SECU does not offer a dedicated high yield savings account, but has money market accounts and regular savings products that may work depending on your balance and how often you move money

SECU (the State Employees Credit Union, the largest credit union in North Carolina) does not market a product called a high yield savings account. What they do offer are a money market account, a regular savings account, and a share certificate (their version of a CD). The money market account typically pays a higher rate than the regular savings account, but the rate depends on your balance tier — the more you keep in the account, the higher your APY. You will need to check SECU's current rates directly, because they change and vary by account type and balance level.

If you are comparing SECU to online banks that advertise high yield savings accounts with rates above 4% APY, you should know that SECU's rates are usually lower. SECU is a credit union with physical branches in North Carolina and South Carolina, which means their cost structure is different from online-only banks. The trade-off is that you get in-person service and can deposit cash at a branch, but you typically pay for that with a lower interest rate.

Key Takeaways

  • SECU offers a money market account and regular savings account, not a product branded as high yield savings.
  • SECU's money market account rates are tiered by balance — higher balances earn higher APY, so your rate depends on how much you keep in the account.
  • SECU rates are generally lower than online banks offering high yield savings, because SECU operates physical branches and has different operating costs.
  • If you want the highest possible rate on savings, you will need to compare SECU's current rates to online banks and decide whether branch access is worth the rate difference.

How SECU's money market account works

SECU's money market account is their closest product to a high yield savings account. It allows you to earn interest on your balance, and you can write checks or make transfers from it, though there are limits on how many withdrawals you can make per month (federal rules cap this at six per statement cycle for savings-type accounts). The account is NCUA-insured up to $250,000, the same as a regular savings account.

The rate you earn depends on which balance tier your account falls into. SECU publishes these tiers on their website, and they typically look like: balances under $10,000 earn one rate, $10,000 to $25,000 earn a higher rate, $25,000 to $100,000 earn higher still, and so on. This means if you have $50,000 in the account, you earn the rate for that tier on the entire balance, not just the amount above the threshold. You need to log into your SECU account or call them to see the current rates, because they are not always listed prominently on their homepage.

SECU's regular savings account versus money market

SECU also offers a basic savings account that typically pays a lower rate than the money market account. The regular savings account has fewer restrictions on withdrawals and is simpler to manage if you do not need the slightly higher rate. The difference in APY between the two is usually small — often less than 0.5% — so if you plan to move money in and out frequently, the regular savings account may be less frustrating.

The choice between them depends on your habits. If you are saving money and do not plan to touch it for months, the money market account's higher rate makes sense. If you are using the account as a holding place for money you move around regularly, the regular savings account is simpler and the rate difference will not matter much.

Share certificates (CDs) as an alternative

If you are willing to lock your money away for a set period, SECU's share certificates (their term for CDs) often pay higher rates than either savings or money market accounts. A share certificate ties up your money for a fixed term — typically ranging from three months to five years — and if you withdraw early, you pay a penalty. The longer the term, the higher the rate usually is.

Share certificates make sense if you have money you will not need for a known period and want a may provide rate. They do not work if you might need the cash before the term ends, because the penalty can eat into your earnings. SECU publishes their current share certificate rates on their website, and you can compare them to the money market rate to see whether locking in money is worth it.

How SECU membership works

To open any SECU account, you must become a member. SECU membership is not automatic — you have to join, and membership requirements vary. Some people are may be able to access because they work for a state agency, attend a North Carolina university, or live in a county where SECU operates. Others can join by making a donation to a specific nonprofit or by having a family member who is already a member. Check SECU's membership page to see if you are may be able to access.

Once you are a member, you can open a savings account, money market account, or share certificate. Membership itself is free, and there is no monthly fee for most SECU savings products, though some accounts have minimum balance requirements. If you do not meet the minimum, the account may be closed or converted to a different product.

Comparing SECU to online high yield savings accounts

Online banks like Marcus, Ally, and American Express often advertise high yield savings accounts with APY rates that are significantly higher than SECU's rates. These banks have lower overhead because they do not operate physical branches, so they can pass higher rates to customers. If your only goal is to maximize the interest you earn on savings, an online high yield savings account will likely pay more.

The reason to choose SECU instead is convenience and service. SECU has branches where you can deposit cash, speak to a person, and handle banking in person. If you value that access, or if you already bank with SECU for checking or other services, keeping your savings there may be worth accepting a lower rate. If you do not need branch access and want the highest possible rate, an online bank is usually the better choice.

Frequently Asked Questions

What is the current APY on SECU's money market account?

SECU's rates change and vary by balance tier, so you need to check their website or call a branch to see the current rate for your balance level. Rates are not fixed and can move up or down based on market conditions.

Can I open a SECU account if I do not live in North Carolina?

SECU membership requirements vary. Some people outside North Carolina can join if they have a family member who is a member or if they donate to a may have access to nonprofit. Check SECU's membership page to see if you meet the criteria.

Is my money safe in a SECU savings account?

Yes. SECU is insured by the NCUA (National Credit Union Administration), which protects deposits up to $250,000 per account type, the same protection as FDIC insurance at banks.

Can I withdraw money from a SECU money market account whenever I want?

You can make withdrawals, but federal rules limit you to six per statement cycle. After six, you may face fees or the account may be converted to a different type. This is a standard rule for savings-type accounts, not unique to SECU.

What happens if my balance drops below the minimum for my money market tier?

If your balance falls below the threshold for your tier, you will earn the rate for the lower tier going forward. Some accounts have overall minimums, and if your balance drops below that, the account may be closed or moved to a different product.