Best Savings Accounts for Digital Banking June 2021 – Forbes Advisor
The Consumers Credit Union Smart Saver Account is a great savings account. For starters, there is no monthly fee associated with this account. And the minimum deposit required is only $ 5.
Once you’ve opened and funded the account, you’ll have access to great digital banking products and services, including a popular mobile app and an easy-to-use website.
To earn the maximum of 1.50% APY, you must use the CCU chequing account and meet the following criteria: deposit a minimum of $ 50, up to a maximum of $ 1,000, per month into the Smart Saver account, have direct or mobile deposit each month totaling $ 500 or more and sign up for eDocuments. Without a control relationship, the APY is reduced to 0.25%.
Because Consumers is a credit union, you will need to become a member. You can do this by making a one-time donation of $ 5 to the Consumers Cooperative Association and depositing and keeping a minimum of $ 5 in your savings account / membership share.
Read our full review of Consumers Credit Union.
Returns earned on credit union accounts are called dividends rather than interest. Dividends are compounded and credited monthly. Consumers allows you to earn 1.50% APY on your existing balance and on deposits of up to $ 1,000 per month. Consumers transfer any deposit amount over $ 1,000 in any given month to your Member Sharing Savings Account at the end of the day the transaction takes place. The stock savings account earns 0.03% APY.