Lufthansa Employee Federal Credit Union encourages its members to take advantage of their high yield savings account thru their share savings offering. This money in the bank deal has an interest rate of 1.51% APY which you can earn once you become a member and open this best savings account.

You are required to deposit a minimum of $5 to open an account. This best savings account must at least maintain $5 or more every month and you must always maintain a good standing to avoid termination of the account. The dividends of this high interest savings account is compounded and paid every quarter. The dividends paid will be added on to your account or you can also receive a check mailed to you. Take note that the interest rate is subject to change anytime without prior notice.

This high earning savings account allows you to withdraw funds anytime since it does not have any withdrawal restrictions. If you are currently employed, your deposits can be taken directly from your pay check. One good feature about this savings account is that you can access your account anytime using online banking and even pay your bills online. The credit union usually issues bank statements every quarter but you also have an option to subscribe to electronic bank statement to review it anytime you want. You can also enjoy an easy access to your money just by making a check request which can be made via phone, over the counter, or e-mail.

Membership with Lufthansa Employee Federal Credit Union is open to individual who is currently employed or a retiree of Lufthansa German Airlines or its affiliated companies such as Hawker, Condor, Swiss, etc. Relatives of the employees or retirees are also eligible to join. You may also call their member service hotline if you have questions with regard to their membership and savings account rate thru 516-296-9478.

To apply, simply print out and complete the following forms: New Account Form, and W-9 Form. Please remember to have a photocopy of your government issued photo ID’s like passport, driver’s license, or social security card. Then enclosed a check of $5 for your initial deposit on your share saving account. After this, mail it to 1640 Hempstead Tpk, East Meadow, New York 11554.

Lufthansa Employee Federal Credit Union was chartered in 1970. it is a small credit union which has 1,200 members and over $98 million in declared assets. The credit union is also a member of the National Credit Union Association with charter number 20341.