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Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
Routing #307083911|
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earn up to 4.75 percent apy flex account

FLEX Account

Earn 3.57%* with the ability to make withdrawals.

Certificates of deposit (CDs) and term certificates can offer great rates, but the funds are typically locked up for months or years. That means you have to wait to access your money – or pay a penalty fee if you need to withdraw the funds early.

SLFCU’s 16-month FLEX Account is a different kind of term certificate: You'll get a great rate AND the ability to withdraw up to 50% of the funds once per calendar month, penalty-free!

Open a FLEX Account with $500 or more and enjoy access to your hard-earned money when you need it.

If you have deposits sitting in a low-yield bank account, move them to SLFCU and start saving more!

The FLEX Account is available to personal and business members. 

Not a member yet? Moving money to SLFCU can amp up your earning power immediately! It's easy to apply for SLFCU membership and a FLEX Account at the same time. Learn more about joining SLFCU. 

Tell your family and friends about the FLEX Account, too! It could be a great way to help them reach their savings goals.


RATES

FLEX Certificate
Effective Date: Sunday, April 21st, 2024
TermMinimum Balance $500
16 months 3.52% DR
3.57% APY

*APY = Annual Percentage Yield. DR = Dividend Rate. APY if dividends are not withdrawn during the term. Share accounts are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), an agency of the U.S. Government. Yields determined at the time of investment. Dividend rate and APY may change at the discretion of the Board of Directors. If more than 50% of the balance is withdrawn, a penalty will be applied to the second 50% of the balance that is equivalent to 180 days' worth of dividends on the remaining amount. A penalty may be imposed for early withdrawal. Available to personal and business members.


ANSWERS TO FREQUENTLY ASKED QUESTIONS

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What is a FLEX Account and how is it different than other term certificates?

The FLEX Account is SLFCU’s 16-month term certificate that offers a high dividend rate combined with the ability to withdraw up to 50% of its deposited funds up to once per calendar month without incurring a penalty fee for the account owner. Traditional term certificates, known as certificates of deposit (CDs) at banks, typically do not allow for the removal of deposits until the full term has elapsed.

The FLEX Account is also different in that it allows additional funds to be deposited at any time.

Who can open a FLEX Account?

Current SLFCU personal and business members can apply for a FLEX Account online using the link at the top of this page, from within online or mobile banking, by visiting a branch, or by calling 505.293.0500 or 800.947.5328.

Non-members can apply for membership and a FLEX Account at the same time using the link at the top of this page. Membership eligibility requirements apply. Learn more about joining SLFCU.

Who can benefit from a FLEX Account?

FLEX Accounts are designed for anyone who wants a higher yield on their deposits while keeping their money available when they need it. They’re a great way to save up for an emergency fund, or to achieve a financial goal such as saving for a vacation or a down payment on a home. Members with little to no money in savings, and/or those who do not want to lock their funds in a long-term certificate account, are also great candidates for this type of offering.

What happens if I want to withdraw more than 50% in one calendar month?

If you want to withdraw more than 50% of a FLEX Account amount, the penalty will be applied to the second 50% of the balance. The penalty is equivalent to 180 days' worth of dividends on the remaining amount. If withdrawing funds below the $500.00 minimum, this will result in closing the certificate.

Is this a time-limited offering?

The FLEX Account is not a temporary or “special” product. However, SLFCU may choose to change the rate and/or stop offering new certificates of this type at a future date due to rate /pricing environment changes or other considerations.

Is there a minimum deposit requirement?

Existing SLFCU members can establish a FLEX Account with as little as $500. To open a new SLFCU membership and apply for a FLEX Account, a share savings account must also be established with as little as $5.

Is there a limit to how much additional deposits can be made to a FLEX Account?

No – You can deposit as much as you would like to your FLEX Account.

I already have an SLFCU money market and/or savings account. Can I move those funds into a FLEX Account?

Absolutely! Apply for a FLEX Account online, from within online or mobile banking, by visiting a branch, or by calling 505.293.0500 or 800.947.5328.

Can I add funds to a FLEX Account over time?

Yes. Deposits can be made at any time at a branch throughout the term of the certificate. Due to restrictions in place, withdrawals and additional deposits cannot be made through SLFCU online banking or at an ATM.

How can I withdraw funds from a FLEX Account?

Stop by a branch to make a withdrawal. Due to restrictions in place, withdrawals and additional deposits cannot be made to FLEX Accounts through SLFCU online or mobile banking or at an ATM. You can withdraw up to 50% of the funds in your FLEX Account once per calendar month without incurring a penalty fee. 

Can I use a FLEX Account to make payments using my SLFCU debit card?

No. Your FLEX Account cannot be used for payments made by swiping a debit card.

Can I use a FLEX Account to pay bills in SLFCU’s online and mobile banking system?

Due to restrictions in place, withdrawals cannot be made to FLEX Accounts through online and mobile banking. Therefore, they cannot be used to pay bills in online or mobile banking.

Can I use a FLEX Account within Zelle®?

No. Zelle is only used with checking account funds.

Can I access FLEX Account funds through an ATM?

No. Funds can be accessed by visiting a branch.

Can an SLFCU Individual Retirement Account (IRA) Account be converted to a FLEX Account?

No. Because our IRA accounts already have built-in flexibility, we are not offering this product for IRA accounts.

Curious about the flexible options with our IRAs? Learn more here or contact us.

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