Share Account (Savings)
Share accounts require an initial deposit of $50.00 and a maintained deposit of $100.00. Deposits can be made in any amount through deduction or over-the-counter transactions.
All share accounts are insured up to $250,000.00 by the National Credit Union Administration. Share accounts represent a systematic way to save a percentage of your earnings. Dividends are earned and paid quarterly.
West Penn P&P Federal Credit Union usually pays higher rates than other institutions because members are the “owners” and all profits go to them rather than stockholders.
Share Draft Account (Checking)
A share draft is a credit union check.
An easy way to pay your bills is simply writing a check.
With a share draft account your money is safe. Deposits can be credited to your share draft through payroll deduction, by mail or at the office. Better than traditional checking accounts because:
The account pays interest on amounts over $100
No monthly service charge
An added convenience, PAYROLL DEDUCTION
eliminates long lines and assures you that your funds
will be automatically credited to your account.
Individual Retirement Accounts (IRA) – Traditional, Roth, Education
West Penn P&P Federal Credit Unions’ IRA program pays a high competitive rate compounding quarterly. There is no service or setup charge. Contributions may be made by payroll deductions, monthly payments or lump sums.
Certificate of Deposit
Certificate of Deposit (CD) locks in an attractive interest rate for a specific period of time and still will have the security of Federal Deposit Insurance. It pays a higher rate than a regular savings account, and can be locked in for 6 Months, 1 Year, 2 Years or 3 Years.
Christmas Club Account
Money Market Account
The Minimum Balance requirement to open the PRIME MONEY MARKET account is $10,000.
The Minimum Balance requirement to open the GOLD MONEY MARKET account is $25,000.