Savings

You can join Seattle Credit Union if:

• You live, work, worship, or attend school in the State of Washington
• You are an immediate family member of a current Seattle Credit Union member
• You work for one of our community partners

If you meet ONE of the above qualifications, you can then establish membership by opening a Membership Savings with a minimum deposit of $5. This step officially makes you a member of the credit union.

A Membership Savings account is a savings account to put your money in with the added benefit of it earning a small amount of interest, plus it establishes your membership at the credit union. Membership allows for you to have access to member benefits, services and accounts for those who qualify.  The $5 you open this savings account with represents your share, one share per member, in Seattle Credit Union.

To open a checking or other account with us, you’ll first need to establish membership by opening a savings account with a minimum deposit of $5. This step officially makes you a member of the credit union.

To confirm your eligibility for membership, please ensure you meet one of the following criteria:

• You live, work, worship, or attend school in the State of Washington
• You are an immediate family member of a current Seattle Credit Union member
• You work for one of our community partners

You can open a savings account online or in-person at any of our convenient locations. You are welcome to stop by during business hours or use our appointment request scheduler to plan your visit. There are a few savings account options that are not available to open online, like IRA accounts, please visit one of our locations if an online account opening option isn’t listed.

These are the documents you’ll want to have handy:

• Government Issued ID, such as a Driver’s License, Passport, State or Military ID
• Social Security Number or Individual Identification Number (ITIN)
• Eligibility of Membership, if not confirmed with your Government Issued ID
  • You are eligible if:
    • You live, work, worship or attend school in the State of Washington.
    • You are an immediate family member to a current Seattle Credit Union member.
    • You work for one of our Community Partners.

We will also request:

• Residential address
• Email address
• Date of Birth

If you aren’t already a Seattle Credit Union member, you’ll need to also open a savings account, with $5 in it, but this can be done at the same time you are open your checking account using the same information.

Please note: All of our new accounts go through a Financial History Review and online accounts also have a Digital Identity Screening. We review your provided information through a consumer disclosure report and digital identity. For best results opening an account online, please do not use a Virtual Private Network (VPN).

These are the documents you’ll want to have handy:

• Government-issued ID, such as a Driver’s License, Passport, State or Military ID
• Social Security Number or Individual Taxpayer Identification Number (ITIN)
• Eligibility of Membership, if not confirmed with your government-issued ID
  • You are eligible if:
    • You live, work, worship or attend school in the State of Washington.
    • You are an immediate family member of a current Seattle Credit Union member.
    • You work for one of our community partners.

We will also request:

• Residential address
• Email address
• Date of birth

For the fastest online account opening experience, please use a standard internet connection, not a VPN (Virtual Private Network).

To set up direct deposit, log in to Online Banking using either a browser or mobile app. From the “Accounts” menu drop down, select “Direct Deposit.” Here you can digitally set up direct deposit through your current payroll provider.

If your employer requires a paper form, here’s a link to a printable version:

A CD or Certificate of Deposit is a type of savings account with a fixed rate (which is typically higher than regular savings accounts) that is set for a fixed amount of time. It’s viewed as a low-risk way to earn interest on your money. It’s important to note that accessing your funds before the Certificate has matured, the agreed upon amount of time of the term, you will have to pay an early withdrawal penalty fee which can affect your earnings.

APY* – This stands for annual percentage yield. The APY* of an account tells you what effect compounding has on your initial investment. If you deposit $1,000 in an account that earns 5.0% compounded monthly, you’ll actually earn 5.12% or $51.20 instead of just $50 after a year passes. The APY* is a handy way to compare accounts for their true return on investment. It accounts for both your deposit(s) or principal amounts plus how interest is earned on the account type.

Seattle Credit Union considers all Savings accounts, Money Market accounts, and Certificates as deposit accounts.

Seattle Credit Union limits the number of pre-authorized, electronic, or automatic transfers or debits out of a savings deposit account to six (6) transactions per month. An Excessive Transfer Fee of $20 is charged on each additional transfer and withdrawal.

There is no limit to the number of transactions made at a branch.

No, you are allowed up to six Excessive Transfer Fee transactions per month for EACH of your deposit accounts.

Example: If you have three savings accounts, each savings account can have up to six Excessive Transfer Fee transactions.

Any automatic or electronic withdrawals from a Savings account, Money Market account, or Certificate will be subject to an excessive transfer fee once the limit of 6 transactions per month is reached.  Examples of transactions that count towards the Excessive Transfer Fee are:

• Transfers made using Online or Mobile Banking
• Transfers made using our automated Telephone Banking
• Transfers made by a Member Service Representative when calling our Contact Center
• Overdraft transfers (made automatically to cover insufficient funds in other accounts)
• Pre-authorized, automatic, scheduled or recurring transfers (called ACH withdrawals)
• POS Transactions (transactions using a Cash Card or Debit Card)
• Automatic transfers between accounts
• Checks written from a Money Market account. Checks count against the month in which they clear, not in which they were written  

The following types of transactions are not considered Excessive Transfer Fee transactions:

• Transactions at a branch
• Transactions at an ATM
• Transactions at a Shared Branching Service Center
• Transactions at a 7-Eleven Shared Branching Kiosk
• Telephone Banking or Contact Center withdrawals resulting in a Cashier’s Check made payable to yourself

To avoid being charged the Excessive Transfer Fee:

• Use your Seattle Credit Union checking account for the majority of your withdrawals and debits. Seattle Credit Union provides various checking accounts tailored to your needs.
• Keep funds in your checking account and only transfer to a deposit account after you verify they are not needed.
• Make transactions at a Seattle Credit Union branch, Shared Branch, free ATM, or 7-Eleven Shared Branching Kiosk near you.

Yes. Instead of the Regulation D fee, the Credit Union now charges an Excessive Transfer Fee. 

Seattle Credit Union may convert your account to a different type or close your account.