Langley Saves is a FREE program designed to help members learn to save, establish self-sufficiency, reduce debt and build wealth. The Langley Saves (S62) account is a great tool to help you save money. It features a three tiered dividend rate structure. You'll notice that the dividend structure seems to be upside down — you get the highest dividend rate on the lower amounts of money you have on deposit!
Example of this dividend structure:
If you have $3,000 on deposit, you'll earn the Tier 1 APY on the first $500, the Tier 2 APY on the next $2,000 (the amount greater than $500 but not exceeding $2,500), and the Tier 3 APY on the remaining amount (the amount greater than $2,500).
Minimum to Open: $5
|Tier||APY*||Dividend Rate**||Minimum to
|Tier 1||2.02%||2.00%||Up to $500|
|Tier 2||0.20%||0.20%||> $500 - $2,500|
|Tier 3||0.10%||0.10%||> $2,500|
* Annual Percentage Yield (APY).
** The dividend rate and annual percentage yield are the prospective rates and yields that the credit union anticipates paying for the applicable period. The dividend rate may change after the account is opened.
This new structure was designed primarily to help young people and those of modest means get into the savings habit while earning excellent dividends, but this account is a great savings tool for everyone. A recurring deposit of at least $10 a month is required for those age 19 and older and withdrawals are limited to 2 per calendar year.