credit unions

5 types of credit union savings accounts

Become a first-time saver
Become a first-time saver © patpitchaya/Shutterstock.com

Late to the savings game? No worries. Some credit unions offer high rates to beginning savers who want to build healthy savings habits.

For example, Delaware Alliance Federal Credit Union in New Castle, Del., has its Savings Builder Account, which was developed in partnership with the First State Saves Initiative. To stimulate savings, the credit union offers a respectable 1.05 percent rate. Once you've saved $500, you can make withdrawals. And when you hit the $1,000 mark, you must transfer balances to a checking account or withdraw the money. The credit union also teaches you how to set financial goals, track spending and pay off debt.

Box Elder County Credit Union in Brigham City, Utah, has its Starter Certificate, which helps you become a disciplined saver. With a minimum balance of $50, you can earn a 0.55 percent rate. Still, you must commit to making monthly deposits of at least $25.

"These are teaching accounts," says Filene's George Hofheimer. "Some credit unions even offer newsletters and financial education."

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.07%  0.21 4.28%
15 year fixed 3.18%  0.08 3.26%
5/1 ARM 3.36%  0.07 3.43%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36% --0.00 4.36%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79% --0.00 2.79%
48 month used car loan 2.98% --0.00 2.98%
60 month new car loan 3.23% --0.00 3.23%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.94%  0.01 0.93%
2 Year CD 1.13% --0.00 1.13%
5 Year CD 1.76%  0.00 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.77%  0.06 15.71%
Cash Back Cards 16.48%  0.07 16.41%
Low Interest Cards 10.96%  0.10 10.86%
 
Next
advertisement

Blog

Polyana da Costa

Home prices rise at slower pace

Home price growth has slowed significantly. Should you be concerned?  ... Read more

advertisement
Partner Center
advertisement

Connect with us