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Savings Accounts
We've got savings accounts to help you save for anything and everything.
To get started with First Alliance Credit Union, the first thing you'll want to do is set up your Share Savings Account. This account is your gateway to all our fantastic financial products and services, including a variety of savings account options. We have a broad selection of savings accounts designed to help you reach your personal savings goals and manage your money in a way that suits you best. Take a look at the different savings accounts we offer below, and don't hesitate to contact us if you have any questions. We're here to help!
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Savings Account Rates
Account Type Dividend Rate* APY** Balance for APY Main Share Savings 0.300% 0.300% $5.00 Sub-Share Savings 0.300% 0.300% $100.00 WINcentive Savings 0.300% 0.300% $0.00 Holiday/Vacation/Back to School Club 0.300% 0.300% $0.00 Checking 0.100% 0.100% $1,000.00 Pet Savings 0.300% 0.300% $0.00 Health Savings Account 0.450% 0.450% $1.00 IRA Savings, Roth & Coverdell 0.600% 0.600% $10.00 *Dividend Rates Effective March 1, 2024
**APY=Annual Percentage Yield. All rates are subject to change without notice. Refer to your Truth-In-Savings disclosure for complete account details. Fees assessed to the account may reduce earnings.
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Share Savings Accounts
This account is called a Share Savings because the $5.00 you deposit into this savings account is similar to you buying a share of stock in our credit union. That $5.00 deposit makes you a member-owner of the credit union; it is the foundation of your membership with us. Once your membership is open, this account functions just like a traditional savings account, giving you benefits like:
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Earning dividends from the first day of deposit
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No monthly service fees or charges
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Free, instantly issued debit card
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Access to free Online & Mobile Banking so you can watch your savings grow
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Small minimum balance of only $5.00
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Youth & Teen Accounts
At First Alliance, we're committed to helping our youngest members build good savings habits! Start your young saver off on the right path when you open a Youth or Teen Account today!
Youth Accounts (0 to 12 years)
Our Youth Accounts are an excellent way to begin teaching your kids the importance of saving and money management. We have several savings options to choose from below. If you're not sure which account to open for your child, just ask, we are here to help every step of the way!
Youth Share Savings Accounts - this is the basic savings account every youth member will need to get started on their savings journey
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$5.00 minimum deposit to open and maintain account
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Deposits can be made at any time
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Pays the same rates as our main share account
Youth Certificate of Deposit - this type of account is a great option for longer term savings goals for your young saver and can help them learn the power of compounding interest
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$100 minimum balance required
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Deposits may be made to the certificates at any time
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Pays the same rates as our regular Certificates of Deposit
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Flexible terms from 6 months to 60 months
Youth Money Markets - this savings option helps your young saver earn a little more interest, while still being able to access their money if needed.
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Deposits and withdrawals can be made at any time
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Interest rates follow our regular money market account tiers
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But your saver only needs a $500 minimum balance to earn dividends
Teen Accounts (13 to 17 years)
Once your little saver becomes a teenager, it's time to start helping them manage their money in new ways, which is why our Teen Accounts include the youth savings account options from above, plus access to:
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Checking account with direct deposit options
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A free, instantly issued debit card when you open your account (compatible with Mobile Wallets)
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Online Banking, which comes with option of eStatements
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Free Mobile Banking app, with free mobile deposit and My Cards - our innovative built-in debit card management tool
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Option to enroll in overdraft protection
Youth Accounts Disclosure: Parent or guardian is required as joint owner on the account when child is under 18. Review complete member agreement and privacy policy in our resource center.
Greenlight the debit card and money app (no minimum or maximum age here)
Greenlight is the loved, trusted debit card and mobile app for kids and teens that helps families raise financially-smart kids and manage everyday tasks — and it is now available as a perk* for First Alliance Credit Union members. Give your kids access to hands-on learning - with videos, quizzes and other built in lessons on how to:
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Earn
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Save
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Spend wisely
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Invest
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And more
The Greenlight card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. †First Alliance Credit Union members are eligible for the Greenlight SELECT plan at no cost when they connect their First Alliance Credit Union account as the Greenlight funding source for the entirety of the promotion. Subject to minimum balance requirements and identity verification. Upgrades will result in additional fees. Upon termination of promotion, members will be responsible for associated monthly fees. See terms for details. Offer ends 10/15/2026. Offer subject to change and partner participation. Card images shown are illustrative and may vary from the card you receive.
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WINcentive® Savings
Save Money. Win Money.
WINcentive® Savings accounts offer the thrill of winning cash prizes with no risk of losing savings. With real rewards, rules, suspense and possibility, even if you don’t win a drawing, you still win by having more money than you started with! You can review the annual prize schedule below and check out the WINcentive® Savings frequently asked questions here.
WINcentive® Savings from Minnesota Credit Union Network on Vimeo.
Prize Drawing Schedule
Prize Drawings
Number of State Wide Winners
Prize Amounts*
Drawing Dates
Monthly
50
$100
10th of each month
Quarterly
5
$1,000
10th of April, July, October, & January
Quarterly
1 per credit union
$100
10th of April, July, October, & January
Special Holiday
2
$1,000
10th of December 2024
Annual
2
$5,000
January 10, 2025
Total in 2024
716*
$100,000*
Check out two stories from our members who've won $5,000 with WINcentive! See Pat's Story and Heather's Story
*Winning one prize category (monthly, quarterly, or annual) does not disqualify a participant from winning a different prize category within the same year. Drawings will occur on or about the 10th of each month, or the next business day, for the previous month and/or quarter end. Prize Amounts are estimates and subject to change. Prize amounts and numbers of winners are subject to change.
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Pet Savings Accounts
Your pets are an important part of your family. Make sure you’re planning ahead for all of the expenses that come with taking care of them with a Pet Savings Account. Most people use the Pet Savings Account to save and plan for their pet’s regular health care costs that are not covered by pet insurance, but you can save money for any expense related to keeping your pet happy and healthy!
A First Alliance Pet Savings Account offers you several benefits:
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We will donate $10 to Paws and Claws Humane Society when you open this account
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Access and transfer funds from within Online Banking and our Mobile App
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No monthly service fees or charges
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No minimum balance requirement
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Club Savings Accounts
Depositing regularly into a Holiday, Vacation or Back to School Club Account helps you save money and plan ahead throughout the year. Each of our Club Accounts has a specific date when your account balance and dividends are transferred to your checking or savings account just in time to help cover your common expenses.
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Vacation Club Account deposits on June 1st each year
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Back-to-School Account deposits on August 1st each year
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Holiday Account deposits on November 1st each year
Early withdrawal penalties may apply.
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Health Savings Accounts (HSA's)
Health Savings Accounts (HSA's) are a type of savings account that allows you to save your money on a pre-tax* basis to help you pay for qualified medical expenses, such as:
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Deductibles
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Co-payments
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Co-insurance
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Other medical expenses
HSA's are not "use it or lose it" type accounts, so your HSA balance rolls over from year to year, but their maybe annual contribution limits. When you open your HSA account will receive a special debit card to easily access and track your HSA funds.
*Consult your tax professional for details.
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Individual Retirement Accounts (IRA's)
Saving for retirement or college expenses can seem impossible. At First Alliance, we try to make it easier for you to reach your long-term financial goals. That’s why we offer a variety of Individual Retirement Account (IRA) options:
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Traditional and Roth IRAs – Both are great options to start saving for retirement that generally gives you benefits at tax time*.
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Simplified Employee Pension (SEP) IRA – This is an excellent option for those who are self-employed or small business owners looking to invest for themselves or an employee.
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Coverdell ESA – This account is an excellent way to save for college education expenses for your children.
Opening an IRA savings account at First Alliance requires a minimum initial deposit of just $10.00. Dividends are compounded monthly and we don't charge annual maintenance or service fees. IRA Certificates of Deposit also available, you can explore those options here.
*Consult a qualified tax professional
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Have questions about savings accounts? Let's talk!
