3 Best Savings Accounts from Credit Unions

If you are in the market for one New savings account, there may seem to be more choices than ever before Between national bank chains, small local and regional banks, credit unions and online banking options, there’s no shortage of accounts to choose from.

Some people may prefer credit unions for their good customer service, low fees and solid interest rates. but Today’s rate environmentSavings accounts from credit unions may carry lower APYs High yield savings from online bankswith additional restrictions necessary to qualify for those rates.

Below, we’ve rounded up some of the best savings account options available from credit unions — and how you can find the best high-yield account for you today. Before you get started, explore the best savings account rates now

3 Best Savings Accounts from Credit Unions

There is a wide range of interest rates from credit unions to savings accounts. Although they are often larger than the larger, national banks, they may not be as competitive as many online banks. For this list, we gathered some of the top-earning savings accounts from credit unions that are NCUA-insured and have membership options that make them available to a wide range of people.

Alliant Credit Union: 3.10% APY

The high-interest online savings account from Alliant earns 3.10% APY. No monthly fees (until you switch off paper statements). To earn the higher rate, you must maintain a minimum balance of $100 and have at least $25 as your initial deposit. The account comes with an ATM card that you can use to access your money at ATMs across the country.

There are several ways you can join Alliant Credit Union. You may be eligible if you work for one of the credit union’s partner businesses or organizations, are an immediate family member of a current member, or you live or work in an eligible community near Alliant’s Chicago headquarters. Even if you don’t qualify under those requirements, you can still become a member of Foster Care for Nonprofit Success — and Alliant will pay a one-time $5 membership fee.

Pentagon Federal Credit Union: 3.00% APY

PenFed’s Premium Online Savings Account earns 3.00% APY with no monthly fees and only requires a $5 deposit to open. There is no ATM access with the account, but you can make regular transfers to your savings for free.

Qualifying for a PenFed membership is easy for savers, since all you have to do is open an account. You can apply for membership now by applying for your Premium Online Savings Account.

First Tech Federal Credit Union: 4.00% APY

First Take Rewards Savings has potentially the highest rates on our list, but also comes with the most requirements. To get started, you must open a First Take Rewards checking account. Qualified rates only apply to balances under $25,000.

To qualify for the 4.00% APY rate, you must meet all of the following criteria:

• At least 20 qualifying transactions (debit card purchases with rewards checking or First Take credit card purchases) with at least $500 in spending per month.
• At least $1,000 transferred to your Rewards checking account per billing cycle
• Enroll in electronic statements

There are a few different ways to qualify for a First Tech membership: you have a family member who is already in a credit union, you or a family member works for one of First Tech’s partner companies (or for the state of Oregon), or you work or live in Lane County, Oregon. bus Alternatively, you can join the Computer History Museum or the Financial Fitness Association (which you can do within the credit union’s online application).

Explore more of today’s best savings accounts and grow your balance now!

How to decide between a credit union and an online bank

There are many benefits to joining a credit union. George Kao, CFP, founder of Rich One Teach One Financial, says, “Credit unions are good alternatives to traditional banks because many of them are ‘member-owned.’ Offers education benefits and tough rates on borrowing.

However, if a great APY is your priority, it’s hard to beat Online Savings Account — which has only become more popular in the past few years. Online banks tend to offer Highest savings rates available today, with similar no-fees and flexible minimum requirements. For example, here are some of the top rates from online bank savings accounts today:

• CIT Bank: 4.85% APY
• Basque Bank: 4.75% APY
• Bread Savings: 4.65% APY
• Citizen Access: 4.50% APY

If you’re already a member of a credit union, you can score plenty there without worrying about eligibility. But before you join one, consider whether one High Yield Savings Account Earning above 4.5% APY may be a better fit for your savings.

Start earning more from your savings today and compare today’s top rates here.