emergency savings account

Emergency Savings Account

I Can Save Account

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.

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 first quarter of 2024, only 47% of American adults would be able to pay with cash or cash equivalent to cover an unexpected $400 emergency expense. The remaining 53% 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?

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Get Peace of Mind

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.

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Avoid Paying Extra

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.

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Protect Loved Ones

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.

Open an Account

Before you start saving, you’ll need to open an account online or by visiting a branch (appointments and walk-ins are welcome). Don’t worry–there’s no minimum deposit requirement–but we do limit only one account per member.

Make Monthly Deposits

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.

Earn a Generous Rate of 6.00% APY on Qualifying Balances

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.

Try Not to Withdraw from Your Emergency Funds

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

$0.01 – $2,500.00
$2,500.01 +

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.

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Emergency Savings Account Frequently Asked Questions (FAQs)

Everyone should have an emergency savings account–that’s why we make it easy to open and grow one, one deposit at a time. Here are some more good-to-know facts about I Can Save accounts.

How much should I save in my emergency savings account?

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The ideal answer is “as much as possible.” Realistically speaking, almost anything is better than nothing–especially when you’re starting out. We created the I Can Save account with the goal of helping our members save $1,000, but don’t think of that as a cap.
What’s right for you depends on where you live, your lifestyle, and other factors. As a guideline, many financial experts agree that having six months’ worth of living expenses saved is ideal.

When should I use my emergency savings account?

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Knowing when to use your emergency fund can be difficult, but remember: that money is there to make your life easier. If the alternative is using a credit card or taking out a loan, consider using your emergency savings. Major car repairs, medical emergencies, urgent home maintenance, and losing your job are all situations that can be mitigated (at least partially) with your savings.

Where should emergency savings be kept?

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Ideally, your emergency savings should be kept (and regularly topped up) in bank accounts that reward you for contributing. Our I Can Save account is designed to reward you for growing your emergency funds with an amazing 6.00% APY1 rate until the balance reaches $2,500.
I Can Save accounts are just the beginning. There are more ways to save with Greater Nevada Credit Union, including Money Market accounts, Share Certificates (CDs), and other high-yield savings accounts. Contact your local branch to learn more about these accounts and other convenient financial services.

How do I start saving for an emergency fund?

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Here are some simple ways to kick-start your savings account.


  • Set realistic savings goals based on your lifestyle and your abilities. When you reach one of those goals ($200, $400, $600, etc.), then celebrate with a small reward.
  • Consider setting up automatic money transfers from your paycheck or other regular income sources. This will help automate some of the process and make saving a habit.
  • Consider depositing your tax refund into your savings account. It’s a great way to boost your savings and reach your next big goal in (potentially) one fell swoop.

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.

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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.