RateAPY

My Savings Account from Chevron Federal Credit Union at 7.00% APY

Posted by: RateAPY Bank Rates News
April 27th, 2010

Parents who want to teach their children about financial responsibility often start by opening a savings account. A savings account can be the perfect place for children to deposit allowance money or gifts from relatives and then to add to the fund when they begin working.

For adults, a savings account can be a great supplement to a checking account since many banks and credit unions allow for automatic transfers into the savings account on a weekly or monthly basis.

The Chevron Federal Credit Union, open only to employees of the Chevron Corporation, their family members and some contractors, offers the My Savings account to members age 21 and younger. Known as an “inverted savings account”, this account pays 6.77% interest (7.00% APY) on savings account balances up to $1,000. An inverted savings account, unlike a standard savings account, pays the greatest yield on the lowest balance tier.

Compare savings accounts online to find the best interest rates and terms for your needs.