BECU's Savings Account Options

BECU (Boeing Employees Credit Union) does not currently offer a product specifically branded as a "high yield savings account." Instead, BECU offers a regular savings account and a money market account, each with different interest rates and features. If you are looking for the highest rate BECU pays on savings, the money market account typically offers a higher rate than the basic savings account, though the rate varies based on your balance and current market conditions.

BECU is a credit union, which means it operates differently from banks you may know. Credit unions are member-owned, and they often set their own rates rather than following national trends. This means BECU's rates may be higher or lower than what you see advertised elsewhere, and they change on their own schedule.

Before opening any account with BECU, you should know that membership requirements explore. You must live, work, worship, or volunteer in Washington state, or be a family member of someone who already belongs. If you do not meet these requirements, you cannot open an account with BECU.

Key Takeaways

  • BECU does not have a product called a high yield savings account, but its money market account typically pays more interest than its basic savings account.
  • BECU membership requires you to live, work, worship, or volunteer in Washington state, or be related to a current member.
  • Interest rates at BECU change on their own schedule and may differ from rates at other banks or credit unions.
  • You can compare BECU's current rates on its website or by calling a branch to see whether the money market account meets your savings goals.

How BECU's Money Market Account Works

BECU's money market account is the closest product to a high yield savings account. Money market accounts typically require a higher opening balance than regular savings accounts and may limit how many withdrawals you can make each month. In exchange, they pay a higher interest rate.

The exact rate BECU pays on its money market account depends on how much money you keep in the account. Larger balances usually earn higher rates. BECU publishes its current rates on its website, and you can also call a branch to ask what rate you would receive based on the amount you plan to deposit.

One important difference between a money market account and a high yield savings account is that money market accounts sometimes come with a debit card or checkbook. This can make it easier to access your money, but it also means you might be tempted to spend from savings rather than keeping the money set aside.

BECU's Basic Savings Account

BECU also offers a standard savings account with no minimum balance requirement. This account is simpler than the money market account — you can open it with any amount of money, and there are no limits on how many times you can withdraw. The tradeoff is that the interest rate is lower than what the money market account pays.

The basic savings account makes sense if you are building an emergency fund and want the flexibility to withdraw money whenever you need it without worrying about withdrawal limits. It also works well if you do not have enough money to meet a money market account's minimum balance.

Comparing BECU to Other Options

If you are specifically looking for a high yield savings account, you may find higher rates at online banks or credit unions outside Washington state. Online banks often pay more interest because they have lower operating costs than credit unions with physical branches. However, you would need to check whether you can join those institutions — some have membership restrictions similar to BECU's.

The difference in rate between BECU and an online bank can add up over time. For example, if you keep $10,000 in savings, even a 1% difference in annual interest rate means $100 per year in additional earnings. Over five years, that becomes $500 or more. You can compare current rates across different institutions to see whether BECU's rates match what you need.

Keep in mind that rates change frequently, and what is true today may not be true next month. Before moving your money, check the current rates at both BECU and any other institution you are considering.

How to Check BECU's Current Rates

BECU publishes its savings account rates on its website under the savings or deposit products section. The rates shown are usually current, but they can change without notice. If you want to know the exact rate you would receive based on your specific balance, calling a BECU branch is the fastest way to get an answer.

When you call, have your planned deposit amount ready. BECU staff can tell you the rate tier that applies to you and answer questions about withdrawal limits, minimum balances, and any fees. You can also visit a branch in person if you prefer to speak with someone face-to-face.

Membership and Account Opening

To open any account at BECU, you must first become a member. Membership is free, but you must meet one of the may be able to access requirements: living in Washington state, working in Washington state, worshiping at a Washington state congregation, volunteering with a Washington state organization, or being a family member of someone already in the credit union.

Once you are a member, opening a savings account or money market account takes about 15 to 30 minutes. You can do this online, by phone, or in person at a branch. You will need a government-issued ID and your Social Security number. If you are opening an account online, you may be able to complete the entire process without visiting a branch.

Frequently Asked Questions

Can I open a BECU account if I do not live in Washington state?

You can open an account if you work, worship, or volunteer in Washington state, or if you are a family member of someone who is already a BECU member. If none of these explore to you, BECU membership is not available to you, and you would need to look at other credit unions or banks.

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

A money market account typically pays a higher interest rate but may require a larger opening balance and limit how many withdrawals you can make each month. A savings account has no withdrawal limits and usually no minimum balance, but it pays less interest. Choose based on whether you need frequent access to your money.

How often do BECU's interest rates change?

BECU can change its rates whenever it chooses, and there is no set schedule. Rates may change weekly, monthly, or not at all for several months. Check BECU's website or call a branch to see the current rates before opening an account.

Is my money safe in a BECU account?

Yes. BECU is insured by the National Credit Union Administration (NCUA), which means deposits up to $250,000 per account owner are protected if the credit union fails. This is the same protection that banks have through the FDIC.

Can I earn interest on a checking account at BECU?

BECU offers checking accounts, and some of them do pay interest, though usually at a much lower rate than savings or money market accounts. Ask BECU which checking accounts pay interest and what the current rate is.