SOUTHERN FEDERAL CREDIT UNION

Office: 713-232-7774     Fax: 713-232-7122

         
   
 
By clicking any third-party link, you will leave this website and be redirected to a third party site. The mere fact that there is a link between this web site and another does not constitute a product or program endorsement by Southern Federal Credit Union or any of its employees. Southern Federal Credit Union has no responsibility for content of the web sites found at these links, or beyond, and does not attest to the accuracy or propriety of any information located there. Privacy and security policies on the third party website may differ from those practiced by Southern Federal Credit Union. The credit union does not represent either the third party or the member if the two enter into a transaction.
 
 
 

Savings Accounts

To become a member of Southern Federal Credit Union you must first open a savings account. Once you open your savings account, you are eligible for any services and benefits the credit union offers that you qualify for. Your membership is for a "lifetime." Once a member of Southern Federal Credit Union, you will have access to our services forever, even if you retire, change jobs or move. Your Credit Union can make these changes in your life easier. And we welcome all family members, not just immediate family members, to join also.

Regular Savings
Our Regular Savings Account is the best way to get your financial security started. Each member is insured to $250,000 by the National Credit Union Administration, a Federal Government Agency. Southern Federal also provides quarterly statements of your savings accounts including the option of e-statements.

Minimum Balance Requirements – $50.
You can open your savings with a payroll deduction or deposit of as little as $5 and build it up to our minimum balance of $50. You can also make deposits through direct deposit, bank draft, cash, check, etc.

Dividends – Dividends are paid quarterly on balances of $100 or more. You will begin earning dividends when your balance reaches $100 each quarter, with dividend rates determined by the Board of Directors, based on Credit Union earnings.

Certificates of Deposit
Certificates of Deposit (CD) from Southern Federal Credit Union provide members with the opportunity to lock-in a fixed rate of return for a specified length of time. With CDs, you are guaranteed a competitive interest rate for the full term of the CD. A substantial penalty will be imposed for early withdrawals on all certificates.

Minimum Balance Requirements – Minimum opening balance of $2,500 for Term Share Certificates and $90,000 for Jumbo Certificates.

Terms – Flexible terms ranging from six (6) months to three (3) years.

Dividends – Your dividends are paid monthly by check, deposited to your savings account, or added to your existing certificate (compounding).

Secondary Savings
We also offer Secondary Savings Accounts for individuals who want to save for something special: a dream vacation, taxes, education, club account funds, medical expenses, new family additions, home improvements, insurance, computer, a new car or even a home. You name it!

Minimum Balance Requirements – $50.
You can open your secondary savings with a payroll deduction or deposit of as little as $5 and build it up to our minimum balance of $50. You can also make deposits through direct deposit, bank draft, cash, check, etc.

Dividends – Dividends are paid quarterly on balances of $100 or more. You will begin earning dividends when your balance reaches $100 each quarter, with dividend rates determined by the Board of Directors, based on Credit Union earnings.

Christmas Club
There is no better time than now to start saving for Christmas. Southern Federal makes it easy for you to save for those special gifts and expenses during the holiday season with the Christmas Club Account. Christmas Club members can use payroll deduction to make deposits into their account, each pay period, or deposits can be made in person or by mail. The full balance of the Christmas Club account will be issued in check form on November 1st – unless otherwise notified. Penalties apply to early withdrawals.

Minimum Balance Requirements – NO Minimum opening deposit.
You can open your Christmas Club with a payroll deduction of as little as $5! You can also make deposits through direct deposit, bank draft, cash, check, etc.

Dividends – Dividends are paid quarterly on balances of $100 or more. You will begin earning dividends when your balance reaches $100. The dividend rate is determined by the Board of Directors, based on Credit Union earnings.

State Tax Accounts
For members who are required to pay their own state income taxes, this is the savings plan for you. You can open an account called “State Tax Savings Account” and deposit money each pay period through a payroll deduction to save for the tax payment. Upon opening, the member can choose to have a check automatically mailed to their home address each quarter. Otherwise, a check will be mailed at anytime upon request by the member.

To assist you with your state taxes, here are some helpful resources:

Alabama Department of Revenue - www.ador.state.al.us/

Louisiana Department of Revenue - www.rev.state.la.us/

Mississippi Department of Revenue - www.dor.ms.gov/

Check your states website for additional information.

Minimum Balance Requirements – NO Minimum opening deposit.

Dividends – Dividends are paid quarterly on balances of $100 or more. You will begin earning dividends when your balance reaches $100. The dividend rate is determined by the Board of Directors, based on Credit Union earnings.