First Community CU
First Community Credit Union Savings & Share Accounts
Start with $5. Earn dividends from day one. At a credit union, your savings account is also your membership — and your share of ownership. We offer five distinct share account types designed around different goals and time horizons.
Open a Share AccountDividends vs. Interest: Why the Distinction Matters
Banks pay interest on savings accounts. Credit unions pay dividends. This isn't just terminology — the structure behind the word is different. At a bank, interest compensates you for letting them use your money. At First Community Credit Union, dividends are your portion of the credit union's net earnings, because as a member you're a partial owner of the cooperative. When the credit union operates efficiently and earns more, that surplus flows back to members through higher dividend rates and more competitive loan rates.
In practical terms, dividends and interest function the same way: you see a rate, your balance grows, you pay no tax until you file. The NCUA insures your deposits up to $250,000 per account ownership category regardless of what we call the earnings.
Primary Share Savings
Every First Community membership begins here. Open with just $5 — that $5 is your share of the cooperative. Keep it in place and it earns dividends, compounded monthly. No monthly fee. No minimum daily balance beyond the opening $5. No limit on deposits or withdrawals. Your Primary Share Savings also serves as an overdraft safety net: link it to your checking account and we'll pull from it automatically if a transaction would otherwise overdraw you, at no transfer fee.
This account is the foundation of membership. Closing it ends your relationship with the credit union. Most members leave the $5 permanently and use the account as an anchor while opening additional goal-specific accounts alongside it.
Secondary Savings — Goal Accounts
Once you're a member, you can open as many additional savings accounts as you need and name each one for its purpose: Emergency Fund, Roof Replacement, Italy 2027, Down Payment. Each has its own account number, its own running balance, and its own transaction history inside online banking. Move money between goal accounts freely. Close any of them at any time without affecting your membership. No fee for additional accounts.
The organizational benefit is real. Members who track separate balances for separate goals tend to save more consistently than those who pile everything into one account and try to mentally subdivide it.
Holiday Club Account
A Holiday Club is a restricted savings account that does one thing well: keeps your holiday spending money untouched until you need it. Deposits go in freely all year — set up an automatic transfer from checking on payday and forget about it. The account locks withdrawals until November 1, when the full balance releases automatically to your checking or primary savings account. No action required from you.
The restriction is the feature, not an inconvenience. Money you genuinely cannot access tends to stay put. Members who run a Holiday Club consistently report arriving at November with more money set aside than they expected. Earns dividends on the running balance throughout the year at a slightly higher rate than standard savings.
Vacation Savings Account
Similar concept to the Holiday Club but with a release date you choose at account opening. Planning a trip in June? Set the release for May 15. The account accumulates deposits and earns dividends until your target date, then releases the balance to your designated account. If your plans change, contact us and we'll adjust the release date. Ideal for members saving toward a specific trip rather than a general year-end fund.
Youth Savings Account
Available to members ages 0–17, with a parent or guardian as joint account holder for anyone under 16. Youth Savings earns an enhanced dividend rate above the standard share rate — we put more back into accounts for younger members because early savings habits compound over a lifetime in ways no investment product can replicate.
Joint holders can set up automatic contributions from their own checking accounts — allowance deposits, birthday money, first-job earnings all land in one place. At age 18, Youth Savings converts automatically to a standard Primary Share Savings. No forms to fill out, no branch visit, no interruption to the account.
First Community Credit Union Share Account Snapshot
Primary Share Savings: $5 to open, 0.25% APY, unlimited withdrawals, required for membership, overdraft link eligible. Secondary Goal Savings: $0 additional minimum, 0.25% APY, multiple accounts allowed, custom labels in online banking. Holiday Club: $0 minimum, 0.40% APY, locked until November 1 annual release. Vacation Savings: $0 minimum, 0.35% APY, custom release date at opening. Youth Savings (ages 0–17): $0 minimum, 0.50% APY, enhanced rate, joint holder required under 16, converts to standard at age 18. All accounts NCUA-insured up to $250,000. Dividends compounded monthly. Phone: (800) 342-8575.
Share Account Comparison
| Account Type | Min to Open | Current APY | Withdrawal Rules | Special Features |
|---|---|---|---|---|
| Primary Share Savings | $5 | 0.25% | Unlimited | Required for membership; overdraft link eligible |
| Secondary Goal Savings | $0* | 0.25% | Unlimited | Multiple accounts; custom labels in online banking |
| Holiday Club | $0* | 0.40% | Locked; releases Nov 1 | Auto-release to checking each November |
| Vacation Savings | $0* | 0.35% | Locked until chosen date | Custom release date set at opening |
| Youth Savings (0–17) | $0* | 0.50% | Unlimited (joint holder) | Enhanced rate; auto-converts at age 18 |
*Requires active Primary Share Savings ($5 minimum) for membership eligibility. APY = Annual Percentage Yield. Dividends compounded and credited monthly. Rates effective 2026 and subject to change without notice. NCUA share insurance covers deposits up to $250,000 per ownership category.
Learn more about federal share insurance coverage at NCUA.gov — Share Insurance Coverage.
Frequently Asked Questions
What is a share account at a credit union?
A share account is a credit union's version of a savings account. Your deposit represents a fractional ownership share in the cooperative — hence the name. Earnings are paid as dividends rather than interest, reflecting your status as a member-owner rather than a bank customer. Your deposits are federally insured by the NCUA up to $250,000 per ownership category, the credit union equivalent of FDIC insurance at banks.
How much do I earn on savings at First Community Credit Union?
Dividend rates by account: Primary Share Savings 0.25% APY, Secondary Goal Savings 0.25% APY, Holiday Club 0.40% APY, Vacation Savings 0.35% APY, Youth Savings 0.50% APY. All rates are compounded and credited monthly. For significantly higher yields on money you won't need immediate access to, our Money Market accounts offer up to 4.25% APY and Share Certificates offer up to 4.85% APY.
Can I have multiple savings accounts?
Yes. Your Primary Share Savings is required, but there's no cap on additional Secondary Goal Savings accounts. Each gets its own account number and label in online banking. Many members maintain four or five simultaneously — emergency fund, car fund, vacation, home repairs. No fee for any additional account. You can open new goal accounts entirely within online banking without calling or visiting a branch.
What is a Holiday Club account and when does the money release?
A Holiday Club is a savings account with restricted withdrawal access throughout the year. You deposit freely — manually or via automatic transfer — and the account earns dividends on the growing balance. On November 1 each year, the entire balance transfers automatically to whichever account you designated at opening (checking or primary savings). No early withdrawals are processed through standard banking channels; if you have an urgent need for the funds before November 1, contact us at (800) 342-8575 to discuss your options.
Is there a minimum balance required to earn dividends?
No minimum daily balance is required to earn dividends on any of our share accounts. Your balance earns the stated APY from the first dollar deposited. The only minimum associated with share accounts is the $5 required to open your Primary Share Savings when you establish membership. After that, the account can hold any amount and still earn dividends.