5 Best Savings Accounts for Sacramento Families

Savings accounts are popular tools for securely storing your money. Sacramento, Calif., families can use them to establish financial stability and to reach certain goals. But your savings account can actually help you earn money and rewards on your deposits. Whether you’re saving for your child’s college tuition, a down payment for a home or for retirement, you can take advantage of competitive rates and features. See how these five savings accounts in Sacramento can benefit your family.

Related: 9 Steps to Saving a $10,000 Emergency Fund

Top 5 Savings Accounts in Sacramento

1. Statement Savings From Community Business Bank

Community Business Bank is dedicated to helping local Sacramento families meet financial goals with practical savings solutions. Their Statement Savings account allows families earn high interest rates on deposits. With a minimum $100 opening deposit, members can earn 0.15% APY. The account comes with a $5.00 monthly service fee that is waived as long as you maintain a $500 minimum daily balance.

For families planning for medical expenses, like hospital births, and for emergencies, Community Business Bank offers Health Savings. This account can be used in conjunction with your employer- or self-sponsored High Deductible Health Plan. Your funds can be used for dental and orthodontic costs, monthly insurance premiums, prescription drugs, and more. Your Health Savings rate increases the more you save, up to 0.15% APY.

2. Regular Savings From Golden 1 Credit Union

Golden 1 Credit Union has competitive savings options for Sacramento families. Its Regular Savings account offers 0.15% APY on balances of $100 or more. The account has no monthly fee and you won’t pay minimum balance fees as long as you keep at least one dollar in savings. You also enjoy unlimited ATM transactions. Your funds can also be used for overdraft protection.

Golden 1 also offers savings solutions for specific financial goals, making it easy for parents to stow away money for college tuition, holiday gifts, retirement, weddings and more. Its Santa Saver, Coverdell Education Savings and FlexSavings accounts earn a minimum 0.15% APY.

Golden 1 also offers Youth Savings. This account can help parents teach children under the age of 18 how to save money and manage bank accounts.

Read: What Warren Buffett, Bill Gates and 9 Other Accomplished People Teach Their Kids About Money

3. Share Savings From SAFE Credit Union

SAFE Credit Union’s Share Savings earn a variable 0.10% APY on balances. There is a $5 monthly maintenance fee but you can have it waived by meeting one of the following criteria:

  • Maintain a $300 minimum daily balance
  • Have a qualifying direct deposit each month
  • Maintain an active SAFE Credit Union loan

Your monthly fee is also waived for the first six months your account is open. For members 12 and under, SAFE Credit Union offers a SAFE Savers Kids Club. Young Member accounts are available for teens between the ages of 13 and 17.

If you are looking to stow away money for holiday gifts, a Holiday Club account allows you to lock in deposits, eliminating the temptation to spend. Your deposits in a Holiday Club account are locked in until September 30 each year.

A Special Share account can help you save for a specific savings goal, such as for a new car or summer vacation. All SAFE Credit Union savings options earn 0.10% APY, making it easy for your family to save a little extra.

4. Regular and Advantage Savings From USE Credit Union

USE Credit Union offers two savings account options: Regular Savings and Advantage Savings. Both accounts can be opened with a $25 minimum deposit, and both accounts earn a 0.10% APY.

Each account comes with a $5 monthly fee. Your Regular Savings fee is waived if you maintain a $200 minimum daily balance. Your Advantage Savings fee is waived with a $35 minimum automatic monthly transfer from your USE Checking.

USE Credit Union also has specialty savings accounts for families. The Holiday Savings account earns higher dividends with a 0.30% APY, allowing you to earn more in time for the holidays. USE Credit Union also has Penny Savings for kids. Kids can earn 0.10% APY on tooth fairy earnings, and parents can help kids learn important financial principles.

Read: 31 Worst Fees in America

5. Share Account From Sacramento Credit Union

The Sacramento Credit Union Share Account is a simple savings product designed to help families earn higher dividends. The account requires a $5 one-time fee and a $25 minimum opening deposit. Balances of $300 or more earn tiered interest rates between 0.01% APY and 0.06% APY.

For added convenience, you can open your new account online and start saving and earning interest right away. Whether you’re starting your child’s college fund or saving for a family vacation, this account is a convenient, simple solution.

Whichever Sacramento savings account you choose for your family, make sure it can help you meet financial goals. Start an emergency fund to ensure your family is prepared for the worst, or start an education savings account to help pay for tuition. No matter how you plan to use your savings, research Sacramento rates to help you earn more on deposits.

About the Author

Tess Frame is a journalist, a mom, and a home-and-family blogger based in sunny San Diego, Calif. She writes about personal finance topics including budgeting, mortgages and increasing income, as well as wallet-friendly DIY and home improvement projects. She graduated with a bachelor’s degree in English from BYU-Idaho and has been writing for various websites since 2009.