credit unions

5 types of credit union savings accounts

Reward yourself with savings rewards
Reward yourself with savings rewards © Anan Kaewkhammul/Shutterstock.com

To beef up savings, some institutions offer credit union savings accounts that link to rewards checking where you find extra perks. The lure: lucrative yields.

For example, Kasasa, which offers free checking and savings accounts nationwide, partners with dozens of credit unions and community banks to offer Kasasa Saver. There's no monthly service fee or minimum balance. And rewards are deposited into the savings account, which pays a 1.01 annual percentage yield, while the rewards checking account separately yields 2.01 percent.

However, there are requirements to nab rewards, such as utilizing online banking and making transactions with your debit card. "If you don't do that, you'll get a lower interest rate," says Gabe Krajicek, CEO of BancVue, which created Kasasa. Still, people can use the savings account to plant the seeds of a rainy day fund.

Other credit unions offer their own rewards programs. For every $100 deposited in a savings account at Credit Union 1 in Anchorage, Alaska, depositors earn one point toward gift cards or travel rebates.

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