Last Updated: 04/18/2025
Penn State FCU Basic Business Savings Account
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.38%(Verified 06/21/2024)
Minimum Opening Deposit
$5
Minimum Balance to Earn APY
$100
Penn State FCU Basic Business Savings Account Review
Penn State FCU Basic Business Savings Account is offered by Penn State Federal Credit Union, a credit union founded in 1959 and based in Bellefonte, PA. Penn State FCU Basic Business Savings Account are available in 50 states and Washington, DC.
Key Takeaways
- Higher than average APY. Penn State FCU Basic Business Savings Account has an annual percentage yield of up to 0.38%, which is higher than the average interest rate for savings accounts. Note that you must keep a minimum balance of $100.00 to earn that interest rate.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $5.00 to open an account.
Penn State FCU Basic Business Savings Account Pros & Cons
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Penn State FCU Basic Business Savings Account FAQ
Are savings accounts from Penn State Federal 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 Penn State Federal Credit Union offer a signup bonus?
Penn State FCU Basic Business Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Penn State FCU Basic Business Savings Account?
The minimum deposit to open a Penn State FCU Basic Business Savings Account is $5.00.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Penn State FCU Basic Business Savings Account offer?
Penn State FCU Basic Business Savings Account offers an APY of 0.38% (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 Penn State FCU Basic Business Savings Account charge?
Penn State FCU Basic Business 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 $25.00 fee.
- Incoming domestic bank transfers come with a $15.00 fee.
- Outgoing international bank transfers come with a $45.00 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 $15.00 fee.
- Penn State FCU Basic Business Savings Account charges a $10.00 fee for an early account closure. Contact Penn State FCU Basic Business Savings Account for more details on what is considered an early closure.
- An overdraft on your account will trigger a $5.00 fee per item.
- Penn State FCU Basic Business Savings Account charges $3.00 every time you request a paper statement.
Does Penn State FCU Basic Business Savings Account charge overdraft fees?
Yes, Penn State FCU Basic Business Savings Account charges a $5.00 overdraft fee.What features and perks does Penn State FCU Basic Business Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - Penn State FCU Basic Business Savings Account allows you to manage your money online or with a mobile app.
Can you set up a direct deposit to Penn State FCU Basic Business Savings 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.
What is the customer support email for Penn State FCU Basic Business Savings Account?
The customer support email for Penn State FCU Basic Business Savings Account is lorimctavish@pennstatefederal.com.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 4:00PM
Tuesday
9:00AM - 4:00PM
Wednesday
9:00AM - 4:00PM
Thursday
9:00AM - 4:00PM
Friday
9:00AM - 4:00PM
Saturday
Closed