ESL Federal Credit Union Daily Dividend Savings Account Review

ESL Federal Credit Union Daily Dividend Savings Account is offered by ESL Federal Credit Union, a credit union founded in 1920 and based in Rochester, NY. ESL Federal Credit Union Daily Dividend Savings Account is available in 50 states (and Washington, DC).

• Higher than average APY. ESL Federal Credit Union Daily Dividend Savings Account has an annual percentage yield of up to 0.05%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $1.
• Small minimum initial deposit. You only need $1 to open an account.
• No ATM fees. ESL Federal Credit Union Daily Dividend Savings Account does not charge fees on ATM transactions.

Pros	Cons
Available in all 50 states. Dividend-yielding account Insured by NCUA. Access to physical branches.	No signup bonus. No ATM access to ESL Federal Credit Union Daily Dividend Savings Account. Does not come with a debit card Higher than average wire transfer fees.

Are savings accounts from ESL Federal Credit Union federally insured?

Yes, your ESL Federal Credit Union 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 ESL Federal Credit Union offer a signup bonus?

ESL savings account doesn't offer a signup bonus.

What is the minimum initial deposit for ESL savings account?

The minimum deposit to open a ESL savings account is $1.

ESL Federal Credit Union Daily Dividend Savings Account Minimums

Description
APY Minimum Balance	$1
Minimum Opening Deposit	Starting at $1
Minimum Required Balance	$0

What APY does ESL Federal Credit Union offer?

ESL savings account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

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 ESL savings account charge?

ESL savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $20 fee.
• Incoming domestic bank transfers come with a $12 fee.
• Outgoing international bank transfers come with a $35 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 $12 fee.

What features and perks does ESL savings account offer?

This savings account includes the following features:

• Fraud monitoring - ESL savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Mobile Banking Services - ESL savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to ESL savings account?

In most cases, the answer is yes. 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.