Savings Accounts
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.
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.
Certificates
Lock in a higher interest rate with a Certificate of Deposit. You’re guaranteed to earn more. Plus, it is the safest way to grow your money over time. We offer a variety of terms and great rates.
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IRAs
Whether you want to put money aside for retirement or education, IRAs are the smartest option. 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.
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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.
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Youth Savings Accounts
CommonWealth Youth Savings Accounts are a great way to teach your kids and teens good financial habits by responsibly using their own accounts. Open an account with just $5 to encourage the next generation to start saving money early and give them their first experiences in the financial world.
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CommonWealth Benefits, Products, and Services for Savers
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.
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.
Competitive APY*
A better way to earn more.
Qualifying for an Account is Simple
As long as you have a CommonWealth member. Join today!
Savings Accounts
| Wealth Management Savings | Regular Share & Holiday Club | Money Management | Youth Share | |
|---|---|---|---|---|
| Rate Type | Variable | Variable | Variable | Variable |
| Minimum Balance | $2,500 | $100 (Minimum Balance to Gain APY) | $2,500 | $5.00 |
| Dividend Rates | 0.65% - 0.70% | 0.05% | 0.65% - 0.75% | 0.05% |
| APY* | 0.65% - 0.70% | 0.05% | 0.65% - 0.75% | 0.05% |
Certificates and Individual Retirement Accounts (IRAs)
| IRAs | Wealth Management IRA | Share Certificates | Youth Share Certificates | |
|---|---|---|---|---|
| Rate (Variable) | 3.11% – 3.11% | Variable | 2.23% – 3.11% | 2.96% – 3.11% |
| APY* | 3.15% – 3.15% | 0.65% – 0.70% | 2.25% – 3.15% | 3.00% – 3.15% |
| Minimum Balance | $100 | $2,500 | $500 | $250 |
| Terms | 12, 18, 24, 36 months | Minimum balance thresholds for certain Rates and APYs | 3, 6, 12, 18, 24, 36, 48 months | 6 & 12 months |
To view all deposit rates, please visit our Deposit Rates page.
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*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.
FAQ
- 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.
