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Savings & Certificates

When you become a member of Cooperative Federal, the first step is to open a savings account. Whether you need a simple account to keep your money safe and sound, or separate accounts to save for retirement or other goals, Cooperative Federal has options for you.

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Basic Savings

All members have a basic, or primary, savings account at the credit union. These savings accounts are also called "shares," because they represent your shared ownership of the credit union. The minimum deposit is just $5, and unlike a deposit at a bank, your $5 share in Cooperative Federal makes you an owner, not a customer. 

Interest accrued on share accounts is called dividends. Basic savings earn dividends on an average monthly balance of $50 or more, posted at the end of each quarter. View current rates on basic savings accounts.

More Options for Basic Savings:

  • If you've had trouble with your bank account in the past, don't worry -- our Start Over Savings Account is a basic savings option for people who need a second chance. Start Over accounts have some restrictions, such as longer check holds on certain types of deposits, but they help you access a safe place to keep your money, rebuild a solid track record, and graduate to a regular savings account. To help you along the way, you can even get a free financial counseling session - included in the Start Over set up fee.

Super Shares

Cooperative Federal's Super Share is a federally insured Money Market savings account that offers higher dividend rates than basic savings. The minimum balance required to open this account is $2,500, and dividends are earned on an average daily balance of at least $2,500. View current rates on Super Share accounts. 

Secondary Savings

Secondary savings accounts may be used for a variety of designated purposes, like Holiday Accounts, Vacation Accounts, College Savings Funds, or any other savings need. You can even give this account a custom name -- make it your Trip to Costa Rica Account, your Car Downpayment Account, or your Rainy Day Fund.

There is no limit to the number of Secondary Shares you can open. Rates, terms, and deposit and withdrawal privileges for secondary savings are the same as for basic savings, except there is no $5 minimum.

Omega Savings

If you want to opt-out of earning dividends on your savings, Omega Accounts may be the right choice for you. These interest-free accounts are often used by people who do not wish to earn dividends for religious or philosopical reasons. In other situations, they are commonly used as collateral for loans. 

Individual Retirement Accounts

Individual Retirement Accounts, or IRAs, provide a way for you to save for retirement with tax certain tax advantages. Cooperative Federal offers three types of IRAs: Traditional, Roth, and Simplified Employee Pension Plan (SEP) IRAs. Read more about IRAs at Cooperative Federal, and view current rates on IRAs.

Savings Certificates

Certificates are savings accounts that have a specified term, or period of time, like a "CD" at a bank. Certificates are an ideal investment option when you want guaranteed rates and peace of mind. You'’ll get higher yields than an ordinary savings account—, and your funds are guaranteed to grow. Dividends are compounded and credited monthly and at maturity. A penalty may be imposed for early withdrawal. View current rates on Member Certificates.

Special Certificates for Supporters and Nonmembers

Serving under-resourced urban neighborhoods often leaves the credit union with a need for more deposits than members can provide. We offer special certificates for investors who wish to support our efforts. Read more about Community Investment Certificates.

The Fine Print

Accounts at Cooperative Federal are federally insured by the National Credit Union Administration (NCUA), a government agency, to at least $250,000 and backed by the full faith and credit of the United States Government.

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