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Savings Accounts

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Savings Accounts

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 deposit accounts are insured up to $500,000 through a combination of $250,000 of primary insurance from American Share Insurance and $250,000 of excess insurance from Excess Share Insurance Corporation.  Each account you have with GenFed is insured individually (savings, checking, certificate, etc.) and there is no limit to the number of accounts you may have to maintain this level of coverage.  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.