Emergency Savings Account
Prepare for the Unexpected—Earn up to 3.00% APY*
Life is full of unexpected twists and turns. Whether it’s an unforeseen medical bill, a sudden car repair, or an unexpected job loss, financial surprises can strike at any time. That's why having an Emergency Savings account is not just a smart choice—it's a necessity.
Emergency Savings Account Details
The benefits of opening an Emergency Savings Account:
- Start with $25: Start your savings journey with a minimal initial deposit. For a limited time, CommonWealth will match your initial $25 deposit.
- Increased Earnings: Earn up to 3.00% APY*
- Effortless Savings: Set up automatic transfers, direct deposit, or ACH deposit
- Save More: No monthly fees to worry about
- No Pressure: No minimum balance required
Additional benefits to keep you on track with your goals:
- Annual Wellness Check-in: Meet with a Certified Financial Counselor once a year and earn a $25 incentive
- Valuable Resources: Access articles, modules, and tools to stay on track with your financial goals
Emergency Savings Rates
| Balance | Dividend Rate | APY* |
|---|---|---|
| Up to $1,000 | 1.00% | 1.00% |
| $1,001 - $5,000 | 2.96% | 3.00% |
| $5,001 - $10,000 | 1.00% | 1.00% |
| $10,001 - $250,000 | 0.05% | 0.05% |
Create Your Safety Net.
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At CommonWealth Central Credit Union, we believe financial wellness isn’t just about banking—it’s about feeling confident in your money decisions. That’s why we offer expert guidance, helpful tools, and exclusive perks to support you at every step. Whether you're saving, spending, or planning for the future, we’re here to help you build a stronger financial foundation and reach your goals.
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EMERGENCY SAVINGS ACCOUNT FAQs
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Why should I have an Emergency Savings Account?
Life is full of uncertainties, and the last thing you need is one unexpected financial expense that adds more stress to your life. We understand that it may be difficult to set aside a lump sum of money for emergencies, so we designed this account to start your emergency savings account with as little as $1.00 a day.
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How is an ESA different from other accounts?
The Emergency Savings account is designed to support you on your journey to financial wellness. We specifically created this account to help members build healthy saving habits, save for a rainy day, and earn more. Also, on an annual basis, you will have the option to meet with a Certified Financial Counselor and have access to various resources, including articles, modules, and tools, to help you stay on track with your financial goals.
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Is there a monthly fee?
No, there is no monthly fee, which means you can save even more money.
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Is there a minimum balance?
There is no minimum balance requirement, but the Emergency Savings Account must be opened with an initial deposit of $25.
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Why should I set up an auto-transfer or deposit?
The Emergency Savings Account is designed to build healthy saving habits by saving money for a rainy day. Setting up an automatic transfer, direct deposit or ACH deposit will help simplify the process and keep your savings on track. It's one less thing for you to remember to do.
To Set Up Direct Deposit:
- Log in to Online or Mobile Banking
- Select your designated account (e.g., Rewards Checking, Emergency Savings).
- Find your account number under Account Info.
- Provide your Employer with your account number (without the dash) and our routing number: 321176794
Note: For checking accounts, you'll need your SDC# for Direct Deposit. Follow the previous instructions, then select Details & Settings to complete the setup
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Exclusive Member Benefit
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*APY=Annual Percentage Yield. The Emergency Savings account is a tiered high-yield account. Rates are variable and subject to change at any time. Minimum deposit required to open Emergency Savings is $25. Limit one Emergency Savings account per member. Offer is subject to cancellation without notice and cannot be combined with any other offer. The maximum deposit is $250,000. Fees may reduce earnings. To qualify for the Emergency Savings APY, you must meet the following requirements by the end of each month: an automatic transfer, direct deposit, or ACH deposit transactions totaling $25 or more per month. Membership in CommonWealth is required. All new accounts will be verified by Chex Systems. Offer is subject to cancellation without notice and cannot be combined with any other offer.
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