Open a Mission Federal Credit Union Savings Account with easy online access. Whether you’re looking to save for a “rainy day,” holiday expenses, your child’s future or a special occasion, a Mission Fed Savings Account in San Diego can help you reach your financial and long-term goals. Plus, you can manage your Savings Account Online.
When you open a new Savings Account with us, you’ll benefit from competitive rates, online Savings Account access 24/7, our Mission Fed Mobile Banking App with Mobile Deposit, automatic transfer money between accounts and no monthly usage fee or minimum balance requirements which is much better than a regular savings account. Compare Mission Fed’s options (dividends rates vary by each account) in the chart below to find the right one for you.
|Options||Standard||Summer or Holiday Saver||Youth|
|Save any amount and get a competitive rate
|Earn higher dividends when saving for a goal
|A starter Savings Account for children
|Best for||Standard Savings account||Save for summer or holiday cash||Ages birth through 17|
Earn dividends on any balance.
|Higher rates than Standard Savings||Competitive rates
Special Mission 2 $AVE Rates
Earn dividends on any balance.
|Initial deposit||$1 minimum||$20-500||$1 minimum|
|Balance requirement||$20-$500 Monthly Transfer|
|Online/phone access||Free, 24/7|
|Multiple accounts||Have up to 7 with unique names||One Holiday and one Summer Saver Account per member||Joint account with parent/legal guardian; ages 16 & 17 with valid government-issued ID do not require parent/legal guardian|
|Checking overdraft protection||Yes||N/A|
|CO-OP ATM||8 per month||N/A||8 per month|
|Mission Fed ATM||Unlimited free use||N/A||Unlimited free use|
How to open a Credit Union Savings Account
Applying for a Savings Account with Mission Fed is easy. Whether you open your account online using the button above, over the phone or in person at any of our branch locations, we’re here to help make the process as fast and simple as possible. You will need the following to open an account:
- Proof that you live, work or go to school in San Diego County
- Your Social Security Number
- A valid government issued ID
- A small minimum opening deposit starting at $1 for a Standard or Youth Savings Account and $20-$500 for a Summer or Holiday Saver Account
After that, you can begin saving money and work towards your long-term goals! Whether you open your account online using the button above, over the phone or in person at any of our branch locations, we’re here to help make the process as fast and simple as possible.
Apply in the branch
Make an appointment to open an account in person. Choose the time and place that’s convenient for you with our easy online reservation system.
Mission Fed Checking and Savings Accounts are important for personal financial management and have different purposes. Checking Accounts are great for covering general expenses with an ATM card because you can use them as much as you want for your daily transactions; however, for saving, they are not ideal because they traditionally offer lower dividend rates and, depending on the type of account, may have fees. While a Savings Account is meant to help you save money, you can make up to 6 preauthorized or automatic transfers and/or withdrawals a month from your Savings Account by Online Banking, telephone or electronic services.
Why open a Savings Account?
Mission Fed Savings Accounts have no monthly fees and pay dividends on your account balance. Because a Savings Account offers a higher return on your savings, it’s easier to earn as you let your money build up. Additionally, because you won’t be withdrawing money from your savings daily like you would a Checking Account, it’s less likely that you’ll accidentally eat into your savings with this separate account. Finally, a Savings Account is a great way to reach a financial goal, helping you make deposit goals so you can watch your money grow.
Depositing or transferring money into a Savings Account helps you earmark money for special occasions or goals. In fact, Mission Fed Savings Accounts have great features that help you save, including the ability to categorize your savings and add savings goals. You can set money aside for future Home Loan payments, create an emergency fund or save for an upcoming vacation getaway. And, because we want you to be able to access your funds when you need to, you can manage your online Savings Account anytime day or night with Online Banking and our Mobile App.
Who should have a Savings Account?
If you’re interested in saving money, it’s worthwhile to have a Savings Account, and if you want online Savings Account access, open an account at Mission Fed. We offer an account that’s right for your needs. Whether you’re saving for college, need a holiday savings account, or are working towards your first Home Loan down payment, we have an account for you. We even offer the option of having up to seven Standard Regular Savings Accounts so you can have multiple accounts with unique names and purposes. We want to help you achieve your financial milestones, which we call Mission Fed Moments, and our Savings Accounts can help you reach your long-term goals.
Why choose Mission Federal Credit Union for a San Diego Savings Account?
If you live, work or go to school in San Diego County, you’re eligible to apply for a Savings Account at Mission Fed. Although there are many banks and credit unions, opening a credit union savings account at Mission Fed is where you’ll find competitive rates, convenient access and excellent customer service from our knowledgeable employees. Whether you’re saving up for a trip, a special occasion or a down payment for your first home in San Diego, open a Savings Account with us to earn more on the money you save with our rewards. We can assist you in choosing the right credit union Savings Account. Plus, if you’re looking for online Savings Account access, consider it mission accomplished. Mission Fed’s Savings Accounts all offer free, convenient access in Mobile Banking, Online Banking, over the phone and in-person at any of our 32 branch locations. Apply to open an account online today, or make an appointment to stop by any Mission Fed branch. Your success is our bottom line, and that includes helping you save.
Mission Fed offers three types of Savings Accounts:
Standard Savings Accounts
Opening a Standard Savings Account with overdraft protection at Mission Fed is a great way to get started. A regular savings account allows you to deposit as little as $1 to start, with no monthly fee, while earning competitive rates. Plus, you can open more than one Standard Savings Account if you want to save for multiple purposes. Opening a regular savings account can help anyone save for their long-term goals and prepare for the future.
Summer or Holiday Saver
Save money for a special event or time of year with a Mission Fed Summer or Holiday Saver Account. These offer a higher dividend rate than our Standard Savings Accounts and are limited to one account per member. The opening deposit is $20-$500. The monthly transfer amount is $20-$500.
Youth Savings Accounts
It is important to start saving young, and a Youth Savings Account is a great way to do that for members ages 17 and younger. Mission Fed gives you the option to set up Youth Savings Accounts as joint accounts with a parent or legal guardian. Teens ages 16 and 17 can open a Youth Savings Account without a cosigner if they have a valid government-issued ID. The initial deposit is only $1.
Frequently Asked Questions
What is a Savings Account?
A Savings Account allows you to separate money you’d like to save from money you need available for everyday purchases. Additionally, because Mission Federal Credit Union Savings Accounts pay interest on your account balance, you’ll earn money on whatever you’re able to save.
How does a Savings Account work?
A Savings Account is similar to a standard Checking Account, though you can earn interest on savings and enjoy additional benefits depending on the kind of Savings Account you choose and the amount you’re able to save.
How do I open a Savings Account?
Mission Fed makes it easy! You can open a San Diego Savings Account online, over the phone or in person at any branch. To open a new Savings Account, you’ll need:
- Your Social Security Number
- A valid government issued ID
- An initial opening deposit ranging from $1 to $500, depending on the account desired
How many Savings Accounts should I have?
At Mission Fed, we offer a variety of San Diego Savings Accounts so you can choose the right account for your needs. We offer the option of opening up to seven Standard Savings Accounts, so you can have multiple accounts with unique names and savings goals.
What are the benefits of a Savings Account?
Open a Savings Account with Mission Fed and you’ll enjoy earning dividends on your savings balance with no monthly fees, so it’s easier to save. You’ll earn interest on the money you save and, since your savings are separate from your Checking Account, you won’t be tempted to dip into your savings for day-to-day costs.
Do Savings Accounts earn interest?
They do! At Mission Fed, Standard and Youth Savings Accounts earn a rate of 0.10 percent interest, while Summer and Holiday Saver Accounts yield between 0.25 and 0.50 percent, depending on whether you opt for Direct Deposit or not.
Why would you put money into a Savings Account?
You should save money to reach your goals like buying a new phone, car or saving for a down payment. A Savings Account helps you keep your savings separate from money you intend to spend on daily expenses and bills. This helps prevent you from accidentally dipping into money you meant to save, as well as allowing you to earn more interest on the growing balance in your account.
How much money should I save each month?
Experts recommend saving between 10 and 30 percent of your income each month. You should be saving enough that you’re aware you can’t spend freely at all times, without making things feel uncomfortably tight. Use Mobile or Online Banking to easily transfer funds into your Savings Account, or set up a Direct Deposit right from your paycheck so you don’t even have to think about it.
How do I save for big expenses?
Wondering how to save money for a house or a new vehicle? Make sure you plan ahead and budget for big expenses. Whether you need to know how to save money for a car, a new home or a big trip, planning ahead is key so you can save over time without going into debt. Set up unique Savings Accounts for big expenses so you won’t spend the money on other things. Finally, take advantage of cash gifts, bonuses or other situations in which you get money you hadn’t counted on and put that money directly into your Savings Account to build your balance quickly. If you find yourself surprised by a sudden expense, these are the situations in which you’ll be happy you built up an emergency fund.
Learn More About Savings Accounts with These Great Blog Posts!
Infographic: How Much Should I Be Saving How can you make the most of your Savings Account? Find out what rules you can follow to help save enough for emergencies, retirement and other financial goals. Determine what percentage of your income you should put into your Savings Account each month for good, better and best savings. Open a Savings Account today to accomplish your savings goals.
The Importance of a Savings Account for Rainy Day Situations. A solid rainy day fund is perhaps one of the most important tools in developing and sustaining financial security. However you decide to save, just remember that no matter how well things are going, it’s always a smart idea to be prepared for anything that may happen in the future.
Four Goals You’ll Definitely Love Saving Up for in the Long Run: A Savings Account allows you to keep track of your long-term savings goals. Find out what goals you may have overlooked, and what other Mission Fed Savings Accounts we offer to assist you in reaching those goals. We love helping our members with their Mission Fed Moments, and having an account with us, means we can get you there faster.
Ways to Discuss Money with Your Kids: Opening a Savings Account with online access is a great way to start discussing money with your kids. You can open a Savings Account online for your child at any time. Whether they’re a toddler or teenager, they can learn how to save money, with Mission Fed ready to assist them along the way. Teach them about financial security and smart spending and saving with a Savings Account from Mission Fed.
What Are You Saving For? If you have a clear idea of what you’re saving for, it’s easier to motivate yourself to put money aside and watch your savings build. You’ll also have an easier time choosing and setting up the right membership to help you reach your financial goals. Read about why you might want to save and which Savings Accounts are best for your needs. If you’re not sure about which Savings Account you should use, Mission Fed can help!
More Products & Services
JA Way to Save
Students of Mission Fed JA Finance Park can get a $50 VISA Gift Card for opening a Savings or Checking Account with $25. It’s a great way to put your financial literacy to work and start managing your own finances.
Mission Fed Savings Guide
You frequently hear about how vital it is to save money. Your family tells you, friends tell you, even advertisements tell you about the importance of saving. But why is it so crucial? Let’s explore why you should save money, what you can do to make saving easier and...
Platinum Debit Card
When you open a Mission Fed Checking Account, be sure to ask for a Mission Fed Platinum Debit Card from Mastercard® with no monthly usage fee. It’s the easy way to access your Mission Fed Checking Account.
Courtesy Pay Services
With Mission Debit Card Privilege, Mission Fed may authorize your PIN and signature-based Debit Card purchase transactions, even if there is not enough money in your Checking Account to cover them.
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