Transfer Mone
  • Home
  • Checking Account
    Checking AccountShow More
    Ally Bank Checking Account
    Best Ally Bank Checking Account Reviews
    December 8, 2022
    chase college checking account
    Chase College Checking Account | Fees, Bonus, Eligibility
    November 28, 2022
    Chase Checking Account Bonus
    Chase Checking Account Bonus 2023
    November 25, 2022
    U.S. Bank checking Account
    U.S. Bank Checking Account Reviews
    November 19, 2022
    Golden 1 Checking Account 
    Overviews of Golden 1 Checking Account 
    November 7, 2022
  • Online Banking
    Online BankingShow More
    best personal loans for fair credit
    Best Personal Loans for Fair Credit 2023
    January 7, 2023
    bank promotions without a direct deposit
    The 9 Best Bank Promotions Without Direct Deposit Requirements
    December 5, 2022
    Zero Interest Personal Loans
    Best Ways To Get Zero Interest Personal Loans
    December 1, 2022
    Wells Fargo Personal Loans
    Overviews of Wells Fargo Personal Loans
    November 16, 2022
    Best Low-Interest Personal Loans
    Best Low-Interest Personal Loans Reviews
    November 13, 2022
  • Money Transfer APPs
    Money Transfer APPsShow More
    capital one ach transfer
    The Best Way For Capital One ACH Transfer Process
    September 18, 2022
    Walmart Accept Apple Pay
    Walmart Accept Apple Pay – Is It Really True
    August 28, 2022
    How to Add Cash to Cash App Card
    How to Add Cash to Cash App Card – The Best Guide For You
    August 22, 2022
    cash app instant transfer fee
    A Key Discussion On Cash App Instant Transfer Fee
    July 25, 2022
    jpay send money to inmate
    JPay Send Money To Inmate – The Entire Method
    June 29, 2022
  • Credit Union
    Credit UnionShow More
    credit unions in georgia
    5 Best Credit Unions in Georgia 2023
    January 27, 2023
    Credit Union in New Jersey
    Best Credit Union in New Jersey 2023
    January 19, 2023
    Best Credit Unions in Washington
    Best Credit Unions in Washington 2023
    January 14, 2023
    TD Bank Secured Credit Card
    The Best TD Bank Secured Credit Card & Alternatives
    October 27, 2022
    Huntington Bank Credit Card
    The Best Huntington Bank Credit Card Reviews 2022
    October 18, 2022
Search
© 2022 Transfer Mone. All Rights Reserved.
Reading: A Proper Discussion On Credit Union Savings Account Interest Rates
Aa
Aa
Transfer Mone
Search
  • Home
  • Checking Account
  • Online Banking
  • Money Transfer APPs
  • Credit Union
© 2022 Transfer Mone. All Rights Reserved.
Transfer Mone > Credit Union > A Proper Discussion On Credit Union Savings Account Interest Rates

A Proper Discussion On Credit Union Savings Account Interest Rates

October 17, 2022

Credit unions are financial companies formed by members with a common bond. When the need arises, people with a common agenda come together and pull their resources together to uplift one another financially. The institutions operate like banks, although there are slight differences between the two. For example, credit unions have higher interest rates on savings than banks. You will learn about credit union savings account interest rates later on.

Interest rates are the extra amount of money you get on top of what you saved. Credit unions offer interest rates on your savings account so that you can realize the value of your money. Most financial companies calculate your interest rate annually, while others calculate and pay quarterly. It is crucial to note that some financial companies offer to check accounts that earn interest when you maintain a particular balance plus other qualifications.

One can open a checking or savings account at a credit union. A checking account allows you to spend money anytime you need it. You can use the account to keep funds for emergency issues such as food, traveling, medication, and so on. Instead of keeping such money in your house, which is risky, it is essential to keep the funds in a bank or credit union account where they are safe. And by the way, a checking account, whether from a bank or credit union, comes with a debit card to easily access your funds.

Method Of Opening A Credit Union Account

When opening an account online, it is crucial to ensure that you use a secure connection. That secures your data from hackers who may steal your crucial information leading to loss of money. Thousands of people in the world have lost money to fraudsters when transacting online.

Before opening your account, you will need various things, which include an identification document (state/national ID, passport, or driver’s license), physical address, phone number, and your Social security Number. Again, it is always possible to get a no credit check credit union account at many credit unions. That means they do not pull a hard inquiry on your scores.

Once you have all the things with you, you can start opening your account. You just need to visit the institution’s website and navigate the account application. You will then choose between a savings and a checking account. In our case, you will go straight to open a savings account.

After filling in all that is required, you will submit the details for verification. You may get feedback immediately or after a few minutes. One can also apply for an account at a physical branch, whereby they must walk in with all the necessary documents.

Credit Union Savings Account Interest Rates – The Details

Credit union interest rates are usually higher compared to those of banks. That is why most people prefer saving money in a credit union other than a bank account. You can find a union with a savings account that earns high-interest rates of up to 0.60%.

credit union savings account interest rates

For example, Alliant Credit Union Ultimate Opportunity savings account interest rates of up to 0.55%. Comparing that with the national average rate, which is 0.06% APY, you find that credit unions reward highly on your savings.

We also have banks that offer high savings interest rates as well. For example, the American Express® High Yield Savings Account from the American Express National Bank gives you interest of up to 0.50% with a $1 minimum balance. Chime High Yield Savings account gives you an APY of 0.50% with a $0.01 minimum balance.

Usually, credit unions offer high APY on your savings and low APR when you get loans. The best credit unions for personal loans even give you a long grace period and a lengthy loan repayment period so that you do not have to strain so much to service your loans.

Best Credit Unions For A Savings Account

Various credit unions give you high APY on your savings, thus making your money multiply quickly. The following are some of the best unions you should consider when opening your account.

i) Alliant Credit Union

Both the checking and the savings accounts earn you interest to realize the value of your money. Your checking account earns you a 0.25% APY if you receive e-statements and make at least one electronic deposit a month.

Moreover, the High-Rate Savings account earns you 0.55% APY on $100 or more balances. You can avoid monthly fees if you register for e-statements.

ii) BECU

BECU gives you up to 2.02% APY on the Youth savings account. You can also get 0.50% APY on checking and 0.50% APY on savings if you maintain balances of up to $500. You can apply if you live in Washington DC or select regions of Idaho and Oregon.

iii) Consumers Credit Union

Consumers Credit Union is another excellent institution that you can use to get high-interest rates. You can earn money on the Rewards checking account up to 4.09% APY if you maintain balances up to $10,000.

You must also attain other requirements, such as spending at least $1,000/month on an affiliated credit card. The institution’s savings account pays much lower APY than the checking account. It gives you an APY of 0.05%.

iv) Connexus Credit Union

Connexus credit account provides three types of account. From these if you open the Xtraordinary checking account, you will be able to earn 1.75% APY on balances up to $25,000. That is if you meet several requirements, such as subscribing to e-statements and making around 15 debit card purchases or even spending $400 with your debit card every month. For the savings account, you must maintain a minimum daily balance of $100 to earn some interest.

v) Credit Union of Southern California

The institution is among the best credit unions in California. It operates online and gives amazing APYs for various savings accounts. The Holiday Saver and the Summer Saver give you APYs of up to 0.30%.

vi) First Tech

The First Tech Rewards Checking account earns you up to 0.50% APY on balances of $15,000 or less if you meet three requirements: receiving e-statements and making 20 monthly purchases totaling at least $500 using your debit or credit card. The savings account has a bit lower APY.

vii) Suncoast Credit Union

The institution allows you to earn your union’s share certificates up to 0.95% APY for a five-year term. If you live, school, work, or worship in the eligible Florida counties, you can join the institution.

Wrap Up

Credit unions are financial institutions that allow members with a common bond to come together and put their funds together. They can uplift each other financially since you can borrow loans to develop yourself financially.

Interestingly, credit unions offer higher savings account APYs compared to banks. Most of them even allow you to earn APY when you meet specific qualifications.

You Might Also Like

5 Best Credit Unions in Georgia 2023

Best Credit Union in New Jersey 2023

Best Credit Unions in Washington 2023

The Best TD Bank Secured Credit Card & Alternatives

The Best Huntington Bank Credit Card Reviews 2022

By Spencer Tierney
Follow:
Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.

© 2022 Transfer Mone. All Rights Reserved.

  • Home
  • Privacy Policy
  • About Me
  • Contact
Welcome Back!

Sign in to your account

Lost your password?