Last Updated: 04/18/2025
Canvas Membership Savings Account
Unaffiliated
in Savings Accounts from Canvas Credit Union
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.10%(Verified 08/08/2024)
Minimum Opening Deposit
Starting at $5
Minimum Balance to Earn APY
$5
Canvas Membership Savings Account Review
Canvas Membership Savings Account is offered by Canvas Credit Union, a credit union founded in 1938 and based in Lone Tree, CO. Canvas Membership Savings Account are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.10%.
- Small minimum initial deposit. You only need $5 to open an account.
- No ATM fees. Canvas Membership Savings Account does not charge fees on ATM transactions .
Canvas Membership Savings Account Pros & Cons
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Canvas Membership Savings Account FAQ
Are savings accounts from Canvas Credit Union federally insured?
Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
Does Canvas Credit Union offer a signup bonus?
Canvas Membership Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Canvas Membership Savings Account?
The minimum deposit to open a Canvas Membership Savings Account is $5.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Canvas Membership Savings Account offer?
Canvas Membership Savings Account offers an APY of 0.10% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Canvas Membership Savings Account charge?
Canvas Membership Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
However, you can waive the monthly fees if you have a minimum daily balance of $5.
What features and perks does Canvas Membership Savings Account offer?
This savings account includes the following features:
- Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
- Mobile Banking Services - Canvas Membership Savings Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Canvas Membership Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Canvas Membership Savings Account?
The customer support email for Canvas Membership Savings Account is membercarecenter@canvas.org.
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Hours of Operation
Sunday
Closed
Monday
8:00AM - 6:00PM
Tuesday
8:00AM - 6:00PM
Wednesday
8:00AM - 6:00PM
Thursday
8:00AM - 6:00PM
Friday
8:00AM - 6:00PM
Saturday
9:00AM - 1:00PM