Financial experts recommend that everyone should have an emergency savings account to cover three to six months' worth of expenses.
The best way to work towards this goal is to start by saving at least $1,000. At FAIRWINDS we know the importance of emergency savings and the peace of mind it gives you so we pay a premium rate on our FAIRWINDS Emergency Savings account.
Earn 2.020% APY in 2020
The amount of any balance above $1,000 will earn our Regular Savings rate.
Your savings goal - three months of expenses
- Start with saving $1,000 - it only takes $84 a month to save up $1,000 in a year.
- Continue saving until you have at least three months of expenses saved.
Not sure how much to save? Visit our Save More page and use our Freedom Savings Calculator.
When should you dip into your emergency fund?
Only dip into your emergency money once you’ve exhausted your available funds and cut back on discretionary spending.
Limit one Emergency Savings account per member.
- Any balance $0.01 to $1,000 — 2.02% APY
- Any balance $1,000.01 and above — 0.10% APY
Minimum to Open — $10
Monthly Service Fee — $5, waived with any one of the following:
- Maintain an average monthly account balance of at least $300
- Deposit or transfer a total of at least $25 per month
- Maintain an average monthly combined savings balances of at least $10,000 (excluding checking balances)
- Freedom Signature Checking or Preferred Checking account holders
Minimum to Earn Interest — $0.01
Withdrawal Fee — $0
To help preserve your funds for a true emergency, this account is not available to be used for overdraft transfers to checking. If you do need overdraft transfer access, check out the Regular Savings Account as an option.
See Service Charge Schedule for additional fees that apply to all FAIRWINDS accounts.
APY = Annual Percentage Yield
Fees can reduce earnings on the account.
Monthly compounding interest.