credit unions

5 types of credit union savings accounts

Set a savings goal
Set a savings goal © Anson0618/Shutterstock.com

Most credit unions offer special goal-setting savings accounts that can be used to fund big-ticket expenses such as vacations or a new home.

The lure? You'll find higher interest rates than on other savings accounts, no fees and low minimum balances. Take Municipal Credit Union in New York. Its Holiday and Vacation Club accounts help members gradually build savings. Money accrued is automatically deposited into checking accounts at a set date. You're also allowed one complimentary withdrawal.

"These accounts help people do a better job of saving," says Michael Mattone, Municipal Credit Union's spokesman. Regular, non-club credit union savings accounts are easier to access, making it harder to save, he says.

Credit unions like Redstone Federal Credit Union in Huntsville, Ala., and Arizona Central Credit Union in Phoenix offer "You Name It" accounts to fund any savings goal you may have. TwinStar Credit Union in Olympia, Wash., dishes out a 1.61 annual percentage yield on its Planned Savings account, which can be used for family vacations, birthdays, holidays and the like.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement

Blog

Poonkulali Thangavelu

Homeowership rate down for all groups

Even as the housing market continues to improve, there are still signs that it has not yet fully recovered. Among them: the homeownership rate for the first quarter of 2015 fell to 63.7 percent. When was the homeownership rate last lower than this? You would have to look back to 1986, that long-ago year when  ... Read more

advertisement
Partner Center
advertisement

Connect with us