Savings Accounts
Saving isn’t just about setting money aside—it’s about setting yourself up for success. Whether you’re building an emergency fund, planning for something exciting, or just getting into the habit of saving, the right account can make all the difference. With the right fit, your money can grow while staying within reach when you need it. At CommonWealth, we make saving simple, rewarding, and stress-free with options designed to match your goals. Let’s find the perfect savings account to help you get there!
Featured Savings Accounts
Emergency Savings Account – Your Financial Safety Net
Life is full of surprises—an Emergency Savings Account helps you stay prepared for unexpected expenses without relying on credit cards or loans. Building this fund ensures financial stability and peace of mind when you need it most.
Why It Matters:
✔ Avoid Debt – Cover emergencies without using credit
✔ Reduce Stress – Feel secure knowing you're financially prepared
✔ Stay in Control – Handle unexpected costs on your terms
Account Benefits:
- High-Yield Earnings – To grow your savings faster
- No Fees, No Minimums – Save without restrictions
- Effortless Saving – Set up automatic transfers or direct deposits
Take the first step toward financial confidence!
Explore Emergency Savings Options
Learn MoreOther Ways to Save with Purpose
Share Certificates
Lock in your rates and earn more with a secure, guaranteed return.
Youth Accounts
Share the benefits with your kids and help them build smart money habits—starting with just $5!
Individual Retirement Accounts (IRAs)
Grow your savings for retirement or education. Open with just $100!
Money Market Accounts
Earn more than a traditional savings account while keeping easy access to your funds. Open with just $2,500!
Special Share Account
Save for Anything
A flexible savings account for any goal—vacation, wedding, home projects, or personal milestones.
How It Works:
- Open multiple accounts and name them to match your goals
- Earn monthly dividends with a $100 average daily balance
- Start with just a $10 minimum balance
- Open or close accounts anytime—no restrictions
Why You'll Like It:
- Organize your savings for specific goals
- Earn dividends while saving
- Total flexibility to manage your money
Holiday Club Account
Stress-Free Holiday Savings
Save throughout the year for a worry-free holiday season.
How It Works:
- Open your account with just $1
- Earn monthly dividends on your savings
- Funds automatically transfer to your Regular Share Account on November 1st
- Account renews annually for continuous holiday saving
- A $20 early withdrawal fee helps keep you on track
Why You'll Love It:
- Simple and automatic way to save for the holidays
- Avoid holiday financial stress
- Low commitment—just $1 to start!
SAVINGS Account Rates
Emergency Savings1 | Wealth Management | Regular Share & | Money Management | Youth Share | |
|---|---|---|---|---|---|
Rate Type | Variable | Variable | Variable | Variable | Variable |
Minimum Balance | $25 | $2,500 | $100 (Minimum Balance to Earn APY) | $2,500 | $5.00 |
Dividend Rates | 0.05% - 2.96% | 0.65% - 0.70% | 0.05% | 0.65% - 0.75% | 0.05% |
APY* | 0.05% - 3.00% | 0.65% - 0.70% | 0.05% | 0.65% - 0.75% | 0.05% |
What Our Members Are Saying
Savings FAQs
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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.
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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.
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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.
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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.
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Who is eligible to join CommonWealth?
CommonWealth membership is open to anyone living or working in Santa Clara, San Benito, or Monterey County and their relatives, or employees of participating CommonWealth Member Companies.
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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
- 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.
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