Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Bridge account eases from savings to investing
RALEIGH, N.C. (9/29/09)--State Employees’ CU (SECU) Bridge account, introduced in 2007, is helping transition savers into investors, says the credit union. The account provides an avenue for saving without the risk of loss associated with the stock market by offering the security of National Credit Union Administration insurance. With earnings tied to the quarterly change in the Standard & Poor’s (S&P) 500 Index, the account can earn as much as 3% per quarter and did so for the second quarter of 2009. With only one week left in the third quarter, it is likely that maximum earnings also will be paid for this quarter, SECU said. More than 4,500 members of the $16.7 billion asset, Raleigh, N.C.-based credit union have Bridge accounts with assets totaling more than $3.5 million. Accountholders are working toward accumulating funds needed to open investment accounts at SECU, which have grown in recent months, SECU said. Bridge accounts can be opened with a minimum of $25 and will accept deposits up to $3,000. If market returns are positive during a quarter, dividends will be paid up to the maximum rate of 3% --or a 12% annual percentage rate/12.55% annual percentage yield. If market returns are negative, no dividends will be declared for that quarter, but there also will be no loss, SECU said. “The SECU Bridge account is an excellent no-risk tool to help members establish the savings needed to ultimately become investors,” said Joan McCool, SECU senior vice president of individual retirement account and investment services.
Other Resources

RSS





print
News Now LiveWire
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
5 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
5 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
7 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
7 hours ago
#Jobless claims duck under 300K for 3rd straight week #Market #Economy http://t.co/jOsZWf9HNJ
7 hours ago