CoVantage Savings Accounts

CoVantage Savings Accounts Review

CoVantage Savings Accounts is offered by CoVantage Credit Union, a credit union founded in 1953 and based in Antigo, WI. CoVantage Savings Accounts are available in 3 states across the USA.

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 1.10%, which is much higher than the average interest rate for a savings account. However, you must keep a minimum balance of $10 to earn that insterest rate.
• Small minimum initial deposit. You only need $10 to open an account.

CoVantage Savings Accounts Pros & Cons

Pros	Cons
High variable APY.	Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Only available in 3 states. No signup bonus.

CoVantage Savings Accounts FAQ

Are savings accounts from CoVantage 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 CoVantage Credit Union offer a signup bonus?

CoVantage Savings Accounts doesn't offer a signup bonus.

What is the minimum initial deposit for CoVantage Savings Accounts?

The minimum deposit to open a CoVantage Savings Accounts is $10.

CoVantage Savings Accounts Minimums

Description
Minimum Balance to Earn APY	$10
Minimum Opening Deposit	Starting at $10

What APY does CoVantage Savings Accounts offer?

CoVantage Savings Accounts offers an APY of 1.10% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

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 CoVantage Savings Accounts charge?

CoVantage Savings Accounts does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does CoVantage Savings Accounts offer?

This savings account includes the following features:

• Mobile Banking Services - CoVantage Savings Accounts allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to CoVantage Savings Accounts?

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 CoVantage Savings Accounts?

The customer support email for CoVantage Savings Accounts is covantagecares@covantagecu.org.