Best credit union savings account rates
Credit unions are member-owned, not-for-profit institutions that typically offer above-average savings rates, low minimum deposits, and minimal fees. While some online banks offer higher yields, credit unions often compensate with personalized service and perks like lower loan rates. This makes them a smart option to include when deciding among best high-yield savings accounts.
Bankrate's picks for top-yielding credit union savings accounts are all federally insured by the National Credit Union Administration (NCUA). This list includes both nationwide institutions with open membership policies and those with stricter location or occupational requirements, so be sure to check the criteria and see if you qualify to join.
- Bankrate's picks for the best credit union savings accounts
- Quorum Federal Credit Union: 3.30% APY; $0 minimum deposit to open
- Alliant Credit Union: 3.01% APY; $5 minimum deposit to open
- Pentagon Federal Credit Union: 2.70% APY; $5 minimum deposit to open
- Lake Michigan Credit Union: 1.75% APY; $0 minimum deposit to open
Note: Annual percentage yields (APYs) shown are as of June 30, 2026. APYs may have changed since they were last updated and may vary by region for some products.
A closer look at the best credit union savings account rates
Quorum Federal Credit Union: HighQ Savings; 3.30% APY
- Overview:
The HighQ Savings account from Quorum Federal Credit Union earns an APY well above the national average, and there are no minimum balance requirements to open the account or earn the rate. While there's no monthly service fee if you enroll in e-statements, those receiving paper statements pay $10 each month.
- Membership requirements:
You can become a member by joining the American Consumer Council (ACC) for free. Additionally, you're eligible to join if you're employed by select companies, including Kraft Heinz, Mastercard, Hitachi and Avon. Those who are family of Quorum members are also eligible to join.
Alliant Credit Union: High-Rate Savings; 3.01% APY
- Overview:
Alliant Credit Union's High-Rate Savings Account earns a solid APY, though you'll need a minimum balance of $100 to earn interest. You can open the account with just $5, though. There's no monthly fee, and paper statements are free. Unlike with many savings accounts, accessing your funds is easy. If you don't have an Alliant checking account credit card, you'll be issued an Alliant Savings ATM Card so you can withdraw funds at ATMs.
Another uncommon feature: Members can open up to 19 "supplemental savings accounts" that all earn the same APY, allowing you to save separately for multiple goals.
- Membership requirements:
Anyone can join by becoming an Alliant Credit Union Foundation member, for which the credit union will make a one-time $5 donation on your behalf. You're also eligible if you're a family member of a current member, work for or are retired from an Alliant partner business, or live or work in an eligible community around Chicago.
Pentagon Federal Credit Union Premium Online Savings; 2.70% APY
- Overview:
The Premium Online Savings account from Pentagon Federal Credit Union (PenFed) is a no-frills account with a yield that is over four times the national average. The account requires $5 to open and doesn't charge monthly maintenance fees. Note that this account doesn't allow you to make withdrawals at ATMs.
- Membership requirements:
Anyone is eligible for PenFed membership by applying for and opening a savings account with at least $5. Some mortgage products at the credit union may require military affiliation to receive certain benefits.
Lake Michigan Credit Union Max Savings; 1.75% APY
- Overview:
The Max Savings Account from Lake Michigan Credit Union earns an APY above the national average - and even higher APYs for larger deposit amounts. While there's no minimum requirement to open the account, you'll need at least $100 in the account to earn interest. Amounts of $100,000 and up earn higher, tiered APYs. But keep in mind the NCUA only insures deposits up to $250,000 per person, per institution.
- Membership requirements:
Anyone can join Lake Michigan Credit Union by making a $5 contribution to the ALS foundation. Membership is also open to people who live, work or worship anywhere in Florida or Michigan's lower peninsula and current members' immediate family members.
"Credit unions are a frequently overlooked banking alternative. These not-for-profit entities often redirect their profits back to members through higher APYs and reduced fees. If you want to bank with an institution that truly invests in customer service and local community growth, a credit union just might be your best option."- Karen Bennett, Bankrate Senior Consumer Banking Reporter
How to find the best credit union savings rates
- Check your eligibility. Identify some credit unions where you'd qualify for membership, which can include local, community-based ones as well as large federal credit unions with nationwide reach.
- Compare yields and other features. Take a look at how APYs stack up, as well as minimum balance requirements and any fees.
- Look beyond standard savings accounts. There may be other types of bank accounts with higher yields or additional features important to you. Accounts like certificates of deposits (CDs) or money market accounts and features like a large ATM network to access your funds may make a difference.
More ways to save
Ways to earn higher interest
Learn various low-risk strategies for earning more interest on your money.
How to choose the best credit union
Credit unions commonly offer better rates and fewer fees than big banks, and man
Best CD rates
A guaranteed-rate CD helps you grow your nest egg for a set amount of time.
Best money market accounts
Some money market accounts provide the best of both worlds, with high rates and
Credit union savings FAQs
- What is the difference between a credit union and a bank?Credit unions are not-for-profit organizations. Their profits are given back to members, sometimes as a dividend. Banks, however, are for-profit organizations, and many banks are publicly traded and owned.
- How do you become eligible for a credit union?Each credit union has different membership requirements. You might be able to qualify for credit union membership based on where you live, work or worship. Check the credit union's website to see its eligibility requirements. You can research credit unions using the NCUA's Research a Credit Union search.
- Do credit unions have high-yield savings accounts?Savings accounts from credit unions may earn rates that are competitive, or at least higher than national averages. You'll likely be able to find higher rates on savings from many online-only banks; however, credit unions sometimes offer solid APYs, and additional perks may include personalized service and community involvement.
Research methodology
Bankrate researches over 100 banks and credit unions, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
The savings accounts that made this list have the highest APYs out of all the credit unions we research and survey. Learn more about how we choose the best banking products and our methodology for reviewing banks.
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This story was originally published April 2, 2025 at 6:24 PM.