What is a savings account?

A savings account allows you to place your money into an interest-bearing account that grows your money over time. At Oregon State Credit Union, you can designate your Basic Savings Account to provide overdraft protection for your checking account.

There are no restrictions on how often you can deposit to the account, but there are limits on withdrawals. Federal law limits the number of transfers or withdrawals from a savings account to six per month. Taking money out through a teller doesn’t count towards this six-per-month limit. The minimum balance required to open the account is quite low, and there are low-to-no monthly fees depending on your account balance and the number of other accounts you maintain.

Savings accounts are federally insured. You can make deposits and withdrawals at a branch or ATM, and view your balance or make transfers at a branch or ATM, through online banking or by calling the Phone Access Teller (PAT) at 800-732-0173.

 

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