BECU's savings account options and current rates

BECU (Boeing Employees Credit Union) does not currently offer a dedicated high yield savings account. BECU is a credit union based in Washington state, and their savings products include a standard savings account and money market accounts, but neither is marketed or positioned as a high yield option. The rates on these accounts vary and change over time, so you'll need to check directly with BECU or visit their website to see what they're currently offering.

BECU membership is restricted to people who work for Boeing, their family members, or residents of certain Washington counties. If you're not may be able to access for BECU membership, this comparison won't apply to you. If you are a member and want to compare what BECU offers against other institutions, you'll want to look at both credit unions and online banks that do offer high yield savings accounts.

The difference between a standard savings account and a high yield savings account is the annual percentage yield (APY). High yield accounts typically offer rates that are significantly higher than traditional bank savings accounts, though the exact gap shifts as the Federal Reserve changes interest rates. BECU's rates may be competitive for a credit union, but they're unlikely to match what online banks currently offer for high yield savings.

Key Takeaways

  • BECU offers standard savings and money market accounts but does not have a product specifically branded as a high yield savings account.
  • BECU membership requires you to work for Boeing, be a family member of an employee, or live in an may be able to access Washington county.
  • To compare BECU's rates against high yield options, you need to check BECU's current APY and compare it to online banks and other credit unions that specialize in high yield savings.
  • High yield savings accounts at online banks often offer rates two to three times higher than traditional bank savings, though this gap narrows or widens depending on Federal Reserve policy.

How BECU's savings accounts work

BECU's standard savings account is a basic deposit account where you can store money and earn interest. There are no monthly maintenance fees, and you can withdraw funds without penalty. The account is insured by the National Credit Union Administration (NCUA) up to $250,000, the same federal protection that applies to bank deposits insured by the FDIC.

BECU also offers a money market account, which typically requires a higher opening deposit and minimum balance than a standard savings account. Money market accounts often come with check-writing privileges or a debit card, and the rate may be slightly higher than the savings account rate. However, money market accounts at credit unions are not automatically high yield products—the rate depends on what the institution chooses to offer.

Interest on BECU accounts is compounded and credited to your account regularly. The exact compounding frequency (daily, monthly, or quarterly) affects how much interest you actually earn, so that's worth asking about when you contact BECU directly.

Where to find BECU's current rates

BECU publishes its current rates on their website, typically in a rates and fees section. You can also call BECU directly or visit a branch in Washington to ask about the APY on their savings and money market accounts. Because rates change frequently, any rate listed here would become outdated quickly—checking directly with BECU is the only way to know what you'll actually earn.

When you compare BECU's rates to other options, make sure you're looking at the APY, not just the interest rate. APY accounts for compounding and gives you the true annual return. A savings account with a 0.01% APY and one with a 4.50% APY look similar at first glance, but the difference in what you earn over a year is substantial.

High yield savings accounts outside of BECU

If you're looking for a high yield savings account and BECU's offerings don't meet your needs, online banks and some credit unions offer accounts with significantly higher rates. Online banks like Marcus, Ally, and American Express Personal Savings have historically offered some of the highest rates available to consumers, though rates fluctuate with Federal Reserve decisions.

Credit unions beyond BECU may also offer competitive rates through their savings or money market accounts. Some credit unions participate in shared branching networks, which means you can access your account at branches of other credit unions across the country. If you're interested in staying within the credit union system, this can be a way to find higher rates while keeping the credit union experience.

The trade-off with online banks is that they typically don't have physical branches. All transactions happen online, by phone, or through ATM networks. For some people this is fine; for others, the ability to walk into a branch matters. BECU has physical locations in Washington, which is a convenience that online banks don't offer.

BECU membership requirements

Before you can open any account at BECU, you must meet their membership criteria. Current Boeing employees and their family members are automatically may be able to access. If you don't work for Boeing, you may still be may be able to access if you live in one of the counties BECU serves in Washington state, or if you're a family member of someone who is already a member.

BECU's service area has expanded over the years, so it's worth checking their website or calling to confirm whether your county is included. Membership is required to open an account, and there is typically a small membership fee (often $5 to $25 as a one-time cost) plus a minimum deposit to open an account.

Comparing savings options if you're not BECU-may be able to access

If you don't meet BECU's membership requirements, you have many other options for high yield savings accounts. Online banks are open to anyone with a valid Social Security number and a U.S. address. Credit unions that serve your state or region may also offer competitive rates and may have fewer restrictions on membership.

When comparing accounts, look at the APY, any minimum balance requirements, how often interest compounds, and whether there are any fees for maintenance or withdrawals. Some high yield savings accounts have no minimum balance at all, while others require $500 or more to open. The best account for you depends on how much you plan to deposit and how often you need to access the money.

Frequently Asked Questions

Can I open a BECU savings account if I don't work for Boeing?

Yes, if you live in one of BECU's service areas in Washington state or if you're a family member of a current BECU member. BECU's membership has expanded beyond Boeing employees, but may be able to access still depends on geography or family connection. Contact BECU directly to confirm whether you may have access to based on your location.

How does BECU's savings rate compare to online banks?

BECU's rates are typically lower than what online banks offer for high yield savings accounts. Online banks often have higher rates because they have lower overhead costs. However, rates change frequently, so you should check both BECU's current APY and current rates at online banks to make an accurate comparison.

Is my money safe in a BECU savings account?

Yes. BECU is insured by the NCUA, which protects deposits up to $250,000 per account holder. This is the same level of protection that the FDIC provides at banks. Your savings account at BECU is as safe as a savings account at any federally insured institution.

What's the difference between BECU's savings account and money market account?

BECU's money market account typically requires a higher minimum balance and may offer a slightly higher rate than the standard savings account. Money market accounts sometimes come with check-writing or debit card access. The exact features and rates depend on BECU's current offerings, so ask when you contact them.

Can I earn high yield rates at any credit union?

Some credit unions offer competitive rates on savings or money market accounts, but not all. Rates vary widely by institution. If you want to stay with a credit union, compare rates across several options in your area or that serve your state. Online credit unions may also offer rates competitive with online banks.