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Savings Account: This is your basic savings account. Your money will earn dividends, and you can put your money into and take your money out of the savings account whenever you want.
Your balance is the amount of money in your account. When you have a savings account you will receive a statement that shows the activity and the balance of your account.
You need to have a Social Security Number to open a savings account. You must also be eligible for membership with Hickam Federal Credit Union. If your parents, grandparents, brothers or sisters are eligible for Hickam FCU membership then you can become a member.
Keiki Savings Account: This is a savings account, designed just for our young savers, like you. The minimum balance required to earn dividends on a Keiki Savings account is only $5.00.
Here is an example of how a account helps you save money.
Johnny A. Member has deposited $5.00 into his savings account every month for the last 12 months.
1. How much money has Johnny saved?
2. Since the interest rate is 2.5%, add $1.50 to account.*
3. If Johnny uses $5 to buy a gift for Father's Day, how much money does he have left?
*Johnny's interest is calculated: .05 X (answer to question 1) = $1.50
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