To become a member of NY TEAM Federal Credit Union, you will be required to open and maintain this simple savings account. The Membership Savings Account can be opened for you with a mere $1 minimum balance. This deposit represents your ownership-share in the credit union. Additional savings accounts can be opened with no minimum balance or withdrawal charges they are called a Special Savings Account. All savings accounts earn dividends on each day’s balance. Dividends are credited and compounded monthly.