At Spectrum Credit Union, our goal is to be there for our members every step of the way. Through our savings vehicles, members get access to above-average interest rates and minimal requirements so they can start saving money faster.

We think our products are pretty great — and Newsweek agrees. Recently, Newsweek awarded Spectrum Credit Union an America’s Best Banks award for two savings vehicles: Our MySavings Youth account and our MarketEdge Money Market Savings account.

Best Savings Account for Youth (credit union)

For the second year in a row, Newsweek has awarded our MySavings Youth account as the Best Credit Union Savings Account for Teens.

Newsweek says: “Teens need a safe space to tuck away birthday gifts or earnings from a first job so they can save for college, a car or other future aspirations. To help, accounts considered couldn’t require a high opening minimum deposit or charge monthly maintenance fees. Our winning institutions, additionally, pay stunningly high-interest rates so teens reach their savings targets faster.”

Our MySavings Youth account encourages healthy money habits by teaching teens the power of compound interest. With no minimum opening requirements, no monthly fees, and above-average interest rates, teens can watch their money grow faster.

One of the best financial lessons parents can teach teens is the importance of building savings and monitoring your spending. Giving your teen access to their own account gives them first-hand experience with responsible ATM card usage, managing deposits and setting money aside.

Best Money Market Account (credit union)

Newsweek also awarded our MarketEdge Money Market Savings account as the Best Credit Union Money Market Account.

Newsweek says: “Think of money market accounts as a hybrid between savings and checking accounts. You can use a debit card or checks with them, but purchases or transfers are typically limited, and deposit requirements are stricter in exchange for higher interest rates. For instance, the average money market account currently pays out 0.23 percent interest, but all accounts Newsweek considered had to beat that while requiring low minimums.”

Our MarketEdge Money Market Savings account offers higher dividend rates, no monthly maintenance fees, account access through checks or a debit card and no minimums to get started. 

Money market accounts offer several benefits:

• Higher interest rates: Money market accounts often provide higher interest rates compared to traditional savings accounts, allowing your savings to grow faster over time.
• Liquidity: They offer a good balance between earning interest and maintaining access to your funds. Unlike some other investments, such as certificates of deposit (CDs), money market accounts allow you to withdraw your money without penalties or restrictions, making them a convenient option for emergency funds or short-term savings goals.
• Diversification: Money market accounts can be a part of a well-diversified investment portfolio. While they may not offer as high returns as riskier investments like stocks, they can provide stability and act as a cash component in a balanced investment strategy.
• Flexibility: There is usually not a fixed investment period for money market accounts, allowing you to add or withdraw funds as needed. This flexibility makes them suitable for both short-term and long-term savings goals.

About Newsweek’s Americas Best Banks 2023 

Newsweek used a comprehensive evaluation process to find the top-tier banking products nationwide. Newsweek evaluated thousands of banks and credit unions — as well as their checking and savings accounts — on more than 50 factors to determine which banks and credit unions offered the biggest benefits to their members.  

As a Spectrum Credit Union member, you have access to these Newsweek-recognized products, as well as a full suite of financial services all designed to help you reach your goals. Open a savings account with us today and start watching your money work harder for you.