change: Each time you make a purchase with your Amplify Debit Card, we’ll round the purchase up to the nearest dollar, and at the end of the day, we’ll automatically transfer the cumulative difference to an Amplify account of your choice. To enroll in Ample Change, click here and fill out the form.
Automatic Transfers: Using recurring transfers is a great way to save money automatically. Using the Funds Transfer option in Online Banking, you can set any amount to be transferred to any Amplify account as frequently as you wish.
Your Amplify Savings Account is the perfect account to use as overdraft protection because there are no monthly limits to the number of transactions you can perform. Give us a call or stop by a branch and let an Account Management Professional set up your overdraft sequence.
Whether domestic or international, wire transfer forms must be completed either in-person at a branch or over the phone with a service agent. Wires over $20,000 require additional documentation, therefore it is recommended those be completed in-person at a branch.
Learn more about Wire Transfers here.
| Because your financial success is ours
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A diverse savings plan includes accounts like Money Markets, Savings, and Certificates and should align with your life goals.
1. APY is Annual Percentage Yield. The Dividend Rate and APY (Annual Percentage Yield) are subject to change at any time, as determined by the Credit Union Board of Directors. The Savings and Share IRA dividend rates are based on credit union earnings and declared at the end of a dividend period (quarterly). Please refer to the Share Account Rate Disclosure and the Certificate Account Rate Disclosure for further information relating to the above products. Fees assessed on accounts could reduce earnings on those accounts. Please refer to the Fee Schedule for further information.