Savings

Put your hard-earned money to work

SMW 104 Federal Credit Union offers many opportunities to save and invest with a variety of savings type accounts and share certificates. All of the accounts are insured up to $250,000 by the National Credit Union Administration (NCUA). Please contact our office regarding coverage amounts for IRA and Trust accounts.

Regular Savings Account

A Regular Savings account establishes your credit union membership and pays competitive dividends. A minimum balance of $250 is required to earn dividends.

Christmas Club Account

Our Christmas Club account is an excellent way to save for the holidays and pays competitive rates. The funds are transferred to a specified SMW 104 Federal Credit Union Share account or disbursed by check (upon request), on the first working day of November. The final day to deposit is October 31st. This account is NCUA insured.

Union Dues Account

Our Union Dues account pays your Sheet Metal Workers’ Local Union No 104 District 1 and District 2 monthly dues. Upon request, funds can be transferred from your Regular Savings, Vacation Pay, Money Market or Checking Account. To establish your automatic payment, authorization forms are available at the credit union office or any of the Sheet Metal Workers’ Local Union No 104 district offices.

Tools Account

Our Tools account is available to Apprentice members of Sheet Metal Workers’ Local Union No 104. This account makes it easier to purchase the tools you need and make 10-payments.

Money Market Account

Our Money Market accounts are ideal for members who want to earn higher dividends than a traditional savings account, yet offer more flexibility. You have the ability to take up to three withdrawals monthly without penalty. A minimum balance of $2,500 is required to earn dividends.

Loan Payment Savings

Our Loan Payment Savings accounts are used to pay SMW 104 Federal Credit Union loan payments, which are set-up on an automatic transfer and originate from the Vacation Pay account. Should the account balance be insufficient to cover the monthly payment(s), a courtesy letter will be mailed prior to the due date to advise of the shortage and payment options.

We accept deposits by cash, check, payroll deduction, direct deposit, using our Mobile Deposit, at any CO-OP Shared Branch location or via ATM using your SMW 104 Federal Credit Union issued Visa Debit card. Our Routing Number is 321171317.

"Moving my savings to SMW 104 FCU was the smartest financial decision I've made!"

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SHARE RATES

Effective December 2021

Share Rates

Account Name

Rate Type

Minimum Balance to Earn Dividend

Dividend Rate

Annual Percentage Yield (APY)

Regular Savings

Variable

$250.00

0.010%

0.010%

Christmas Club

Variable

$0.00

0.020%

0.020%

Vacation Pay Savings*

Variable

$2,500.00

0.020%

0.020%

Vacation Pay Checking

Variable

$2,500.00

0.020%

0.020%

Money Market**

Variable

$2,500.00

$10,000.00
$25,000.00
$50,000.00

0.030%
0.030%
0.050%
0.050%

0.030%
0.030%
0.050%
0.050%

IRA Savings

Variable

$0.00

0.010%

0.010%

*Vacation Pay Savings – This is grandfathered.
**Money Market – Dividends are paid monthly based on the aggregate balance in the account.

Share Certificates – Fixed Rate

Certificate Terms

Rate Term

Minimum Balance to Earn Dividend

Dividend Rate*

Annual Percentage Yield (APY)

3 Months

Fixed

$1,000.00

0.030%

0.030%

6 Months

Fixed

$1,000.00

0.030%

0.030%

12 Months

Fixed

$1,000.00

0.050%

0.050%

18 Months

Fixed

$1,000.00

0.080%

0.080%

24 Months

Fixed

$1,000.00

0.080%

0.080%

36 Months

Fixed

$1,000.00

0.080%

0.080%

*The dividend rate on the Share Certificates can be increased or “Bumped Up” one time during the term of the share certificate. The minimum term for a “Bump Up” certificate is eighteen (18) months.

IRA Certificate (Traditional and Roth)

Term

Rate Type

Minimum Amount To Earn

Dividend Rate

Annual Percentage Rate

12 Months

Fixed

$1,000.00

0.010%

0.010%

24 Months

Fixed

$1,000.00

0.010%

0.010%

This rate schedule states rates applicable to specified accounts and is incorporated as a part of you account agreement with SMW 104 Federal Credit Union. For purposes of this disclosure, the dividend rate and annual percentage yield stated for the term share account where offered within the most recent 7 calendar days and were accurate as of the effective date. Rates determined by the Board of Directors and subject to change without notice.

Early Withdrawal Penalty – We may impose a penalty if you withdraw any of the principal balance from your Share Certificate account before the maturity date. The penalty imposed shall be 30 days interest. However, we pay dividends up to the date of withdrawal.

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