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Share Savings Accounts – The Start of Something Great!

How long has it been since you got so much for just $5? If you live in Michigan or select counties of Minnesota and Pennsylvania, you have a great alternative to banks when you become a member of Genisys Credit Union.  Join Genisys Credit Union today and you’ll be more than a member -- you’ll also be an owner! All it takes to start your Genisys Credit Union membership is an initial deposit of just $5. And that $5 will represent one “share” of ownership in Genisys Credit Union.

Have you looked around for the best rates on checking and savings accounts or auto and boat loans? Often you’ll pay high fees and have to do a lot of research to get the best loan rates. Not here.  You’ll get the very best service and rates here at Genisys Credit Union. And being a member-owner has its benefits! The moment you join Genisys Credit Union, you’ll experience better rates and fewer fees.  Compare our savings account fees to what you pay at other institutions.

Specialty Savings Accounts

You Name It Savings Accounts

  • Save for the things you want most with a Genisys Credit Union You Name It Savings account.
  • Make up to six withdrawals per month
  • Make deposits whenever you like
  • Dividend rate equal to rate earned on Share Savings account

Holiday Savings Accounts

  • Keep the holidays from sneaking up on you with a Holiday Savings account. Make regular deposits to your account and your savings can be withdrawn anytime throughout the year.
  • Make deposits through Direct Deposit, mail, auto transfer or in person
  • Dividend rate equal to rate earned on Share Savings account.

Open a Savings Account Today!

Savings Account FAQs

What is a savings account?

Savings accounts are credit union accounts that allow you to deposit an amount of money and watch it grow with interest. Deposits are made regularly into a savings account, generally directly from your paycheck in a specific amount, and will stay there until you need it. While not offering the same flexibility or ease of withdrawal as something like a checking account, they still provide a much more convenient and secure method of building up money for long- or short-term needs than other methods of saving money.

What’s the difference between a savings account and a checking account?

A savings account is designed for more long-term storage of your money, in an account that’s still easy to track and access. Checking accounts, on the other hand, are better designed for the money you use for everyday spending like groceries and hitting the gas station. Since they offer you quicker access to your money through your debit card, and lack the benefits of savings accounts, checking accounts can be considered better for short-term money management, while your savings account is better for long-term money management.

How does a savings account work?

Savings accounts are an easy way to help build up the money you have put aside! As money is deposited into your account (through the method of your choosing), insurance is paid on your balance. Money can be added to your savings account through a number of methods, including direct deposit, mobile check deposits, ATM transactions, and more. Genisys offers a limit of up to six withdrawals per month to access your account, and deposits can be made whenever you like!

How do you withdraw money from a savings account?

With Genisys, you have a few different options for accessing your savings. A Genisys You Name It Savings Account offers up to six withdrawals a month, at any Genisys branch location or ATM via your Genisys debit card. The money you take out can be used for whatever you need, and can be easily accessed at the closest Genisys location!

Can you direct deposit into a savings account?

Yes! As part of a Direct Deposit from your employer’s payroll services, you can designate an amount of money to go into your savings account as well as your checking account.

Can you write a check from a savings account?>

Savings accounts are designed for long-term storage of your money, instead of being available for daily transactions the way a checking account would be. Your checking account allows you to access your money via checks, debit card transactions, and the like, while your savings account is intended to hang onto your cash for longer periods of time until you need it.

How much should I have in my savings account?

Everyone’s financial situation is different, and the amount you have in savings can be impacted by a number of different factors, but the general rule of thumb tends to be to start by having one month’s worth of expenses (including rent, groceries, and the like) as a minimum, and building up from there.

What do you need to open a savings account?

Opening a savings account isn’t much different than opening any other kind of account! Your Genisys Credit Union representative will tell you specifically what documents you’ll need to bring, but it will generally include your driver’s license (or other government ID), your social security number, your current account information, and the like.

How do I open a savings account?

If you’re ready to open your own savings account, all you need to do is apply online with Genisys today, or visit your nearest Genisys branch!

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