Savings Accounts
From short-term savings accounts to certificates, we have the products and personalized service to grow within UMCU at every milestone of your journey.
Compare Accounts
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Money Market Savings
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Certificate Accounts
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IRAs
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Savings
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| Money Market Savings N/A | Certificate Accounts End of Term | IRAs End of Term | Savings N/A | |
| Money Market Savings N/A | Certificate Accounts Certificate $500 minimum deposit | IRAs Certificate $500 minimum deposit | Savings $5 | |
| Money Market Savings Monthly | Certificate Accounts Monthly | IRAs Monthly | Savings Monthly | |
| Money Market Savings $2,000 | Certificate Accounts $500 | IRAs $500 | Savings None | |
| Money Market Savings Mobile, online, over the phone, or in-person | Certificate Accounts In-person or over the phone |
IRAs
In-person or over the phone. IRS penalties and taxes may apply |
Savings Online, in-person, over the phone, or ATM |
Not sure what to choose? Let us help.
With incredibly low minimum balances, little to no fees, and amazing flexibility, a savings account from UMCU makes it easy to save for the future and reach your financial goals! Whether you want to shore up your emergency fund, spoil your family or plan for that special vacation, we‘ve got a savings product for you!
Savings Account
- No Monthly Fee
- No Minimum Deposit
- Earn Interest on Deposited Funds
- Sub-Savings Accounts for Your Individualized Goals
- Nationwide Fee-Free ATM Access
- Financial Counseling Available
Related Resources
FAQs
Our interest rates for savings accounts depend on what type of account you choose and the amount of funds kept in your account. For the most up-to-date interest rates on UMCU's savings accounts, please visit our Rates page.
Each UMCU savings product has a different minimum balance. For most accounts, the minimum balance is just $5.00!
Accounts with $5.00 Minimum Balance- Savings
- Business Savings
- Business Money Market Savings
Money Market Savings Account
- $500.00 minimum balance to avoid monthly maintenance fee
- $2,000.00 minimum balance to earn interest
Sometimes! Generally, our savings accounts don't incur fees, but there are a few specific instances where a fee may be charged. Check out our fees and charges table to learn more.
A savings account and a CD are both great ways to grow your funds. A savings account is a flexible way to store and access funds. They're great for keeping emergency funds on hand and can pay monthly interest. On the other hand, CDs are an excellent, low-risk option for short-term investing. You choose a set amount and agree to leave it untouched for a period of time. In return for not touching your funds, you'll learn a dividend at the end of the term. For example:
You receive cash gifts at your high school graduation party and decide to put $5,000 in a CD for four years at a rate of 3.00% so you can earn a dividend when you graduate college. After four years, your funds will grow to $5,150 - just for sitting in a CD!
Here's some more key differences to consider.
Interest Rates- Savings Account: Tend to be lower than CDs. Rates can change over time. Interest is earned monthly.
- CD: Higher, fixed rate with interest being paid at the end of a term.
Access to Funds
- Savings Account: Flexible, as funds can be added or withdrawn at any time.
- CD: Funds are locked in and cannot be added or withdrawn for a set time frame (6 months - 5 years).
Best Use
- Savings Account: Emergency funds.
- CD: Reaching a specific savings goal.
Fees
- Savings Account: When overdrawing your account.
- CD: Early withdrawal penalty.
Disclaimer
Please refer to your Membership and Account Agreement for more information on how NSF/insufficient Funds fees and Courtesy Pay Fees are charged.
*Free, unlimited access to more than 30,000 ATMs that are part of the CO-OP ATM network.