Why Do I Have to Have a Savings Account to Have a Checking Account? Not all credit unions require this. There are certain restrictions and terms that apply in opening a savings account or a checking account. Most credit unions offer free checking and savings accounts. Contact Us For more information on opening a savings or checking account, contact the banking professionals of Valley Federal Credit Union at their Brownsville branch at (956) 546-3108, or their Harlingen branch at (956) 425-5668.