CSE Credit Union Special Purpose Account

CSE Credit Union Special Purpose Account Review

CSE Credit Union Special Purpose Account is offered by Connecticut State Employees Credit Union, a credit union founded in and based in Hartford, CT. CSE Credit Union Special Purpose Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.02%, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $5.00 to open an account.

CSE Credit Union Special Purpose Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY. Insured by NCUA. Access to physical branches.	Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card No signup bonus.

CSE Credit Union Special Purpose Account FAQ

Are savings accounts from Connecticut State Employees Credit Union federally insured?

Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

Does Connecticut State Employees Credit Union offer a signup bonus?

CSE Credit Union Special Purpose Account doesn't offer a signup bonus.

What is the minimum initial deposit for CSE Credit Union Special Purpose Account?

The minimum deposit to open a CSE Credit Union Special Purpose Account is $5.00.

CSE Credit Union Special Purpose Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	$0.00
Minimum Opening Deposit	$5.00

What APY does CSE Credit Union Special Purpose Account offer?

CSE Credit Union Special Purpose Account offers an APY of 2.02% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does CSE Credit Union Special Purpose Account charge?

CSE Credit Union Special Purpose Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing international bank transfers come with a $10.00 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $5.00 fee.
• CSE Credit Union Special Purpose Account charges $1.00 every time you request a paper statement.

What features and perks does CSE Credit Union Special Purpose Account offer?

This savings account includes the following features:

Can you set up a direct deposit to CSE Credit Union Special Purpose Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.