SECU's Savings Account Offerings

SECU (Connexus Credit Union, formerly known as State Employees Credit Union) does not currently offer a dedicated high yield savings account. SECU's regular savings accounts carry rates that are typically lower than what you would find at online banks or credit unions specializing in high yield products. As of now, SECU's savings rates vary by account type and membership tier, but they do not compete with the rates offered by institutions focused specifically on high yield savings.

SECU does offer other deposit products—including money market accounts and certificates of deposit (CDs)—that may carry higher rates than their standard savings account. The rates on these products change regularly, so checking SECU's current rate sheet or contacting a branch directly will give you the most accurate picture of what is available to you right now.

If you are a SECU member looking to maximize interest on your savings, your best option within SECU is usually a CD or money market account rather than a traditional savings account. Outside SECU, online banks and some credit unions offer savings accounts with rates significantly higher than SECU's current offerings.

Key Takeaways

  • SECU does not offer a high yield savings account; their regular savings rates are below what online banks and high yield specialists typically provide.
  • SECU members can earn higher rates through money market accounts or CDs, which are updated regularly and should be checked directly with the institution.
  • If high yield savings is your priority, you may earn more money by opening an account at an online bank or credit union that specializes in high yield products.
  • SECU's rates vary by membership status and account type, so the rate you receive depends on your specific account and membership category.

How SECU's Savings Rates Compare

SECU's savings account rates have historically trailed behind online banks and credit unions that market themselves as high yield providers. Online banks can offer higher rates because they have lower overhead costs—no physical branches to maintain. Credit unions focused on high yield savings also prioritize competitive rates as their main selling point.

The gap between SECU's savings rate and a high yield account can mean a real difference in how much interest you earn. On a $10,000 balance, the difference between a 0.01% rate and a 4.00% rate is roughly $400 per year. That gap narrows if you have less saved, but it still matters over time.

SECU's advantage lies elsewhere: if you are already a member, you have access to their full suite of banking services, branch network, and customer service. For some people, convenience and relationship banking outweigh the interest rate difference. For others, the higher rate is worth switching institutions.

SECU's Money Market and CD Options

If you want to earn more interest while staying with SECU, a money market account or CD may work better than a savings account. Money market accounts typically offer higher rates than savings accounts at the same institution, though they usually come with restrictions on how many withdrawals you can make per month.

CDs lock your money away for a set term—usually ranging from three months to five years—in exchange for a may provide rate. The longer the term, the higher the rate SECU typically offers. If you have money you do not need to access soon, a CD can be a straightforward way to earn more interest than a savings account.

Both products have rates that change based on market conditions and SECU's funding needs. You should check SECU's website or call a branch to see current rates before deciding. Rates can shift weekly, so timing matters if you are comparing options.

When SECU Makes Sense Despite Lower Rates

SECU membership comes with benefits beyond interest rates. If you use SECU for checking, loans, credit cards, or other services, keeping your savings there too simplifies your banking life. You see all your accounts in one place, and transfers between accounts are instant.

SECU also participates in the CO-OP network, which gives you access to thousands of ATMs nationwide without fees. If you value that convenience and already have other accounts with SECU, the slightly lower savings rate may be a reasonable trade-off.

Additionally, SECU is a federally insured credit union, meaning your deposits are protected up to $250,000 by the National Credit Union Administration (NCUA). That same protection applies at any bank or credit union, so safety is not a differentiator—but it is worth knowing your money is secure regardless of where you keep it.

How to Find Current SECU Rates

SECU's rates change regularly, so the best way to know what they are offering right now is to visit their website directly or call a branch. Their website typically displays current rates for savings accounts, money market accounts, and CDs by term length.

When you check rates, pay attention to any membership tier requirements. Some credit unions offer different rates based on how much you have on deposit or whether you meet other membership criteria. SECU may have similar tiers, so ask whether the rate shown applies to your account type.

If you are comparing SECU to other options, write down the rates you find and the terms that come with them. A high rate with withdrawal restrictions or a long CD term is not always better than a lower rate with more flexibility, depending on your situation.

Alternatives to SECU for High Yield Savings

Online banks like Marcus, Ally, and American Express Personal Savings have historically offered rates well above SECU's savings account rate. These banks have no physical branches, which keeps their costs down and allows them to pass higher rates to depositors. You manage everything online or through a mobile app.

Other credit unions also offer high yield savings accounts. Some credit unions are open to anyone; others require membership in a specific group or organization. If you are not already a SECU member, exploring credit unions in your area or online credit unions that accept your membership category could yield higher rates.

The trade-off with online banks is that you lose the in-person branch experience and may have fewer ways to deposit cash. Most online banks accept mobile check deposit and transfers from other accounts, which works for most people. If you need to deposit cash regularly, you may need to keep a small account at a bank with physical locations.

Frequently Asked Questions

Can I move my SECU savings to a higher-rate account without closing my membership?

Yes. You can open a savings account at another bank or credit union while keeping your SECU accounts open. There is no requirement to close SECU to move your savings elsewhere. You can even keep a small balance at SECU for other services while moving most of your savings to a higher-rate account.

What is the difference between a SECU money market account and a savings account?

Money market accounts typically offer higher interest rates than savings accounts, but they usually limit how many withdrawals you can make per month (often six). Savings accounts have fewer restrictions on withdrawals. Both are insured by the NCUA up to $250,000.

If I open a high yield savings account elsewhere, do I still need to keep money at SECU?

No. You can move all your deposits to another institution if you want. If you have loans or credit cards with SECU, you may want to keep a checking account there for payments, but you do not have to keep savings there.

How often do SECU's rates change?

SECU updates rates based on market conditions and their own funding needs, which can happen weekly or monthly. There is no fixed schedule. Check their website or call before opening an account to confirm the current rate.

Is my money safer at SECU than at an online bank?

No. Both SECU and online banks are federally insured up to $250,000 per depositor by the NCUA or FDIC. Your money is equally protected at either institution as long as you stay within the insurance limit.