Savings Accounts at University Credit Unions
University credit unions stand out in the financial landscape for their easy access for students, alumni and employees of universities. They offer a nice alternative to banks, with less checking account fees and perks that appeal to students. But university credit unions are not only for students. Membership fields often stretch to include businesses or associations that are affiliated or do business with the university and people who live or work in surrounding counties.
Why a Savings Account?
Savings accounts offer a reasonable amount of flexibility compared to CD’s, so you can access your money up to 6 times per month and it still earns interest. The advantage of a savings account at a university credit union is that they may offer better interest rates, lower opening deposit requirements and lower minimum balance requirements than other banks. And with many credit unions, your savings account deposit serves as your membership share. We’ve found some of the best savings accounts at university credit unions across the country to help you find the best savings experience for you.
Main Share – Florida State University Credit Union (Tallahassee, FL)
The Main Share account at Florida State University Credit Union is easily accessed with a $5 membership share and opening deposit. When the account balance reaches $100 it earns interest that is compounded and paid monthly. The account comes with an ATM card for cash withdrawals and deposits, and you can sign up for direct deposit or payroll deduction. A $2 monthly fee is waived with an aggregate daily balance of $250 or by opening a checking account. Florida State University Credit Union has 5 branches in Tallahassee, 1 in Crawfordville and 1 in Perry, Florida. Membership is available to FSU students, alumni and employees, in addition to residents of Leon, Gadsden, Taylor and Wakulla County, Florida. Additional membership eligibility information is available here.
Spartan Saver – Michigan State University Federal Credit Union (East Lansing, MI)
Spartan Savers at Michigan State University Federal Credit Union keep their money safe and secure, and earn dividends that are calculated daily and paid monthly. If you open a Spartan Saver account, you will have access to ComputerLine online banking, Green on the Go mobile banking, MoneyLine and CO-OP Network ATMs. The membership fee is $1 and the minimum required balance is $5. Michigan State University Federal Credit Union has branches in Lansing, East Lansing, Haslett, Okemos and Auburn Hills, Michigan. Membership is available to Michigan State University and Oakland University students, alumni and employees, and businesses affiliated with either university. Additional membership info can be found here.
Regular Share Savings – Ohio University Credit Union (Athens, OH)
Ohio University Credit Union knows that saving money is important, and to that effect, the Regular Share Savings account is free of monthly service charges. The account membership is maintained with a $10 balance and dividends are compounded quarterly. Ohio University Credit Union has 2 branches in Athens, Ohio. Membership is available to students, alumni and employees of Ohio University and Hocking College, as well as qualifying associations and select employer groups. Additional membership details can be found here.
Share Savings Account – University Federal Credit Union (Grand Forks, ND)
The credit union for the University of North Dakota, University Federal Credit Union offers appealing tiered interest rates for their Share Savings accounts, so the more you deposit, the more you earn. Interest is earned starting at balances of $25, and the account offers free notary service. University Federal Credit Union has 2 locations in Grand Forks, North Dakota, and membership is available to University of North Dakota students, faculty, staff and family members. Click here for more membership eligibility details.
Regular Savings – University of Hawai’i Federal Credit Union (Honolulu, HI)
Regular Savings at University of Hawai’i Federal Credit Union is anything but “regular”. It’s a cool, easy way to save and earn money. Your $5 deposit is held as a membership share, but once you open the account, there are no service charges or minimum balance requirements. When your account balance reaches $100 you earn great interest that is credited and compounded monthly. University of Hawai’i Federal Credit Union has 4 branches in Honolulu, 3 of which are on campus. Membership is available to students, alumni and employees of the University of Hawai’i, as well as students, employees and alumni of associated schools. Membership eligibility information can be found here.
Prime Share – University of Kentucky Federal Credit Union (Lexington, KY)
Prime Share at University of Kentucky Federal Credit Union is your start to membership at the credit union and a great opportunity to increase your savings. The account is opened and maintained with a $25 deposit, there are no monthly service charges and interest is earned on balances of $100 or more. The account can also be used as overdraft protection in case your checking account is overdrawn. University of Kentucky Federal Credit Union has 5 branches in the greater Lexington area. Membership is available to University of Kentucky employees, students and alumni, in addition to numerous employers and associations. Eligibility details can be found here.
Primary Shares – Academic Federal Credit Union (Briarcliff Manor, NY)
Academic Federal Credit Union services a number of New York schools and offers the Primary Shares account as its basic savings account. There is a one-time membership fee of $5 and a required minimum balance of $20. Once you are a member, you have access to benefits from associated businesses, including discounted car rentals and auto insurance. Academic Federal Credit Union is located on the Pace University campus in Briarcliff Manor, New York. Membership eligibility information can be found here.
Share Savings – Duke Credit Union (Durham, NC)
Share Savings at Duke Credit Union offers an excellent savings opportunity if you’d like a few perks with your account. The account offers a Funds Express ATM card, unlimited Duke Credit Union ATM withdrawals and 5 free foreign ATM withdrawals a month. You get 24/7 access to your account and free Internet banking. You only need to maintain a minimum balance of $25, at which point you will earn competitive interest rates on your savings. Duke Credit Union is based in Durham, North Carolina. Grad students, alumni, employees and retirees of Duke University and Duke University Health System, as well as family members and household members of the above are eligible for membership.
Savings Account – Georgetown University Alumni and Student Federal Credit Union (Washington, DC)
Georgetown University Alumni and Student Federal Credit Union (GUASFCU) stands out as an entirely student-run institution. It is the largest student-run credit union in the nation both in asset size and membership. Their Savings account offers a low minimum balance of $10 and no fee to open the account. The account earns a competitive interest rate that is compounded monthly and can be linked to your checking account for free. Online banking and eStatements are offered free. GUASFCU’s main branch is located on the Georgetown campus and membership is available to Georgetown students, alumni and their immediate family members.
Regular Savings – IU Credit Union (Bloomington, IN)
At IU Credit Union, a penny saved is a penny earned. With a low minimum deposit and account balance of $5 you can earn competitive interest that is calculated daily, compounded and paid monthly. Online banking is free and you have nationwide access to your money with Alliance One, the CO-OP Network and Shared Branching. IU Credit Union has 6 branches in Bloomington, 1 in Indianapolis and 5 on-campus branches at Indiana University locations. If you live or work in one of 51 Indiana counties, you could be eligible for membership.
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