Savings Accounts
Passbook Savings Account
Passbook Savings Accounts are the most flexible and most popular savings plans offered by Union Federal. These accounts pay generous interest, compound daily, and pay interest quarterly, from the date of deposit to the date of withdrawal.
Deposits are limitless and free of charge. Passbooks, like all accounts offered by Union Federal, are insured by the FDIC. Save a little or a lot. Either way your money grows fast with a Union Federal Passbook Savings Account. Some of the features of the passbook account are listed below.
- Variable Interest Rate
- $100 Minimum Balance
- Pays Interest Quarterly
- May be tied to a Checking Account for Overdraft Protection
Minor (Children's) Passbook Account
Minor Passbook Accounts offer all of the great features of our standard passbook savings account, but do not require a minimum balance to be maintained. They are a great account for children under 21 that are trying to start a savings plan, but don't have enough money to open a standard passbook account.
The minor passbook account can be opened for any child under the age of 21 as long as a parent is also on the account. They can maintain the account as long as they are under the age limit. When a child reaches 21 years of age, they will be informed that their account will be switched over to a standard passbook account.
The Minor Passbook Account can be incorporated into our new Penny Savers Kids Club. This fun club helps teach younger savers about financial responsibility while offering some incentives for saving. It also offers some fun things to do with Penny our club mascot.
Christmas Club Passbook Account
Union Federal offers a Christmas Club Account to allow customers to save throughout the year and receive the balance just before the Christmas shopping season starts. You will automatically receive a check near the end of October each year for the balance of your club account.
Our Christmas Club Savings Account is a handy way to be financially prepared for the holidays. By opening your account early and depositing a little bit at a time, you'll be surprised how much you can save and how much easier your holiday shopping can be.
