Savings Account FAQs
What is a savings account?
A savings account is a type of deposit account offered by banks and credit unions that allows you to securely store your money while earning interest.
What is the minimum deposit to open a savings account?
To open a savings account at Nusenda, the minimum deposit is just $5 for a regular savings account. For a money market account, the minimum deposit is $1,000.
How much interest can I earn on a Nusenda savings account?
The interest you earn on a Nusenda savings account depends on the account type. For example, a regular savings account earns up to 0.25% APY, while a money market account can earn up to 3.50% APY, and a share certificate can earn up to 3.75% APY.
What is APY, and how is it calculated?
APY, or Annual Percentage Yield, represents the amount of interest you will earn on your account over the course of a year, taking into account compound interest. It’s calculated based on the interest rate and how often the interest is compounded.
What is compound interest, and how does it work?
Compound interest is the interest on your savings that is calculated not only on your initial deposit but also on the interest that has been added to the account, so your savings can grow faster over time.
How do I access and manage my savings account?
You can access and manage your savings account through Nusenda’s online banking platform or mobile app, so you can check balances, transfer funds, and track earnings at your convenience.
Can I link my savings account to my Nusenda checking account?
Yes, you can link your savings account to your Nusenda checking account for easy transfers and to protect your checking account with overdraft protection.
Are there any fees associated with Nusenda savings accounts?
Nusenda’s regular savings accounts have no fees. However, for money market accounts, there is a fee if the average monthly balance falls below $2,500.
How do I open a savings account with Nusenda Credit Union?
You can easily open a savings account online or by visiting a Nusenda branch. You’ll need a government-issued ID, your Social Security number, and proof of your current address.
How many savings accounts can I have with Nusenda?
You can have multiple savings accounts with Nusenda, allowing you to set up different accounts for various savings goals.
How safe and secure are my funds in a Nusenda savings account?
Your funds are safe and secure in a Nusenda savings account. We are insured by the NCUA, which protects deposits up to $250,000 per account holder.
What is the difference between a savings account and a money market account?
A savings account typically offers lower interest rates but comes with no minimum balance requirement. A money market account offers higher interest rates but requires a higher minimum balance. Both accounts allow easy access to your funds.