Learn About Savings

Frequently Asked Questions

What is a savings account?

How often can I withdrawal or transfer from my savings account?

You can withdraw or transfer from your savings account up to six times per month before you could begin to incur fees from your financial institution. Withdrawals or transfers from savings accounts are limited by the Federal Reserve Board’s Regulation D rule. The main purpose of this regulation with regards to the consumer is to encourage savings accounts to be used for - you guessed it - savings! Remember, savings accounts are meant to be a long-term investment. There are specific ways of withdrawing or transfering money (via an ATM or bank teller for example) that do not count against the six-per-month withdrawal limit. Please check with your financial institution for more information.

Is there a minimum to open a savings account?

What is a Cash Management Account (CMA)?

Does a savings account accrue interest?

How does a savings account protect my money?

The Federal Deposits Insurance Corporation (FDIC) and The National Credit Union Association insures deposit accounts for amounts up to $250,000 per person per institution. For example: A person holding $250,000 in each account at two different institutions will be insured for $500,000 total. * Certain institutions may offer insurance on multiple accounts per customer depending on the customer’s relationship with the bank.

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Empower offers an AI-powered consumer banking experience that's instantly accessible to anyone. The company's mission is to democratize access to financial knowledge and improved financial outcomes by combining AI and human coaching to deliver an innovative suite of deposit products and personal finance solutions, all in a seamless, modern mobile experience. Empower was founded in 2016 in San Francisco by Warren Hogarth (CEO) and Justin Ammerlaan (CTO). The company is backed by Icon Ventures, Defy Ventures, Sequoia Capital, Initialized Capital, and David Velez, among other investors.

UFB Direct, a division of Axos Bank, is one of the most established and reputable online banks in the nation. Their branchless banking model and desire to offer our customers the most unique personal banking products and services in the industry distinguish us among financial institutions.

Established in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving over 2.1 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

Aspiration is the first socially-conscious, sustainable neobank built to help everyone spend, save, and invest to both "Do Well" and "Do Good." By bringing quality, ethical, and sustainable financial products to all, Aspiration is on a mission to revolutionize the financial industry and change it for the better. Aspiration Partners, Inc. is a certified B Corp. Headquartered in Marina del Rey, CA, Aspiration Partners Inc is backed by investors including Alpha Edison, AGO, UBS O'Connor Capital Solutions, Sutter Rock, Allen & Company, the Omidyar Network, Social Impact Finance, Joseph Sanberg, Alex Pomeroy, Glenn "Doc" Rivers, Orlando Bloom, and Leonardo DiCaprio. For more information, visit Aspiration.com.

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