You can start a savings account -- with a $5 minimum balance -- at the Credit Union

You can start a savings account -- with a $5 minimum balance -- at the Credit Union

From Adrienne Sturm
St. Thomas Employee Federal Credit Union

The St. Thomas Employee Federal Credit Union is open to any employee of UST, or immediate family members of those employees. The CU offers a "share" account which is a simple savings account. A $5 minimum balance is required to open, and to maintain the account. On funds up to and including $45,000 cumulative per account owner, the CU is currently paying 1.25 percent APR; this dividend is compounded quarterly, and is posted and paid on any account which has at least a $5 balance on the last day of the quarter (3/31, 6/30, 9/30, or 12/31). There is currently a $45,000 limit on deposits for any one member; funds over the $45,000 will earn only a very minimal dividend.

This is a nice account to start for your children, as there are no minimum balance fees. It is also a convenient way to put aside a little money for a rainy day, or to save for a specific purpose such as vacation, real estate taxes, or down payment on a house.

Automatic payroll deduction is available to all employees -- the money is "gone" before you ever see it, BUT it is safely in your account, earning interest. You can use automatic deduction to deposit money into your own account, or into someone else's (such as your child). Deposits can also be made by check or money order; no cash is accepted nor disbursed. The CU can also create more than one share for an account if you want to keep your funds in separate "pockets"; we can label these according to purpose by whatever name you wish to assign (currently we have "wedding account", "taxes and insurance account", "what am I going to buy next account", "household account," etc.).

The only fee charged by the credit union is a returned check fee; that charge is $15 per item. All funds up to $100,000 per account holder are insured by the National Credit Union Administration, a U.S. government agency.

To join the credit union, please fill out a membership card, and send it to the CU along with a minimum of $5. You must also either present a picture ID at the CU office, or send a copy of one. There are member cards and membership information, as well as payroll deduction authorization forms, in a rack across the hall from the CU office in Room 209, Loras Hall, St. Paul campus; this area is accessible any time that Loras Hall is open. You also can request that these forms be sent; call (651) 962-6660 or e-mail