RALEIGH, N.C. — To help promote saving and educate members on stock market investing, State Employees' Credit Union has rolled out its new Bridge Account.
The account requires a minimum $25 deposit and a maximum balance of $3,000. Dividends paid on Bridge accounts will be based on the quarterly change in the S&P 500(R) Index. The maximum quarterly dividend will be 3% [12.00% annual percentage rate/12.55% annual percentage yield], according to SECU. If the market returns are positive, dividends will be paid up to the maximum rate. If the market returns are negative, no dividends will be declared for that quarter, but there will be no loss, the CU said.
So far, more than 1,174 accounts have been opened generating nearly $1.7 million in deposits, according to SECU.
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The $13 billion CU serves more than 1.3 million members.
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