Prime Share Account With your initial savings deposit of $25, you are eligible for all of Spectrum Federal Credit Union's savings accounts featuring: Competitive Dividend Rates - dividends are compounded and paid quarterly based on the daily account balance. Up To Seven Sub-Accounts Activated At Your Request! Each sub-account can be tailored to meet your individual savings needs. Whether you're saving for a vacation or a special gift, you can determine how much money is automatically contributed to your special sub-account. Holiday And Vacation Club Accounts - earn dividends at Prime Share rates! Holiday Club checks are disbursed in November; Vacation Club checks are disbursed in May. Contact us for more information regarding these accounts. Consolidated Statements are sent to members quarterly. Members are provided with a complete record of transaction activity and dividends earned on the account. Spectrum members also have the option of having their monthly statements sent to them electronically using e-statements. Read the e-statement description under 'Other Services' elsewhere on this site. You may also use the following link to begin the process of receiving your paper statements electronically: Request for Electronic Statements Payroll Deduction May Be Set Up With Your Employer. It's a great, easy and convenient way to set aside savings from each pay period or repay a loan effortlessly and automatically. Account May Be Used As Collateral For A Share Secured Loan. This allows members to retain savings while providing a means for lower cost borrowing. Cumulative Balances Of Share/Checking/Club And Share Certificate Accounts Are Insured Up To $100,000. (IRAs are insured separately.) For safety and security, your dollars are secure and guaranteed because they're insured by the National Credit Union Administration, an agency of the U.S. government. Additional Share Insurance coverage of $250,000 - Excess deposit coverage, supplied by ASI (American Share Insurance) applies to any credit union account currently receiving the maximum level of $100,000 provided by the NCUA. This coverage of up to $250,000 is IN ADDITION TO the $100,000 provided by the NCUA bringing the total insured amount to $350,000. NOTE: In accordance with the Truth In Savings Act, Spectrum has disclosures available containing the terms, fees and dividend rate provisions for your account. To receive a copy, ask a member service representative for a "Truth In Savings" disclosure.