Ready for what lies ahead
Primary Savings Accounts
Life is filled with financial goals—a new car, a house, retirement—as well as financial emergencies, like a broken furnace or an unexpected medical bill. With a savings account, you’ll be ready.
Put your savings to work
Whatever your financial plans may be, Mountain America's primary savings account is a great place to start. It can help you create a cash reserve to cover unexpected expenses or pay for planned expenses. Your money grows safely—building dividends—until you need it.
- Great emergency cushion
- Quickly and easily transfer funds using the mobile app or online banking
- Secondary accounts available
- % APY accrued daily on balances over $100
- Dividends are compounded and paid monthly
Primary savings account details
- Only $1 required to open and maintain the account
- No monthly service fees
- Earns dividends on average daily balance of $100 or more
Secondary savings account details
- A smart way to save for expected expenses (vacations, gifts, etc.)
- $0 to open an account
- No minimum daily balance requirement
- No monthly service fees
- Dividends accrue on any balance
Open a primary savings account online today
It’s quick and easy to open your new savings account. You can also visit a nearby branch or call 1-800-748-4302.
Become a memberCompare savings accounts
| Primary Savings | Money Markets | Certificate Accounts | |
|---|---|---|---|
| Key benefit | |||
| Key benefit | Simplicity Enjoy straightforward savings | Liquidity Withdraw funds as needed while earning competitive dividends | Secure and steady growth Larger starting balance leads to higher earnings |
| Minimum opening balance | |||
| Minimum opening balance | $1 | $0 | $5 for growth and Christmas Club certificates; $500 for standard, IRA and Roth IRA certificates |
| Time period | |||
| Time period | No time frame for maturity | No time frame for maturity | 6 months to 5 years |
| Deposits | |||
| Deposits | Funds can be added anytime | Funds can be added anytime | Growth and Christmas Club certificates—funds can be added anytime Standard, IRA and Roth IRA certificates—funds can only be added at account opening |
| Withdrawals | |||
| Withdrawals | Funds can be withdrawn anytime | Funds can be withdrawn anytime | Funds can only be withdrawn at account maturity without incurring a penalty |
| Earnings potential | |||
| Earnings potential | Moderate earnings Typically earns less than money markets and certificates Earn dividends on balances above $100 | Higher earnings Typically earns more than primary savings but less than certificates Higher tiered rates on balances above $2,500 | Highest earnings Typically earns more than money markets and primary savings |
| Get started | |||
| Discover more | See tiers & rates | Compare certificates | |
Savings FAQs
How does a primary savings account work?
A primary savings account creates a cash reserve to cover emergencies or pay for planned expenses. You will grow your money safely, while building dividends over time, until you need the money.
What is the typical minimum balance for a savings account?
The minimum balance will vary across banks and credit unions. Mountain America only requires an average daily balance of $1.
What are the pros and cons of having a savings account?
Pros:
- Keep your money safe and secure
- Easily access funds
- Achieve short-term financial goals
Cons:
- Low interest rates
- Some may include monthly service fees or minimum balance requirements
- No tax savings or advantages
How much money do you need to start a savings account?
On average, financial institutions require about $25 to $100 to open a savings account. Mountain America only requires $1 to open an account.
Primary Savings 101
Learn the basics about your savings account—including the pros and cons.
Certificate Accounts
Earn higher dividends while saving for long-term goals like buying a car or paying tuition.
