Best Credit Union Savings Accounts Of February 2024 (2024)

Ideal Credit Union offers an innovative saving option that lets you round up purchases from your linked Ideal Debit Card and deposit the difference in a high-yield savings account. The RoundUp Savings account pays 5.00% APY on all balances, with no minimums or fees.

There are three requirements for earning 5.00% APY: You need an Ideal Credit Union checking account that receives a minimum of $1,500 in monthly direct deposits; you must make at least 20 debit card purchases from the account each month, and you must opt to receive electronic statements rather than paper ones.

To give your savings an extra boost, you can also add $1 or $2 to each round-up savings transfer. This account is ideal for those looking to keep their spending money and savings in one place, and the rate is competitive with the best high-yield savings accounts.

CommunityWide Federal Credit Union’s Hi-Rate savings account isn’t like other credit union savings accounts. Working in its favor, it pays a 5.00% APY with no limit on earnings or balance tiers. However, there’s a catch: You can only make withdrawals during the first five days of any given month. If you pull money outside of this window, you’ll pay a hefty penalty fee equal to 15 days’ worth of dividends on the amount you withdraw.

There’s a $1 minimum to open and maintain this account, and there are no maintenance fees. You can access 30,000 fee-free ATMs around the U.S. when you need cash.

This account is like a hybrid savings account and CD, and it isn’t for everyone. But if you’re motivated to save and not worried about the withdrawal restrictions, consider joining CommunityWide.

Read our full CommunityWide Federal Credit Union Review.

Digital Federal Credit Union is an online-only credit union offering 6.17% on the first $1,000 in your account (after that, the APY drops to just 0.15%) on its Primary Savings account. This is easily one of the best yields you’ll find on savings today, but the high APY is only available on the first $1,000 in the account. For balances greater than this, the rate drops to a lowerAPY, which isn’t much even compared to traditional savings account rates.

There are no additional account fees or minimums assessed, and there are no requirements to earn dividends for this account. This is one of the simpler savings accounts you can open.

This savings account is best for those who want to avoid restrictive minimums and earn a high APY on a little extra cash.

Earn 6.17% on the first $1,000 in your account (after that, the APY drops to just 0.15%).

Digital Federal Credit Union is based in Massachusetts, but anyone can join by making a $10 donation to Reach Out for Schools, a nonprofit that raises money for classrooms.

Hanscom Federal Credit Union not only encourages you to save but requires it with its high-yield CU Thrive account. This account offers a flat 5.00% APY and stands out for its monthly transfer rule, which requires you to save between $5 and $500 per month through automatic transfers from a linked Hanscom FCU checking account. This is non-negotiable.

There is no minimum balance needed to earn the full 5.00% APY, but the Thrive account is also unique in that you must keep your principal deposits in the account for 12 months to earn the high rate. As dividends accrue, your earnings are unlocked after 12 months and automatically transferred to a standard Hanscom savings account. If you withdraw funds before a year is up, there will be an early withdrawal penalty, much like you’d see with a CD.

Overall, this account could be a good fit for those who want help saving regularly. But you can only contribute $500 a month and have to wait a year to earn the full amount of interest, so it’s not ideal for short-term goals.

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On Consumers Credit Union's Website

Consumers Credit Union offers a solid 3.00% APY on its Smart Saver account, which is ideal for customers who want to automate their savings. It requires monthly deposits, much like the Hanscom FCU CU Thrive account, but does not have restrictions on how long you must save.

This account is easy to open with no fees or minimums, but there are a few boxes you must check to earn the stated APY. You need a linked CCU checking account that receives at least $500 in monthly direct deposits, you need to deposit between $50 and $1,000 a month to your Smart Saver account, and you must elect to receive electronic statements (rather than paper ones) to qualify.

While 3.00% APY isn’t the highest you’ll find, this account might appeal to existing Consumers Credit Union customers as well as those who need a push to reach their savings goals.

Read our full Consumers Credit Union Review.

Yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and credited monthly. Consumers allows you to earn 3.00% APY on your existing balance and on deposits of up to $1,000 per month. Consumers transfers any deposit amounts exceeding $1,000 in a given month into your Membership Share Savings account at the end of the day the transaction occurs. The Membership Share Savings account pays 0.03% APY.

To earn 3.00% APY, you have to meet the following requirements:

• Deposit a minimum of $50, up to a maximum of $1,000, to the Smart Saver account each month.
• Have direct or mobile deposits or ACH credits totaling $500 or more each month to a CCU Checking account.
• Enroll in eDocuments.

If you don’t meet the minimum qualifications during a given month, the dividend rate drops to 0.25% APY. There is no maximum total balance you can accumulate, so long as you make monthly deposits of $1,000 or less and meet the other requirements.

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On Fiona.com's Website

The High-Rate Savings account from online-only Alliant Credit Union doesn’t come with a laundry list of fees, and it also doesn’t have many rules for earning the 3.10% APY. All balances over $100 are eligible to receive this rate. To keep your account open, $5 will do the trick.

You can open up to 19 Supplemental Savings accounts alongside your High-Rate Savings to earmark money for different goals. Alliant Credit Union also has a high-yield checking account and many competitive CDs.

The High-Rate Savings account has a $1 monthly fee, technically a paper statement fee, that’s waived when you sign up for electronic statements. You can access cash free at over 80,000 ATMs in the U.S. This credit union account is a hassle-free, low-fee choice for saving.

Read our full Alliant Credit Union Review.

Blue Federal Credit Union’s Accelerated Savings account pays 5.00% APY on the first $1,000. It has no monthly fees or hoops to jump through to get the highest rate, and you’ll earn dividends as long as your balance is at least . However, you do need to live in Wyoming or Colorado to make an appointment and join.

This is a tiered-rate account with the best rates upfront. As your balance grows, your APY will shrink. If your balance exceeds $1,000, you’ll earn a blended APY between 5.00% APY on the first $1,000. This means you’ll receive the dividend rate on the portion of your balance that falls into each of the five tiers. Only the balance tier over $50,000 earns precisely the lower APY.

If you have a smaller savings balance or you’re looking for a secondary savings account, it may be worth becoming a Blue Federal member and opening an Accelerated Savings Account.

Quorum Federal Credit Union is an online-only credit union known for low maintenance, high-yield accounts and straightforward terms. HighQ Savings is a simple savings account that pays 4.25% APY on all balances. It has no minimum deposit required to open the account and no minimum balance or conditions for earning dividends, and the credit union is easy to join.

There’s a $10 monthly fee for this account if you want to receive paper statements, but you won’t pay for anything else. Quorum doesn’t have branches, but you can get cash fee-free at over 100,000 ATMs in the U.S.

If you’re looking for a credit union savings account you won’t have to worry about—and you like banking online—Quorum’s HighQ Savings is one of the better options out there.

The Connexus Credit Union Holiday Club Account lets you save for the holidays separately from your other goals. After opening a regular Connexus savings account, you can open a Holiday Club account and set up automatic transfers from your paycheck or another account. The money accrues throughout the year and then transfers to your regular savings account on October 1st. This ensures you have money when you need it without thinking about it.

The earning rate for this account is, unfortunately, only 0.25% APY, but the main draw is the ability to save automatically and make sure you have enough money for the end of the year. You can transfer up to $1,000 at a time and change your monthly transfer amount if needed.

If you want to save for the holidays year-round, consider this extra Connexus savings account.

Read our full Connexus Credit Union Review.