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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 March 19, 2026. 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 if you enroll in e-statements, those receiving paper statements pay $10 each month.
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You can become a member by joining the American Consumer Council (ACC) for free. Additionally, you’re eligible to join 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.
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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. There’s no monthly fee, and paper statements are free. Unlike with many savings accounts, accessing your funds is easy. If you don’t have an Alliant checking account credit card, you’ll be issued an Alliant Savings ATM Card so you can withdraw funds at ATMs.
Another uncommon feature: Members can open up to 19 “supplemental savings accounts” that all earn the same APY, allowing you to save separately for multiple goals.
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Anyone 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. You’re also eligible if you’re a family member of a current member, work for or are retired from an Alliant partner business, or live or work in an eligible community around Chicago.
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The Premium Online Savings account from Pentagon Federal Credit Union (PenFed) is a no-frills account with a yield that beats the national average. The account requires $5 to open and doesn’t charge monthly maintenance fees. Note that this account doesn’t allow you to make withdrawals at ATMs.
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Anyone is eligible for PenFed membership by applying for and opening 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 $5 and requires a one-time $1 membership fee. Secondary savings accounts are also available, which earn the same APY and have no minimum balance — they could be a useful tool for saving for specific goals.
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Membership in American Airlines Federal Credit Union is open to anyone who works or volunteers in the air transportation industry, as well as their family members.
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The Max Savings Account from Lake Michigan Credit Union earns an APY above the national average — and even higher APYs for larger deposit amounts. While there’s no minimum requirement to open the account, you’ll need at least $100 in the account to earn interest. Amounts of $100,000 and up earn higher, tiered APYs. But keep in mind the NCUA only insures deposits up to $250,000 per person, per institution.
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Anyone can join Lake Michigan Credit Union by making a $5 contribution to the ALS foundation. Membership is also open to people who live, work or worship anywhere in Florida or Michigan’s lower peninsula and current members’ immediate family members.
“Credit unions are often overlooked as a banking option. As member-owned, not-for-profit institutions, they typically pass on profits in the form of higher savings yields or lower fees. If you are looking for a banking organization that prioritizes service and community building, credit unions are a great place to start.”
— Stephen Kates, CFP, Bankrate Financial Analyst
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 offers a savings account that only earns 0.30% APY. However, its Choice Money Market account earns between 1.76% APY and 2.22% 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.
The savings accounts that made this list have the highest APYs out of all the credit unions we research and survey. Learn more about how we choose the best banking products and our methodology for reviewing banks.
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