You can’t predict the unexpected, but you can prepare for it with an emergency savings account that offers a generous 6.00% APY1 while building your savings balance until it reaches $2,500. Schedule an appointment to open one today or learn more about the benefits of banking with Greater Nevada Credit Union.
Emergency Savings Account
I Can Save Account
What is an Emergency Savings Account?
An emergency savings account is exactly what it sounds like: an account where you’ve saved money to use in the event of an emergency situation. Car accidents and sudden injuries/illnesses are good examples of such situations–especially ones that can cause financial hardship. Having money set aside for scenarios like these is essential. An emergency fund can act as a buffer when you’re unable to work or need to fund a large expense.
What Does the Data Show for Emergency Savings in America?
According to a nationwide Morning Consult study for the third quarter of 2023, only 46% of American adults would be able to pay with cash or cash equivalent to cover an unexpected $400 emergency expense. The remaining 54% of adults would need to put the expense on a credit card and pay it off over time, use money from a loan or line of credit, borrow from a friend or family member, sell something, or use a payday loan, deposit advance or overdraft.
Why is it Important to Have an Emergency Fund Savings Account?
You never know when an emergency will happen, but that doesn’t mean you can’t prepare for one. Doing so can save you time and money as you navigate a sudden job loss, urgent home repairs, major car fixes, and other stressful situations.
Paying extra to get urgent care or services is the last thing you need in the event of an emergency. Unfortunately, many people cover unexpected expenses with credit cards or loans. These are costly options that you could avoid with a well-built savings account.
Emergencies that affect you can also affect your family. But it’s good to know that if you lose your job, or if a loved one needs urgent care, you’re prepared to step in with emergency savings. They depend on you, and when you can depend on your emergency fund, everyone wins.
How I Can Save Accounts Work
An I Can Save emergency savings account is easy to open and easy to build up because we set our members up for saving success.
Before you start saving, you’ll need to open an account. Set up an appointment at your local branch (you’ll find our credit union locations throughout Nevada) and we’ll guide you through the process. Don’t worry–there’s no minimum deposit requirement–but we do limit only one account per member.
Let’s build a saving habit, one month at a time. When you open an “I Can Save” account, we ask that you make monthly deposits. There’s no minimum deposit requirement–you can add up to $200–but you must contribute monthly.
It’s never been so easy (or more rewarding) to save. Members who open an I Can Save account earn a see-it-to-believe-it 6.00% APY while building their savings, until the balance reaches $2,500. After that, you’ll earn our current Share Savings account rate.
Unfortunately, if you withdraw funds from your I Can Save account for any reason, you’ll need to wait two years to open another one. This waiting period is mandatory. Our goal is to help you reach that $2,500 goal–but if you withdraw money, it’s harder to get there.
I Can Save Account Rates
1APY (Annual Percentage Yield) effective October 16, 2023, and subject to change without notice. To jumpstart your savings, you’ll earn a generous rate of 6.00% APY until your savings balance reaches $2,500.00. After that, you earn the current GNCU Regular Share savings account rate on the entire account balance, currently 0.10% APY. 6.00% APY earned on balances ≤ $2,500.00 when qualification of one deposit per month is met. 0.10% APY applies to all balances if monthly qualifications are not met. Dividends will be credited to your account and compounded every month. Fees could reduce the earnings on the account. Limit of one I Can Save account per member. Periodic withdrawals are not allowed on this account. Only a withdrawal of the entire balance is allowed, which will result in the closure of this account. Once closed, another I Can Save account will be not be allowed for a period of two years from the date of account closure.
Other Accounts to Help You Live Greater
Savings accounts , checking accounts, and beyond–there are lots of ways to Live Greater when you bank with us. Greater Nevada Credit Union’s financial products and services reward smart spending and saving, especially when you become a member. Contact or visit your local branch to learn more about Health Savings accounts, Individual Retirement accounts, and much more.
Find the perfect checking account for your lifestyle and get rewarded with cash back, high-yield dividends, and other perks.
Money Market Accounts
Enjoy greater flexibility with Money Market accounts that earn higher returns than most checking accounts.
Health Savings Accounts (HSAs)
Saving for medical expenses–emergency or otherwise–is easier (and tax-free) with a Health Savings account.
Share Savings Accounts
Share Savings accounts are your keys to not only easier saving, but membership with Greater Nevada Credit Union.
IRA Savings Accounts
Save now and retire comfortably–we make it easier with tax-advantaged Individual Retirement accounts (IRAs).
Share Certificates (CDs)
Sit back and watch the savings grow with better rates on Share Certificates (better known as CDs).
Youth Savings Accounts
It’s never too early to learn about saving, and with our Youth Savings accounts, it’s easy to introduce kids to money management.
Open an Emergency Savings Account Today
The sooner you begin saving, the more prepared you’ll be for emergencies later on. Contact us today to learn more about I Can Save accounts or other savings accounts.