Spare Share Savings
Weave yourself a solid safety net.
Our Spare Share Savings is our "here just in case" account. A great second savings account option for building an emergency fund or putting away cash to plan for a big purchase.
Spare Share Savings Account 101
A Spare Share Savings account is all about savings that are here for you. Whether you’re creating a cushion in case of emergencies or stacking money away for a down payment, car, or that dream vacation, this is a place to keep your spare savings safe and watch it grow.
Spare Share Savings Account Rates
| Type | Dividend Rate | APY* | Balances | Dividends Compounded | Dividends Credited |
|---|---|---|---|---|---|
Type:
Spare Share Savings Account
|
Dividend Rate:
0.050%
| APY*:
0.05%
| Balances:
$50 Minimum Balance to Earn Stated APY
|
Dividends Compounded:
Monthly
|
Dividends Credited:
Quarterly
|
*APY = Annual Percentage Yield. Early Withdrawal Penalty Fees could reduce earnings. Penalties will/may be imposed for early withdrawal on time accounts.
Spare Share Savings Account Benefits
On the couch or on the go, keep your money close with our Mobile App and Online Banking.
Credit Unions around the world work together to make sure our members can use branches and ATMs everywhere — surcharge-free. Nice, right? Download our CO-OP app and plot your next getaway.
Money still doesn’t grow on trees, but Fortera savings accounts do collect dividends quarterly. (Dividends are our version of interest, or in other words, free money.)
Our skilled experts are easy to reach and happy to help. For members and non-members alike, meetings and consultations are always free, so make the most of your money, on us.
With us, your money is always protected and insured by the National Credit Union Administration. You’re covered on all deposits up to $250,000, so save away.
Enjoy limitless (yep) cash withdrawals from any branch. Nothing like the smell of your own hard-saved green.
....Trees, space, and worry. Always enjoy access to 18 months worth of e-statements. Keep more trees, toss your file cabinet, and know your info is always safe and sound.
Or even a lot. Either way, we’re here. Call, text, or chat with our experts anytime you need a friend who knows all things Fortera.
Get ready for the good times (and emergencies too) when you open a Spare Share Savings Account today.
Helpful Resources
Need a hand?
To be able to open a Spare Share Savings Account, you must meet the following eligibility requirements: (1) You must be 18 years of age or older (2) You must live, work, worship, or attend school in one of our service regions; join an affiliated partner, or have an immediate family member who is a Fortera member. Our service regions include Montgomery, Stewart, Chester, Decatur, Lewis, McNairy, and Perry counties in Tennessee or Christian, Trigg, Todd, McLean, and Webster counties in Kentucky. Residents of other counties in Tennessee, Kentucky, Alabama, and Arkansas may also be eligible.
Dividends are extra money that your account earns just by being open and meeting our minimum account dividend earning value. The Spare Share Savings Account earns dividends quarterly as long as your account has at least $50 deposited in it. It is just another way we like to say thank you to our members for trusting us with your hard-earned "dough". To learn more about what the current dividend rate is and our other savings accounts that earn dividends, please see our Rate and Fee Disclosure.
We charge $5 to open a Spare Share Savings Account. That $5 goes directly into your account as your account minimum.
Yes! We make depositing in this account easy. Simply let one of our team members know that you would like to do this when you open your Spare Share Savings Account or do it yourself in our Online Banking Portal.
To verify your identity, we always ask that you come prepared with a government issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. For children, we have a variety of other documents we can use to verify identities. These include social security cards, birth certificates, medicaid cards, and insurance cards. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.
You can open this account online or in-person. The choice is yours.
Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage, and even legal issues more manageable. With adequate emergency savings, you can focus on how to best meet your family's needs, rather than worrying about finding the money to handle these difficult situations. This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.
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