All You Need to Know About Savings Accounts

Looking for a safe place to grow your money? Look no further than the savings accounts at High Point Federal Credit Union!

Here’s everything you need to know about our savings accounts.

Opening a savings account

Stop by one of our branches or visit the High Point FCU website to open a Share Savings Account. You’ll need basic identifying documents and information along with a minimum initial deposit of just $5. If you’re looking to maximize your earnings on a higher balance, you can open a Money Market Account and earn dividends once you reach a $2,500 balance.

Accessing your funds

If you need to make a withdrawal from your Share Savings, visit a branch location to do it in person, visit our drive-thru or you can access your funds via our 24-hour ATM. You can utilize our digital banking to transfer funds between accounts.

Many financial institutions restrict the number of monthly withdrawals members can make from their savings accounts. At High Point Federal Credit Union, you have unlimited withdrawals from your Share Savings Account! We just hold $5 as your membership interest in the credit union.

If you use a Money Market Account, you are limited to six withdrawals or automatic and telephone transfers each month. This total also includes auto transfers if the account is linked as an overdraft privilege account to cover your checking account. However, you can have unlimited in-person and mobile transfers/withdrawals.

NOTE: Due to hardships associated with COVID-19, there is currently NO LIMIT to the number of transfers members can make whether they are automatic or not (It is unknown when this restriction will go back into place).

Fees and penalties

Banking partners may charge a nominal monthly maintenance fee for savings accounts, but these can generally be avoided by meeting specified account requirements. Savings accounts at High Point FCU have no monthly fee.

Bank and credit union members may be penalized for going over the withdrawal limit on savings accounts. If you go over the six-withdrawal limit in your Money Market Account, your account will be subject to closure by the credit union.

If you overdraft an account, you will be charged the standard NSF fee of $25 for all returned items. At High Point Federal Credit Union, you can sign up for Overdraft Privilege, linking your Savings to your Checking to prevent overdrafts. There is a $2 fee for automatic transfer from Savings to Checking to cover an overdraft.

Higher earnings rate

One of the most advantageous features of a savings account is its interest/dividend rate, which is nearly always higher than the rate of a checking account in that same institution. According to the NCUA , in December 2020, the average checking accounts rate for credit unions was 0.08% APY. The average rate for savings accounts was 0.11% APY.

Explore our Share Savings rates and our Money Market rates by clicking here.

Safety and security

Your money is always safe at High Point FCU. Our credit union is federally insured up to $250,000 by the National Credit Union Administration. The funds in your savings account will also be protected from the fluctuations of the stock market.

A savings account can be an excellent place for keeping and growing funds you may need to access in an emergency. Call 800.854.6052, click, or stop by High Point Federal Credit Union to open your account today!

All You Need to Know About Checking Accounts

Checking accounts offer easy and convenient access to your funds, and most financial institutions also allow an unlimited amount of monthly transactions.

Accessing your funds 

Checking accounts are designed to be used for everyday expenses. You can access the funds in your account via debit card, paper check, ATM or in-branch withdrawals, online transfer or through online bill payment.

Maintenance fees 

Many banks charge a monthly maintenance fee for checking accounts; sometimes as high as $25 a month. Fortunately, as a member of a credit union, you never have to worry about steep fees. Olean Area Federal Credit Union checking accounts have no fee as long as you have a monthly direct deposit, or maintain a $300 minimum balance. In the absence of a monthly direct deposit or a minimum balance of $300, there is a $3/month service charge.

For those who utilize electronic banking options and write fewer than five checks per month, the myE-Checking is an ideal choice. This account has no monthly fee as long as you have a debit card, E-teller and receive E-statements.

Interest rates

Most checking accounts offer a very low Annual Percentage Yield (APY) on deposited funds, or none at all. Institutions offering checking accounts with interest or dividends generally charge a monthly fee, which is higher for accounts having higher rates. They also generally require that a minimum balance be kept in the account at all times and/or a minimum number of monthly debit card transactions.

Click here to explore current Olean Area Federal Credit Union checking account rates.


Funds kept in a checking account at a bank are federally insured by the FDIC for up to $250,000. Credit unions feature similar protection, with all federal credit unions offering government protection through the National Credit Union Share Insurance Fund (NCUSIF). State and private credit unions may be insured by the NCUSIF as well, or through their own state or private insurance. Olean Area Federal Credit Union is federally insured by the National Credit Union Administration (NCUA) to offer you complete protection for your funds.

Managing your checking account 

Managing a checking account is as simple as 1-2-3:

1 – Know your balance at all times to avoid an overdrawn account.

2 – Automate your finances. Set up automatic bill payment through your checking account and you’ll never be late for a payment again. You can also consider automatic monthly transfers from your checking account to savings, so you never forget to do so.

3 – Keep your account funded with one to two months’ worth of living expenses at all times. This way, you’ll always have enough funds to cover your transactions without fear of your account being overdrawn.

You can learn more about our checking and other accounts at Not yet a member? Learn about our membership and apply online by clicking here.

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