If you know you’re going to need money for a specific purpose or certain event, our Special Savings Account is a smart way to make sure you’ll have enough to cover the expense.
Typical uses include such obligations as making tax payments, saving for a home escrow, paying insurance premiums — or even just setting aside a pool of cash for unexpected emergencies.
Features of our Special Savings Account:
- Earn dividends based on the average daily balance of the account
- Use Direct Deposit to make convenient contributions to your ALEC Savings or Checking accounts
- 24/7 account access via Online Banking, Mobile Banking and Telephone Banking
- Also access your Special Savings account via ATM, by mail or at any ALEC Service Center
- View your account on E-Statements
Your savings are safe.
Nothing is more important to us than protecting your money. All ALEC accounts are insured up to $250,000 by American Share Insurance (ASI), the nation's largest private deposit insurer.
| Account Type | Nominal Rate | APY* |
|---|---|---|
| Savings Account | 0.05% | 0.05% |
| Special Savings | 0.05% | 0.05% |
| Holiday Club Savings | 0.05% | 0.05% |
* The Annual Percentage Yield is the rate that is earned if the funds are left to compound for one year. All dividends are paid monthly based on the daily average balance. Rates subject to change monthly. A penalty may be imposed on an early withdrawal of a Holiday Club. Holiday Club funds will be transferred into a members savings account on November 1st. The nominal rate is the rate used to calculate the monthly dividend.