Personal Savings Accounts
Learn more about our savings account options and find the right one to fit your personal needs.
Savings accounts that fit your needs.
As your trusted financial partner, everything we offer was thoughtfully designed to meet the specific needs and goals of Xcel Energy employees and family members. Our Personal Savings accounts and products are designed to make saving easier and help you do more with your paycheck.
Explore our Personal Savings options below and choose the ones that are right for you!
Member Savings Account
Trust your money to professionals.
- Establishes membership with NSP St. Paul Credit Union
- Competitive dividends on entire balance
- No monthly service fees
- Free digital banking
- $10 minimum deposit to open and maintain membership
- Government-issued picture ID required to complete account opening.
KEY FEATURES
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Competitive Dividends
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No Setup or Maintenance Fees
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Free Digital Banking
Share Certificates (CDs)
Get guaranteed returns.
- Fixed rates, higher than regular savings
- Receive higher rates by selecting a longer term
- Provides more guarantee than other risky investments
- A wide range of terms available (from 6 months to 3 years)
- No setup or maintenance fees
- Early withdrawals subject to penalty*
- $1,000 minimum deposit to open
KEY FEATURES
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Competitive Dividends
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No Setup or Maintenance Fees
*APY is Annual Percentage Yield. Rates are subject to change without notice. A minimum deposit of $500.00 is required to open a certificate with a term of 6 months. A minimum deposit of $1000.00 is required to open a certificate with a term greater than 6 months. Forty five (45) day interest penalty on early withdrawals from a 6 month certificate. Ninety day (90) interest penalty on early withdrawals from certificates with a term greater than 6 months. Dividends are paid monthly.
Individual Retirement Accounts (IRAs)
Get the retirement you deserve.
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- $10 minimum deposit to open
*Consult a tax advisor.
KEY FEATURES
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Competitive Dividends
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No Setup or Maintenance Fees
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Tax Advantages
When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
Compare the two options more below to see which may be right for you.
Traditional IRA
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
Roth IRA
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor. **Certain exceptions apply, such as healthcare, purchasing first home, etc. ***Consult a tax advisor.
Coverdell Education Savings Account
Help your kids prepare for college.
- Set funds aside for your child's education
- No setup or annual fee
- Dividends grow tax-free
- Withdrawals are tax-free and penalty-free when used for qualified education expenses*
- Designated beneficiary must be under 18 when contributions are made
- To contribute to an ESA, certain income limits apply**
- Contributions are not tax deductible
- $2,000 maximum annual contribution per child
- The money must be withdrawn by the time he or she turns 30***
- The ESA may be transferred without penalty to another member of the family
- $10 minimum deposit to open
KEY FEATURES
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Competitive Dividends
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No Setup or Annual Fees
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Tax Advantages
*Qualified expenses include tuition and fees, books, supplies, board, etc. **Consult your tax advisor to determine your contribution limit. ***Those earnings are subject to income tax and a 10% penalty.
Holiday Club Savings Account
Start saving for the holiday season.
- Set funds aside for the upcoming holiday season for gifts and shopping
- The account may be opened anytime during the year
- Funds are transferred once per year on November 1st to either another sub-account or checking account
- Interest is compounded monthly
KEY FEATURES
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No Setup or Annual Fees