These 4 credit unions offer outstanding APYs on savings — and anyone can join (2024)

Banking with a credit union can come with perks. Credit unions often offer lower rates on credit and loan products, reduced fees and higher interest rates on deposits — including savings accounts.

CNBC Select compiled a list of the best savings accounts offered by credit unions. We picked the accounts that offer high interest rates, charge no monthly fees and require low or no minimum balance. We also made sure to only include credit unions that are easy to join and insured by the National Credit Union Administration (NCUA). (Read more about our methodology below.)

• Best overall: Quorum Federal Credit Union HighQ Savings Account
• Best for a high APY on all balances: KeyPoint Credit Union Ultra Savings
• Best for deposits under $10,000: Affinity Federal Credit Union SmartStart Savings
• Best for low deposits: Digital Federal Credit Union (DCU) Primary Savings

Who's this for? Whether you're looking for a savings account for a small rainy day fund or to hold larger sums of money, the Quorum Federal Credit Union HighQ Savings Account can be an excellent choice.

HighQ Savings consistently offers generous APY on any balance and makes it easy to maintain your account. As long as you opt-in to receive electronic statements, you won't incur any monthly fees (there is a $10 monthly fee if you choose to receive paper statements). There are also no minimum deposit or balance requirements to worry about.

If you also get a checking account with Quorum, you'll have access to more than 90,000 fee-free ATMs nationwide.

To open an account with Quorum, you'll first need to join the credit union. You can join if you or someone in your household work for or retired from an eligible SEG company. Alternatively, you qualify for a membership if you join American Consumer Council (ACC) or Select Savers Club (SSC). Joining ACC is free and signing up for SSC costs $5 — which Quorum will pay for you.

Who's this for? If the idea of putting down a sizeable deposit (namely, $1,000) doesn't put you off, Ultra Savings from KeyPoint Credit Union can offer you an outstanding interest rate.

As of writing, Ultra Savings earns 4.85% APY, regardless of your account balance. You need a $1,000 minimum deposit to open an account but after that, you don't have to maintain any balance to keep it. Plus, KeyPoint doesn't charge any monthly fees.

You can get an ATM card for your savings account and use KeyPoint's locator to find your closest ATM.

You can join the credit union seamlessly while signing up for Ultra Savings. As one of the options, you'll be prompted to enroll with The Financial Fitness Association (FFA) — and KeyPoint will pay the $8 membership fee for the first year. You're also qualified to join if you live or work in one of the eligible counties in California, work for a member company or are an immediate family of an existing member.

Who's this for? If you'd rather not fork out a large deposit to take advantage of a high interest rate on your savings, SmartStart Savings from Affinity Federal Credit Union can be another great option.

SmartStart offers 4% APY as of writing on the first $10,000 in your account and 1% thereafter. The cap is not ideal but shouldn't deter an average saver. According to the most recent Federal Reserve'sSurvey of Consumer Finances(SCF), Americans have a median transaction account balance of $5,300 — well below Affinity's limit.

Affinity charges no account fees on SmartSavings and requires no minimum balance. However, if you choose to receive paper statements, you'll have to pay a $2 monthly fee.

If you automate your savings and set up direct deposits from your paycheck, you can receive the funds up to two days early in your SmartSavings account.

Joining Affinity is easy — you can do it in-branch, over the phone or online. All it takes is a $5 membership deposit which will be held in a separate Membership Eligibility Account.

Who's this for? If you're only planning to hold a small amount in your savings account, Digital Federal Credit Union (DCU) Primary Savings can yield generous returns.

Primary Savings currently offers a 6.17% APY on up to $1,000 and 0.16% to 6.17% thereafter. If you reach the cap, it might be wise to open another savings account to continue earning high returns.

You only need $5 to open and retain an account. There are no monthly fees. You can also get an ATM card and use it at any DCU or CO-OP ATM across the U.S.

You're eligible to join the credit union and open this account if you're a relative of a current DCU member, work for or are retired from one of DCU's participating employers or live, work, study or worship in one of DCU's communities. Alternatively, you can join one of the participating organizations DCU works with. The most affordable option here is the non-profit organization Reach Out for Schools, which offers memberships starting at $10.

• What is a credit union?
• What type of savings accounts do credit unions offer?
• Are credit unions FDIC-insured?
• Are credit unions better than banks for savings?

A credit union is a type of financial institution similar to a bank and offers the same or similar financial products. What makes it different from a traditional bank is the fact that credit unions are owned by their members. An elected board of directors to manages the credit union representing members' interests.

Since a credit union's goal is to best serve its members, you can often find better rates and fees on loans and deposit accounts than you see at for-profit banks. At the same time, credit unions are often local, so they might offer limited branch access and customer experience — for instance, you may encounter less advanced app features or have trouble reaching your credit union outside of business hours.

The Federal Deposit Insurance Corporation (FDIC) only insures deposits in banks. However, that doesn't mean your money isn't protected when you're keeping it at a credit union.

Credit unions have their own insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), managed by the National Credit Union Administration (NCUA). The NCUSIF provides up to $250,000 in coverage per account for all federal and most state-chartered credit unions. For jointly-owned accounts, the NCUSIF adds $250,000 in coverage for each account holder.

All accounts on our list are NCUA-insured.

Credit unions can offer higher interest rates and lower fees on their savings accounts, compared to traditional banks. They also provide the same amount of deposit insurance, so you can rest assured your funds are safe. At the same time, credit unions' websites and apps might not be as technologically advanced as those offered by for-profit banks, meaning you probably won't have the same high level of user experience.

When deciding between a bank and a credit union, it helps to think about what matters to you most. Is it personalized customer service or a better online experience? A higher interest rate or having a branch nearby wherever you are? Consider that some bank savings accounts can come with just as competitive rates, so compare your options carefully before you decide.

Subscribe to the CNBC Select Newsletter!

Money matters —so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.Sign up here.

To determine which credit union savings accounts offer the best return on your money,CNBC Selectanalyzed dozens of U.S.savings accountsoffered by credit unions. We narrowed down our ranking by only considering those savings accounts that offer an above-average APY, no monthly maintenance fees and low (or no) minimum balance requirements. We also only included credit unions that anyone can join.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each saving account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are NCUA-insured up to $250,000. Note that the rates and fee structures for savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

Read more