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Summer Pay Club
Christmas Club
Summer/Winter Vacation Club
Club savings accounts are all about one thing - saving ahead. When you save ahead for large expenses that aren't part of your typical budget, you avoid finance charges for loans or credit cards later. Our club accounts encourage you to save a little each pay and forget about the money. We allow one "free withdrawal" from your club account before the designated disbursal date, but will charge $10.00 for each withdrawal thereafter. To reward you for not touching your money, your account will earn interest.
You can deposit money into your club savings account in the following ways:
- Direct Deposit/Payroll deduction
- Stopping by any one of our branches
- Transferring money using Online Banking
Depending on your needs or situation, one or more of the following club savings accounts may suit you:
Summer Pay Club 
If you are a teacher or an employee on a 10-month pay schedule, a summer pay club may be for you. While you may not be collecting a "paycheck" during the summer months, bills (and unexpected expenses) still have to be paid. Depending on how much you save during the year, our Summer Pay Club could be just like getting a regular "paycheck."
There are two types of Summer Pay Clubs from which to choose:
One Pay Plan - all funds are transferred automatically on July 1st
Five Pay Plan - funds are transferred starting July 1st and then every two weeks for a total of 5 payments.
All funds are transferred directly into your designated ABCO Account on the scheduled dates. They are available for immediate withdrawal.
| | Recommended Start Date
| Disbursal Date
| APY*
| Summer Pay Club Savings Account
| September 1st
| July 1st
| .05 |
How Much Should I Save Each Pay Period?
Here's an easy way to determine how much you will need to put aside each pay period.
| 1. Determine your yearly salary | $ ______________ | | 2. Choose the total amount you want to save for summer pay | $ ______________ | | 3. Divide the dollar amount from line 2 by the number of pay periods in 10 months | $ ______________ |
A minimum of 10% of your pay has always been suggested. However, with the rise in the cost of living, you may want to consider a higher deduction. Completing the exercise above will help with your decision.
Stop in to one of our branches or call 1-800-225-1859 to learn more about opening up a Summer Pay Club Account.
Holiday gifts can be a big expense -- one that requires planning ahead. That's where our Christmas Club comes in to play. By creating a Christmas Club, you'll avoid having to ring up your credit cards or take out a loan later.
| | Recommended Start Date
| Disbursal Date
| APY*
| Christmas Club Savings Account
| January 1st
| October 1st
| .05 |
Stop in to one of our branches or call 1-800-225-1859 to learn more about opening up a Christmas Club Account.
Summer/Winter Vacation Clubs
Whether it be sightseeing in Paris, skiing in Lake Tahoe, or just visiting relatives in Ohio, use a Summer/Winter Vacation Club account to save for your trip. By direct depositing a small sum each pay, you can steadily save for your vacation.
| | Recommended Start Date
| Disbursal Date
| APY*
| | Summer Vacation Club Savings Account | September 1st
| June 1st
| .05 | Winter Vacation Club Savings Account
| April 1st
| February 1st
| .05 |
Stop in to one of our branches or call 1-800-225-1859 to learn more about opening up a Summer/Winter Vacation Club Account.
*Annual Percentage Yield. Rates as of 05/01/2012. The annual percentage yield may change at any time without notice as determined by the Credit Union Board of Directors.
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