This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account. Interest rate in savings account ranges from 3.5% to 7%.
A Savings Account is very beneficial with multiple advantages as detailed below:
- Bank with Workers Credit Union, a member-focused credit union in MA. Offering convenient and competitive mortgages, high interest checking, savings accounts, new and used auto loans, and more, you can bank online or visit a branch in Chelmsford, Westford, Groton, Townsend, Lunenburg, Lancaster, Leominster, Fitchburg, Athol, Gardner.
- Choose from a range of interest-earning savings options to fit your needs, timeline, and risk tolerance. (APY) accurate as of the effective date in the deposit account rates. Rate may change after account opening and fees may reduce earnings. Requires enrollment in RoundUp, we will match up to $10 of your RoundUp deposits posted within 60.
- With the unionsave more account, you have access to Secure, quick and convenient 24/7 banking with UnionOnline and UnionMobile. You also have access to online banking and debit cards and you earn 1.15% interest per annum.With just N2,500 you can open a UnionSaveMore account.
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
Union Savings Bank Savings Account Interest Rate
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.
| CD Rates | APY* | |
|---|---|---|
| 3-month CD | 0.10% | |
| 6-month CD | 0.20% | |
| 12-month CD | 0.30% | |
| 24-month CD | 0.50% | |
| 36-month CD | 0.60% | |
| 48-month CD | 0.70% | |
| 60-month CD | 0.80% | |
| Add-On CD Rates | APY* | |
| 6-month Add-On CD | 0.20% | |
| 12-month Add-On CD | 0.30% | |
| Looking to boost your savings even more? Enjoy a .25% APY* bump on your next Standard CD when you have the FAIRWINDS Visa® Signature card. Learn more about our Visa Signature Credit Card. | ||
| *Early withdrawal of Certificate of Deposit is subject to penalty. Fees can reduce earnings on the account. Bonus is provided at the time of account opening. Bonus is not applicable to any renewal item. | ||
| Savings Interest Rates | Annual Percentage Yield (APY) |
|---|---|
| Freedom Savings | 0.05% |
| Freedom Signature Savings | 0.50% |
| Simply Savings | 0.05% |
| IRA Savings Account | 0.05% |
| Investor Savings | 0.65% |
Emergency Savings Account We know the importance of emergency savings and the peace of mind it gives you, so we pay a premium rate on our FAIRWINDS Emergency Savings account. Earn 2.021% APY on the first $1,000 in your Emergency Savings account. The amount of any balance above $1,000 will earn 0.05% APY. Learn more about our Emergency Savings account. | |
How To Apply Savings Account In Union Bank
| Checking Interest Rates | Annual Percentage Yield (APY) |
|---|---|
| $0.01 - $9,999.99 | 0.05% |
| $10,000.00 - $24,999.99 | 0.10% |
| $25,000.00 - $49,999.99 | 0.15% |
| $50,000.00 - $9,999,999.99 | 0.20% |
| Minimum to open Freedom Signature Checking — $25 | |
| Checking Interest Rates | Annual Percentage Yield (APY) |
|---|---|
| $0.01 - $9,999.99 | 0.01% |
| $10,000.00 - $24,999.99 | 0.02% |
| $25,000.00 - $49,999.99 | 0.03% |
| $50,000.00 - $9,999,999.99 | 0.04% |
| Minimum to open Freedom Preferred Checking — $25 | |
| Money Market Rates | Annual Percentage Yield (APY) |
|---|---|
| All tiers | 0.10% |
| Preferred Money Market | Annual Percentage Yield (APY) |
| All tiers | 0.25% |
| Minimum to open Money Market — $10 Minimum to open Preferred Money Market — $10 | |