Oregon State Credit Union deposit account rates

* Minimum balance that must be maintained each day to earn dividends. Dividends paid monthly for the days on which the balance equals or exceeds $1,000.00.

** Members under 18 require a parent or guardian as a joint signer.

*** Members 55 and older qualify for Platinum Checking.

* Minimum balance that must be maintained each day to earn dividends.

** Members under 18 require a parent or guardian as a joint signer.

Minimum balance to open a Money Market account is $5.00.

Minimum balance to open an Investor's Money Market account is $10,000.00.

First-time Homebuyer Savings account disclosure

Limit of one First-time Homebuyer Savings account per member. A First-time Homebuyer Savings account can be opened anytime until December 31, 2026. Deposits can be made up to 10 years after the account is opened, or until the account holder(s) purchase a house, whichever comes first. If funds are not used to buy a house, a 5 percent penalty may be imposed by the Oregon Department of Revenue, and other tax consequences would apply.

The deductible contribution limits and penalties are set by the Oregon Department of Revenue and are subject to change by the Oregon Department of Revenue.

The Credit Union is not responsible or liable for the following:

• Determining or ensuring that an account satisfies the requirement to be a First-time Homebuyer Savings account.

• Determining or ensuring the funds in a First-time Homebuyer Savings account are used for eligible costs.

• Reporting or remitting taxes or penalties related to the use of a First-time Homebuyer Savings account. Please consult your tax advisor or the Oregon Department of Revenue for the complete rules governing this account and any potential tax benefits.

It is the member’s responsibility to know if he/she qualifies for tax advantages of a First-time Homebuyer Savings account. The member should refer to a tax professional for specific tax implications. For more information and detailed requirements, visit the Oregon Department of Revenue website First-time Home Buyer Savings section.

On or before January 31st of each year, Oregon State Credit Union will provide the account holder a certificate containing the date the account was created, the name of the accountholder(s), the amount of funds contributed to the account during the tax year, the amount of the funds withdrawn from the account during the tax year and any other information required by the Oregon Department of Revenue.

First-time Homebuyer Savings account Truth in Savings disclosure

This disclosure includes Truth in Savings information and certain transaction information regarding your Oregon State Credit Union First-time Homebuyer Savings account. Terms and conditions set forth in the Oregon State Credit Union Membership and Account Agreement, Electronic Fund Transfer Agreement and Disclosure, and Account Rate and Fee Schedule also apply to the First-time Homebuyer Savings account.

Rate information

The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Board of Directors. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. Accounts closed prior to crediting dividends will not receive accrued dividends. The dividend rate and Annual Percentage Yield are set forth in the Rates and Fees page.

Nature of dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and Annual Percentage Yield set forth in the Account Rate and Fee Schedule are the prospective rates that the Credit Union anticipates paying for the dividend period. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Dividends begin to accrue on cash and noncash (e.g., checks) deposits on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid. Dividends are compounded and credited monthly.

Balance information

Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. There is a $5 minimum opening balance required on First-time Homebuyer Savings accounts.

Transaction limitations

It is the member’s responsibility to know if he/she qualifies for an Oregon First-time Homebuyer Saving account and to use the funds for qualified homeownership expenses. The member should refer to the Oregon Department of Revenue additional details or a tax professional for specific tax implications.

Online certificate accounts ¹

Add-on certificate account  ²

Standard certificate accounts ³

Online certificate accounts ¹

Standard certificate account disclosure ³

APY offer is good as of the effective date shown above the table. APY is accurate as of the last dividend date. Fees may reduce earnings on this account. See the early withdrawal penalty disclosure below.

^†The annual percentage yields shown above incorporate a 0.25% rate increase above the standard Certificate APYs.

• Members in the Premier Member Merits category qualify for this 0.25% Certificate APY increase.
• Members in the Enhanced Member Merits category qualify for a 0.15% Certificate APY increase.
• Members in the Essential Member Merits category qualify for the standard Certificate dividend rates.
• Premier, Enhanced and Essential are categories of the Member Merits program, a program that rewards members based on the member’s relationship with the credit union. See the Member Merits reward program page for details. The Member Merits reward program does not apply to business or organization accounts, but does apply to trust accounts.
• The Member Merits rate increases are subject to change.

Each account holder agrees to the terms set forth on the Certificate Account Rates above and the Certificate Account Disclosure below and acknowledges they and the Truth in Savings Disclosure are part of the Membership and Account Agreement.

Certificate Account Disclosure (Online and Standard)

1. Rate Information: The Dividend Rates and Annual Percentage Yields are based upon the balance ranges as set forth in the Certificate Account Rates chart. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the Account.

2. Compounding and Crediting: Dividends will be compounded daily and credited monthly. The Dividend Period begins on the first calendar day of the month and ends on the last calendar day of the month.

3. Balance Information: The minimum balance required to open and maintain each account is $500. For Scottie and TLT certificates the minimum opening balance is $250. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

4. Accrual of Dividends: Dividends begin to accrue on cash and non-cash (i.e., checks) deposits on the business day you make the deposit to your account.

5. Transaction Limitations: After your account is opened, you may not make additional deposits to your Certificate account, unless the account is an add-on Certificate. You may make additional deposits to your add-on Certificate’s principal balance after the account is open, until maturity. If your add-on Certificate rate is for new money only, any additional deposits must also be new money. You may make dividend withdrawals from all Certificate accounts. A withdrawal of dividends will reduce earnings.

6. Maturity: Your account will mature within the term set forth at the time of opening your Certificate. For IRA Certificates, the minimum term is twelve (12) months.

7. Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date.

   • How the penalty works: If Certificate funds other than dividends are withdrawn prior to maturity, a penalty is imposed. The penalty assessed may reduce the remaining balance after the withdrawal. If the amount withdrawn reduces the balance below the minimum balance required, the Certificate will be canceled and the penalty will be taken from the entire principal balance.

   • Amount of penalty: The amount of the early withdrawal penalty is based on the term of your account. Term of 365 days or more = $25, plus 3% of the amount withdrawn. Term of 364 days or less = $25, plus 1% of the amount withdrawn. Earned dividends will not be subject to a penalty.

   • Exceptions to Early Withdrawal Penalties: We may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

     • i. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

     • ii. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where the account is an IRA and the owner attains age 59 1/2 or becomes disabled.

8. Renewal Policy: Your certificate account will automatically renew for another term upon maturity, at an interest rate offered for that certificate at the time of renewal. There is no grace period. Any changes to the certificate account after the maturity date will result in withdrawal penalties. You may not make additional deposits to a certificate account after it automatically renews to a non-promotional rate term at maturity.

   • The 5-month promotional add-on certificate and 8-month promotional certificate will automatically renew at maturity to a non-promotional 6-month certificate at an interest rate offered for that non-promotional certificate at the time of renewal.

   • The 15-month promotional certificate, including the 15-month promotional add-on certificate, will automatically renew to a non-promotional 12-month certificate at an interest rate offered for that non-promotional certificate at the time of renewal.

9. Nontransferable/Nonnegotiable: Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union. The par value of a regular share in the Credit Union is $5.00.

10. Automatic renewal: Members will receive a maturity notice shortly before the Certificate matures. The Certificate can automatically be renewed at the dividend rate in effect on the renewal date. Members will receive notices electronically when you register for estatements.