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 2.021% APY in 2021
on the first $1,000 in your Emergency Savings account.
The amount of any balance above $1,000 will earn our Freedom Savings rate.
Once you’ve reached $1,000, keep building toward your goal of saving for three to six months’ worth of expenses. We offer a full suite of account options for your additional emergency savings to maximize your return.
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.
The Details
Limit one Emergency Savings account per member.
Current Rate
- Any balance $0.01 to $1,000 — 2.021% APY
- Any balance $1,000.01 and above — same rate as our Freedom Savings account
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 Freedom 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 Freedom 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.