Chevron Federal Credit Union offers a competitive interest rate for their savings account called MySavings. The high yield savings account earns 7.00% APY for funds through and including $1,000. Any deposit above $1,000 still earns a competitive interest rate of 0.80% APY which is given to their regular share savings account.

The minimum balance needed for this high interest savings account is just $25.

The MySavings account is offered to members who are 21 years old or younger. This is an inverted savings account where the lowest of balances get the highest interest rates. The more you put into it the lesser it earns. It is a good starter for a savings account.

Deposits can be sent through electronic transfer, wire, setup as a direct deposit, sent by mail, or personally forwarded to a branch.

The Chevron FCU accepts Chevron employees and from any affiliate companies. Those who live, work, study, or worship in San Francisco are also eligible to sign up. You can check out the membership page of the credit union to know more if you can join.

It seems that you need to drop by a branch to open the savings account. The credit union has offices in Brea, Bakersfield, El Segundo, Ramon, Richmond, Concord, and San Francisco.

You can call them through 800-232-8101 for any inquiries about how you can take advantage of their savings offerings.

Chevron Federal Credit Union has some excellent financial ratings. BauerFinancial gave Chevron 5 stars for soundness and safety while bankrate.com gave it 4 stars for its performance. These ratings were based on their December 2009 collected data.

The credit union is insured with the NCUA. They are registered under charter number 24326.