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Basic Accounts

When you open an account at a credit union, you’re a member. Learn more about the types of accounts available to our members below.

 

Savings

When you become a member, a basic savings account comes with your Cedar Point membership. New members will receive a six digit account number when the account is opened. That number is your Member ID for all accounts, including your savings. In the credit union industry, we refer to our savings accounts as “share” accounts.

A $25.00 minimum deposit is required to open a basic share (savings) account. A competitive dividend rate is earned with an average daily balance of at least $100.00. You may open additional savings accounts (sub-share accounts) at any time. You will receive statements on your accounts, with dividends paying quarterly. Want to receive statements electronically? Learn more about eStatements.

Checking

For swift access to your money, sign up for a checking account. Cedar Point members have the ability to use a debit card to make purchases, write checks, and withdraw money at a branch or ATM, all using a checking account.

In the credit union industry, we refer to our checking accounts as “share draft” accounts. Why the difference? As a member, you have a share in the credit union. You’re not just a customer, you’re a partial owner. This is a key difference between a bank and a credit union. You may see references to share draft accounts in any credit union, and now you’ll know more about what it means.

Cedar Point does not charge a fee for basic share draft (checking) accounts, and there are no minimum balance requirements, or fees if your balance falls below a certain level. Regardless of the number of checks you write each month, you are not charged a fee for basic checking (there are service fees for stop payments, check copies, returned checks, overdrafts* and certified share drafts). With an average daily balance of $500.00 or more, your account will earn dividends while waiting for your checks to clear.

 

Rates

Share Account
Account TypeAnnual Percentage Yield (APY)Dividend RateMinimum Balance to Earn APY
Prime Share 0.10% 0.10% $100.00
Sub Share 0.10% 0.10% $100.00
Christmas Club 0.10% 0.10% $100.00
ALF Share 0.10% 0.10% $100.00
YOUth 0.10% 0.10% $5.00
Share Draft 0.10% 0.05% $500.00
Escrow 0.10% 0.00% $25.00

Additional Account Options

Related Forms & Disclosures

Membership

Learn More about Membership

Open an Account

Learn More Open an Account

Debit & ATM Cards

Learn more about cards

Christmas Club

Cedar Point offers this unique account to help members save for anticipated holiday expenses. A Christmas Club account can be opened at any time, and deposits made any time throughout the year. This way, you won’t think about that money until holiday shopping rolls around. On the first business day in October, funds are automatically transferred to the sub-share you’ve designated, or a check can be mailed to the address on file. It is important to note that additional withdrawals are not permitted on a Christmas Club account. If a withdrawal is necessary, the account will be closed and cannot be reopened until the following Christmas Club season.

Savings Calculators

Cedar Point Financial Services, Inc. is a credit union service organization which was created to serve our membership and the local community. Visit the links below and explore some great savings calculators on their site.

Go Calculate

 

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