If you receive a call or text from someone claiming to be from GenFed requesting personal information, do not respond or provide information.  GenFed will never call or text members to ask for personal information.  Always call your local branch to verify.  More Info.

Close mobile menu
Online Banking Login
mastercard logo MasterCard Login
Apply for a Loan
Open an Account
Interior Hero Desktop Test
Interior Hero Mobile Test

Special Purpose Savings Account

Home > Bank > Savings Accounts > Special Purpose Savings Account

caption curve

Special Purpose Savings Account

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!

Special Purpose Savings Account
Effective Date: 5/1/2024
TypeMinimum Balance to Earn DividendsDividend Rate/APY (Interest Rate)
Christmas Club $100.00 0.10%
All Other Club Accounts $100.00 0.05%
Regular savings, money markets, accumulators and checking: Rates are subject to change at any time. Annual percentage yield on regular savings accounts is accurate as of the last declaration date of 1/1/2023. Rates may change after a savings, money market or checking account is opened. Disclosures available upon request. Minimum balance to earn dividends is $100 for regular savings, $1,000 for IRA, $2,000 for money market, $75000.01 for Jumbo Money Market and $1500 for eInterest and second tier of Premier Interest checking. Fees could reduce earnings on accounts. We may offer different rates in the future. APY = annual percentage yield.

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.

Open an Account

APY = Annual Percentage Yield. See rates page for full rates disclosures.  ACCOUNTS INSURED UP TO $500,000. American Share Insurance insures each account up to $250,000. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account.