SCCU offers many different ways for you to save money!  Click on the links in the above navigation bar to see about our offerings.  This Credit Union is federally insured by the National Credit Union Administration.

If you have any questions about the NCUA insurance, please call any of our offices.

Access our savings calculator here.

Truth-In-Savings Act (T-I-S)

Truth-In-Savings (T-I-S) Act became a law in 1991. T-I-S requires all financial institutions to fully disclose the terms and conditions of all consumer savings accounts. Besides Annual Percentage Yield (APY) which represents the total amount of earnings a depositor would receive on a particular principal amount, financial institutions also must state such characteristics as minimum balance requirements, fees, and penalties.

When your credit union compounds earnings, it bases dividend payments on your total principal balance plus any earnings previously added to your account. The more frequently an account pays earnings (semiannually, quarterly, monthly, and so forth), the higher the amount of earnings and, thus, the higher corresponding APY.

T-I-S also requires financial institutions to include on the periodic statement an effective yield based on an average daily balance. This expression of actual earnings is APYE, or annual percentage yield earned.