A Benevolent Account is a savings account established for a charitable purpose. It is often an account created to collect contributions to a family “In Memory of” a deceased person. It may also be used to collect contributions for a person who has a medical or emergency need, such as someone who is battling a disease or someone who has lost a home to a fire. Only a Savings Account may be opened for this purpose, and all parties to the account must be eligible for membership.
The minimum to open this account and earn the Annual Percentage Yield (APY) is $5.
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