What is a savings account, and how does it work?

A savings account is a place to put money you don’t want to spend right away. Typically, money is put into the savings account by electronic direct deposit from your job, bringing a check into a WECU branch, or using Mobile Deposit Capture to deposit using a picture of the check from your phone. In each of these, you can choose either to deposit all of it into a savings account (that is for saving money), a checking account (that is for spending money), or both (putting some money in a savings account and some in a checking).

Money in your savings account earns dividends. Dividends are the money the credit union gives you. The amount given is based on the rate offered and how much you put in.

How do you get money out of your savings account? 

You can transfer money from your savings account into another account, like your checking account or a loan, by using the WECU mobile app, online banking, or talking to a WECU employee in the branch or through our Contact Center. You can also withdraw cash at an ATM or with a teller in one of our branch locations.

There are many reasons why one might have a savings account, but Stash Savings is a savings account specifically designed to help you have money for emergencies (think flat tires, hot water heaters, and medical bills). You earn a high interest rate on the first $2,500 and earn points for keeping a $500 average balance. You can also earn points for feeding your savings by choosing Save the Difference and creating an Automatic Transfer into your Stash Savings. These are strategies financial experts say are key to financial well-being.

Open a Stash Savings today and enjoy a high interest rate on your first $2,500.