Savings Account

Savings Account

Your savings account earns interest by putting your money to work for you. With different types of savings accounts available, choose the right one for you.


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Standard Savings Account

Looking for a simple way to build your savings? Our standard savings accounts are the perfect way to get started.

Savings Types

  • Regular Share Account Gain competitive dividend rates and ATM access at thousands of locations nationwide. Earn monthly dividends by maintaining an average daily balance of $100 or more. The minimum balance is $10.
  • Wealth Management Savings Account With tiered rates, earn a higher dividend rate by maintaining a higher balance. You must maintain a $2,500 minimum balance and an active CommonWealth checking account.
  • Special Share Account Open additional accounts to put money aside for any purpose--and name them whatever you'd like. For example, a Vacation Account or Wedding Money. You can open or close special share accounts at any time. An average daily balance of $100 or more is required to earn dividends and the minimum balance required is $10.
  • Holiday Club Account This special account helps you conveniently save for the holiday season. As little as $1 opens this account.
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Earn the highest rates possible with an insured account. Your deposits are insured to at least $250,000 through the National Credit Union Administration (NCUA). (Individual Retirement Accounts up to an additional $250,000.)

  • Traditional Certificates Available with a minimum deposit of $500.
  • 12-month Certificates Make additional deposits throughout the term, with no limit to the number of deposits you can make (minimum deposit amounts of $100).
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Putting money aside for retirement is a smart strategy. IRAs were created just for this reason. Over time, the special tax features of IRAs can result in significantly larger savings accumulations than putting your money in an ordinary savings account. At CommonWealth, you can open an IRA with as little as $100.

IRA Types

  • Traditional IRA Your contributions to these accounts and their dividends may be tax deferred.
  • Roth IRA Contributions to these accounts are not tax-deductible. However, after a five-year holding period, you may make tax-free withdrawals for reaching retirement age or for certain other distribution reasons.
  • Coverdell Education IRA This account offers tax savings for educational purposes. Contributions are typically not tax-deductible, but distributions for qualified educational purposes can be made tax-free.
  • Wealth Management IRA This investment account rewards higher balances with higher dividend rates. Paired with an active checking account, a Wealth Management IRA provides ready access to funds by avoiding penalties (subject to IRA withdrawal restrictions).
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Money Market

CommonWealth's Money Management Account is a Money Market Account that pays more than a traditional savings account with the liquidity of a share account. Open this flexible account with a minimum of $2,500.

  • Add or withdraw funds without penalty (subject to Regulation D* limitations)
  • Special money market checks
  • Easy access to your funds through Online Banking or Wealth Access Line

Visit your local branch, call us, or open your Money Management Account today!

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Youth Account

CommonWealth offers Youth Accounts to encourage the next generation to start saving money early and give them their first experiences in the financial world. These accounts are a great way to teach your kids and teens good financial habits through the responsible use of their own accounts!

Children and Youth Account Types

  • Sammy Star Savers Club Account Created especially for our members under 13, these accounts allow children to learn about the rewards of saving money.
    A $5 deposit is all it takes for your child to open their own account, and each time they deposit money into their account, they are entered into a monthly drawing for a $25 Target gift card*. This account is even eligible for an ATM card with an adult cosigner. Sammy Star Savers Club members will also receive a quarterly Sammy Newsletter full of fun tips and information just for kids with a chance to win a prize!
  • For Young Investors (FYI) Club Account Teenagers between 13 and 17 are eligible for CommonWealth's FYI Club. With an adult cosigner, they can open a share certificate with only $250, open a checking account, and receive a debit and ATM card.
    To join the FYI Club, all you need is a $5 deposit to open and maintain your share/savings account. We'll waive the one-time $5 membership fee, and you even earn interest on your account! Once you turn 18, your account will become a Regular Share Account (requiring a minimum balance of $10 as long as you have other accounts at CommonWealth).
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CommonWealth Benefits, Products, and Services for Savers

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Tools You Need for Financial Success

Our Retirement Center helps determine which IRA is right for you. Consult with your tax advisor for more information about these special tax features.

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Variety of Term Options for Certificates

Choose a term of three months to three years. Deposit at least the minimum amount, and then watch your money grow.

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Competitive APY*

Annual Percentage Yields (APY) of up to .50% on Certificates and IRAs

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Qualifying for an Account is Simple

As long as you have a CommonWealth checking account, you can start capitalizing right away.


Dividends and APY* on Savings Accounts

  Wealth Management Savings & Money Market Account Regular Share & Holiday Club Wealth Management Savings Youth Share
Rate Type Variable Variable Variable Variable
Minimum Balance $2,500 $100 (Minimum Balance to Gain APY) $2,500 $5.00
Dividends Rates 0.10% 0.03% 0.10% 0.03%
APY* 0.10% 0.03% TBD 0.03%

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Dividends and APY* on Certificates and Individual Retirement Accounts (IRAs)

  IRAs Wealth Management IRA Share Certificates Youth Share Certificates
Rate (Variable) 0.30% 0.10% 0.05% N/A
APY* 0.30% 0.10% 0.05% N/A
Minimum Balance $100 $2,500 $500 $250
Terms 12, 18, 24, 36   3, 6, 12, 18, 24, 36, 48 months 3, 6, 12, 18, 24, 36, 48 months




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"Love the convenience and the professionalism of the team members."

— Judy H.


"Fast friendly service and it's nice to deal with a financial institution that keeps the money within the local economy. Offering good competitive products."

— Travis T.

*APY = Annual Percentage Yield. Share Certificates use simple interest on a daily basis, which applies the daily periodic rate to the balance in the account each day. Dividends are paid monthly.



  • Are there any transfer limitations on accounts?

    For all Share, Money Management, and Wealth Management accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or internet transfer, by telephonic order or instruction, or by check, draft, debit card, or similar order.

    If you exceed these limitations, your account may be subject to a fee or be closed.

  • Does CommonWealth offer any additional financial literacy resources for youth and kids?

    Your children can also learn the basics of money management through our fun and interactive youth financial education program, CommonCents.

  • How are dividend rates determined on Savings Accounts?

    Savings Accounts are variable rate accounts that use simple interest on a daily basis, which applies the daily periodic rate to the balance in the account each day. If at any time your Regular Share Account balance is below $500, you have no other active loan or share accounts on your membership and there has been no activity on your account other than the postings of dividends in the past year, your account will be assessed a quarterly $10 inactivity fee.

    If your Regular Share account balance reaches $0, the account will be closed. If at any time your Wealth Management Account balance goes below $2,500, your dividend rate will become 0.03% with a 0.03% APY. Dividends will continue to be paid monthly. You are required to have a checking account with CommonWealth in order to open a Wealth Management Account.

  • What wealth management tools are available to CommonWealth members with savings accounts?

    We offer WealthMatters, an interactive financial literacy resource to help you strategize your financial success.

    Members also have access to BALANCE, which provides our members information on money management, as well as advice, through free online education modules and courses. You can also call to schedule an appointment with a Personal Financial Advisor.

  • Who is eligible to join CommonWealth?

    CommonWealth membership is open to anyone living or working in Santa Clara County and their relatives, or employees of participating CommonWealth Member Companies.

    Find out more about joining here.

  • What types of checking accounts are available through CommonWealth? Can I earn dividends with them, as well?

    Our members have access to a range of checking account options, including:

    • Rewards Checking
    • Free Checking with EStatements
    • Premium Checking
    • Wealth Checking
    • Business Checking

    Whatever your needs, whether you want to earn monthly dividends or simply avoid big-bank fees, we’ve got the solution for you. Find out more here.