All you need to know about savings accounts
Looking for a safe place to grow your money? Look no further than the savings account options at Chief Financial.
Here’s everything you need to know about how a savings account works:
Opening the account
Getting your account up and running is easy. Make an appointment at our branch or open an account online in just minutes. We offer several savings options to fit your needs, including an interest-earning Kids Club Account to help your kids learn good savings habits early.
Accessing your funds
If you need to make a withdrawal from your savings account, visit a branch location or any of the 30,000 surcharge-free ATMs nationwide. Chief allows up to six withdrawals a month. You can also transfer funds to another account online.
Fees and penalties
A Regular Savings account at Chief has no monthly maintenance fees and grants full access to our entire range of services!
Credit union members may be penalized for going over the withdrawal limit on savings accounts. Federal Reserve Board Regulation D is a federal law that says you can't make more than six withdrawals or transfers per month out of your savings account. Chief Financial charges a small excessive use fee for each transaction that goes over that limit.
Higher earnings rate
One of the most advantageous features of a savings account is its interest rate, which is sometimes higher than the checking account interest rate at the same institution. According to the National Credit Union Administration (NCUA), in December 2020, the average checking accounts rate for credit unions was 0.08% APY. The average rate for savings accounts was 0.11% APY. With Chief Financial's Free Kasasa Saver Account, you can earn a higher rate than the national average!
Safety and security
Your money is always safe at Chief. We are federally insured up to $250,000 by the NCUA, so you won’t need to worry about losing your money in a stock market crash or economic recession.
A savings account can be an excellent place for keeping emergency funds. Consider opening a savings account today!