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 | Spare Share Savings Account |
| Dividend Rate | 0.050% |
| Annual Percentage Yield (APY) | 0.05% |
| Minimum Balance to Earn Stated APY | $50 |
| Dividends Compounded | Monthly |
| Dividends Credited | Quarterly |
*APY = Annual Percentage Yield. Fees may reduce earnings on the account. Rate may change after account opening.
Spare Share Savings Account Benefits
Helpful Resources
FAQs
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.
Emergency Savings Calculator
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.
