Saving money is a smart idea at any age! From helping your child get a good financial start to setting money aside for your specific goals or needs, GenFed offers you the best savings account options.

Your savings account deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), one of the strongest government insurance programs. Additional deposits of up to $250,000 are insured by Excess Share Insurance, a private insurance company. IRAs are insured separately for an additional $500,000 of insurance. Also, individual and joint accounts are insured separately. For example, say you have an individual account containing $250,000, and a joint account with your spouse containing $250,000. Each account is insured separately for a total coverage of $500,000.

To determine federal insurance coverage, visit the NCUA’s insurance estimator.

No matter what you’re saving for, this is the best place to start! A Traditional Savings account establishes your GenFed membership, giving you access to our wide variety of products and services.

This account is perfect for saving money long-term, building an emergency fund, or just setting money aside for a rainy day.

  • When you open your first account at GenFed, we’ll make your first $25 deposit for you!
  • You can also use this savings account as overdraft protection for your GenFed checking account.
Required Opening DepositMinimum Balance to Earn DividendsDividend Rate (APY)
$25$1000.10%

You can make saving automatic with direct deposit, payroll deduction, or by setting up recurring transfers from other accounts. Plus, it’s easy to manage your savings with free online and mobile banking and your choice of free printed or e-Statements.

Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.

GenFed’s Club Savings accounts make it easy to set money aside for a specific purpose or savings goal. It’s a great way to budget and save for a big purchase, the holidays, a vacation, a wedding, a child’s education, and more!

  • When you set your account up, you’ll be able to name it anything you want.
  • No limit to the number of special purpose savings accounts you can create.
  • No minimum opening deposit requirement.
  • One free withdrawal for Christmas Club savings accounts ($5 fee for additional withdrawals).
  • No withdrawal fee for other Club savings accounts.
TypeMinimum Balance to Earn DividendsDividend Rate (APY)
Christmas Club$1000.15%
All Other Club Accounts$1000.10%

Make saving automatic with direct deposit, payroll deduction, or by setting up recurring transfers from other accounts! Plus, it’s easy to manage your savings with free online and mobile banking and your choice of free printed or e-Statements.

Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.

A Health Savings Account (HSA) gives you the option to save money tax-free for current and future out-of-pocket heath expenses.

  • Can be funded with pretax dollars.
  • Grows tax free.
  • Withdrawals are not taxed as long as they’re used to pay for qualifying healthcare expenses.
  • Ability to write checks to pay for expenses.

To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP). In addition, you cannot be enrolled in Medicare, be eligible to be claimed as a dependent on another person’s tax return, or be covered by another health plan (with limited exceptions).

BalanceDividend Rate (APY)
Below $1000
$100.00 - $2,499.990.15%
$2,500.01 - $10,000.000.20%
$10,000.01 and up0.75%

You can make saving automatic with direct deposit, payroll deduction, or by setting up recurring transfers from other accounts. Plus, it’s easy to manage your savings with free online and mobile banking and your choice of free printed or e-Statements.

Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.

If you’d like to open a Certificate or IRA Certificate but don’t have enough funds on hand to get started, this account is for you! An Accumulator Savings Account lets you save money over time so you can open the long-term savings product of your choice.

Accumulator TypeMinimum Balance to OpenMinimum Balance to Earn DividendsDividend Rate (APY)
Certificate Savings ClubN/A$1000.10%
IRA Savings$100$1000.15%

You can deposit or withdraw funds at any time. Make saving automatic with direct deposit, payroll deduction, or by setting up recurring transfers from other accounts! Plus, it’s easy to manage your savings with free online and mobile banking and your choice of printed or e-Statements.

Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.

Get more information on federal share insurance.

APY = Annual Percentage Yield. See rates page for full rates disclosures.