BECU does not currently offer a dedicated high yield savings account

BECU (Boeing Employees Credit Union) is a credit union based in Washington state with membership open to people who work for Boeing, their families, and residents of certain counties. They offer savings accounts, money market accounts, and certificates of deposit (CDs), but none of these products are marketed or structured as high yield savings accounts in the way online banks typically offer them.

If you are looking for a place to hold cash and earn interest, BECU has options—but the rates they pay are generally lower than what you would find at online banks or credit unions that specialize in high yield products. The rate you receive depends on your account type, your membership tier, and current market conditions.

Key Takeaways

  • BECU offers regular savings accounts and money market accounts, but not a product branded or structured as a high yield savings account.
  • BECU rates are typically lower than online banks because they operate physical branches and serve a specific membership base rather than competing on rate alone.
  • BECU CDs may offer better returns than their savings accounts if you can lock money away for a fixed term.
  • Your BECU savings account is insured up to $250,000 through the National Credit Union Administration (NCUA), the same protection that applies to bank deposits through the FDIC.

BECU savings and money market account rates

BECU's regular savings account typically earns a rate well below 1% APY. Money market accounts—which require a higher opening balance and allow limited check writing—pay slightly more, but still rarely exceed 0.5% APY. These rates change based on the Federal Reserve's actions and BECU's own decisions, so you should check their current rates directly on their website or by calling a branch.

The reason BECU's rates lag behind online competitors is structural. BECU maintains physical branches, employs tellers and loan officers, and operates in a specific geographic region. Online banks have lower overhead and can pass savings to customers through higher rates. If earning the highest possible interest on savings is your priority, you will find better rates elsewhere.

BECU certificates of deposit as an alternative

If you have money you do not need to access immediately, BECU's CDs may offer a better return than their savings accounts. CDs lock your money for a set term—typically ranging from 3 months to 5 years—and in exchange, BECU pays a fixed rate for the entire term. Longer terms usually pay higher rates than shorter ones.

The trade-off is liquidity. If you withdraw money before the CD matures, BECU charges an early withdrawal penalty. The penalty amount varies by term length, so read the terms before you open a CD. If you know you will not need the money for a specific period, a CD can be a reasonable way to earn more than a savings account.

How BECU membership works

BECU membership is not open to everyone. You must work for Boeing, be a family member of a Boeing employee, live in one of BECU's service counties (King, Pierce, Snohomish, Thurston, or Clark in Washington), or meet other specific criteria. If you do not meet these requirements, you cannot open a BECU account.

This membership restriction is one reason BECU does not compete aggressively on savings rates. They serve a defined population and do not need to attract depositors from across the country the way online banks do. If you are not may be able to access for BECU, you will need to look at other credit unions or banks.

NCUA insurance protection on BECU accounts

Money in a BECU savings account, money market account, or CD is insured by the National Credit Union Administration (NCUA) up to $250,000 per account holder, per account type. This is the credit union equivalent of FDIC insurance for banks. If BECU fails, the NCUA will reimburse you up to that limit.

The $250,000 limit applies per account type, meaning you could have $250,000 in a savings account and another $250,000 in a money market account and both would be fully insured. Joint accounts are insured separately, so a joint savings account would have its own $250,000 coverage. This protection applies regardless of the interest rate BECU pays.

Comparing BECU to online high yield savings accounts

If you are BECU-may be able to access and comparing your options, here is what differs. Online banks like Marcus, Ally, or American Express Personal Savings typically offer rates between 4% and 5% APY on savings accounts (rates change frequently, so check current offers). BECU's savings account will pay a fraction of that. A BECU money market account might pay closer to 1%, still well below online competitors.

The advantage of BECU is convenience if you live near a branch and value in-person service. You can walk in, speak to someone, and handle transactions face-to-face. Online banks offer no branches but compensate with higher rates and lower fees. If rate is your only concern, an online bank will serve you better. If you value local access and are BECU-may be able to access, the lower rate may be a trade-off you accept.

What to do if you want higher returns on savings

If you are a BECU member but want to earn more on your savings, you have several paths. You can open a high yield savings account at an online bank in addition to your BECU account—there is no rule against holding accounts at multiple institutions. You can also explore BECU's CD ladder strategy: open multiple CDs with staggered maturity dates so that one matures every few months, allowing you to reinvest at current rates without locking all your money away for years.

Another option is to ask BECU directly whether they plan to introduce a high yield product. Credit unions sometimes launch new offerings based on member demand. If enough members request it, BECU might respond. In the meantime, if earning higher interest is important, supplementing BECU with an online savings account is the most straightforward approach.

Frequently Asked Questions

Can I earn more interest with a BECU money market account than a regular savings account?

Yes, BECU money market accounts typically pay a higher rate than regular savings accounts, but the difference is usually small—often less than 0.1% APY. Money market accounts also require a higher opening balance and limit the number of withdrawals you can make per month. Check BECU's current rates to see if the extra interest justifies the restrictions.

What happens to my BECU savings if the credit union fails?

Your deposits are insured by the NCUA up to $250,000 per account type. If BECU fails, the NCUA will reimburse you for the full amount up to that limit. This protection is automatic—you do not need to do anything. Your money is as safe in a credit union as it is in a bank.

Can I move money from BECU to an online high yield savings account easily?

Yes. You can transfer money from your BECU account to an online bank using ACH transfer (which typically takes 1 to 3 business days) or by requesting a wire transfer (usually same-day or next-day). There is no penalty for moving money out of a BECU savings account, though early withdrawal from a CD does carry a penalty.

Does BECU charge monthly fees on savings accounts?

BECU's fee structure varies by account type and membership tier. Some accounts have no monthly maintenance fee, while others may charge a small fee if you do not maintain a minimum balance. Check BECU's current fee schedule or call a branch to confirm what applies to the specific account you are considering.