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Northern Bank Direct Review of Money Market and CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Northern Bank Direct CD rates

Certificates of Deposit

Low minimum deposit with lackluster interest rates.
TermAPY
12 months1.00%
24 months1.00%
30 months1.45%
36 months1.50%
48 months1.60%
60 months1.70%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: The early withdrawal penalty on 12- to 35-month CDs is 12 months’ interest. For 36- to 47-month CDs, it’s 24 months’ interest. If you have a term of 48 to 60 months, you will pay 36 months’ interest.

Northern Bank Direct’s CDs require a relatively low opening deposit. But the APY offered is far from competitive. While we don’t encourage you to withdraw money from your CD before maturation, it’s important to note that if you do, the fees for early withdrawals on these are high when compared to the competition.

How to get Northern Bank Direct’s CDs

You can only open a CD from Northern Bank Direct online.

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on Northern Bank Direct’s secure website

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How Northern Bank Direct’s CD rates compare

Northern Bank Direct could stand to improve its CD offerings in light of the competition. You can find much higher CD rates elsewhere with lower penalties in the event you need to withdraw money from your certificate before its maturation date.

Northern Bank Direct’s money market account option

Money Market account

Northern Bank Direct’s Money Market account offers competitive rates and balance requirements, but comes with some extra fees and limitations.
APYMinimum Balance to Earn APY
0%None
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 if you use an out-of-network ATM
  • ATM fee refund: None
  • Overdraft fee: $35

If you look at just the APY and minimum balance requirement to earn that APY, Northern Bank Direct’s money market account is competitive. But it’s important to consider some key factors about this account before opening one.

While there is no monthly account maintenance fee, there is a $3 fee for transferring your money from Northern Bank Direct to an outside financial institution or account. While the fee isn’t likely to bust your budget, it is an additional cost that is not found among much of the competition. Also, when you’re transferring money out of your Northern Bank Direct Money Market account, you will be limited to a total of $5,000 per day and $25,000 per month.

Bear in mind that because money market accounts are savings accounts, they are governed by Federal Reserve Regulation D, which mandates no more than six in-person withdrawals per month from any given savings account. Exceed that regulatory limit and Northern Bank Direct will charge you a $20 fee for each excessive transaction.

If you are OK with those fees and limitations, Northern Bank Direct is a decent option for money market accounts, though you should still do some comparison shopping.

How to get Northern Bank Direct’s Money Market account

The only way to open any account with Northern Bank Direct, including money market accounts, is online.

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on Northern Bank Direct’s secure website

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How Northern Bank Direct’s money market account compares

If you decide to open a money market account with Northern Bank Direct, you’ll be getting a competitive product, particularly given the lack of a minimum balance requirement. But you should still check on the best money market rates, as you will be able to find higher offers, particularly if you have enough money to throw into savings to maintain a higher minimum balance requirement.

If you’re putting a big chunk of money into your money market account and know you will need to make large transfers in the future, you may want to keep shopping. Northern Bank Direct’s daily and monthly withdrawal limitations are low for a money market account, and these limitations may cause headaches down the line if you need to move large sums.

Overall review of Northern Bank Direct’s banking products

Overall, Northern Bank Direct’s biggest draw is it low barrier to entry, whether you’re looking at minimum balance requirements on money market accounts or minimum opening deposit requirements on CDs.

There are some drawbacks, though. While the money market rate is competitive, it’s not the cream of the crop when compared to offers from competitors. Northern Bank Direct’s CD rates in particular rank below rivals, so if you’re looking for the highest rates, you’ll want to keep shopping.

Finally, there are the fees. Whether you’re being charged to transfer money out of your money market account or are in the unfortunate situation of having to withdraw money from your CD before its maturation date, you’re going to have to fork over some cash in excess of what other financial institutions would charge in a similar situation.

You’re not necessarily getting a bad product from Northern Bank Direct, but you should go into any of its online agreements with your eyes wide open, knowing that this is potentially a more expensive way to do your banking.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

Founders Federal Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Founders Federal Credit Union’s checking account options

Checking Account

A basic checking account with no minimum balance requirements.
APYMinimum Balance to Earn APY
0.05%
None
  • Minimum opening deposit: None
  • Account maintenance fee: $2 per statement, unless you opt for electronic statements
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 overdraft fee

Founders Federal Credit Union’s Checking Account is fairly generic. It offers a small APY, which isn’t out of the norm for basic checking accounts in the industry. But it also requires no minimum balance or opening deposit and only charges a small maintenance fee if you want to receive paper statements. It is a basic option, but functional.

If you don’t have your Checking Account linked to a Founders Federal Credit Union Savings Account, home equity line of credit or personal line of credit for overdraft protection, you may be granted Founders Privilege automatically. Checking accounts with Founders Privilege will not have transactions turned down as long as that transaction puts your account at no more than $300 overdrawn. You will still be charged overdraft fees. This protection does not extend to ATM cash withdrawals or cashback transactions. You can opt out by calling 800-845-1614 or talking to someone at your local branch.

How to get Founders Federal Credit Union’s Checking Account

You can apply online or in person. Be prepared with your date of birth, Social Security number, address and government-issued ID.

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on Founders Federal Credit Union’s secure website

NCUA Insured

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How Founders Federal Credit Union’s checking accounts compare

Founders Federal Credit Union’s Checking Account isn’t atypical for brick-and-mortar financial institutions. But in the age of internet banking, you can find checking accounts that fall outside the norm in big ways. By shopping for the best checking accounts on the market, you can get rewarded with a notably higher APY.

Founders Federal Credit Union’s savings account options

Savings Account

This is the account required to establish your credit union membership. It offers a low APY and no monthly maintenance fee.
APYMinimum Balance to Earn APY
0.25%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 fee

The APY on the Savings Account isn’t high, but that’s not really the reason you open it. You open this account because it is necessary to establish and maintain your membership with the credit union. If your balance falls below $5, your membership will be in jeopardy.

If you want to take money out of your account fee-free, you will need to maintain a balance of $200. While this account has no maintenance fees, you will only be able to make two over-the-counter withdrawals per month if your balance falls below that $200 mark. After that, each withdrawal will cost $1.

Savings accounts at financial institutions are subject to federal rules. One such rule is Regulation D, which states that you can make up to six certain withdrawals from your savings account in any given month. If you don’t adhere to this rule, your account could be shut down or converted to a checking account.

How to get Founders Federal Credit Union’s Savings Account

You can apply in person or online with your date of birth, Social Security number, government-issued ID and address.

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on Founders Federal Credit Union’s secure website

NCUA Insured

Christmas Club Account

Save for the holidays with this low APY saving account.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 fee

When you stash money in a Christmas Club Account, you’re setting it aside for the holiday season. This account is attractive as it has no minimum opening deposit or balance and no account maintenance fees. As you save throughout the year, your money will add up, and you can retrieve funds from this account throughout the year without penalty.

How to get Founders Federal Credit Union’s Christmas Club Account

Apply in person or online with your address, Social Security number, date of birth and government-issued ID.

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on Founders Federal Credit Union’s secure website

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How Founders Federal Credit Union’s savings accounts compare

Founders Federal Credit Union’s APY offerings on savings products are not competitive. But you have to keep at least $5 in the Savings Account to maintain membership with the credit union, and your goal with a Christmas Club Account may be self-discipline rather than high dividends.

If a higher APY is what you’re after, shop for the best savings rates on the market. Your savings will earn a noticeable amount more that way.

Founders Federal Credit Union’s CD rates

Share Certificates

The 60-month CD offered by Founders Federal Credit Union has a competitive rate, but its other terms may not be as good.
TermAPY
6 months0.65%
12 months1.26%
24 months1.51%
36 months1.76%
48 months1.76%
60 months2.02%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Six-month certificates have a penalty equal to 90 days’ worth of interest; the penalty on 12-month certificates is 180 days’ worth of interest; and the penalty on certificates with terms of 24 months or more is 360 days’ worth of interest.

The APY on Founders Federal Credit Union’s certificates isn’t horrible, but it’s only competitive with the best offers on the market if the term is 60 months. All other terms offer rates noticeably lower than the competition. If you can put your money on hold for five years, this could be the certificate for you. Otherwise, it may not be worth locking away your money.

Keep in mind that this account requires you to keep $500 in your certificate. If you don’t, it will be shut down.

How to get Founders Federal Credit Union’s Share Certificates

You can open your certificate online or in person with your address, date of birth, Social Security number and government-issued ID.

SEE DETAILS Secured

on Founders Federal Credit Union’s secure website

NCUA Insured

Loyalty Advantage Certificate

This 12-month certificate offers a great rate to savers.
TermAPY
12 Months3.03%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty on 12-month certificates is 180 days’ worth of interest

The Loyalty Advantage Certificate offers phenomenal rates for a 12-month product. On top of the great APY, you can add money to this certificate at any point until it reaches a balance of $3,000.

There is a catch to this certificate, though. To keep it open, your Checking Account must have a direct deposit of at least $300 established within 90 days of you opening your Loyalty Advantage Certificate. You’re getting the higher rate as a reward for keeping multiple accounts with the credit union.

How to get Founders Federal Credit Union’s Loyalty Advantage Certificate

To open this certificate, you will have to have already established membership with the credit union. After you have done so, you can open this certificate in person or via the online member portal.

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on Founders Federal Credit Union’s secure website

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Youth Certificate

This CD offers one term length and a low APY, but it is a good starter account for children.
TermAPY
12 Months1.26%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty on 12-month certificates is 180 days’ worth of interest

The Youth Certificate, which is open to children 17 and younger, does not have a high yield. But it can be a good teaching tool, as not every financial institution offers certificates for children. It may be a big ask for them to come up with the minimum opening deposit if they’re younger, but teens could essentially lock away money they’re saving for a car, college or another big goal, protecting their savings from themselves — at least for a year.

How to get Founders Federal Credit Union’s Youth Certificate

To set up this account, your child will need to apply for membership to the credit union. Because they are a minor, this is best done in person at your local branch.

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on Founders Federal Credit Union’s secure website

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How Founders Federal Credit Union’s CD rates compare

Founders Federal Credit Union’s certificates are hit or miss. When they hit, they hit big. The rates on the 60-month Share Certificate and 12-month Loyalty Advantage Certificate are some of the highest on the market.

But the Youth Certificate and Share Certificates with terms less than 60 months don’t really compare. Make sure you shop around to make sure you find the right CD for your savings goals.

Founders Federal Credit Union’s money market account options

Money Market Plus

This account yields low dividends, even on high balances.
APYMinimum Balance to Earn APY
0.45%
$1,000
0.55%
$25,000
0.65%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 fee

This money market account does not have competitive dividend rates no matter what your balance is. While it is nice that there is no account maintenance fee, your money is not going to grow as quickly as it could with another financial institution.

Money market accounts are technically savings accounts, so they fall under Regulation D. Make sure you don’t make more than six certain withdrawals per month or you could be facing account closure.

How to get Founders Federal Credit Union’s Money Market Plus

You can open this account in person or online. Come prepared with your date of birth, address, Social Security number and government-issued ID.

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on Founders Federal Credit Union’s secure website

NCUA Insured

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How Founders Federal Credit Union’s money market accounts compare

Founders Federal Credit Union’s Money Market Plus doesn’t compare to the best offers on the market. Even among the lowest rates on our ranking of the best money market accounts, Founders Federal Credit Union’s highest rate is several tenths of a percentage point away, and requires a significantly higher balance. You may want to consider looking elsewhere for your money market needs.

Founders Federal Credit Union’s IRA account options

Fixed Rate IRAs

Competitive rates on IRA certificates, but not competitive enough to be the best on the market.
TermAPY
12 Months1.36%
24 Months1.61%
36 Months1.86%
48 Months1.86%
60 Months2.12%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty on 12-month certificates is 180 days’ worth of interest; the penalty on certificates with terms of 24 months or more is 360 days’ worth of interest

Founders Federal Credit Union does up the APY on certificates when they are held inside of an IRA, but it doesn’t up them quite enough. While a 60-month Share Certificate outside an IRA offers one of the best rates on the market, the same cannot be said for the 60-month certificate inside the IRA. That’s not to say rates are horrible; they’re competitive. They’re just not the best around.

As you evaluate the early withdrawal penalties on this account, remember that most withdrawals will incur taxes and an IRS penalty on top of what Founders Federal Credit Union charges. There are some exceptions to these added outside costs, most notably when you have reached retirement age.

How to get Founders Federal Credit Union’s IRA CDs

Founders Federal Credit Union’s IRA product must be opened in person. Be sure to bring two forms of ID. One must be a picture ID, but a Social Security card suffices for the second. You will also need to bring a bill with your physical mailing address on it.

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on Founders Federal Credit Union’s secure website

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How Founders Federal Credit Union’s IRA CD rates compare

Founders Federal Credit Union’s rates are competitive, but not the best on the market. It’s important to do some heavy comparison shopping with this account. Rates fluctuate for each financial institution, so there is a chance Founders Federal Credit Union will come out on top eventually. But for right now, you can find better IRA CD rates elsewhere.

Overall review of Founders Federal Credit Union’s banking products

The only product that is competitive at Founders Federal Credit Union is its CDs, and even then certain variables affect this fact. The credit union’s checking and savings accounts don’t bear high enough dividends to compete with other financial institutions. This is the same case for its money market account.

But Founders Federal Credit Union’s 60-month Share Certificate and the Loyalty Advantage Certificate offer competitive rates on the market. Lower-term Share Certificates are not competitive, though. While IRA certificates aren’t the most competitive, that may change in the near future, so keep an eye out on those CDs as well.

You will need to evaluate each product carefully and consider whether your financial needs align with what this credit union offers.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Eastman Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Eastman Credit Union’s checking account options

ECU Beyond Free Checking

A tiered checking account with very few fees.
APYMinimum Balance to Earn APY
0.05%
$0
0.10%
$10,000
0.15%
$25,000
0.20%
$50,000
0.25%
$100,000
0.30%
$200,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

The ECU Beyond Free Checking is not a bad account. It has no minimum balance requirements, no minimum opening deposit and won’t sock you with ATM fees when you use an out-of-network ATM unless they’re charged by the ATM owner.

The APY on this Eastman Credit Union account isn’t the best, but sometimes it can be exciting that a checking account offers dividends at all. Typically, you hold money in a checking account only to spend it throughout the month, so while you can find special deals and great rates outside of Eastman Credit Union, you will also find some financial institutions offering 0.00% APY on their checking accounts. The credit union’s rates are fairly standard though not the highest on the market.

Overdraft fees on all accounts at Eastman Credit Union are either $5 or $30. If you sign up for overdraft protection, you will be charged $5 every time the credit union has to pull funds from your savings account to cover your purchase. If you sign up for overdraft protection plus, you will be charged $30 every time you overdraw, but the credit union will allow you to make purchases until your account is -$500. Not that the $30 fee will reduce the amount available ($500) to pay other items. If you don’t sign up for any of these protections, you will be charged $30 every time you overdraw, and on top of it, Eastman will not allow the purchase to go through.

How to get Eastman Credit Union’s Beyond Free Checking

You can apply for Beyond Free Checking online or by visiting your local branch.

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on Eastman Credit Union’s secure website

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How Eastman Credit Union’s checking account compares

The ECU Beyond Free Checking does not offer the best rates on the market, but they’re not the worst either. Aided by no minimum balance requirements and limited fees, this account is worthy of your consideration as you compare other checking accounts.

Eastman Credit Union’s savings account options

Regular Savings

This account is required to establish your membership at Eastman Credit Union.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

Eastman Credit Union’s Regular Savings account doesn’t offer even close to the highest APY on the market, but that’s not the real reason to open one of these accounts. In order to establish membership at the credit union, you must have a savings account to access any of their other accounts, making things like lackluster APY and relatively low fees a moot point.

Because it is a savings account, certain terms are dictated by federal regulation. Specifically, Fed Regulation D says that you can make up to six certain withdrawals/transfers from a savings account per month. If you do go over, Eastman Credit Union will charge you an $8 excessive withdrawal fee for any transaction over six in any given month. You also risk having your account shut down, which could result in a loss of membership with this particular account.

How to get Eastman Credit Union’s Regular Savings Account

You can open this account online or in person.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

Christmas Club Account

An account that empowers you to save for the holidays but recognizes you might need cash for early shopping.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Early withdrawal fee: $10, if you withdraw before September
  • Overdraft fee: $5 or $30

Saving for the holidays? It’s really easy to dip into that savings pot when something like a big back-to-school sale or an opportunity to take a long weekend trip pops up. The Christmas Club Account is built specifically with this situation in mind.

You can stash money in your Christmas Club Account all year, and then during the first week of November, everything you’ve saved will be disbursed to your regular savings account. To encourage you to keep money in your account throughout the year, you will be charged a $10 fee when you withdraw. The only exceptions are withdrawals made in September and October, for which there are no fees.

How to get Eastman Credit Union’s Christmas Club Account

You can open a Christmas Club Account online or at your local branch.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

Stash Your Cash Account

A club account that allows you to save for more than just the holidays.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

The Stash Your Cash Account is similar to the Christmas Club Account, except that you can use the money you’re saving for any purpose, whether that be vacation or a wedding. You can also set the date that your funds will be released to your Regular Savings, making the account flexible to match your individual financial goals.

Remember that both this account and the Christmas Club Account are still savings accounts, so if you do have to make early withdrawals/transfers, make sure you’re planning ahead to avoid making more than six per month.

How to get Eastman Credit Union’s Stash Your Cash Account

You can open this account by visiting your local branch. If there is no branch local to you, call (800) 999-2328.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

Health Savings Account

A tax-sheltered account for your health care costs.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

If you have a High-Deductible Health Plan (HDHP), you can put up to $3,450 into a Health Savings Account (HSA) in 2018 — $6,900 if your HDHP offers family coverage.

These contributions are tax-deductible, and earnings are tax-free when you take the money out for qualified health expenses. You can also enjoy tax-free withdrawals if you are disabled or at least the age of 65.

The fact that the credit union offers this type of account is fairly unique. If you have an HDHP and no other insurance, it’s a good way to shelter the dollars you spend on health care costs from the IRS, and since the money is carried over from year to year, it can also serve as an extremely tax-effective retirement account if you don’t end up needing the money for health-related expenses. Granted, if you open it with Eastman Credit Union, the dividends won’t be enough to keep your money from losing value to inflation.

How to get Eastman Credit Union’s Health Savings Account

To get the process of opening an HSA started, call (800) 999-2328.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s savings accounts compare

Eastman Credit Union offers a pittance of an APY when compared with the best savings accounts on the market, yet each account it does offer serves a very unique purpose that may put it beyond dividend comparisons.

The Regular Savings account is required to open any type of account at Eastman Credit Union, whether or not you’re a fan of the APY. Christmas Club and special savings accounts exist to enforce self-discipline rather than to rake in extra money through dividends, and HSAs are a way to become more tax efficient with your health care spending.

Rather than comparing these accounts with those with the highest savings rates, you’ll be better off digging in deep and comparing them with accounts at other financial institutions that help you achieve the same goals.

Eastman Credit Union’s CD rates

Investment Certificates

Fairly competitive certificates with an opportunity to increase your APY.
TermAPYMinimum Opening Deposit
1-3 Months0.30%
$2,500
3-6 Months0.50%
$2,500
6-12 Months0.65%
$2,500
9 Months2.25%
$2,500
12-24 Months1.25%
$1,000
18-19 Months2.40%
$1,000
24-36 Months1.30%
$1,000
36-48 Months1.35%
$1,000
48-60 Months1.40%
$1,000
60 Months1.45%
$1,000
72 Months1.50%
$1,000
  • Minimum opening deposit: Varies based on desired term and APY
  • Minimum balance amount to earn APY: Same as minimum opening deposit
  • Early withdrawal penalty:
    • The greater of 7 days’ worth of dividends or all dividends earned to date on certificates with terms of up to 6 months;
    • 90 days’ worth of dividends on certificates with terms between 6 and 23 months;
    • 180 days’ worth of dividends on certificates with terms between 24 and 60 months;
    • 1 years’ worth of dividends on certificates with terms of 72 months.

The dividend rates on Eastman Credit Union’s Investment Certificates — which are the equivalent of certificates of deposit or CDs — are fairly competitive. It should be noted that this is especially true as you extend the term; the 72 month certificates are far more competitive than the 12 month CDs.  Further, you can add 0.05% APY to your certificate to make it a jumbo certificate with all the same terms save a minimum balance requirement of $100,000.

Also know that if you make a withdrawal that brings you below your minimum opening deposit, you’ll not only incur an early withdrawal penalty, but you’ll also see your certificate shut down. You cannot keep this account open without earning APY, and you can’t continue to earn APY without keeping your minimum opening deposit intact. The only exception to this is jumbo certificates. If you fall below the $100,000 minimum balance threshold, your certificate will just revert to normal rates.

How to get Eastman Credit Union’s CDs

You can open your investment certificate online or in person.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

Lifeline Savers Certificate

A low-yield certificate with an extremely low barrier to entry.
TermAPY
1 Year0.55%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 90 days’ worth of dividends

In addition to the Investment Certificate, Eastman Credit Union also offers the Lifeline Savers Certificate. One unique feature compared with Eastman’s other certificate products is that you can add to the balance of this certificate at any time — even midterm. Your rate will be lower than with an Investment Certificate, but the barrier to entry is also far lower with only a $100 required deposit and balance.

That doesn’t mean that this account is competitive overall, though. At this term tier, you can find certificates from other financial institutions offering rates nearly five times higher requiring only about $400 more for a minimum opening deposit.

How to get Eastman Credit Union’s Lifeline Savers Certificate

You can open this account in person or via the online application.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s CD rates compare

At lower rate tiers, Eastman’s certificates are barely competitive. However, as you move up through the ranks of longer term periods, its certificates rival some of the best rates out there. Those should be considered as a viable option as you compare other CDs.

Eastman Credit Union’s money market account options

Money Market

A somewhat standard money market account with high minimum balance requirements for unsatisfying dividends.
APYMinimum Balance to Earn APY
0.25%
$0
0.30%
$10,000
0.35%
$25,000
0.40%
$50,000
0.45%
$100,000
0.55%
$200,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0; $10,000; $25,000; $50,000; $100,000; or $200,000 depending on desired rate
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5-$30

The idea behind a credit union money market account is to pull more in from dividends than you would on your typical savings account. Traditionally, this has meant that there are larger minimum balance requirements in order to earn the higher APY.

Eastman Credit Union’s money market account does raise dividend rates as its tiered minimum balance requirements increase, but those rates are extremely low. If you have under $10,000 in your account, you’d be earning less APY than if you kept your money in a savings account at the credit union. But even at higher minimum balance requirements, the APY offered by Eastman Credit Union falls far short when compared with other options on the market.

Money market accounts are regulated by the federal government in the fashion of savings accounts, so remember that if you make more than six certain withdrawals/transfers from this account, you could be facing an $8 excessive withdrawal fee from the credit union per each instance. Beyond that, your account could even be shut down all together.

How to get Eastman Credit Union’s Insured Money Market account

You can open an Insured Money Market Account in person or via the online application.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s money market accounts compare

As mentioned above, traditionally money market accounts have required higher minimum balances in order to earn a higher APY. However, with the advent of online-only banks, we have seen a shift in this practice. Now, many internet banks offer a high APY on money market accounts with low or even no minimum balance requirements, rendering accounts like the one offered by Eastman Credit Union fairly obsolete.

To earn a dramatically higher APY with lower minimum balance requirements, be sure to check out the best money market accounts on the web.

Eastman Credit Union’s IRA account options

IRA CD rates

IRA Investment Certificate

Same rates as a certificate outside of an IRA make this account uncompetitive.
TermAPYMinimum Opening Deposit
1-3 Months0.30%
$2,500
3-6 Months0.50%
$2,500
6-12 Months0.65%
$2,500
9 Months2.25%
$2,500
12-24 Months1.25%
$1,000
18-19 Months2.50%
$1,000
24-36 Months1.30%
$1,000
36-48 Months1.35%
$1,000
48-60 Months1.40%
$1,000
60 Months1.45%
$1,000
72 Months1.50%
$1,000
  • Minimum opening deposit: $1,000 or $2,500 depending on term
  • Minimum balance amount to earn APY: Same as minimum opening deposit
  • Early withdrawal penalty:
    • All dividends on 1-month certificates;
    • 7 days’ worth of dividends on 3-month certificates;
    • 90 days’ worth of dividends on certificates with terms between 6 and 23 months;
    • 180 days’ worth of dividends on certificates with terms between 24 and 60 months;
    • 1 years’ worth of dividends on certificates with terms of 72 months.

Many financial institutions increase the interest rates offered on certificates when they are held within an IRA, though Eastman Credit Union keeps them static. If you have over $100,000 in an Investment Certificate, it turns into a jumbo certificate and you’ll see a rate hike of 0.05%, but it’s still not enough to compensate for the higher rates offered for lower minimum balances elsewhere.

While the early withdrawal penalties charged by Eastman Credit Union are listed above, remember that any time you take money out of an IRA, you could also owe penalties to the IRS, as well.

How to get Eastman Credit Union’s IRA CDs

You cannot open IRA products with Eastman Credit Union online. Instead, you’ll have to open this account by visiting your local branch. If there is no branch local to you, call (800) 999-2328.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

Accumulation Account

A competitive savings account within your IRA meant to be used before you retire.
APYMinimum Balance to Earn APY
0.30%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The Accumulation Account is a savings account inside your IRA and is meant to be used before your reach retirement age. Eastman Credit Union’s offered rates are not competitive for a portfolio holding of this class. You can find rates more than six times higher elsewhere.

Because you have to come in to fill out paperwork and make withdrawals, you will not be able to accidentally overdraw this account. You should also be aware that with few exceptions, should you make withdrawals from an IRA prior to reaching retirement age, you will have to pay penalties and fees.

How to get Eastman Credit Union’s Accumulation Account

Because Eastman’s IRA products are not available online, you will have to either call (800) 999-2328 to set up your account, or visit your local branch.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

Access Account

A savings account within your IRA meant to be used in retirement.
APYMinimum Balance to Earn APY
0.25%
$10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The Access Account is very similar to the Accumulation Account in its intent. It is a savings account within an IRA, though it is meant to be used as you approach retirement. When you reach retirement age, you will be able to take money out of this account — hence the name “access.”

There are higher minimum opening and balance requirements with this account, but that is because you are closer to retirement and will likely want to keep more of your retirement savings in more conservative accounts. The APY is also a little lower than the Accumulation Account, which obviously means this account does not offer a competitive APY either.

How to get Eastman Credit Union’s Access Account

To open any type of product within an IRA, you’ll have to either visit a branch or call (800) 999-2328.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s IRA CD rates compare

You can do better with your IRA certificate than accepting the low rates offered by Eastman Credit Union. Look for financial institutions that up their APY when offering certificates inside an IRA rather than keeping them static. Even if you have more than $100,000 to open a jumbo certificate and get the rate hike, the APY offered by the competitors still dwarfs the credit union’s offerings.

Overall review of Eastman Credit Union’s banking products

At the end of the day, with the potential exception of certain certificate tiers outside of an IRA, Eastman Credit Union’s products simply aren’t competitive with the best options on the market. To be sure, its savings accounts do offer a wide range of services that may help you reach your financial goals outside of APY earnings. For all other products, it’s more likely in your favor to look elsewhere.

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