How joining a first responder credit union can increase your savings

When you switch to a credit union for EMS and fire professionals, you may receive higher APY rates on savings and IRA accounts

October 12, 2016 11:03 AM •

First responder credit unions are able to offer their members higher APY rates for savings deposits and IRA accounts.

Rates are current as of November 2019, but are subject to change. Check with each bank, specifically, for their most recent rates.

This article, originally published on Oct. 12, 2016, has been updated with current information

By Andre Wong and Megan Wells, EMS1 Contributors

Want to save more money? As an EMS provider, you’re eligible for membership at many credit unions that serve first responders. These institutions may offer you special rates to help you grow your savings.

First responder credit unions are able to offer their members higher APY rates for savings deposits and IRA accounts. Depending on your banking needs, a credit union might be the best choice for setting up a retirement fund and long-term savings.

Credit unions and banks share many of the same functions. Both can make loans, issue checks and credit cards, and offer investment services. The main difference is that since credit unions are nonprofit organizations, they don’t pay income taxes and can pass the savings to their members. For example, you may pay fewer fees and lower interest rates on large purchases and homes.

First responder credit unions and APY

APY stands for annual percentage yield, or the amount of money your deposit will earn over a single year just for letting the bank use it. If you made a deposit of $1,000 and had an APY of 1 percent, you’d end up with $1,010 after one year.

Wells Fargo savings account APY

0.01 - 0.15 percent

The vast majority of first responder credit unions on our list offer a starting APY of 0.05 percent for a savings deposit. That number may increase to 0.25, 0.50, and even 2.00 percent APY depending on the organization and how much money you deposit.

First responder credit unions and IRA accounts

IRA accounts are meant for long-term savings. You can expect greater returns from an IRA, but they require more money to start and can’t be withdrawn without penalties until certain conditions (such as retirement) are met.

The rates offered by Wells Fargo are about what you can expect from a large bank, yielding a little over 1.00 percent annual growth when APY is maxed out.

Wells Fargo IRA account APY

0.10 - 1.05 percent

Not all EMS and fire credit unions offer the option of starting an IRA account, but many that do can offer even better rates for long-term savings. Of the 30 credit unions on this list, 23 offer a higher maximum APY on their members’ IRA and CD accounts than what a large bank can provide.

Some of the APY rates for savings and IRA accounts offered by firefighter credit unions can be found in this table:

State	Credit Union	Savings APY	IRA and CD
All	PenFed	0.05 - 1.70%	0.05 - 1.80%
Arkansas	Little Rock Fire Department Federal Credit Union	1.55 - 2.15%	N/A
California	San Diego Firefighters Federal Credit Union	0.15%	0.75 - 2.50%
California	Firefighters First Credit Union	0.05 - 1.00%	0.25 - 1.00%
Colorado	Denver Fire Department Federal Credit Union	0.15%	0.25%
Colorado	Aventa Credit Union	0.05 - 0.40%	0.9 - 2.84%
	FD Community Federal Credit Union	0.25 - 1.05%	1.05 - 2.33%
Delaware	Wilmington Police & Fire Federal Credit Union	0.05%	0.05%
Florida	Jacksonville Firemen’s credit union	0.05 - 0.25%	0.25 - 2.78%
Hawaii	Honolulu Fire Department Federal Credit Union	0.10 - 0.15%	0.10 - 1.00%
Illinois	Chicago Firefighters Credit Union	0.75%	1.25 -1.50%
Indiana	Firefighters Credit Union	0.10 - 0.40%	0.50 - 1.50%
Massachusetts	Haverhill Fire Department credit union	0.05%	0.25 - 2.00%
Massachusetts	Boston Firefighters Credit Union	0.25 - 0.50%	0.25 - 3.09%
Missouri	Greater KC Public Safety Credit Union	Max of 0.20%	Max of 2.63%
North Carolina	Charlotte Fire Dept. Credit Union	0.35%	1.25%
North Carolina	Emergency Responders Credit Union	0.25 - 1.25%	1.50 - 2.25%
Nebraska	Omaha Firefighters Credit Union	0.10 - 0.68%	0.55 - 2.477%
New Jersey	Bloomfield Fire & Police Federal Credit Union	0.60 - 1.0%	2.5%
New York	Syracuse Fire Department Federal Credit Union	0.60 - 0.75%	1.10 - 2.17%
Ohio	Dayton Firefighters Federal Credit Union	0.20%	0.35 - 2.37%
Ohio	Firefighters Community Credit union	0.25 - 0.40%	0.20 - 1.85%
Ohio	Akron Firefighters Credit Union	0.10 - 0.25%	0.15 - 0.90%
Oklahoma	Fire Fighters Credit Union	0.25 - 0.50%	0.65%
Pennsylvania	Police and Fire Federal Credit Union	0.10 - 1.25%	0.50 - 2.00%
Tennessee	Nashville Firemen’s Credit Union	0.01 - 0.20%	0.75 - 2.00%
Texas	Houston Texas Fire Fighters Federal Credit Union	0.15 - 0.45%	0.25 - 2.53%
Utah	Firefighters Credit Union	0.10 - 0.15%	0.25 - 2.67%
Virginia	Richmond Virginia Fire Police Credit Union	0.20 - 0.45%	0.70 - 1.71%
Washington	Spokane Firefighters Credit Union	0.10 - 0.50%	0.150 - 2.17%

Are we missing a credit union? If you’re a member of a credit union for EMS and fire professionals that you don’t see named here, please let us know in the comments below so we can include your organization on our list.

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