Credit Union Savings

Just wondering if anyone has money taken out of their paychecks from a credit union? I was told you can set that up right before school starts and have money taken out that can gain a bit of interest.


If so, just wondering how much do you have taken out? Do you have it taken out weekly, bi-weekly or monthly? And do you leave it in the account permanently or do you take it out and use it for specific things like......during the holidays, summer break, vacations, etc?


Thanks

 

I have a 403b. We take vacations on other savings, tutoring cash, DH money.

 

Thanks. I have a pension through the town, thankfully...but I was just wondering about having money taken out by a credit union as well.

I have heard that you can have them take out a certain amount bi-weekly or monthly and put it into an account for whatever your needs are, it sounds like a good idea.

 

I don't really get what you're asking. My main bank is a credit union. I have a savings account and checking account with them. My checks are direct deposited into my checking account. Why not just put all your money into the credit union account?

 

Thanks for the reply. My neighbor is a teacher and just explained it to me.

She does what i'm asking about. She set it up so $50 is taken from her check bi-weekly and deposited into this savings account so she can use it for the summer..she goes to Europe every year and likes to have extra money for that.


Thanks again

 

I don't have that option in my current district but I have before. I had $400 taken out each month and put into a savings account. I have to transfer money by check now so I'm not as good as putting money into that account.

 

I used to do that when I had a savings account and checking account at my old bank. It wasn't a credit union. I just set it up online for them to take a certain amount out of my checking per month and put it into my savings. I don't think you have to belong to a credit union to have something similar set up.

 

Thank you ladies. That's exactly what I was asking.

And yes when you do it manually, it doesn't seem to work as well..lol..which is why i'd like it done automatically, set it up through a bank or credit union so they can take it out and I won't have to worry about it (or think about it) like my pension deduction

 

Some schools will let you split your paycheck to be deposited into different accounts. You can decide on the amount (like $100 to a savings and the balance to a checking). In some banks or credit unions, you can set up a monthly auto transfer, so maybe a day or so after you paycheck gets deposited, it auto transfers a specific amount to your savings or other account. You might also want to check out some investment accounts, that's what I do...harder to get the money out of it...but still there if I need it.

 

Thank you for those great ideas!!!!

 

We had a car payment withdrawn from our bank to the credit union. When we paid off the car, we continued the withdraws. They now go into a savings account. I have used it for Christmas, college books, and emergencies. The credit union is 30 miles away, so I have to make an effort to go to the bank to withdraw it.

 

I am sure that if your check is automatically deposited into your checking account, you can simply set up an automatic withdrawal to move the money, or pay yourself to a savings account, since that would be no different than an automatic bill pay.

 

I was in a teacher's credit union in southern CA that had this option. It was called an Educator's Summer Saver account or something like that. The difference between it and a savings account was that interest accrued much faster, so you'd end up with more than in a regular savings account.

I never used it because I've always worked places with a 12 month option. I think it's ridiculous that not all school/districts have that option.

 

I think that's what i'll do...I tried doing it last year with my own bank but then I always knew the money was right there and I could take it, and I did.

I think this year I will set it up with a different bank or credit union (summer saver account) and then not have it be that easy to get to.


Thanks again

 

You can easily open up a Vanguard account. I do that for summer pay. Every month, Vanguard pulls directly from my account into a MMA ($1000/month) and two ROTH IRAS ($1100/month). When I need the summer money, I do an automatic transfer back into my checking account. Super easy.

 

Our district has a small credit union and I do have money going into monthly. We use it for emergencies, vacations, and things of that nature.