Educational Savings Account (SPCCU-ESA)

Who is this for?

Members who are parents or guardians of children aged 0 to 18.

Features and terms

• SPCCU-ESA runs from ages 0–18
• Members are required to begin this plan with EC$100 minimum
• A minimum monthly deposit of $100 must be maintained
• Withdrawal of the funds is subject to thirty (30) days notice
• Members can however withdraw up to 25% of their savings for medical emergency without incurring a penalty
• Members are not allowed to borrow against this fund
• Interest rate of 2.25% per annum calculated on the minimum quarterly balance
• On reaching 18 years the parent/guardian must give permission for the fund to be released
• The funds which are utilized to make the monthly payments must ultimately originate outside of SPCCU, i.e. not internal transfers reducing accounts with existing balances

How to get started

1. Become a memberIf you are not yet a member, download the membership forms and bring them in with your supporting documents.
2. Visit us in BradesGet face-to-face assistance from one of our representatives.
3. Start using your accountWe will confirm the details and set everything up with you.