This is the basic membership savings account. Dividends are paid on a plateau basis. When the balance is reached, the rate is paid on the whole amount. This savings is mainly for school employees, but any member may open the account. Withdrawals are allowed at any time.
Money is deposited during the school year.
The balance on July 1st, is divided by 5 for the 5 paychecks that school employees do not receive during the summer. This savings is to accumulate money for Christmas shopping. The plan year is October 1st through September 30th. On October 1st, the money in the account is transferred to savings. No minimum deposit amount is required.