Workers Credit Union is a mega-high-yield savings account option that offers 3.56% interest on your first $1,000. I use it to store part of my emergency fund, allowing me to keep a good safety net, while also getting a solid return on my cash.
I’ve written several posts about different mega-high-yield savings accounts that are worth checking out. These include a general overview post that goes through all of the accounts I use, as well as more in-depth posts I’ve written about each individual account. You can find those posts at the end of this post.
My general criteria for a good mega-high-yield savings account is that it offers 3% or more interest, has no fees or has easily avoidable fees, and doesn’t require doing anything to earn the interest. Workers Credit Union meets all of these criteria. When combined with all of the other mega-high-yield savings accounts I use, I’m able to set aside $29,000 earning 3-6% interest in FDIC-insured bank accounts. That’s an excellent emergency fund that’s giving me the best of all worlds – the safety of cash in the bank plus solid returns.
In this post, we’ll go over the Workers Credit Union savings account, discuss how it works, and walk you through how to set up your Workers Credit Union savings account.
How The Workers Credit Union Savings Account Works
Workers Credit Union is a state-chartered credit union headquartered in Massachusetts. While they are based in Massachusetts, the account is available to customers nationwide.
The only thing I care about with Workers Credit Union is their “SaveUp Savings Account.” It offers 3.56% interest on up to $1,000. Everything in the account above $1,000 earns varying rates of interest. For our purposes, we can assume that everything above $1,000 earns 0.1% interest. So, for example, if you have $1,001 in your Workers Credit Union savings account, you’d earn 3.56% interest on $1,000, and 0.1% interest on $1.
In addition to the 3.56% interest, you’ll also earn an additional 0.05% interest if you have a monthly direct deposit of $50. To some, that might be worth doing since it’s not necessarily a difficult requirement to meet. I personally don’t bother with getting that extra 0.05% interest, since managing a monthly direct deposit doesn’t seem worth it to me.
Interest is paid monthly. I typically withdraw the interest I earn each month and send it to another savings account. If you want to avoid the hassle of doing that, you could easily just withdraw the interest once per year (or just leave the interest in the account if you want).
Most importantly, the Workers Credit Union SaveUp Saving Account has no fees, which makes it an easy account to manage. The fee schedule does list a $5 charge for outbound transfers, but if you initiate your withdrawals from an external bank account, there are no fees. There is also a $5 minimum balance requirement, but that shouldn’t be a big deal. Finally, the account is a soft pull, so opening a Workers Credit Union savings account will not impact your credit report.
In the remainder of this post, I’ll go over the process of setting up your Workers Credit Union account. It’s a relatively straightforward process.
How To Open Your Workers Credit Union Savings Account
To open your Workers Credit Union SaveUp Savings Account, go to the Workers Credit Union website and select “Open Now” in the SaveUp Savings Account section of the website (here’s the direct link to open your account).
The first page you’ll see asks you to confirm that you meet the criteria to open the account. You need to be 18 years old, have a social security number, a government ID, and be applying for a personal account.
The next page will ask you to confirm the accounts you want to open. I don’t recommend opening any account besides the SaveUp Savings account. If you started the application from the SaveUp Savings page, then the account will automatically be selected. It’ll look like this:
Next, enter your email address and phone number, and input your driver’s license information.
Finally, you’ll need to confirm your membership eligibility. The easiest way to meet this requirement is to have Workers Credit Union make a contribution to the Financial Fitness Association on your behalf. This doesn’t cost you anything and as far as I can tell, it doesn’t seem like Workers Credit Union checks to make sure you actually are a member. In any event, even if you aren’t a member, Workers Credit Union will donate on your behalf so you’ll be eligible to join the credit union.
Once you’ve completed your application, you’ll receive an email with a verification code and some disclosure documents. This email is sent immediately after you submit your application. You’ll need to confirm the verification code to complete the application.
After you apply, you’ll receive this message that says someone will contact you to finish the application.
This is probably the most annoying part of the application because you have to wait to speak to someone from Workers Credit Union. They’ll generally call you within 1 or 2 business days. I don’t know why they make you speak to someone because the person that calls you doesn’t do anything other than tell you they need you to upload some documents. They’ll then send you an email with a link for you to upload your documents.
You’ll need to upload four items for Workers Credit Union to open your account. These include the following:
- Driver’s license
- 2nd Form of ID: Copy of Social Security Card or back and front of signed credit/debit card
- Proof of Address – Ex. Utility Bill, bank statement, car registration, etc (something showing your name and current address)
- Funding Instructions: Routing number and Account number
It’s important to note that Workers Credit Union will not open your account until you speak to someone on the phone and get them to send you this email so you can upload your documents. When my wife opened this account, she didn’t answer their phone call and her account was eventually automatically rejected. We had to call in to override this rejection and get her account approved.
Additional 5% Interest Savings Accounts
Workers Credit Union works best when you combine it with other 3-6% interest savings accounts from other banks. Each of these accounts works similarly where you can earn a high-interest rate on up to $1,000 or $2,000. If you have a spouse or partner, these accounts work even better because you can each open an account, doubling the amount of high-interest savings you can earn.
In total, my wife and I each have 10 of these types of accounts. Between all of our accounts, we have $29,000 earning 3-6% interest. That money generates about $1,300 of interest each year, which is really good for an emergency fund.
For a general overview of my emergency fund strategy, check out this post: Where To Get 5% Interest Savings Accounts. It’s a great starting point that will walk you through all of the different mega-high-yield savings accounts options currently available.
For in-depth info about each mega-high-yield savings account, check out the following posts:
- Netspend Account: The Ultimate Guide to a 5% Interest Savings Account
- DCU $20 Referral Bonus – Step By Step Guide (Plus A 6% Interest Savings Account)
- The H-E-B Debit Card 6% Interest Savings Account
- Current Bank App – A 4% Interest Savings Account On Up To $2,000
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on October 31, 2022. As long as you get your account opened before October 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($350) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fifth Third Bank ($250) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
- Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
- One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- Upgrade Bank. Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Note that it’s now scheduled to end on October 31, 2022.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Thanks Kevin for the detailed instructions to open Worker’s Credit Union. I dislike the hard pull on my credit report, but I did recently buck the trend to open a Navy Federal Credit Union in case I decide to become an expat.
Good thing is Workers Credit Union is a soft pull, so nothing to worry about there.
Hi Kevin and thanks for this banking tip!
I opened this savings account account but it has got a very annoying downside: there is $5 fee for each external transfer.
How do you manage to withdraw the interest earned every month without losing them because of the fee?
Thanks!
Go to your regular bank and link WCU to it. Then you can initiate withdrawals from your regular bank. There’s no fees if you do it that way.
Thanks a lot for your help Kevin! I am a rookie and I can’t do these things instinctively.