Our new Springboard Savings account makes it simple to automate your savings to accumulate enough money to invest with CUSO Financial Services, L.P. (CFS)* down the road.
- Dividends – earned on balances up to $2,000; will revert to normal savings rates for balances >$2,000
- Flexibility – save a lot or a little each month – set up automatic transfers through Online Banking, or call to have a portion of your South Carolina Federal account's direct deposit go to your Springboard Savings account
- Convenience – once your account balance reaches the $2,000 threshold, we encourage you to work with a licensed financial sales representative or CFS* investment advisor to transition into a different product
The best part is the Springboard Savings account doesn't have any monthly fees as long as you make at least one deposit each month. Here are some other features you'll need to review before opening a Springboard Savings account:
- Must be 18 years old or older to open
- $25 minimum to open the account (a Share Savings account is also required, which has a $10 minimum deposit)
- Limit one account per member
- Monthly fee of $1 (waived if member makes at least one deposit in the month)
- One withdrawal per year ($5 withdrawal fee unless moving to a different product at the direction of a South Carolina Federal licensed financial sales representative or CFS* investment advisor); second withdrawal will result in account closure
- Withdrawals cannot be made in online banking; no transactions can be made via phone banking
Deposits with the credit union are insured by NCUA. Non-deposit investment products, such as securities and mutual funds, are not insured by NCUA.
* Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.