Membership Savings

Want your savings to make a difference?

Earn 0.05% APY*

A new house. A vacation. An emergency fund. A new business. Choose a federally insured savings account with no monthly fees that makes it simple and straightforward to reach your goals. And when you keep your savings with Elevations, you’ll know your money helps make a positive impact right here at home.

Open account

Membership Savings Account features:

  • $0 monthly fees

  • $0 opening deposit

  • $0 minimum balance

  • This account is required for membership at Elevations, along with a one-time $5 membership fee

Little girl pours a handful of coins into a glass milk jug
Father holds baby while reading a book, their golden retriever playfully lays on its back by their feet

Get started with Elevations

You become a member. We give back.

There are two steps to become a member of Elevations Credit Union:

  1. You become a member. Join Elevations by opening a Membership Savings Account and paying a one-time $5 membership fee. A membership fee is required for each member (account holder).

  2. We pay it forward. We donate your one-time $5 membership fee to Elevations Foundation.

Once you’re a member, you can apply for checking accounts, credit cards, loans and more. And you can feel good about your membership — the entire fee goes toward providing scholarships for local students and community grants for local nonprofits through Elevations Foundation.

First-time Home Buyer Savings Account

Extra savings for your first home

A First Time Home Buyer Savings Account (FHSA) is an account that can be used to save money for the purchase of a first home in Colorado, either for the account owner or a designated beneficiary. Once money is deposited into the savings account, the account owner will not have to pay state income taxes on any money earned in the account.

How does it work?

  • Once the account is opened at a financial institution, the account holder must file form DR0350 with the account holder’s state of Colorado annual tax return.

  • Contribute up to $14,000 per year or $28,000 per year for joint filers

  • Maximum contribution for the lifetime of the account is $50,000, with an unlimited time for which the money can stay in the account.

Once the beneficiary is ready to purchase a home, the money may be used for eligible expenses including a down payment, closing costs, inspections, appraisal fees, and lender fees.

The FHSA is a Colorado program and would not affect the account holder’s federal tax burden on the interest earned on the account. The owner is responsible to designate the account as a FHSA and has the responsibility to not comingle funds with other accounts. The Colorado Department of Revenue requires the account holder to submit account statements or a 1099 which shows the taxable interest or earnings on the account in the tax year that a subtraction is claimed.

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Commonly asked questions

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*APY = Annual Percentage Yield.