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A Variable Account is a short-term floating rate investment account with a commitment of at least thirty-days. At the end of the commitment period, the funds are automatically transferred to your settlement account. There is a minimum investment amount of $1,000 and early withdrawals are subject to penalty.
Variable Account rates and calculations are as follows:
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Dividend rate: the Variable Account offers a yield that mirrors current market rates. The dividend rate is declared by approximately 3:00 pm CT each day. The dividend rate for a non-business day is the same as the previous day.
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Dividend payment: dividends are paid and posted on the last business day of the month.
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Dividend calculations: dividends are calculated on an actual (365-day) basis.
The Variable Account offers higher yields than settlement accounts with a shorter commitment. Funds will be transferred to the settlement account upon expiration, unless they are extended by the member.
For more information regarding the Variable Account, please contact the Investment Department. |