Reach your savings goals faster

A savings account, also called a “deposit account,” is available from credit unions, banks, and online financial institutions. Savings accounts typically pay interest on the monthly balance with tiered levels of interest, so the more you save the more earned interest you’ll receive.

Like their names suggest, a savings account is typically for depositing incoming funds to be saved. A checking account is traditionally used to deposit checks and cash, write checks and make payments. Most people have both types of accounts. Savings accounts earn interest and the higher your account balance, the more interest you’ll earn. There are many types of savings accounts, including Money Market Accounts and Certificates of Deposit (CDs)

Yes. At the Credit Union of Southern California, we make it easy to open a savings account online. The first step is to establish Membership. Open your account online or through one of our branch locations. Although it is not required, you may schedule an appointment at a branch location of your choice to eliminate wait time.

You may open a CU SoCal savings account of your own or jointly with another person. To open a checking account, you’ll need: 1. Established Membership, 2. Social Security Numbers for all account holders, 3. Driver’s License or State-Issued ID for all account holders, 4. A debit card, credit card, or checking account number to fund your account without visiting a branch.

Saving money in a CU SoCal savings account with compounding interest can help you reach your savings goals. Savings accounts can help you be prepared when unexpected expenses occur. Using this savings calculator can help you create a targeted savings plan: Savings Growth Calculator.

Yes, it is always worth it to have a savings account. Whether you’re saving to buy a home, car, start a business, or pay for college tuition, savings accounts can help you focus your saving efforts and earn interest in the process. At the Credit Union of Southern California, we can help you open a savings account today!

Opening or closing a savings (or checking) account is not reported by financial institutions to the credit reporting agencies (Experian, TransUnion and Equifax). This means your credit score isn’t affected when opening or closing a savings account. The one exception is if you owe the Credit Union of Southern California any money that you do not pay back before closing the account, in this case, an unpaid debt would be reported to the credit reporting agencies.

Yes, it is possible to over-draw from a savings account. Fortunately, all Credit Union of Southern California savings accounts include overdraft protection. Plus, your savings account can help you avoid getting dinged by overdraft penalties on your checking account. You can sign up to have us automatically transfer money to your checking account to help avoid overdrafts.

There is not limit to how much you can save, and the higher your balance, the more interest you’ll earn at the Credit Union of Southern California. Financial experts recommend that you keep a savings balance to cover at least 6 months of living expenses, so if you were to lose your job, you can cover payments for rent/mortgage, loan payments, credit cards, and other living expenses.

According to the Internal Revenue Service, most interest paid to you or that is credited to an account that you can withdraw from without penalty is taxable income in the year it becomes available to you. This includes dividends on deposits and on savings and checking accounts. For tax purposes, the Credit Union of Southern California will send you a statement of interest each year.