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Credit unions are not-for-profit, member-owned institutions that commonly offer savings accounts with above-average rates, low minimum deposit requirements and low (or no) fees. While some credit unions restrict membership to those of a certain location or occupation, others make it easy for anyone to join nationwide.
While the rate offerings from some credit unions won’t beat the top-notch rates of many online-only banks’ high-yield savings accounts, a credit union may provide more personalized service and perks like lower loan rates. That’s why it can be smart to include credit unions when you’re searching for the best savings account to fit your needs.
Below, you’ll find Bankrate’s list of the credit union savings accounts with the highest annual percentage yields (APYs). All are federally insured by the National Credit Union Administration (NCUA). Included are credit unions that have open membership policies that allow anyone to join and others with restrictive membership requirements — so pay attention to see if you’d qualify to become a member.
Note: Annual percentage yields (APYs) shown are as of April 1, 2025. 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
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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 for members enrolled in e-statements, those receiving paper statements will pay $10 each month.
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You’re eligible to join Quorum Federal Credit Union 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. Anyone who doesn’t meet any of these requirements can also become a member by joining the American Consumer Council (ACC), which is free to do.
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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. It doesn’t charge monthly fees for those enrolled in eStatements, but if you decide to opt for paper statements, you’ll pay $1 a month.
The account comes with a unique savings feature: Members can open up to 19 “supplemental savings accounts” that all earn the same APY, and they allow you to separate your savings across multiple goals.
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Anyone is eligible to join Alliant Credit Union in a few different ways. Current or retired employees from a business that partners with Alliant Credit Union may be eligible to join. You can also qualify to join Alliant Credit Union if you live or are employed in a community near its Chicago headquarters. If those circumstances don’t apply to you, you 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.
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The Premium Online Savings account from Pentagon Federal Credit Union (PenFed) offers a yield that beats the national average. The account requires $5 to open and doesn’t charge monthly maintenance fees.
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Anyone is eligible to apply for PenFed membership. All that’s needed is to open and maintain a savings account with at least $5. Some products at the credit union may require military affiliation to receive certain benefits.
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The Primary Savings Account from American Airlines Federal Credit Union earns a decent APY when compared to the national average. The account has a minimum opening deposit of $6 and requires a minimum daily balance of $5. Secondary savings accounts are also available, which earn the same APY and require no set minimum balance.
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Membership in American Airlines Federal Credit Union is open to anyone who works in the air transportation industry, as well as their family members.
Finding the best credit union savings rates
It’s worth taking the time to investigate the types and terms of savings accounts offered at either your local credit union or at a federal credit union with nationwide reach in which you qualify for membership.
In addition to savings accounts, consider money market accounts at credit unions. For example, Randolph Brooks Federal Credit Union (RBFCU) offers a savings account that only earns 0.30 percent APY. However, its Choice Money Market account earns between 1.81 percent APY and 2.27 percent APY on balances of $2,500 and above.
Credit union savings FAQs
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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.
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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.
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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. Learn more about our methodology for reviewing banks.
The savings accounts that made this list have the highest APYs out of all the credit unions we research and survey.
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