Why Open a Savings Account?

Whether you’re creating an emergency fund or saving up for a big purchase, it’s important to put that money to work for you. Unlike a checking account, savings accounts pay interest. Additionally, keeping money in a separate account not linked to a card may make it less tempting to spend those dollars.

How Does a Savings Account Work?

A savings account works similar to a checking account. You can deposit and withdraw money through ATMs, tellers and wire transfers. While the money is in your account, it grows according to its savings account interest rate. When it’s time to make a purchase, you can withdraw money by contacting First Capital Online or visiting a branch.

How to Choose a Savings Account

What kind of savings account you open depends on your goals and expected rate of return. Some considerations include:

• When will you need these funds? Depending on the type of account, you may not be able to access your money without waiting or facing penalties. Accounts like Individual Retirement Accounts (IRAs) aren’t meant to be touched for a long time. CD accounts have shorter terms, but still limit your access to funds. On the other hand, personal savings accounts may let you access your money more freely.
• Savings account interest rates. Because savings accounts collect interest, you’ll want to keep an eye on rates. Different accounts have different rates. Some First Capital Online rates are up to 0.25% APY. View Savings Interest Rates.

How to Open a Savings Account

1. The first step is to find a bank that you trust, like First Capital Online.
2. Choose the type of account you want to open by comparing your needs and interest rates.
3. Gather documentation you may need, such as government IDs and proof of your mailing address.
4. Submit an application either online or in person.
5. Fund the account with an initial deposit, if required.

Why Choose First Capital Online to Save With?

First Capital Online has been providing Arizona families in Phoenix and beyond with savings accounts and other financial services since 1939. Whether you already have an account or are just looking for the best savings account interest rates, First Capital Online, Arizona's leading local credit union, will be here to help you achieve your savings goals.

First Capital Online has 9 branches throughout Arizona, including Phoenix, Glendale, Tempe, Chandler, Flagstaff, Tucson and Show Low. Members have access to over 5,000+ branches and 55,000+ surcharge-free ATMs nationwide through the CO-OP Shared Branching and ATM networks. First Capital Online makes banking accessible & rewarding for all AZ communities.