Best Credit Union Savings Accounts (2024)

Our Picks for the Best Credit Union Savings Accounts

For our list of the best credit union savings accounts, we reviewed 22 of the country’s largest regional, national and online credit unions. We then selected the institutions that earned the highest scores in our savings account review, which evaluates factors such as APY, fees and deposit requirements. You can see how we score each credit union here.

First Tech Federal Credit Union

• Our Savings Account Rating: 4.5
• Best Savings Account: First Tech Rewards Savings
• Best Savings Account APY: Up to 5.00%
• Minimum Deposit Requirement: $25

Why We Like First Tech Federal Credit Union

First Tech Federal Credit Union currently offers five savings accounts, including basic, high-yield and youth savings accounts. Members benefit from no monthly fees across all savings accounts, along with online and mobile banking.

The First Tech Rewards Savings can earn a high APY if certain requirements are met, which include:

• Making at least 20 qualifying transactions per month ($500 minimum monthly spend)
• Having at least $1,000 in direct deposits each month
• Enrolling in eStatements

Membership Requirements

To become a member of First Tech Federal Credit Union, you must meet one of the following requirements:

• Work for one of its partner companies (such as Amazon or Microsoft)
• Be related to or live with a current member
• Work for the state of Oregon
• Live or work in an eligible Oregon county
• Belong to the Financial Fitness Association or Computer History Museum

Keep in mind that once your account is open, you need to keep it active or an inactivity fee may apply, which can be up to $5 per month.

Consumers Credit Union

• Our Savings Account Rating: 4.3
• Best Savings Account: Smart Saver
• Best Savings Account APY: 3.00%
• Minimum Deposit Requirement: $5

Why We Like Consumers Credit Union

Consumers Credit Union (CCU), based in Illinois, offers several savings account options that cater to various savings goals, from general savings to health savings accounts. Members have access to over 30,000 ATMs without fees and 5,000 shared branches.

With the Smart Saver account, you can earn a high APY if you meet certain qualifications, which include:

• Depositing between $50 and $1,000 each month
• Setting up direct deposits of $500 or more to a CCU Checking account each month
• Enrolling in eDocuments

Note that you must also link your savings account to a CCU Checking account or you will only earn 0.25% APY.

Membership Requirements

Joining Consumers Credit Union is easy and straightforward since membership is open to anyone. To become a member, you’ll need to pay a one-time $5 fee to the credit union’s sponsor, Consumers Cooperative Association. You’ll also need to open a Membership Share/Savings account, which requires a minimum initial deposit of $5 and a minimum balance of $5.

Alliant Credit Union

• Our Savings Account Rating: 4.2
• Best Savings Account: High-Rate Savings
• Best Savings Account APY: 3.10%
• Minimum Deposit Requirement: $25

Why We Like Alliant Credit Union

Alliant Credit Union offers several savings accounts, all of which earn a high APY. But our top pick is its High-Rate Savings account, which earns the top rate on average daily balances of $100 or more. This is a much easier APY requirement to meet than other accounts on this list, which have transaction or deposit requirements.

Membership Requirements

To join Alliant Credit Union, you must:

• Be a current or retired employee with one of Alliant’s partners
• Be a family member or domestic partner of a current member
• Live or work in an eligible community in Illinois

If you’re unable to qualify through one of the above options, Alliant offers membership if you make a one-time $5 donation to the Alliant Credit Union Foundation.

Quorum Federal Credit Union

• Our Savings Account Rating: 4.2
• Best Savings Account: HighQ Savings
• Best Savings Account APY: 4.25%
• Minimum Deposit Requirement: $0

Why We Like Quorum Federal Credit Union

Quorum Federal Credit Union offers high-yield savings accounts and term savings accounts, which are similar to certificates of deposit (CD).

Its HighQ Savings account stands out for having a high APY and no minimum balance requirement. This account is ideal for savers looking to maximize their earnings without the burden of maintaining specific balance requirements or navigating complex fee structures. There’s also no monthly fee if you enroll in eStatements, along with access to over 100,000 ATMs without fees.

Membership Requirements

To become a member, you need to meet one of the following requirements:

• Be an employee, retiree or member of a Select Employee Group (SEG) company or organization
• Be a family member of an SEG employee or retiree
• Are a member of one of Quorum’s partner associations, such as the American Consumer Council (ACC) or the Select Savers Club (SSC)

What Is a Credit Union Savings Account?

A credit union is a not-for-profit financial institution owned by its members – your savings account is a “share” in the organization, and you get to vote on its board of directors. Banks, on the other hand, are for-profit companies. Like banks, credit unions tend to offer a variety of financial products, including loans, checking accounts and savings accounts.

Credit union savings accounts tend to come in basic or high-yield options. They typically don’t have a monthly service fee and they may offer low account fees in general.

To open a credit union savings account, you’ll need to be a member. Unlike banks, which anyone can use, credit unions require you to meet certain criteria to join, which are often based on geographical location, employment, or other affiliations.

Make sure any credit union you’re interested in is protected by the National Credit Union Administration (NCUA), which insures accounts up to $250,000 per depositor per account, matching the security that the Federal Deposit Insurance Corp. (FDIC) offers bank customers. This insurance means that customers’ deposits are safe even if the credit union faces financial difficulty or collapse.

Types of Credit Unions Savings Accounts

Credit unions offer many of the same financial products as banks. In terms of savings accounts, a credit union may offer:

• Traditional savings accounts: This is a regular savings account that provides a safe place to store money. It comes with the flexibility to make deposits and withdrawals. Interest rates can be lower than other savings options.
• High-yield savings accounts: High-yield savings accounts offer higher interest rates than traditional savings accounts, along with the flexibility of accessing your money anytime.
• Specialty savings accounts: This type of account is tailored to specific goals or occasions, such as holiday savings clubs or accounts designed for children’s education (such as 529 plans).
• Certificates of deposit: This is a fixed-term savings account that usually offers a higher interest rate in exchange for keeping your money deposited for a set period of time.
• Money market accounts: These combine the features of savings and checking accounts, typically offering higher interest rates, debit cards and paper checks.

Pros and Cons of Credit Union Savings Accounts

Credit unions may not have the national recognition of large banks, but they compensate for this with benefits tailored to the specific communities or groups they serve. This community-centric approach ensures that, while they might operate on a smaller scale, their impact on individual financial growth is significant.

Plus, many credit unions offer savings accounts with APYs that surpass the FDIC’s national average for savings accounts, which is currently 0.46%.

How To Choose the Best Credit Union Savings Account

To choose the best credit union savings account, consider your financial goals and needs. But here are some factors to consider:

The Bottom Line: Is a Credit Union Savings Account Right for You?

A credit union savings account can be an appealing choice for those looking for a more personalized banking experience, competitive rates and a community-focused approach. Unlike banks, credit unions are member-owned, which often results in lower fees and better APYs on savings accounts.

Methodology

Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.

*Rates accurate as of May 7, 2024

**Data accurate at time of publication