At CU SoCal, we know you have many financial goals.

A down payment for a home. A vacation. A new car. Whatever your goals are, CU SoCal Savings Accounts can help you save for the things you want and need. Open up to 10 different savings accounts for each of your savings goals.

Why savvy savers in Southern California choose our savings accounts to make it happen.

Minimum opening deposit of $10
Minimum account balance of $10
Online and mobile services
Federally insured up to $250,000

Whatever you're saving for, make it happen with:

  • Up to 10 separate accounts for each of your savings goals.
  • A minimum opening deposit of $10.
  • A minimum account balance of $10.
  • Dividends earned with a minimum daily balance of $500.
  • Automatic deposits and transfers.
  • A full suite of online and mobile services.
  • Personal banking over the phone.
  • Automated touch-tone Phone Banking.
  • Optional free debit card for convenient ATM access worldwide.
  • An IRA savings account option for tax benefits.
  • Federal insurance on your account balance to at least $250,000. (see disclosures)
Your savings account can also help you avoid getting dinged by overdraft penalties on your checking account. You can sign up to have us automatically transfer money to your checking account to help avoid overdrafts. Learn more.

Seasonal savings solutions to make it happen:

To open a Holiday or Summer Saver, first open your Membership by selecting Open an Account below. Once your Membership is open, you can start your Holiday or Summer Saver account by calling 866.287.6225, using our website chat, or visiting one of our branches. 

Holiday Saver

  • $10 minimum opening deposit
  • $10 minimum electronic monthly deposit
  • No monthly fee
  • Higher dividends than regular savings
  • Penalty-free withdrawals November through February1

Open an Account

Summer Saver

  • $50 minimum opening deposit
  • $50 minimum electronic monthly deposit
  • No monthly fee
  • Higher dividends than regular savings
  • Penalty-free withdrawals June through September2

Open an Account

Savings Accounts Rates

Account Type Minimum Opening Balance Minimum to Earn Dividend Dividend Rate APY1
Regular Savings2 $10 $500 0.10% 0.10%
Sub-Savings/IRA Savings2, 3 $5 $500 0.10% 0.10%
Deferred Compensation4 $10 $1.00 0.45% 0.45%
Holiday Saver $10 $1 0.30% 0.30%
Summer Saver $50 $1 0.30% 0.30%
1 APY is Annual Percentage Yield.
2 For minors, the minimum to earn dividends is $1.00.
3 IRA savings include Traditional, Roth, & Coverdell Education IRA
4 Restricted by law to school district employees.
The above rates are variable, subject to change without notice, and are all anticipated rates and annual percentage yields for the current dividend period.
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Keep your car. Lower your payment.

Bring your auto loan to CU SoCal and we'll lower your current rate by at least 2% APR!

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Hear from others like you who made it happen.

My parents had a savings account when I was younger. Now that I’m an adult I continue to use this bank and I love it!

Jacqueline, Whittier Greenleaf

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Frequently Asked Questions (FAQs) for Saving Account

A savings account, also called a “deposit account,” is available from credit unions, banks, and online financial institutions. Savings accounts typically pay interest on the monthly balance with tiered levels of interest, so the more you save the more earned interest you’ll receive.
Like their names suggest, a savings account is typically for depositing incoming funds to be saved. A checking account is traditionally used to deposit checks and cash, write checks and make payments. Most people have both types of accounts. Savings accounts earn interest and the higher your account balance, the more interest you’ll earn. There are many types of savings accounts, including Money Market Accounts and Certificates of Deposit.
Yes. At the Credit Union of Southern California, we make it easy to open a savings account online. The first step is to establish Membership. Open your account online or through one of our branch locations. Although it is not required, you may schedule an appointment at a branch location of your choice to eliminate wait time.
You may open a CU SoCal savings account of your own or jointly with another person. To open a checking account, you’ll need: 1. Established Membership, 2. Social Security Numbers for all account holders, 3. Driver's License or State-Issued ID for all account holders, 4. A debit card, credit card, or checking account number to fund your account without visiting a branch.
Saving money in a CU SoCal savings account with compounding interest can help you reach your savings goals. Savings accounts can help you be prepared when unexpected expenses occur. Using this savings calculator can help you create a targeted savings plan: Savings Growth Calculator.
Yes, it is always worth it to have a savings account. Whether you’re saving to buy a home, car, start a business, or pay for college tuition, savings accounts can help you focus your saving efforts and earn interest in the process. At the Credit Union of Southern California, we can help you open a savings account today!
Opening or closing a savings (or checking) account is not reported by financial institutions to the credit reporting agencies (Experian, TransUnion and Equifax). This means your credit score isn’t affected when opening or closing a savings account. The one exception is if you owe the Credit Union of Southern California any money that you do not pay back before closing the account, in this case, an unpaid debt would be reported to the credit reporting agencies.
Yes, it is possible to over-draw from a savings account. Fortunately, all Credit Union of Southern California savings accounts include overdraft protection. Plus, your savings account can help you avoid getting dinged by overdraft penalties on your checking account. You can sign up to have us automatically transfer money to your checking account to help avoid overdrafts.
There is not limit to how much you can save, and the higher your balance, the more interest you’ll earn at the Credit Union of Southern California. Financial experts recommend that you keep a savings balance to cover at least 6 months of living expenses, so if you were to lose your job, you can cover payments for rent/mortgage, loan payments, credit cards, and other living expenses.
According to the Internal Revenue Service, most interest paid to you or that is credited to an account that you can withdraw from without penalty is taxable income in the year it becomes available to you. This includes dividends on deposits and on savings and checking accounts. For tax purposes, the Credit Union of Southern California will send you a statement of interest each year.

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If you live, work, worship or attend school in Los Angeles County, Orange County, Riverside County, or San Bernardino County, we can make your savings plans a reality.

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Building Better Lives™

Credit Union of Southern California (CU SoCal) is a leading financial institution empowering those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County to reach their goals and build strong financial futures. CU SoCal provides access to convenient money management services and offers competitive rates and flexible terms on auto loans, mortgages, and VISA credit cards—turning wishing and waiting into achieving and doing.

 

562.698.8326 | 866 CU SoCal Se Habla Español

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