Savings Accounts
Savings Account Options
Member Shares Account
- Every Honor member starts with a FREE Shares savings account.
- Earn interest on the money you save!
- Your Shares savings account gives you a voice as a shareholding member.
Saving For A Goal
- Open a savings account for a future goal, or an upcoming life event, like Christmas shopping, or a dream vacation.
- Set automatic transfers to your special account so you don’t forget.
- Pair a savings account with our It’s Your Change tool to build up your savings.
Youth Savings Account
- No minimum balance fees.
- Ideal for newborns up to high school students learning how to manage their money.
- Honor’s Student Credit Union program promotes responsible money management at an early age.
Health Savings Account
- HSA’s allow you to save money for qualified health-related expenses.
- Contributions to your HSA are not taxed.***
- You must be enrolled, or have been enrolled, in a High Deductible Health Plan to use an HSA. An HSA can include a checking account and certificate of deposit.
*An Honor team member can help you open an HSA account
Current savings Rates
Savings Account Rates
| Type | Interest Rate | APY* |
|---|---|---|
| Share Savings(for balances on $5.00 or more) | 0.01% | 0.01% |
| Christmas Savings | 0.01% | 0.01% |
| Vacation Savings | 0.01% | 0.01% |
| Health Savings (HSA) | 0.25% | 0.25% |
| Rates accurate as of Nov 21, 2024 | ||
| All youth under the age of 18 will receive an additional 0.25% APY to the stated rates unless otherwise noted.*APY = Annual Percentage Yield. Rates are variable and subject to change without notice after account is opened. Fees can reduce earnings. Federally insured by NCUA. | ||
Interest Calculator
Use our calculator to help you determine how much interest you could earn with an Honor savings account.
More Ways To Save Money
We know everyone has different reasons to save money, so along with our standard shares savings accounts, we offer other free options for short term and long term savers. Check out our money market options, certificates of deposit, and IRA accounts.
Money Market Accounts
- General Info: All three of our money market options are free with no monthly fees, and give you the freedom to make unlimited deposits and withdrawals
- Amplify Money Market: Earn up to 3.50% APY* with no cap on interest earned
- Surge Money Market: Earn up to 2.00% APY* on balances up to $2,500
- Momentum Money Market: An option to consider for long-term savers who still want access to their funds
Certificate Of Deposit
- Open a CD with as little as $50
- Most CDs earn higher interest rates than regular savings accounts, and rates are locked in for the length of the CD
- Terms range from 3 to 60 months to fit your needs
- Ideal for anyone with extra money they don't need right away, such as adults saving for retirement, teenagers saving for college, or parents starting a savings fund for their children
Individual Retirement Account (IRA)
- Traditional IRA: Contributions may be tax deductible depending on your circumstances*
- Roth IRA: Contributions are not tax deductible, but your earnings are generally tax-free, and stay tax-free when you withdraw them*
- Coverdell IRA A form of college savings account. Contributions are not tax-deductible.* Distributions remain tax-free as long as they're used for qualified education expenses
*APY= Annual Percentage Yield. ^Always talk to your tax advisor to help you determine the IRA that is right for you.
How To Open An IRA
To open an IRA account simply give us a call at 800.442.2800, or stop by a local member center.
Instant Deposit
You can now start getting your paycheck before payday with Honor’s Instant Deposit feature! As soon as you see your direct deposit pending within online banking, or on the mobile app, you can access those funds!
Details
An instant deposit³ is defined as early access to a direct deposit that is scheduled to post to your account. An instant deposit is a way for you to gain access to your funds sooner.
- No checking account required
- Many employers post direct deposit funds 1-2 days early
- $10 early access fee per instant deposit
- There is no fee for a normal ACH direct deposit
How To Request An Instant Deposit
You can request an instant deposit within your online banking, in the Honor app, or by calling 800.442.2800. Follow the steps below for online banking and the mobile app.
- Log in to online banking
- In the My Accounts tab select ACH Transactions
- Select the ACH transaction you wish to instantly deposit and click Post Now
4. Confirm your instant deposit request and select an account to have the $10 fee drawn from
- Log in to the Honor mobile app
- Tap Accounts on the bottom menu, and then tap My Accounts
- Tap ACH Transactions
- Select the ACH transaction you wish to instantly deposit and tap Post Now
5. Confirm your instant deposit request and select an account to have the $10 fee drawn from
³$10 fee per instant deposit to gain early access to funds. No checking account required. Direct Deposit and earlier availability of funds are subject to the timing of payer’s funding, and credit union approval. Honor Credit Union cannot guarantee a payer’s funds will be available for instant deposit. Requests per each Direct Deposit must be made within online banking or by contacting the credit union. Insured By NCUA.
Frequently Asked Savings Questions
In many ways, this is like your typical savings account. You deposit money and get interest on your balance. Unlike other financial institutions, you keep your ownership of this money and it makes you a shareholder in Honor Credit Union – giving you a vote at our credit union elections.
A special shares account gives you the ability to save money for a variety of reasons. We have Vacation shares, Christmas shares and Special shares, which you can nickname whatever you choose. An advantage of opening a special secondary shares account is you can set up automatic transfers to help you reach your savings goals faster!
There is a monthly minimum balance fee of $5.00 if the membership shares balance falls below $200. This fee is waived if the member has a checking account or loan with Honor.
Yes! While each member can have only one main Shares Account, you can add sub accounts. Honor members can have up to two Vacation Shares accounts and up to four Special Shares accounts.
Members 65 and older can receive special benefits! Stop by a local member center, or call us at 800.442.2800 for more details.
Tips To Save Money
We know it’s not always easy to build up your savings account, so we have included some helpful tips and tricks from our blog to help you reach your savings goals.
Five Smart Ways To Use Your Tax Refund Money
It’s important to prioritize how you spend your tax refund money, from paying off debt to building an emergency fund and much more.
What Is a Money Market Account?
Money markets typically offer better rates than savings accounts, are great for short and long-term savers, and give you the flexibility of unlimited deposits and withdrawals.
Four Easy Ways To Maximize Your Savings In 2023
Learn about short-term savings options like a checking account that earns interest or high yield money market, to long-term savings options like certificates of deposit (CDs).
What Is a Health Savings Account (HSA) & Do I Need One?
Learn how a Health Savings Account (HSA) can help you pay for certain healthcare costs, what the benefits are, who is eligible for one and how to open an HSA with Honor.
