When I first saw the SaveUp Savings account offered by Workers Credit Union (Workers CU), I admit I dismissed it out of hand. My initial reaction was that it was probably more of a gimmick, rather than a competitive savings account, since the rate drops from 4.23% to 0.08% when the balance exceeds $1k. A closer look revealed that the SaveUp Savings account offers competitive blended* rates for low (up to $4k) and high ($100k+) balances.
*The blended interest rate is the combination of the different interest rates applied per savings tier amount, resulting in an overall effective interest rate for the total amount of the deposit.
There are currently 18 tiered rates that result in more APYs than anyone could remember (or want to figure out).
The SaveUp Savings landing page has a calculator to estimate what the earnings for any dollar amount would be. The following is a sample of the blended APYs for various balances based on the calculator. The blended APY drops below 1.00% as the balance grows past $4,850. The blended APY reaches a minimum of 0.62% at $13,000, and then it slowly grows. It again reaches 1.00% at a balance of $45,000. The blended APY continues to grow slowly, reaching 1.18% at $100,000, 1.29% at $250,000, and 1.33% at $500,000.
- $1,000: 4.32% APY
- $3,000: 1.51% APY
- $4,850: 1.00% APY
- $10,000: 0.64% APY
- $13,000: 0.62% APY
- $20,000: 0.72% APY
- $45,000: 1.00% APY
- $100,000: 1.18% APY
- $250,000: 1.29% APY
- $500,000: 1.33% APY
The SaveUp Savings is a “true” savings account, with no ATM/debit card or check writing available. The minimum opening deposit is $5 and there are no monthly service fees. There is a limit of one SaveUp account per member as primary owner.
While there is normally a restriction on the number of transactions allowed, according to the Fee Schedule,
Addendum Effective April 29, 2020 – Until further notice, during any statement period, you may make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized, automatic, or computer transfer or telephonic order or instruction. If you exceed six withdrawals or transfers set forth above in any statement period, your account will not be subject to closure by the credit union and you will not be subject to any fees.
High Interest Checking
Workers Credit Union added the High Interest Checking account to its product line almost three years ago, initially earning 1.75% APY on qualifying balances up to $15k. About four months ago, the rate fell to 1.26% APY.
|1.26*%||-||$15k||Workers Credit Union||High Interest Checking|
|OTHER TIERS: 0.40% → $15k+|
Headquartered in Fitchburg, Massachusetts, Workers Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, or worship anywhere in Massachusetts eligible to join.
Joining Workers CU and/or opening a SaveUp Savings account can be done online or by calling 800.221.4020. While the lobbies of 15 Massachusetts branches are temporarily closed to walk-in traffic, appointments can be made. Two branch locations (1050 Westminster, Fitchburg and 319 North Main Street, Leominster) have temporarily closed, with no business being transacted.
Four of Workers CU’s savings accounts (including the SaveUp Savings account) qualifies as a “membership account.”
Workers CU participates in both the CO-OP Shared Branch and ATM networks.
Road trip! You’ve ventured out of Massachusetts for the day – or week, or semester – only to find you need to transact some banking business. No worries. Workers belongs to the CO-OP Shared Branching Network, which allows you to use 5,600-plus other credit union locations nationwide. Will you be welcome in California? Like, totally. Greeted warmly in Maine? Ayuh. Stop by a Workers branch and we’ll give you a Shared Branching Service Card. And wish you bon voyage.
Credit Union Overview
Workers Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.41% (excellent) based on March 31, 2020 data. In the past year, Workers CU increased its total non-brokered deposits by $74.79 million, an excellent annual growth rate of 7.45%. Please refer to our financial overview of Workers Credit Union (NCUA Charter # 66479) for more details.
Workers Credit Union was founded in 1914 by John Suominen, the owner of a successful printing company in Fitchburg. Suominen’s incentive to form a credit union was the economic welfare of his fellow Finnish immigrants. The original charter stated that the board of directors could only recommend members who were “honest, industrious and of good habits.” Between 1980 and 2007, Workers CU acquired or merged with 13 other Massachusetts credit union. Currently the fourth largest credit union in Massachusetts, Workers Credit Union has more than 105,000 members and assets in excess of $1.8 billion.
How the SaveUp Savings Compares
With 18 tiered rates, constructing a cogent comparison table for the SaveUp Savings account is challenging. The SaveUp Savings rate begans to exceed 1.18% when the account balance exceeds $100k. When compared to the Savings Accounts tracked by DepositAccounts.com that are available to all Massachusetts residents, Workers Credit Union’s SaveUp Savings APY currently ranks fourth, based on a $100k balance.
The above rates are accurate as of 7/31/2020.
To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.