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Reviews

BankUnitedDirect Review: Money Market and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2009
Total Assets$31.5B
LEARN MORE on BankUnitedDirect’s secure websiteMember FDIC

BankUnited was founded in Florida in 1984, focused largely on residential real estate. That is, until 2009. That’s when the institution went under during the housing crisis, resulting in one of the largest FDIC insurance claims in history: $4.9 billion.

At that point, though, it was bought by a group of investors who have turned it around and refocused it on commercial banking. It was a relatively smooth transition, and one that led to spectacular growth and much more stability.

BankUnitedDirect is the online-only branch of BankUnited. Here you will find CDs and money market accounts at rates higher than those you’ll typically find at a brick-and-mortar branch. By creating an online-only division, the bank has allowed those who live outside of its home location of Florida to conveniently access its products, which have very competitive rates. We took a look at how they stacked up.

BankUnitedDirect’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.01%

Savings

BankUnitedDirect Online Money Market

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.70%

CD Rates

BankUnitedDirect 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

BankUnitedDirect 24 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.90%

CD Rates

BankUnitedDirect 36 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

BankUnitedDirect’s CD rates

Certificates of Deposit

Competitive certificates with reasonable minimum opening deposit requirements.
TermAPY
6 Months1.90%
9 Months2.05%
12 Months2.70%
18 Months2.70%
24 Months2.80%
36 Months2.90%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ worth of interest

BankUnitedDirect’s CD rates are highly competitive, especially so in certificates with shorter terms. While they aren’t the highest on the market, you could definitely do worse. On top of the minimum opening deposit requirement, the max you can hold in your CD is $250,000, also the point where your account has maxed out its FDIC protection.

If at any time you make a withdrawal from your BankUnitedDirect CD, it will automatically shut down. You will be charged the easy-to-understand early withdrawal penalty, and you can then choose to withdraw all of your money or put some of it back into a new CD.

How to get BankUnitedDirect’s CDs

You will have to open your CD online. Before you begin the application, make sure you have some basic information and documentation like your current address, Social Security number, phone number, email address, valid government-issued ID and account funding information.

LEARN MORE Secured

on BankUnitedDirect’s secure website

Member FDIC

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How BankUnitedDirect’s CD rates compare

Minimum deposit rates at BankUnitedDirect fall within an industry standard range. The offered APY on certificates is not the highest around, but it’s far from the worst deal out there.

You’ll want to consider term length when comparing rates. For example, at the time of this writing, BankUnitedDirect’s 12 month certificate is only one tenth of a percentage point behind the market leader, but 3 year certificates lag behind by an entire 0.45%. While the rates are generally competitive, you’re going to want to check out the current best CD offers on the market before committing.

BankUnitedDirect’s money market account options

Money Market Account

One of the best money market accounts around. Just watch out for the monthly fee.
APYMinimum Balance to Earn APY
2.01%
$0.01
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15, if your balance falls below $2,500
  • ATM fee: First 5 out-of-network ATM transactions per statement cycle are free. After that, there will be a $2.50 fee for each transaction at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 base fee, plus $4 fee per day for each day your account is overdrawn.

BankUnitedDirect’s Money Market Account is extremely competitive. Many money market accounts require you to maintain a minimum monthly balance in the thousands and sometimes tens of thousands to earn the advertised APY, but BankUnitedDirect does not. In fact, any balance you keep in your Money Market Account will earn the advertised APY, which ranks among the highest rates currently offered by any financial institution.

That doesn’t mean there are no balance requirements, though. If your balance falls below $2,500 in any given month, you will be charge a $15 fee. Depending on how far below the $2,500 mark you are, that can eliminate the return you’re getting in interest.

Money market accounts are subject to federal Regulation D. That means you’re allowed up to six certain withdrawals or transfers per month without a penalty enforced by the bank. If you make more than six of these transactions, you will be charged an excessive withdrawal fee of $15 for each transaction by BankUnitedDirect.

Make sure you’re committed before opening this account. If you choose to close it within six months of opening, you will be charged an additional $15 fee.

How to get BankUnitedDirect’s Money Market Account

You must open this account online with your valid government-issued ID, Social Security number, address, phone number, email address and account funding information.

LEARN MORE Secured

on BankUnitedDirect’s secure website

Member FDIC

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How BankUnitedDirect’s money market accounts compare

BankUnitedDirect offers a phenomenal money market account. On top of a competitive interest rate, there are no minimum balance requirements to earn the APY. While there are minimum balance requirements in order to avoid the monthly maintenance charge, this requirement is low compared with similar accounts of this ilk. You should always shop around on our list of best money market accounts before making a final decision, but you can stress less as you go into the shopping experience knowing this is one of the best options on the market.

Overall review of BankUnitedDirect’s banking products

There’s really no losing with BankUnitedDirect’s current deposit account offerings. While you currently only have certificates of deposit and money market accounts as account options, both of these products offer fair rates with limited “gotcha” fees and requirements.

Its Money Market Account, in particular, is a star product. With some of the highest rates and lowest balance requirements around, it ranks as a favorite. Its CDs are competitive, too. They just don’t carry the absolute best rates at this point in time, requiring a more urgent need to shop around than if you are looking at only money market account offerings.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Best of, Earning Cashback, Reviews

QuickSilver or Venture: Which Capital One Card Should You Pick?

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

QuickSilver or Venture: Which Capital One Card Should You Pick

Comparing cards from differing financial institutions is a tough decision, but what do you do when you’re looking at two cards from the same provider? They have identical interest rates, points never expire on either card, and they both have great bonuses.

I’ll tell you what you do: you do some math to figure out which one provides the better value. That’s exactly what we’ve done with the Capital One® Quicksilver® Cash Rewards Credit Card and Capital One® Venture® Rewards Credit Card. If cash back is your goal, rather than travel rewards, we’ve found a clear winner.

Capital One® Quicksilver® Cash Rewards Credit Card

The Capital One® Quicksilver® Cash Rewards Credit Card offers 1.5% Cash Back on every purchase, every day. There are no rotating categories; every dollar you spend will earn 1.5 cents, redeemable in cash. At publication, it comes with a One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.

This card has a $0 annual fee, and comes with an 0% intro on purchases for 15 months and a 0% intro on balance transfers for 15 months (3% BT fee applies), then an APR of 14.74% - 24.74% (Variable).

Capital One® Quicksilver® Cash Rewards Credit Card

Capital One® Quicksilver® Cash Rewards Credit Card

Annual fee
$0
Rewards Rate
1.5% Cash Back on every purchase, every day
Regular Purchase APR
14.74% - 24.74% (Variable)
Credit required
good-credit
Excellent/Good

Capital One® Venture® Rewards Credit Card

The Capital One® Venture® Rewards Credit Card operates differently. While you can get cash back, the best way to use points earned is for travel. For every dollar you spend, you earn 2 Miles per dollar on every purchase, every day. When you redeem Venture points to pay for travel, you get $1 in value for every 100 points. However, if you choose to redeem those points for cash, you will only get half that ($0.50 back per 100 points)

This means if you’re only looking for cashback, the Capital One® Quicksilver® Cash Rewards Credit Card is the better deal.

The Capital One® Venture® Rewards Credit Card comes with a One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel, but worth only $250 if you opt to use the cash back method. In order to qualify for this bonus, you must meet a $3,000 minimum spend in the first three months of your account opening.

Capital One® Venture® Rewards Credit Card

Capital One® Venture® Rewards Credit Card

Annual fee
$0 intro for first year; $95 after that
Rewards Rate
2 Miles per dollar on every purchase, every day
Regular Purchase APR
14.74% - 24.74% (Variable)
Credit required
good-credit
Excellent/Good

Pros & Cons

Both cards are nice additions to your wallet if you use credit responsibly, but you’ll want to look over the pros and cons of each before choosing one the one that is best for you.

Capital One® Quicksilver® Cash Rewards Credit Card

Pro: Higher points for cashback. The Capital One® Quicksilver® Cash Rewards Credit Card’s rewards come in at a higher value when you redeem for cashback.

Con: Other options in the industry offer more. In this matchup, the Capital One® Quicksilver® Cash Rewards Credit Card clearly comes out on top, but when you compare it to other cards in the cashback niche, such as Citi® Double Cash Card – 18 month BT offer, its return isn’t stellar.

Pro: Simplicity. While other cashback cards may have a higher yield, you often have to spend money on certain items during specific months to see those yields. You also typically have to register for each higher earning category. With the Capital One® Quicksilver® Cash Rewards Credit Card, you earn 1.5% Cash Back on every purchase, every day.

Pro: Less expensive. While we don’t advise carrying a balance on your card, the introductory 0% interest rate makes this card less expensive than its competition in this head-to-head. To add insult to injury, it also doesn’t come with an annual fee, making the Capital One® Quicksilver® Cash Rewards Credit Card the cheaper option.

Capital One® Venture® Rewards Credit Card

Pro: The bonus is bigger. Even at lower redemption levels, the One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel, or $250 in cash, is larger than the Capital One® Quicksilver® Cash Rewards Credit Card‘s bonus offer. However, the cashback offer on the Capital One® Quicksilver® Cash Rewards Credit Card is a better deal simply because you don’t have to spend as much proportionately to earn it.

Con: It will cost you more to earn the bonus. When you spend $3,000 to earn 50,000 points, you are essentially spending $3,000 to earn $250 (or $500 if you use the points for travel). Contrast that with the Capital One® Quicksilver® Cash Rewards Credit Card’s offer to earn a One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening, and you can clearly see that Capital One® Quicksilver® Cash Rewards Credit Card’s deal offers a better value, even though it’s smaller.

Pro: More value if you’re a traveler. If you redeem your points for travel, you’re earning 2% cash value from your spending, 0.5% more more than the Capital One® Quicksilver® Cash Rewards Credit Card’s cashback offer, and a full 1% than if you opted to use your points for non-travel purchases on the Capital One® Venture® Rewards Credit Card.

Con: More expensive. The annual fee is a an $0 intro for first year; $95 after that. This means that the card will earn back the annual fee after you’ve spent $2,950 if you plan to use the points for travel. Interest fees are also not waived for the first year.

When to Use Both Cards

If you like to travel, but also like getting cash to pay your monthly bills, it can be advantageous to use both cards in conjunction. Where you put your spend will depend on your immediate goals. For example, maybe you have a wedding to attend, and two nights at the hotel will cost you a total of $400. You’d want to take advantage of the Capital One® Venture® Rewards Credit Card’s signup bonus, One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel. You’d even have $60 in travel credit leftover to take care of fun things like hospitality taxes and potential resort fees.

On top of booking accommodations, you also have to buy a gift. You decide to charge every additional penny to your Capital One® Quicksilver® Cash Rewards Credit Card card, paying it off every month. At the end of three months, you’ve spent $6,000: $3,000 on your Capital One® Venture® Rewards Credit Card, and $3,000 on Capital One® Quicksilver® Cash Rewards Credit Card. Because you’ve spent over $500 on your Capital One® Quicksilver® Cash Rewards Credit Card card, you get the one-time bonus, plus an additional $45 in cashback rewards, more than enough to purchase a wedding gift.

Other Cash Back Card Options

Capital One® Quicksilver® Cash Rewards Credit Card‘s 1.5% return is far from the best on the market. Discover it® Cash Back offers 5% back at different places up to the quarterly maximum each time you activate. Then, 1% unlimited cash back automatically on all other purchases.

Discover it® Cash Back

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Discover it® Cash Back

Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.
Regular APR
13.99% - 24.99% Variable
Credit required
good-credit
Excellent/Good Credit

Read our full review of the Discover it® Cash Back here.

If you frequently shop at U.S. supermarkets, then the Blue Cash Preferred® Card from American Express is a great alternative. Cardholders earn a high cashback rate on U.S. supermarket spending: 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases. There is a $95 annual fee, but if you spend $1,584 a year at U.S. supermarkets, you can earn enough cash back to recoup the annual fee.

Blue Cash Preferred® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

Citi® Double Cash Card – 18 month BT offer also does 2% back on all purchases, Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay.

Citi® Double Cash Card – 18 month BT offer

APPLY NOW Secured

on Citibank’s secure website

Citi® Double Cash Card – 18 month BT offer

Annual fee
$0
Rewards Rate
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
Regular Purchase APR
15.49% - 25.49%* (Variable)
Credit required
good-credit
Excellent, Good

Just keep in mind, all of these cash back options are only valuable if you pay off your card on time and in full each month. Once you start paying interest it voids the return of earning cash back.

Cash Back Winner

If you don’t plan to use your rewards for travel, and are only looking at cash back, the numbers don’t lie. Spending on Capital One® Quicksilver® Cash Rewards Credit Card will earn you 1.5%, while Capital One® Venture® Rewards Credit Card only garners 1%. Unless you’re a traveler, Capital One® Quicksilver® Cash Rewards Credit Card offers you more value for your spend, and it does so with a $0 annual fee.

promo-cashback-wide

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

TAGS:

Advertiser Disclosure

Reviews

Police and Fire Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1938
Total Assets$5.2B
LEARN MORE on Police And Fire Federal Credit Union’s secure websiteNCUA Insured

Police and Fire Federal Credit Union has been serving police and firefighters of the city of Philadelphia since 1938. Today, those public servants continue to be the credit union’s primary customers. All active or retired police or firemen with the city are eligible to become members.

However, Police and Fire Federal Credit Union has expanded to offer membership to many other members of the community, as well. Employees of many local governments and small- and medium-sized businesses can become credit union customers, along with members of certain organizations such as homeowners associations, Shriners groups and volunteer fire departments.

For the most part, the credit union’s deposit account offerings are average. There are a few outliers, though, including a lackluster savings account on one end and a noteworthy checking account on the other.

Police and Fire Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Police and Fire Federal Credit Union Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

Police and Fire Federal Credit Union 1 Year CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.40%

CD Rates

Police and Fire Federal Credit Union 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.60%

CD Rates

Police and Fire Federal Credit Union 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Police and Fire Federal Credit Union’s checking account options

Free PFFCU Checking

A high APY and low fees make this one of the best checking accounts on the market if you keep a relatively small balance.
APYMinimum Balance to Earn APY
1.00%
$0.01
0.10%
$5,000
  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: 12 free out-of-network transactions per month. Each subsequent transaction will be accompanied by a $1 fee.
  • ATM fee refund: None
  • Overdraft fee: $6 if you overdraw on a debit card purchase; $19 if you overdraw via check or an ACH transaction.

If you are eligible for membership with Police and Fire Federal Credit Union, you’re fortunate enough to qualify for one of the best checking accounts on the market. The interest on this account is phenomenal, especially for a brick-and-mortar financial institution. Many of the best rates today come from online-only financial institutions that have much smaller overhead costs and then pass on the savings to consumers. Police and Fire Federal Credit Union is one of the shining exceptions. Just bear in mind that your APY will go down if your balance hits over $5,000.

The low fees on this account also make it extremely attractive. There is no monthly maintenance fee, and you have to go through a lot of out-of-network transactions before incurring any costs at the ATM. On top of that, the overdraft fees at Police and Fire Federal Credit Union are some of the lowest around. You have to opt into the “Courtesy Overdraft” program when you sign up for the account to receive the service, but that’s as simple as checking a box.

If you are a new member, you can open a checking account with your initial membership application. Be prepared to provide your Social Security number, current address, date of birth and government-issued ID. If you are already a member, you will have to open your account over the phone or in person.

LEARN MORE Secured

on Police And Fire Federal Credit Union’s secure website

NCUA Insured

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How Police and Fire Federal Credit Union’s checking account compares

Free PFFCU Checking ranks right up there with the best of the best checking accounts. High dividends and low fees make it one of the most competitive offers on the market.

That being said, if you plan on keeping more than $5,000 in checking, this may not be the account for you, as dividends drop after you hit that threshold. But if you’re living paycheck to paycheck like most Americans, this account is likely one of the best choices for you.

Police and Fire Federal Credit Union’s savings account options

Savings

There’s nothing too exciting about this mandatory savings account which establishes your credit union membership.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: 12 free out-of-network transactions per month. Each subsequent transaction will be accompanied by a $1 fee.
  • ATM fee refund: None
  • Overdraft fee: $6 if you overdraw on a debit card purchase; $19 if you overdraw via check or ACH transfer.

While Police and Fire Federal Credit Union’s checking account is exciting, its savings account is decidedly not. You will need to open this account in order to establish your credit union membership, though. The $5 you put in to open the account will have to stay there so you can maintain your membership.

Dividends on this account are decidedly low. While the fees are also low or even nonexistent, this isn’t the best account to stash your savings in. You can get much better rates elsewhere.

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

LEARN MORE Secured

on Police And Fire Federal Credit Union’s secure website

NCUA Insured

Holiday & Vacation Club Accounts

Extremely flexible — but bear no interest.
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: None
  • ATM fee: 12 free out-of-network transactions per month. Each subsequent transaction will be accompanied by a $1 fee.
  • ATM fee refund: None
  • Overdraft fee: $6 if you overdraw on a debit card purchase; $19 if you overdraw via check or ACH transfer.

Club accounts are used to save for specific purposes. Traditionally, you would set aside a certain amount of money every month, and then your financial institution would release your funds to your checking account on a set date. For example, on a holiday club account, your funds may be transferred on Nov. 1. For a vacation club account, those funds may be released to you sometime in the late spring. If you decided to withdraw money early, you’d be hit with a penalty fee.

But Police and Fire Federal Credit Union’s club accounts don’t work that way. Instead, they’re a simple savings account with 0% APY from which you can withdraw money at any time with no fees. Your money will not automatically be transferred to checking at any time. Essentially, they’re accounts that allow you to organize your savings rather than penalizing you for touching that savings.

These accounts are subject to federal Regulation D. This means that you are allowed to make up to six certain debits per month. If you go over this transaction limit enough times, Police and Fire Federal Credit Union will talk to you about converting this account to a checking account in order to stay compliant with federal regulations.

You will have to be an established member to open this account. If you are, you can open this account online, over the phone or in person with your Social Security number, phone number and email address.

LEARN MORE Secured

on Police And Fire Federal Credit Union’s secure website

NCUA Insured

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How Police and Fire Federal Credit Union’s savings accounts compare

While no or low fees make Police and Fire Federal Credit Union’s savings accounts appealing, that’s about where the benefits end. The interest is extremely low or nonexistent, and the fact that you can withdraw from a humdrum account at any time removes the main purpose of the account.

You will need the savings account to establish your membership. But after you’ve done that, look at this guide to high-interest savings accounts for your basic savings account needs.

Police and Fire Federal Credit Union’s CD rates

Certificates

Average dividends make shopping around a smart idea.
TermAPY
3 Months1.70%
6 Months1.80%
9 Months1.90%
12 Months2.00%
15 Months2.05%
18 Months2.15%
24 Months2.25%
30 Months2.30%
36 Months2.40%
48 Months2.50%
60 Months2.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 3 month certificates will lose all dividends; 6 month certificates will be charged a penalty equal to 90 days’ worth of dividends; certificates with terms of 9 to 24 months will be charged the equivalent of 180 days’ worth of dividends; 30 to 60 month certificates will incur a penalty equal to 360 days’ worth of dividends.

Both the dividends and fees on Police and Fire Federal Credit Union’s certificates are fair, but nothing more. While rates aren’t terrible and fees are on par with what you’ll find at other financial institutions, you can find a higher APY elsewhere.

You can open your certificate online, in person or over the phone with your member number, Social Security number, phone number and email address.

LEARN MORE Secured

on Police And Fire Federal Credit Union’s secure website

NCUA Insured

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How Police and Fire Federal Credit Union’s CD rates compare

While rates aren’t tragically low, you’ll still be able to find better offers on certificates of deposit from other financial institutions. When you’re locking away your money for a set period of time, you want to make sure it’s earning the highest return possible, making shopping around a good idea.

Police and Fire Federal Credit Union’s money market account options

Money Market Plus

Dismally low rates mean you should feel comfortable passing on this money market account.
APYMinimum Balance to Earn APY
0.25%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Money market accounts have traditionally offered higher interest rates or dividends than your typical savings account in exchange for a higher deposit. While Money Market Plus does not require any set minimum deposit to open the account or earn its APY, this positive is canceled out by the fact that its interest is catastrophically low.

Believe it or not, you can find savings accounts with dramatically higher APY offerings. If you don’t have a ton of money to stash away, go for the higher rates with a savings account at another financial institution rather than buying into the label of “money market” at Police and Fire Federal Credit Union.

Bear in mind that both Money Market Plus and Premium Yield savings are subject to Regulation D, which means you are allowed to make up to six certain debits per month on either account.

Should you choose to open this account, the quickest way to do so is online. However, you can also open it over the phone or in person at your local branch. Be prepared to provide your member number, email address, phone number and Social Security number when you apply.

LEARN MORE Secured

on Police And Fire Federal Credit Union’s secure website

NCUA Insured

Premium Yield Savings

If you can afford the minimum balance required for the second-tier APY, your dividend rates will be close to competitive.
APYMinimum Balance to Earn APY
1.40%
$2,500
1.60%
$50,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Compared with Money Market Plus, Premium Yield Savings is far more competitive. Despite that fact, it’s important to keep the high minimum deposit requirement in mind. You will have to maintain this amount if you wish to continue receiving interest at all.

However, if you do have a large amount of money you’d like to see grow, the second APY tier of this account is competitive with the market. It’s not the highest rate around, but it’s close to breaking its way in.

While this account falls under Regulation D, Police and Fire Federal Credit Union actually puts even stricter withdrawal rules on Premium Yield Savings than the federal government does. You are only allowed two free withdrawals per month; every subsequent withdrawal will garner a $10 fee.

You will have to establish membership before opening this account. Once you have, you can apply online, in person or over the phone with your member number, Social Security number, phone number and email address.

LEARN MORE Secured

on Police And Fire Federal Credit Union’s secure website

NCUA Insured

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How Police and Fire Federal Credit Union’s money market accounts compare

Each of Police and Fire Federal Credit Union’s money market accounts are separate beasts. On the one hand, Money Market Plus shouldn’t even be a candidate when you’re considering accounts to help you build your savings. Its interest rates are simply too low.

On the other, Premium Yield Savings pays a halfway decent APY, though its most competitive rates are only available to people who have $50,000 or more in savings.

Either way, you should shop around for other money market accounts before making any final decisions. You will find better offers with either higher APY offerings, lower minimum balance requirements or both.

Police and Fire Federal Credit Union’s IRA account options

IRA certificate rates

These rates are on par for the course, but you and your retirement account can do better.
TermAPY
3 Months1.70%
6 Months1.80%
9 Months1.90%
12 Months2.00%
15 Months2.05%
18 Months2.15%
24 Months2.25%
30 Months2.30%
36 Months2.40%
48 Months2.50%
60 Months2.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 3 month certificates will lose all dividends; 6 month certificates will be charged a penalty equal to 90 days’ worth of dividends; certificates with terms of 9 to 24 months will be charged the equivalent of 180 days’ worth of dividends; 30 to 60 month certificates will incur a penalty equal to 360 days’ worth of dividends.

The barrier to entry on Police and Fire Federal Credit Union’s IRA certificates is on the low side, which is a good thing for consumers looking to save for retirement when they don’t have a lot of cash. However, IRA CDs are by their very nature a conservative investment. Police and Fire Federal Credit Union’s rates currently lag behind those of the competition, making this already conservative investment not the best bet.

To open an IRA, you usually have to visit a branch in person. However, Police and Fire Federal Credit Union lets you jump-start the process by filling out some basic information online, and then allowing you to print your forms out so you can send them in via snail mail.

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How Police and Fire Federal Credit Union’s IRA CD rates compare

Just as Police and Fire Federal Credit Union’s traditional certificates don’t carry the best rates, certificates inside of an IRA aren’t the most lucrative place to stash your money. You can find worse offers out there, but there are also plenty of financial institutions offering better. While it’s always important to check rates before making a commitment to a deposit account, the red tape and paperwork behind an IRA makes it even more important to shop around for other IRA CDs and get it right the first time.

IRA Money Markets

This account’s APY almost earns it a spot in the top 10.
APYMinimum Balance to Earn APY
1.60%
$0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None

Police and Fire Federal Credit Union’s IRA Money Markets account comes with no fees and no minimum balance requirements. To top things off, the rates aren’t shabby. When we look at APY in isolation, this account is just shy of being in the top ten offers on the market. It is important to remember that a savings or money market account inside of an IRA is just about the most conservative investment you could make. You may want to shop around as the difference in APY could add up over time.

You can open this account in person or by printing out and mailing paperwork, which can be found on Police and Fire Federal Credit Union’s website.

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Overall review of Police and Fire Federal Credit Union’s banking products

When you take all of Police and Fire Federal Credit Union’s products into consideration, they come out quite average, with just slightly disappointing rates. Its certificates give you ho-hum returns, and the same goes for its IRA accounts and Premium Yield Savings.

Almost making up for these deficiencies is Free PFFCU Checking, an account that offers great rates on your checking account with no maintenance fees and some of the smallest overdraft fees we’ve seen.

Ultimately, your decision to bank with Police and Fire Federal Credit Union will depend entirely on your banking needs. Those seeking the best rates on savings will want to look elsewhere, but those seeking a checking account with great returns can safely call Police and Fire Federal Credit Union home.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

Beneficial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1853
Total Assets$5.9B
LEARN MORE on Beneficial Bank’s secure websiteMember FDIC

Beneficial Bank was born in 1853 as the Beneficial Saving Fund Society of Philadelphia — created with the goal of giving the city’s growing immigrant population a secure place to keep their hard-earned money.

Over the ensuing 165-plus years, Beneficial Bank has become the largest and oldest bank headquartered in Philadelphia, and its branch network has expanded from southeastern Pennsylvania into Delaware and New Jersey. While you do not have to be a resident of one of these states to open an account, it is definitely more convenient if that is the case.

For decades, Beneficial Bank has put an emphasis on community financial literacy efforts. This started in 1927 as an initiative to teach children about money, and continues nearly a century later as a program taken into schools, nonprofits and businesses in the Philadelphia area. The bank also offers financial literacy libraries, informal “conversation stations” at bank branches and financial workshops across the region.

While these efforts are valiant, that doesn’t automatically mean this financial institution’s products are right for you. Here we’ll take a deep dive into all available deposit accounts to help you determine which, if any, are right for you.

Beneficial Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Beneficial Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.02%

CD Rates

Beneficial Bank 12 - 23 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.79%

CD Rates

Beneficial Bank 36 - 47 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.30%

CD Rates

Beneficial Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Beneficial Bank’s checking account options

Free Checking

This bare-bones account has limited fees, but pays no interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at out-of-network ATMs. This fee is waived if you are 50 or older
  • ATM fee refund: None
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Free Checking is a basic checking account that pays no interest. It also carries no monthly maintenance fee, and can be opened with any amount of money. While there is a fee for out-of-network ATM use, it is waived for customers who are age 50 or older. This is the only account at this bank with any such fee. Unlike many of Beneficial Bank’s checking account options, this one provides no ATM fee refunds when you use out-of-network ATMs.

To open this account, you will need to provide your Social Security number, address and government-issued ID online or in person. Online applicants must be U.S. citizens and residents of the states of Pennsylvania, New Jersey or Delaware.

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on Beneficial Bank’s secure website

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Interest Checking

To earn an extremely low APY without paying fees, you’ll need a $500 minimum balance or a regular direct deposit.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8, though this fee can be waived.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Interest Checking, appropriately enough, does offer interest, but the APY is extremely low. While it is nice that there is no minimum balance required to earn this APY, you will be charged a monthly maintenance fee if your balance falls below $500. The only other way to avoid this fee is by establishing a direct deposit, in which case your account balance will not matter.

There are no ATM fees associated with this account. However, there are also no ATM refunds. If this is an important feature for you, read on. A few of Beneficial Bank’s checking accounts do offer these refunds.

You can open this account online or in person. Online applicants must be U.S. citizens and residents of the state of Pennsylvania, Delaware or New Jersey. All applicants should be prepared to provide their government-issued ID, address and Social Security number.

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on Beneficial Bank’s secure website

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Campus Checking

This flexible, and virtually fee-free, checking account would be a good fit for Philadelphia-area college students.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $10 per month of ATM fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Campus Checking is a non-interest-bearing and low-fee checking account option for college students who are between the ages of 18 and 25. Minimum opening deposit requirements are extremely low and there is no monthly maintenance or ATM fee. Students will also get up to $10 of ATM fees charged by outside ATM owners refunded to their accounts every statement cycle.

On top of low fees, this account also offers free incoming wire transfers, which can be especially beneficial for international students who use this method to receive funding from home.

This account can be opened in person or online. Online applicants must be U.S. citizens and residents of the states of Pennsylvania, Delaware or New Jersey. Be prepared to provide your Social Security number, address and government-issued ID.

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on Beneficial Bank’s secure website

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Start Rewarding Checking

The APY won’t win you over, but the other account benefits might. Watch out for that fee, though.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20, if your combined balances fall below $10,000
  • ATM fee: None
  • ATM fee refund: Up to $10 per month of fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Beneficial Bank offers three different deposit account packages with different benefits, including a unique checking account for each package. This account is part of the “Start Rewarding” package and offers the highest APY of any Beneficial Bank checking account. Still, the rates are not really competitive.

You will be charged a monthly fee to operate your Start Rewarding Checking if the cumulative balance of your Start Rewarding Checking, Tiered Savings and Personal Money Market accounts falls below $10,000.

The benefits of this account include up to $10 refund of ATM fees charged by out-of-network ATM owners, free incoming wire transfers, lower mortgage origination fees and a 0.50% APR decrease on HELOCs when you set up automatic payments from your Start Rewarding Checking account.

You can open this account online or in person with your government-issued ID, address and Social Security number. All online applicants must be U.S. citizens who reside in Pennsylvania, New Jersey or Delaware.

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on Beneficial Bank’s secure website

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Start Earning Checking

A low-interest checking account that encourages automated savings.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15, if the combined balance of your accounts falls below $1,000
  • ATM fee: None
  • ATM fee refund: Up to $5 per month of fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Beneficial Bank’s next package account is “Start Earning.” Its checking account offers even less interest than the previously mentioned one, and it comes with a maintenance fee if your cumulative balance across your Start Earning Checking, Tiered Savings and Money Market account falls below $1,000. It also offers monthly refunds of fees charged by out-of-network ATMs, but only up to $5 per statement cycle.

When you open a Start Earning Checking account, you are agreeing to an automated $25 per month transfer into your Tiered Savings. Automating savings is an effective way to make sure it actually happens, and this could help you reach your savings goals or build your emergency fund at a faster clip.

The only other benefit that carries over from the last package is the 0.50% APR decrease on your HELOC when you set up automatic payments from your Start Earning Checking account.

When you open this account, you will be simultaneously opening a Tiered Savings account. This is to ensure your $25 per month automatic transfer starts off without a hitch. You will need to provide your address, Social Security number and government-issued ID regardless of whether you apply online or in person, but those who apply online will need to be U.S. citizens and residents of the states of Delaware, New Jersey or Pennsylvania.

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on Beneficial Bank’s secure website

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Start Benefiting Checking

This banking package for people ages 50 or older comes with free checks.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8, if the combined balance of your accounts falls below $1,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Start Benefiting Checking is available to Beneficial Bank customers who are age 50 or older. You may notice it has the same requirements to waive the monthly maintenance fee as Start Earning Checking, but the amount of this fee is lower with the Start Benefiting package. It also has the same low APY as Start Earning Checking.

You will not receive any ATM refunds with this account, but the 0.50% APR discount on HELOCs with automatic payments is still on the table. You will also receive unlimited free checks.

You can open this account online or in person. If you are applying online, you must be a U.S. citizen who has established residence in the states of New Jersey, Pennsylvania or Delaware. All applicants should be prepared to supply their government-issued ID, address and Social Security number.

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How Beneficial Bank’s checking accounts compare

Checking accounts traditionally don’t pay a ton of interest, but things have changed a bit with the advent of online-only financial institutions. Because these banks don’t have as many overhead costs, they pass the savings along to consumers via higher interest rates on deposit accounts.

Because of this, Beneficial Bank’s APY offerings are not the best on the market. You can find better checking account offerings elsewhere. However, if you are taking out a HELOC or mortgage with Beneficial Bank, or if you are an international student who would benefit from free inbound wire transfers, the APY may not be the most relevant metric.

Beneficial Bank’s savings account options

Passbook Savings

An in-person-only savings account with a low APY.
APYMinimum Balance to Earn APY
0.15%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $3 if your balance falls below $50
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Passbook Savings is an in-person-only account, meaning you can only complete transactions by visiting a Beneficial Bank branch. Interest rates offered on this account are low, and there is a maintenance fee if your account balance falls below $50.

While this account is subject to Regulation D, there is no danger of accidentally making more than six withdrawals per month. Every transaction must be done in person, and your teller will not allow you to make an excessive withdrawal.

You will need to visit a branch in person in order to open this account. Come prepared with your Social Security number, address and government-issued ID.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

Statement Savings

Low APY offerings on this basic account will leave you wanting to look at others.
APYMinimum Balance to Earn APY
0.25%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $5, if your daily balance falls below $50
  • ATM fee: $1.50 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Statement Savings also offers a low APY, but charges a slightly higher fee than Passbook Savings if your balance falls below $50. While none of the interest rates on Beneficial Bank’s savings accounts are competitive, you’d be better off with a student account or Tiered Statement Savings. However, there are additional qualifiers to open any of those accounts.

All savings accounts in the United States fall under Federal Reserve Regulation D. This rule allows up to six certain withdrawals per month. If you make more than six withdrawals, you will be charged a $10 fee for each subsequent withdrawal. If you do this too often, your account will be shut down.

Regulation D only covers “convenient” withdrawals, though, so a good workaround is to make any excess withdrawals in person at your local branch.

You can open this account online or in person. If you apply online, you must be a U.S. citizen with residency in New Jersey, Pennsylvania or Delaware. All applicants will need to present their government-issued ID, address and Social Security number in order to open this account.

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Student Saver

Your child can get a $10 sign-up bonus just for opening their savings account.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.30%
$250
0.40%
$500
0.45%
$750
0.50%
$1,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Children under age 18 can open this account, which offers tiered interest rates higher than those you’ll find on basic Statement Savings. There are no account maintenance fees, and your child can easily open this account with one week’s worth of allowance money. At this time of publishing, Beneficial Bank is running a promotion where it will give your child a $10 bonus just for opening this account.

This account is subject to Regulation D, so make sure your child knows that they are allowed up to six certain withdrawals per month.

This account must be opened in person with your child. Bring along their Social Security card if you have it, but absolutely be prepared to provide your own government-issued ID, address and Social Security number when you visit.

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on Beneficial Bank’s secure website

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Campus Savings

A low-fee, tiered-interest-rate savings account for young college students.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.35%
$500
0.40%
$1,000
0.45%
$1,500
0.50%
$2,500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Campus Savings is similar to the Student Saver account, but the minimum balance requirement to earn those interest rates are higher for this age range (18-25). However, there are still no monthly maintenance fees or ATM fees on this savings account for college students. Do be sure your college student is aware of the $10 excessive withdrawal fee if they make more than six withdrawals per month, though.

You can open this account online or in person. You will need your government-issued ID, Social Security number and address to get started. If you are applying online, you must be a U.S. citizen with residency in Pennsylvania, New Jersey or Delaware.

LEARN MORE Secured

on Beneficial Bank’s secure website

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Tiered Statement Savings

This savings account is only available to those who hold a Start Rewarding, Start Earning or Start Benefiting checking account package.
APYMinimum Balance to Earn APY
0.25%
$0.01
0.30%
$1,000
0.90%
$2,500
0.90%
$5,000
0.90%
$10,000
0.90%
$25,000
0.90%
$100,000
0.90%
$500,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Tiered Statement Savings, which is also subject to Regulation D, has the highest APY offering of any of Beneficial Bank’s savings accounts. But in order to take advantage of it, you will need to have a Start Earning, Start Benefiting or Start Rewarding checking account as well.

While these rates are the highest on a savings account offered by Beneficial Bank, they are not the best rates around. The best rates are at least double what Beneficial Bank is currently offering.

If you have already opened Start Earning Checking, this account was opened as a part of that process. If you have Start Rewarding or Start Benefiting checking, you will have to make it known that you would like to open a Tiered Savings account, too. You can open this account in person or online, though online applicants should know that they must be U.S. citizens currently residing in Pennsylvania, New Jersey or Delaware. All applicants will need to provide their government-issued ID, Social Security number and address.

LEARN MORE Secured

on Beneficial Bank’s secure website

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Club Statement Savings

A club account that remains flexible — as long as you’re consistently putting money into it every month.
APYMinimum Balance to Earn APY
0.35%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Traditionally, club accounts allow you to save up for special occasions or holidays. You save money into the account, and your financial institution will release your money from your club account to your checking account on a set date. While you can set up this type of automatic transfer at Beneficial Bank, setting a hard date is not a requirement. That means there are no early withdrawal fees associated with this account, since you can move your money at any time.

You do, however, have to have an automatic deposit from one of your other accounts set up to happen at least once per month. If you do not, there is a $5 monthly fee. You will also face the $10 excessive withdrawal fee if you make more than six withdrawals per month.

You can open this account at your local branch with your government-issued ID, Social Security number and address.

LEARN MORE Secured

on Beneficial Bank’s secure website

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How Beneficial Bank’s savings accounts compare

Beneficial Bank’s savings account APY offerings are extremely low. Even its highest rate, offered on the Tiered Statement Savings account, is less than half the APY offered by the best savings accounts on the market. If you want to watch your savings grow at a decent clip, you may want to look elsewhere.

If you do want an account at Beneficial Bank, you’ll probably want to either bundle your savings with a checking account or qualify for one of their special accounts for students or older customers.

Beneficial Bank’s CD rates

Time Deposits

A competitive product at the longest and shortest term lengths that falters for all the terms in between.
TermAPY
3 to 5 Months1.51%
6 to 11 Months1.77%
12 to 23 Months2.02%
24 to 35 Months2.27%
36 to 47 Months2.79%
48 to 59 Months3.04%
60 Months3.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Calculated as a prorated amount of your interest earnings depending on how far along you are into the term. Check with the bank before committing.

While Beneficial Bank’s Time Deposits do not carry the highest APY for CDs on the market, they are fairly competitive — especially at the highest and lowest interest tiers. Its required minimum deposit is extremely reasonable, and early withdrawal penalties are standard. Its option to open a Time Deposit for a term of 3 to 5 months may be appealing for depositors with financial needs in the near future.

You can open a Time Deposit online or in person. If you are opening one online, you must be a U.S. citizen with residency in New Jersey, Delaware or Pennsylvania. Prepare your government-issued ID, address and Social Security number before you go to apply.

LEARN MORE Secured

on Beneficial Bank’s secure website

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How Beneficial Bank’s CD rates compare

For terms that are not extremely short or long, Beneficial Bank’s Time Deposit interest rates fall nearly an entire percentage point below the best offers on the market. However, rates are much more competitive when you look at offerings on the 60 month term.

Not all financial institutions offer terms as short as 3 months, but Beneficial Bank does. In fact, it doesn’t just offer them — it offers one of the highest APYs on the market for this term by leaps and bounds.

For all those terms in between, though, you’re going to want to shop around for better CD rates.

Beneficial Bank’s money market account option

Personal Money Market

Low APY offerings make this account unattractive.
APYMinimum Balance to Earn APY
0.65%
$0.01
0.70%
$5,000
0.75%
$25,000
0.80%
$100,000
0.90%
$500,000
0.90%
$1,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your daily balance falls below $1,000
  • ATM fee: $1.50 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Your Start Earning, Start Benefiting or Start Rewarding package comes with a Personal Money Market account included. While benefits like a decreased APR on HELOCs may be a draw for you, the money market account itself probably doesn’t do as much to compel you.

The interest rates on this account are very low for a money market account. You are likely going to want to store your money elsewhere to see it grow at a faster pace.

It’s important to note that this money market account also falls under Regulation D. This means aside from visiting your teller in person to make a withdrawal, you will only be able to make up to six certain withdrawals per month without incurring a $10 excessive withdrawal fee.

Should you choose to open this account, you will be able to do so in person or online. Online applicants must be U.S. citizens who live in the state of Pennsylvania, New Jersey or Delaware. All applicants should be prepared with their government-issued ID, address and Social Security number.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s money market account compares

Much of the competition offers more than double the rates Beneficial Bank offers on its money market accounts. In one case, you can even find quadruple the rates when you shop around. If you need to keep your money in the Personal Money Market account in order to meet cumulative account minimum balances for your Start Rewarding, Start Earning or Start Benefiting package, it’s worth considering keeping your money here. Otherwise, find another money market account to stash your cash.

Beneficial Bank’s IRA options

IRA CD rates

IRA Time Deposits

Rates become less competitive when they’re found inside an IRA.
TermAPY
6 to 11 Months1.77%
12 to 23 Months2.02%
24 to 35 Months2.27%
36 to 47 Months2.79%
48 to 59 Months3.04%
60 Months3.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Calculated as a prorated amount of your interest earnings depending on how far along you are into the term. Check with the bank before committing.

Some financial institutions up their rates a little when a CD is inside of an IRA. Beneficial Bank does not. That means that while its rates were marginally competitive outside of an IRA, inside it they are simply too low for serious consideration. The term length that performs the best for consumers of Beneficial Bank’s services, which is the 3 to 5 month term outside of an IRA, does not exist here.

You must open this account in person. Bring your government-issued ID, address and Social Security number.

LEARN MORE Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s IRA CD rates compare

While these aren’t the worst APY offerings around, you can do better. When you have a conservative portfolio, you want to make sure you’re maximizing your profit wherever possible. Since it is possible to get better rates elsewhere, shop around for better IRA CDs.

Overall review of Beneficial Bank’s banking products

When you judge by APY alone, there are very few areas where Beneficial Bank shines. Rates on checking, savings, money market and most CD terms are not very competitive. The best product offered by this bank is the 3 to 5 month Time Deposit, which has high rates when held up to the competition.

However, there are unique benefits to holding a deposit account with Beneficial Bank outside of APY offerings. If you would like to take out a mortgage or HELOC with this bank, certain checking accounts and their associated packages can help you score a discount. The accounts with these added benefits in one form or another include the bank’s Start Earning, Start Rewarding and Start Benefiting packages.

International students may be drawn to Campus Checking, as it allows for free wire transfers from home even if APY offerings aren’t the most competitive on the market.

Ultimately, whether or not Beneficial Bank’s deposit accounts are a good deal is going to be entirely dependent on your holistic money situation rather than a simple APY comparison. Make yourself aware of the benefits of each account outside of interest rates to make the best decision for your individual needs.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

TAGS:

Advertiser Disclosure

Earning Interest

Top 10 Jumbo Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Jumbo money market accounts
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What is a jumbo money market account?

When you’re saving money, you want to make sure you’re stashing it in the right place. Ideally, that will be in an account with a high rate of return. While savings accounts tend to offer a higher return than checking accounts, money market accounts  — which are FDIC-insured up to $250,000, unlike money market funds — may yield an even higher rate of return.

That’s if you know where to find the best rates.

The money market accounts that offer the highest returns are known as jumbo money market accounts. In the past, these high-yielding accounts could have minimum initial deposits as much as $100,000, but today, you can get these higher rates with a much lower initial investment and sometimes there’s no minimum at all.

In this roundup, we’ll explore the top rates.

Capital One 360, 2.00% APY, $10,000 Minimum Deposit

Capital One
Capital One offers savings accounts, checking accounts, certificates of deposit (CDs), individual retirement accounts (IRAs) and, of course, money market accounts.

If you open a 360 Money Market Account and deposit at least $10,000, your money will earn 2.00% APY. While there is technically no minimum amount required to open one of these accounts, if you have less than $10,000, you will only earn 0.85% APY. You can find higher paying basic savings accounts elsewhere or another good option to consider would be their 360 Savings Account which earns 1.00% APY regardless of balance, until you are able to hit the $10,000 threshold.

While 360 Money Market Account does not come with any fees, it also does not come with any checks. It does come with a debit card, which you can get after the account has been opened. You may withdraw money through an ATM. Just keep in mind that you’ll be restricted to six certain transfers and withdrawals per month due to federal law. You can easily access your account through Capital One’s online portal, mobile app, or you can call to speak to one of their representatives.

LEARN MORE 

Member FDIC

earn.bank, 2.31% APY, $100 Minimum Deposit

Money Market Account from earn.bankearn.bank, a division of Silvergate Bank, was created around the idea of offering premium rates on bank accounts. Taking a look at the rate the bank is offering on its money market account makes it hard to argue with this idea. For a small minimum deposit of $100, you can receive an APY of 2.31%. While the rate is outstanding and you can earn it with a small deposit amount, you may have to pay a $10 monthly maintenance fee if you have an average daily balance below $10,000. Another downside to this account is that it doesn’t come with check-writing capabilities or even a debit card to withdraw money. If you’re okay with having your money in a complete online bank account, then you may not mind the lack of these two features. You are able to transfer money via ACH online. earn.bank also has a mobile app that allows you to manage this account on the go.

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Member FDIC

Northpointe Bank, 2.30% APY, $25,000 Minimum Balance

Liquid Money Market from Northpointe BankNorthpointe Bank is based out of Grand Rapids, MI, but services customers nationwide. The founder of the Northpointe Bank envisioned that the bank would focus on customer service first and foremost, and would offer real value to its customers. Running on these values, Northpointe Bank tries to offer competitive rates to new and existing customers. Currently, the bank is offering a2.30% APY on its money market account with a minimum balance amount of $25,000. You only need $1,000 to open the account, but you won’t earn the high rate unless you meet the balance requirement. If you decide to work your way up to the balance requirement here’s what you’ll get with each tier:

  • Up to $2,500: 0.20% APY
  • $2,500 – $24,999.99: 0.25% APY
  • $25,000 – $1m: 2.30% APY
  • $1m+: 2.30% APY

If you’re able to earn the high rate, you’ll be guaranteed this rate for 24 months. This account comes with checks and a debit card upon request. Northpointe Bank supports online banking and has a mobile banking app.

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on Northpointe Bank’s secure website

Member FDIC

Pacific National Bank, 2.25% APY, $5,000 Minimum Deposit

MMDA Online Special (New Money Only) from Pacific National BankPacific National Bank, headquartered in Miami, FL, provides banking services to customers nationwide through its online banking platform. Currently, the bank is offering a money market account with a high rate of 2.25%. You’ll need to deposit a minimum of $5,000 to earn that rate and waive the monthly maintenance fee of $25. This account does have checking writing capabilities and a mobile banking app is available to download.

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on Pacific National Bank’s secure website

Member FDIC

BankPurely, 2.25% APY, $25,000 Minimum Deposit

BankPurely
BankPurely is a division of Flushing Bank. Built to attract conscious consumers focused on an ethical lifestyle, this division attempts to build the “community” aspect of a community bank online rather than in person. One of their social initiatives is planting one tree for every new account opened.

To open a PurelyMoneyMarket account with BankPurely, you must have an initial deposit of $25,000. You will be required to keep your account balance at or above $25,000 to earn the account’s 2.25% APY. You will be able to withdraw money using online services and a debit card, but remember to keep it below the six withdrawal per month limit.

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on BankPurely’s secure website

Member FDIC

Sallie Mae, 2.20% APY, No Minimum Deposit

Sallie Mae Bank
Sallie Mae is probably best known for underwriting mortgages and student loans. However, they also offer deposit accounts direct to consumers.

For example, their high-yield money market account pulls in 2.20% APY with no monthly maintenance fees and no minimum upfront deposit. You can write checks from this account, but keep in mind that you’ll have to stay below six withdrawals per month. If you don’t you’ll be charged a $10 excessive transaction fee. This fee will be applied for each withdrawal after six in a statement period, up to $70 per period. If you make more than seven excessive transactions, the additional $10 fees will be applied to the following month’s statement.

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on Sallie Mae Bank’s secure website

Member FDIC

KeyBank, 2.20% APY, $25,000 Minimum Deposit

KeyBank
KeyBank offers one of the highest APY money market accounts — at least during the initial twelve-month promo period. During the first year, money market accounts with balances between $25,000 and $2,000,000 earn an APY of 2.20%. Unfortunately, this rate may not be available in all markets, so make sure you enter your zip code to get the rate that pertains to your location. Also, you must open a checking account with KeyBank to qualify for this promotion.

After the promotional period is over, your rates will drop to 0.12% APY for balances over $25,000 as long as you have an average of at least one deposit and eight withdrawals from your KeyBank checking account during the past three statement periods. At this point, amounts under $25,000 will earn 0.10% APY.

Whether you’re in the promotional period or not, you will be charged an $18 monthly maintenance fee. You will also be charged a $15 fee every time you make more than six withdrawals from your money market account in any given statement period.

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Member FDIC

Bank7, 2.05% APY, $5,000 Minimum Deposit

Bank 7
Bank7 is based in Oklahoma but has branches in Texas and Kansas as well. It also offers access to its deposit products online nationwide.
To open a high-yielding money market account at Bank7, you must have a minimum deposit of at least $5,000. From there, your account will earn 2.05% APY until your balance reaches $1 million. Then, you’ll stop earning interest. If your daily balance drops below $5,000, you will be charged a $15 fee per month.
To take money out of your account, you can use a debit card or online transfer. As with all of the accounts on our list, you will only be able to make six withdrawals/transfers per month. If you make more than six withdrawals in a monthly statement cycle, Bank7 will charge you a $3 fee each time you take out more money.

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on Bank 7’s secure website

Member FDIC

North American Savings Bank, 2.02% APY, $50,000 Minimum Deposit

North American Savings Bank

North American Savings Bank is headquartered in Missouri, but offers products online nationwide. The minimum deposit on North American Savings Bank’s money market account is only $1,000, but if you want to earn the 2.02% APY on your balance, you must keep it at or above that $50,000 threshold. If you do deposit the minimum amount, you can still earn a decent APY of 1.77%. If you balance grows anywhere between $25,000 and $49,999, the APY will increase to 2.02%. You will have online banking capabilities for withdrawals — up to six per month. This account comes with no monthly maintenance fees as long as you maintain a minimum balance of $1,000.

It is important to note that this account is an online only special and is subject to change without any notice.

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on North American Savings Bank’s secure website

Member FDIC

VirtualBank, 2.01% APY, $100 Minimum Deposit to Open

eMoneyMarket from Virtual BankVirtualBank is based in Louisiana but mainly offers access to its deposit products online nationwide.

To open a high-yielding money market account at VirtualBank, you must have a minimum opening deposit of at least $100. From there, your account will earn 2.01% APY for the first year. Then, the APY will drop to 0.80%. If your daily balance drops below $100, you will be charged a $5 fee per month.

To take money out of your account, you can conduct an online transfer. As with all of the accounts on our list, you will only be able to make six withdrawals/transfers per month. If you make more than six withdrawals in a monthly statement cycle, VirtualBank will charge you a $15 fee each time you take out more money.

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on Virtual Bank’s secure website

Member FDIC

How these jumbo money market accounts’ rates compare with regular money market rates

Jumbo money market accounts are typically called jumbo because they require a significant deposit to earn the top rate. You may have noticed that many of these accounts do not necessarily have the label “jumbo” attached to them. This is because with the advent of online banking, more and more financial institutions are passing along the savings they incur from not having to maintain brick-and-mortar locations on to their customers via higher returns on products like money market accounts.

For that reason, you’ll notice that many of the highest-yielding accounts on this list can also be found on our Best Money Market Rates & Accounts lineup.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1934
Total Assets$4.4B
LEARN MORE on Eastman Credit Union’s secure websiteNCUA Insured

Eastman Credit Union calls northeast Tennessee home, but now has branches and membership eligibility in portions of western Virginia and eastern Texas as well. To join Eastman Credit Union, you must live, work, worship or study in one of those areas.

If you still do not meet any of these requirements, you may qualify for membership based on your employer, or if you have a family member who already banks with Eastman Credit Union.

Eastman Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

Eastman Credit Union Share Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

Eastman Credit Union 1 to 2 Year Investment Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.40%

CD Rates

Eastman Credit Union 3 to 4 Year Investment Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.60%

CD Rates

Eastman Credit Union 5 Year Investment Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

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.

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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.

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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.

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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.

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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 Months2.00%
$1,000
18-19 Months2.75%
$1,000
24-36 Months2.30%
$1,000
36-48 Months2.40%
$1,000
48-60 Months2.50%
$1,000
60 Months2.60%
$1,000
72 Months3.00%
$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.

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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.

LEARN MORE 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.

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on Eastman Credit Union’s secure website

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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 Months2.00%
$1,000
18-19 Months2.75%
$1,000
24-36 Months2.30%
$1,000
36-48 Months2.40%
$1,000
48-60 Months2.50%
$1,000
60 Months2.60%
$1,000
72 Months3.00%
$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.

LEARN MORE 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.

LEARN MORE 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.

LEARN MORE 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.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1939
Total Assets$2.1B
LEARN MORE on TruMark Financial Credit Union’s secure websiteNCUA Insured

TruMark Financial Credit Union has been serving southeastern Pennsylvania for nearly 80 years. When it first opened in 1939, it was solely for the employees of Bell Telephone in the state. In fact, it held onto that identity as the Philadelphia TelCo Credit Union until 2003, when it adopted the name it has now.

Today, TruMark has opened membership to anyone who lives, works, volunteers, worships or studies in the following Pennsylvania counties: Bucks, Chester, Delaware, Montgomery and Philadelphia. While the geographic service area is relatively small, its CD offers make this credit union a good option for those who qualify, while the rest of the accounts may not cut it in terms of APY.

TruMark Financial Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

TruMark Financial Credit Union Regular Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.50%

CD Rates

TruMark Financial Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.15%

CD Rates

TruMark Financial Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.25%

CD Rates

TruMark Financial Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

TruMark Financial Credit Union’s checking account options

Basic Checking

Low-fee checking account which does not pay dividends.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: $2
  • ATM fee refund: None
  • Overdraft fee: $32 per item

TruMark Financial Credit Union’s Basic Checking is just that: basic. This no-frills account doesn’t pay dividends, but it also does not come with a minimum opening deposit or balance requirement. It lacks a maintenance fee, and you will receive your first book of checks for free.

You may wish to open this checking account if you don’t routinely keep $2,500 in checking throughout the month. Any balance kept in checking will count toward the waiver of fees on other TruMark Financial Credit Union accounts.

How to get TruMark Financial Credit Union’s Basic Checking

You can open your account online or in person. Either way, come prepared with your driver’s license, military ID, state-issued ID or passport. You will also need to know your Social Security number, or your alien or resident status. Finally, you’ll need to have account information for the bank account which you’d like to use for the opening deposit.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Plus Checking

A low-dividend account with multiple ways to get around its monthly maintenance fee.
APYMinimum Balance to Earn APY
0.10%
$2,500
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10 waivable fee
  • ATM fee: First 5 transactions at outside ATMs free; $2 per transaction after that.
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Plus Checking does pay dividends, though they are low. In order to reap those dividends, you have to keep thousands of dollars in your checking account at all times. In fact, if you keep the minimum balance in your account throughout the month, the maintenance fee will be waived. Another way to waive the maintenance fee is to keep a combined total of $10,000 in business with TruMark Financial Credit Union, whether that be through all of your consumer deposit accounts and/or consumer loans. As with Basic Checking, you will receive your first order of checks for free with Plus Checking.

How to get TruMark Financial Credit Union’s Plus Checking

To open your account you will have to apply in person or online. You will need the following information available to you during the application process:

  • Government-issued ID
  • Social Security number or alien/residency status
  • Account information if you are opening your Plus Checking account with outside funds

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Premium Checking

A small dividend increase for double the minimum balance.
APYMinimum Balance to Earn APY
0.15%
$5,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 waivable fee
  • ATM fee: First 10 transactions at outside ATMs are free; after that, they cost $2 per transaction.
  • ATM fee refund: None
  • Overdraft fee: $32 per item

While TruMark’s Premium Checking does slightly increase dividends over the Plus Checking option, it also doubles the minimum balance requirement and increases the maintenance fee. You can still get out of paying this fee if you keep the minimum balance in your account or have $25,000 in business across all of your deposit and consumer loan accounts with TruMark Financial Credit Union.

You do get free checks and more fees waived at competitors’ ATMs, so you will have to decide if the increased balance requirements and potential fees are worth it for you.

How to get TruMark Federal Credit Union’s Premium Checking

To open a Premium Checking account, you will need to know your Social Security number or residency/alien status, account information if you are opening your Premium Checking with outside funds, and a government-issued ID. Once you have everything together, you can apply in person or online.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Smart Start Checking

A youth account that extends eligibility up to age 26.
APYMinimum Balance to Earn APY
0.15%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: First 5 transactions at outside ATMs free; $2 per transaction after that.
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Smart Start Checking is TruMark’s youth account. While it offers the same rate as Premium Checking, it does so with no minimum balance requirement, maintenance fees or minimum opening deposit. This account also comes with free checks throughout the course of your patronage.

This account is open to people who are age 26 or younger, while most financial institutions only extend their youth accounts to those up to age 17. That means if you’re a young adult, you could potentially take advantage of TruMark’s highest checking account rates without being bound by some of Premium Checking’s restrictions.

How to get TruMark’s Smart Start Checking

Open your Smart Start Checking account online or in person. You will need your Social Security number or alien/residency status, account information if your initial deposit will come from an outside financial institution and a government-issued ID.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

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How TruMark Financial Credit Union’s checking accounts compare

TruMark Financial Credit Union’s checking account options don’t hold a candle to the best offers on the market. Dividend rates are simply too low compared to the top checking accounts on our list. Aside from Smart Start Checking, the checking accounts which do offer dividends have fairly complex rules you must stay on top of if you don’t want to get hit with monthly maintenance fees. The hassle simply isn’t worth the reward of a subpar APY.

TruMark Financial Credit Union’s savings account options

Regular Savings

Mandatory to establish your credit union membership.
APYMinimum Balance to Earn APY
0.20%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $2 at outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

You will need to open a Regular Savings account with TruMark Financial Credit Union and consistently keep $5 in it to establish and maintain your membership. Its dividends are not competitive, but there are relatively few fees with this account.

All savings accounts — at this credit union and every other financial institution — are governed by federal Regulation D. This rule states that you are allowed up to six certain withdrawals/transfers from your savings account per month. If you do, you will be charged $5 for each additional transaction. If you do it enough, your account could be closed, which would put your credit union membership in jeopardy.

How to get TruMark Financial Credit Union’s Regular Savings Account

To open this account, you will need your Social Security number, alien or resident status, a government-issued ID and account information from an outside financial institution. You will need this account information in order to fund your savings account. You can complete the process in person or online.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Holiday & Vacation Club Savings

Because this account has no restrictions on early withdrawals, you will have to be careful and use your own self-discipline.
APYMinimum Balance to Earn APY
0.20%
None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 at outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Club accounts allow you to set aside money separately for a specific goal. Typically, these goals are holiday spending and vacation. TruMark Financial Credit Union has two separate accounts which perform the same function in identical ways: the Holiday Club account and the Vacation Club account. Neither have a minimum balance requirement or account maintenance fee, and both allow you to put money in and take it out at any time.

How to get TruMark Financial Credit Union’s Holiday and Vacation Club Savings

You can open your club account online or in person. Be prepared with your Social Security number, government-issued ID and outside account information if you are funding your club account with money from an outside financial institution. If you do not have a Social Security number, you will need to provide your alien or residency status.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

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How TruMark Financial Credit Union’s savings accounts compare

TruMark Financial Credit Union’s savings rates are typical of a brick-and-mortar financial institution. But it’s the 21st century, and online-only banks have been on the scene for a while. Enabled by lower overhead costs, these banks are able to offer dramatically higher interest rates. You need TruMark Financial Credit Union’s Regular Savings account to establish your credit union membership, but it’s not the account where you’re going to see your savings grow. Instead, shop the current best savings rates on the market.

TruMark Financial Credit Union’s CD rates

Certificate of Deposit

Fantastic rates on CDs of nearly every term length.
TermAPY
5 Months0.45%
6 Months1.75%
9 Months1.85%
12 Months2.50%
13 Months2.55%
18 Months2.60%
24 Months2.75%
30 Months2.80%
36 Months3.15%
48 Months3.20%
60 Months3.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

TruMark Financial Credit Union’s CDs are extremely competitive, especially for longer terms. Not only are the dividends offered some of the highest on the market, but early withdrawal fees are relatively simple when compared with other financial institutions, and the comparatively low minimum opening deposit requirement makes the barrier to entry quite low. These CDs just may make opening up that required, low-dividend Regular Savings account worth it.

How to get TruMark Financial Credit Union’s CDs

You can apply online or in person. Remember to have your government-issued ID accessible when you do. Also remember that you’ll need to know your Social Security number, residency or alien status and account information if you are opening your CD with funds from another financial institution.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Bump Up Certificate of Deposit

Competitive rates with the opportunity to deposit additional funds.
TermAPY
24 Months2.75%
48 Months3.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

With Bump Up CD, you have the option of choosing a 24 or 48 month term. Should dividend rates go up during the term of your CD, you can get your rate “bumped up” to get the higher dividends. You can only do this once over the course of your CD’s term if it is a 24 month CD, or twice if it is a 48 month CD. Everything else about these Bump Up CDs is identical to the original CD offerings.

How to get TruMark Federal Credit Union’s CDs

Bring your government-issued ID, Social Security number or alien/residency status, and account funding information with you when you go into a branch to open your Bump Up CD. You can also provide the same information to TruMark Financial Credit Union when you open your account online.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Jumbo Certificate of Deposit

Slightly larger dividends for significantly larger CDs.
TermAPY
6 Months1.80%
9 Months1.90%
12 Months2.55%
24 Months2.80%
30 Months2.85%
36 Months3.20%
48 Months3.25%
60 Months3.30%
  • Minimum opening deposit: $75,000
  • Minimum balance amount to earn APY: $75,000
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

If you’ve been building your CD ladders for a while, you may have a significant sum built up. If that sum is more than the minimum balance requirement, you could open a Jumbo CD. These certificates offer slightly higher dividends than TruMark Financial Credit Union’s regular certificate. If you have this much money in certificates, there’s no reason not to go Jumbo.

How to get TruMark Financial Credit Union’s CDs

Jumbo certificates can be opened online or in person at a branch. As with the other deposit accounts, you’ll need to present your government-issued photo ID, Social Security number or residency/alien status and external account information if you are funding your Jumbo CD with a non-TruMark Financial Credit Union account.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

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How TruMark Financial Credit Union’s CD rates compare

It’s extraordinary how competitive TruMark Financial Credit Union’s CDs are when contrasted with the meager dividends it offers on the checking and savings accounts. The APY offered on certificate products by this credit union are high enough to rank up there with some of the absolute best CD offers on the market. Even if CDs are the only thing you open with the credit union, that $5 savings account to establish your membership will be well worth it.

TruMark Financial Credit Union’s money market account options

Maximizer Money Market account

Unimpressive rates with various fees to watch out for.
APYMinimum Balance to Earn APY
0.30%
$2,500
0.40%
$25,000
0.50%
$75,000
0.60%
$100,000
0.70%
$250,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if you do not maintain a balance of at least $2,500
  • ATM fee: $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Money market accounts are savings accounts that tend to offer a higher APY. They also traditionally come with higher minimum balance requirements, though that norm has shifted since online banks appeared in the mix.

TruMark Financial Credit Union’s Maximizer Money Market account does reward you with progressively higher dividends for larger balances, but because these rates start out so low, even the “higher” dividends for larger balances pale in comparison to the competition. It also comes with a maintenance fee if you don’t meet the minimum balance requirement, which isn’t ideal.

Because money market accounts are savings accounts, they’re subject to Regulation D. Remember not to make more than six withdrawals/transfers per month, or you could get hit with a $5 fee or even get your account shut down.

How to get TruMark Financial Credit Union’s Maximizer Money Market account

You will need to open this account in person or online. Come prepared with:

  • Your Social Security number or resident or alien status.
  • A government-issued ID.
  • Outside account information if you aren’t funding your money market account through another TruMark Financial Credit Union account.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Special Money Market account

Excellent but short-lived rates with a relatively low minimum balance.
APYMinimum Balance to Earn APY
2.00%
$2,500
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 if you do not maintain a balance of at least $2,500
  • ATM fee: $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Currently, you can get a promotional rate on your money market account for at least the first six months after you open it. This rate is extremely competitive, and you don’t have to reach the highest minimum balance tier in order to take advantage of it. This offer could be revoked at any time, though you’re guaranteed those first six months.

How to get TruMark Financial Credit Union’s Special Money Market account

Get together your government-issued ID, Social Security number or alien/residency status and funding account information if you’re not using a TruMark Financial Credit Union account. Then you’ll be ready to apply in person or online.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

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How TruMark Financial Credit Union’s money market accounts compare

While the current promotional rate offered by the Special Money Market account is extremely competitive, it is not permanent. TruMark Financial Credit Union could get rid of it at the drop of a hat, and then your rate would only be good for the first six months after you opened your account.

Then rates would revert to the Maximizer Money Market account’s normal rates, which are not commensurate with those offered by competitors. You would be better off shopping around to find a similar money market rate to the one offered for the Special Money Market account, as many financial institutions offer these rates permanently.

TruMark Financial Credit Union’s IRA account options

IRA CD rates

Fixed Rate IRA CD

The same great rates you’ll find with TruMark Financial Credit Union’s regular certificate, except it’s inside an IRA.
TermAPY
6 Months1.75%
9 Months1.85%
12 Months2.50%
13 Months2.55%
15 Months2.55%
18 Months2.60%
24 Months2.75%
30 Months2.80%
36 Months3.15%
48 Months3.20%
60 Months3.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

Holding a certificate of deposit inside an IRA is an extremely conservative investment choice. That doesn’t mean it’s the wrong choice, though. If you and your financial adviser have decided moving more of your assets into CDs is a good idea, you’ll want to consider the Fixed Rate IRA CD as it yields solid dividends with low minimum balance and opening deposit requirements.

Remember that in addition to early withdrawal penalties charged by the credit union, you’ll also have to pay taxes and IRS penalties with any withdrawal depending on the circumstances behind it.

How to get TruMark Financial Credit Union’s IRA CDs

All IRA products must be opened at a physical branch.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Bump Up IRA

Good rates with the potential to get even better.
TermAPY
24 Months2.75%
48 Months3.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

As with the regular Bump Up CD, the Bump Up IRA offers good rates with the potential to get even better. If rates go up during the term of your certificate, you will have the opportunity to request a matching raise on your own APY. You can only do this once throughout the life of your certificate.

Early withdrawal penalties aren’t fun, but when you hold a CD inside of an IRA, you have to worry about fees outside of your credit union. Depending on your age, life circumstances and the reasons behind your withdrawal, you may have to pay taxes and penalties to the IRS should you take any money out before you have reached retirement age.

How to get TruMark Financial Credit Union’s IRA CDs

All IRA products must be opened at a physical branch.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

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How TruMark Financial Credit Union’s IRA CD rates compare

Some competitors raise the rates on their certificates when they are held inside of an IRA. TruMark Financial Credit Union does not. That means that while the rates are still high enough to be competitive, they aren’t quite as high up on the chart as they are when a TruMark Financial Credit Union CD is held outside of an IRA.

That doesn’t mean these accounts aren’t winners though; be sure to comparison shop to ensure you’re getting the best deal on an IRA CD.

Variable Rate IRA savings account

Low rates and no fees.
APYMinimum Balance to Earn APY
0.20% Variable
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None

If you’re going to open a savings account inside of an IRA, you’re already making one of the most conservative investments that exist. While it’s nice that there are no maintenance fees, required minimum deposits or minimum balance requirements, you need to note that this account pays very little interest and will fail to keep up with the pace of inflation.

How to get TruMark Financial Credit Union’s IRA Savings Account

You must open this — and all IRA accounts — at a branch.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Money Market account IRA

Inside this money market IRA, your savings is likely to lose value to inflation.
APYMinimum Balance to Earn APY
0.30%
None
0.30%
$2,500
0.40%
$25,000
0.40%
$50,000
0.50%
$75,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your balance falls below $2,500

While there is no minimum opening deposit requirement, you’d be wise to open your Money Market account IRA with at least $2,500. That is because you will need this balance to avoid the monthly maintenance fee.

But even with higher balances, this money market account falls short. Not all financial institutions offer money market accounts inside an IRA, but the rates on this particular account once again have you losing money to inflation. If you really want a money market account inside of your IRA, make sure to find one that offers a much higher return.

How to get TruMark Financial Credit Union’s Money Market Account IRA

All IRA accounts must be opened in person.

LEARN MORE Secured

on TruMark Financial Credit Union’s secure website

NCUA Insured

Overall review of TruMark Financial Credit Union’s banking products

No one could blame you for overlooking TruMark Financial Credit Union’s checking, savings and money market accounts. Rates are low, and there are many other financial institutions that make these relationship much more profitable for the consumer.

People in the financial industry know probably would raise an eyebrow at you if you overlooked the credit union’s CD options. With extremely competitive rates, this is where TruMark Financial Credit Union shines. You’ll just have to open up one of those low-yielding savings accounts in order to access the great CDs.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

TAGS:

Advertiser Disclosure

Reviews

Dime Community Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1864
Total Assets$6.3B
LEARN MORE on Dime Community Bank’s secure websiteMember FDIC

Dime Community Bank, which until recently was known as Dime Savings Bank of Williamsburgh, serves New York City and Long Island, with a high concentration of branches around its headquarters in Brooklyn. Most of its products are for those in NYC, but you’ll find a remarkable exception in its money market account, which offers great rates and is available nationwide. Read on to learn more about this bank and its products.

Dime Community Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Dime Community Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.40%

CD Rates

Dime Community Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.50%

CD Rates

Dime Community Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.00%

CD Rates

Dime Community Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Dime Community Bank’s checking account options

Perfectly Free Checking

Free checks and no fees almost make up for the lack of interest with this basic checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Perfectly Free Checking is Dime’s bare-bones checking account. After your opening deposit, there are no maintenance fees or minimum balance requirements. You’ll also get your first 50 checks for free.

But this account bears no interest. While you’ll be pulling in zero interest, checking accounts aren’t typically the best place to grow your nest egg, anyway, as this is where you keep the money you’ll be spending and paying bills with on a day-to-day basis.

To open a Perfectly Free Checking account, you will have to visit a branch or call 800-321-3463. It’s more convenient to visit in person since you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account. If you’re doing so in person, all you have to do is bring your physical ID with you, and your representative will take care of the rest.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Fabulous 50 Interest Checking

A fee-free checking account for seniors offering a low interest rate.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Fabulous 50 Interest Checking is a checking account available to seniors. It is nearly identical to Perfectly Free Checking, down to the 50 free checks. This account does bear interest, though. The interest rate is incredibly low, but it doesn’t come with any required minimum balance to earn your APY.

Open this account by visiting your local branch or calling 800-321-3463. Remember that you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Direct Interest Checking

Set up direct deposit and earn a low APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you have your paycheck go into your checking account via direct deposit, you could qualify for Direct Interest Checking, which is the same as Fabulous 50 Interest Checking, except that you don’t have to be 50 or older. You will get 50 free checks and earn the same low interest rate with no monthly maintenance fees or minimum balance requirements.

To open any checking account with Dime Community Bank, call 800-321-3463 or visit a location near you. Be prepared with your driver’s license, state-issued ID or passport whichever way you decide to apply.

LEARN MORE Secured

on Dime Community Bank’s secure website

Member FDIC

Prime Dime Interest Checking

Burdensome minimum balance requirements outweigh the scaling APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
0.08%$1,500
0.10%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 a month if you don’t maintain an average daily balance of $1,500
  • ATM fee: None
  • ATM fee refund: Up to $10 a month on fees charged by other financial institutions
  • Overdraft fee: $30 per item

Prime Dime Interest Checking does offer a slightly higher interest rate, but, to qualify for the higher rates, you’ll have to build up far larger reserves in your checking account. You can get much higher interest rates elsewhere with much lower minimum balance requirements.

One other bonus of this account is that if you use an outside ATM and are charged a fee by another financial institution or ATM owner, Dime Community Bank will refund those fees up to $10 a month. But that potential win is partially canceled out by the fact that you’ll be charged a $10 monthly maintenance fee if you don’t keep your daily balance high enough.

To open this account with Dime Community Bank, visit one of its branches or call 800-321-3463. You will need a driver’s license, state-issued ID or passport to open your account.

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How Dime Community Bank’s checking accounts compare

Dime Community Bank’s interest rates are dramatically lower than the checking account rates offered by the competition. You may be thinking that these other financial institutions offering better rates must be charging higher fees but, most of the time, that isn’t true. Many financial institutions now offer low-fee, high-interest checking, and many of these accounts can be opened online from the convenience of your living room.

Dime Community Bank’s savings account options

Statement Savings

A savings account offering all the same benefits as a checking account but with more fees.
APYMinimum Balance to Earn APY
0.05%$250
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: $4 if you do not maintain an average daily balance of at least $500
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The requirements of Dime Community Bank’s Statement Savings account aren’t worth the “reward.” Offering an interest rate akin to its checking accounts, Dime Community Bank requires its customers to maintain $500 balances. Customers could achieve the same goals by using Dime Community Bank’s Direct Interest Checking account. The checking account has no minimum balance requirements or incurring monthly maintenance fees — as long as you are setting up direct deposit.

A further restriction on savings accounts is that all of them — regardless of the financial institution offering them — are governed by the federal government’s Regulation D. This regulation stipulates that you are allowed up to six certain withdrawals per month from a savings account.

With Dime Community Bank, however, withdrawals made at a branch or via mail do not count toward this limit. If you violate this rule regularly enough, the bank will be forced to shut your account down.

To open this savings account, you can start the process by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Be prepared to submit a scanned copy of your ID, whether it be a driver’s license, state-issued ID or passport.

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Club Account

Stow away savings until a predetermined date and earn a low APY in the meantime.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you’re trying to save money for the holiday season or any other savings goal, you may consider a Club Account. This savings account allows you to put money in a separate account, and then that money is released to you at a specified date.

For example, if you were saving for holiday shopping, your Club Account funds may be distributed to your checking account sometime in November.

The idea is to set the funds aside separately from your other money so that it doesn’t get lost to day-to-day spending. This account comes with no minimum balance requirements and no account maintenance fees.

Club Accounts can be opened by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Remember to come prepared with your driver’s license, state-issued ID or passport.

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Student Savings

Although this savings account carries a low interest rate, it is fee-free.
APYMinimum Balance to Earn APY
0.05% Variable $0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

This savings account is for teens and young adults who have not yet graduated from college. It offers a meager interest rate, but it also comes with no minimum opening deposit requirement, no minimum balances and no monthly maintenance fees. It’s a low-cost account that will be converted to a regular savings account when the account holder turns 23.

To get the ball rolling on your Student Savings account, visit your local branch, call 800-321-3463 or email Dime Community Bank. Students will need to submit a copy of their state-issued ID, driver’s license or passport before opening an account.

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How Dime Community Bank’s savings accounts compare

Dime Community Bank’s savings accounts are hard to take seriously. Interest rates are abysmal. Statement Savings has potential monthly maintenance fees, and the account itself is difficult to set up. Shop for other savings accounts, where you’ll find better rates and lower fees. Your money will thank you.

Dime Community Bank’s CD rates

Certificates of deposit

Dime Community Bank’s CDs have low rates, but there may be a few pleasant surprises with this product.
TermAPY
3 Months0.10%
4 Months0.15%
5 Months0.15%
6 Months0.20%
7 Months0.30%
8 Months0.30%
9 Months0.30%
10 Months0.40%
11 Months2.25%
12 Months0.40%
13 Months1.35%
14 Months0.45%
15 Months0.50%
16 Months0.45%
16 Months — Promotional2.60%
18 Months0.50%
2 Years1.60%
2 Years — Promotional2.25%
30 Months2.50%
3 Years2.50%
4 Years2.75%
5 Years2.00%
7 Years1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: One month worth of interest on terms of three to six months; three months’ worth of interest on terms of six months to one year; nine months’ worth of interest on terms of one to two years; 18 months’ worth of interest on terms of two to three years; 24 months’ worth of interest on terms of three years or more

As is the trend with most of Dime Community Bank’s products, its CDs are lackluster when it comes to APY. Two gleaming exceptions are the 11-month and 16-month promotional CDs. These offer competitive interest rates that keep pace with other options on the market.

Minimum opening deposit and balance requirements are also on the low end, which means more people will be able to take advantage of these terms.

You must open your CD in person, and you must present your driver’s license, state-issued ID or passport when you do.

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How Dime Community Bank’s CD rates compare

Most of Dime Community Bank’s rate and term offerings are not competitive. But the 11-month and promotional 16-month term CDs hold their own. Be sure to compare these individual terms and rates with the best CD offers on the market to ensure you get the highest-yielding account appropriate for your situation and time horizon.

Dime Community Bank’s money market account options

DimeDirect Money Market Account

This money market account offers a fantastic rate. Be careful of the potentially steep fees.
APYMinimum Balance to Earn APY
1.35%$0.01
0.20%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: You must have $5,000 in your money market or $1,500 in your checking account to avoid a $15-a-month fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The DimeDirect Money Market Account offers a great rate on balances less than $500,000. There is a fairly steep monthly maintenance fee, but it can be alleviated by building up a higher balance in your money market account, or by satisfying rather ambitious minimum balance requirements in a Dime Community Bank checking account.

Money market accounts are also savings accounts, so be sure to remember Regulation D when you make your financial plans. You are able to make up to six certain withdrawals from this account per month, though Dime Community Bank may cut you some slack the first couple of times it happens.

This is one account available outside of the Big Apple. You can open your DimeDirect Money Market Account online regardless of where in the U.S. you live. Just know that you will have to upload an image of your state-issued ID, driver’s license or passport as a part of the application process.

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Rewards Money Market Account

A low-yield money market account you cannot open online.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$1,000
0.15%$25,000
0.15%$50,000
0.20%$75,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: If your balance stays at or above $2,500, you will not have to pay the $10-a-month maintenance fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The Rewards Money Market Account is not available online, and the differences don’t stop there. While DimeDirect Money Market offers highly competitive rates, the Rewards Money Market Account is a letdown. You can find far better rate offers elsewhere — sometimes even with lower minimum balance requirements.

We’d encourage you to open a DimeDirect Money Market Account instead of this one, but if you want to give the Rewards Money Market Account a go anyways, you can do so by opening this account at your local branch with a passport, driver’s license or state-issued ID.

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How Dime Community Bank’s money market accounts compare

Dime’s two money market accounts couldn’t be more different. The online DimeDirect Money Market Account is right up there with the accounts offering the best rates on the market, while the Rewards Money Market Account, which is more difficult to open, doesn’t hold a candle to these rates. Do some comparison shopping for money market accounts as you might find your match at another financial institution, but keep this page open as you do. DimeDirect is going to give them a run for their money.

Dime Community Bank’s IRA account options

IRA CD rates

The promotional rates on these IRA CDs may be gone tomorrow.
TermAPY
18 Months1.75%
  • Minimum opening deposit: $500
  • ? Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Nine months’ worth of interest

Here today and potentially gone tomorrow, Dime Community Bank’s IRA certificate is promotional in nature. That being said, it does offer an APY that merits a second look. This rate is far from the highest on the market, but it’s no so low that it’s insulting either. Minimum opening deposit and balance requirements are reasonable, but this account isn’t so great that you should forgo checking out the competition.

To get the process started, call 800-321-3463.

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How Dime Community Bank’s IRA CD rates compare

The rates on this promotion are respectable, but they’re far from the best around. Other financial institutions are offering better rates, though they will sometimes come with much higher minimum deposit requirements. Do your research to make sure you are getting the best IRA CD for your individual situation. As this will be part of your IRA, it may not be a bad idea to sit down with a certified financial planner or chartered financial analyst while you’re at it to see how this type of account would function within your entire portfolio.

Overall review of Dime Community Bank’s banking products

Dime Community Bank offers many disappointing banking products with a few shining exceptions. While you’ll want to avoid its checking accounts, you’ll want to at least consider hopping online to open a DimeDirect Money Market Account. Its savings accounts aren’t the best products around, but the 11-month and promotional 16-month CDs are incredibly competitive.

If you’re piecemealing together the best financial landscape possible, a few of Dime Community Bank’s products will help you do just that. But if you’re looking for the convenience of a one-stop shop, your money is likely to grow quicker elsewhere.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1954
Total Assets$1.1B
LEARN MORE on Florida Credit Union’s secure websiteNCUA Insured

Florida Credit Union was founded as Alachua County Teachers’ Credit Union and served only teachers working within the county’s school system. Since its start in 1954, it has grown to be one of Florida’s largest credit unions, serving members far beyond the education system, with eligibility only limited to those who live or work in 31 of Florida’s 67 counties.

To become a member, you can sign up online, contact the credit union at 800-284-1144 or visit one of Florida Credit Union’s physical branches.

Florida Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Florida Credit Union Regular Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.35%

CD Rates

Florida Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.97%

CD Rates

Florida Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.48%

CD Rates

Florida Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Florida Credit Union’s checking account options

Value Checking

A basic, noninterest-bearing checking account with a very specific fee structure.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Value Checking at Florida Credit Union is your basic checking account. It does not earn any interest, and you have to pay attention to very specific rules around the fee structure.

If you make more than eight ATM transactions per month, you will have to pay a small fee for every subsequent transaction, but this fee can be waived if you maintain the required balance. Overdraft fees are high, but you can avoid them by linking your checking account with your savings account.

For everyday checking, it is nice to have an account that does not charge any maintenance fees and will refund ATM fees incurred from other financial institutions. But it is important to note that to get these fees refunded, you will have to submit your receipts within 90 days of surcharge. It is not an automatic process as it is with many other financial institutions.

How to get Florida Credit Union’s Value Checking account

You can easily open this account online, over the phone or in person.

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Interest Checking

A checking account with a higher APY offering than available savings accounts.
APYMinimum Balance to Earn APY
0.50%
$10,000
0.75%
$25,000
1.50%
$50,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Typically, a checking account isn’t a great place to stash large sums of cash. But Florida Credit Union’s Interest Checking account pays an APY higher than any of its savings accounts, which may make this account a better option than a traditional savings account. Keep in mind, though, that these rates are not competitive with savings rates you will find at other financial institutions. This is only a good alternative to a savings account if you are banking only with Florida Credit Union.

If a higher APY is your goal and you want to bank only with this credit union, be sure to check out the money market account option below. Depending on your account balance, you may be able to get better rates than Interest Checking.

How to get Florida Credit Union’s Interest Checking account

You can easily open this account online, over the phone or in person.

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How Florida Credit Union’s checking accounts compare

As checking accounts that earn interest, you can find better options than those offered by Florida Credit Union. This is especially true if you are willing to do your banking with an online-only institution. Generally speaking, the best checking accounts around offer dramatically higher rates than Florida Credit Union and require lower minimum account balances to get those better rates.

Florida Credit Union’s savings account options

Regular Savings

Necessary account to obtain membership with low APY offering.
APYMinimum Balance to Earn APY
0.10%
$500
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

You will need to open a Regular Savings account with Florida Credit Union to establish membership. The APY on this and all other savings accounts with this credit union is not attractive; in fact, it’s quite low, and you have to maintain a specific balance to earn any interest at all. But there are no account maintenance fees, and money in this account can be used for overdraft protection should you elect to set that service up.

It is important to know that because this is a savings account, you are allowed up to six certain transactions per month, per Federal Reserve Regulation D. The first two times you make more than six transactions per month, Florida Credit Union will let it slide. After that, you’ll be charged $2 for each instance.

How to get Florida Credit Union’s Regular Savings account

You can easily open this account online, over the phone or in person.

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Special Savings

An account you can skip due to identical dividend rates.
APYMinimum Balance to Earn APY
0.10%
$500
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Usually, Florida Credit Union’s Special Savings account offers a slightly higher APY than Regular Savings. But the current rates are identical. While the minimum opening deposit amount is lower than with Regular Savings, you will have to open that account to establish your membership.

Should the rates on this account go up in the future, it may be worth exploring as a savings option. But, right now, you’d be hard-pressed to find a reason to open this account at all.

Remember that this account is subject to federal regulation as well, which means you are allowed up to six certain transactions per month.

How to get Florida Credit Union’s Special Savings

You can easily open this account online, over the phone or in person.

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Holiday Club

Built-in financial discipline to reduce financial panic during the holiday season.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Another savings account bearing very little interest, the Holiday Club account is built to help you save money for the holiday season. You regularly deposit money into this account throughout the year. In November, Florida Credit Union will release the funds from your Holiday Club account into your checking account.

The value of this account comes not from the APY, but rather from the automated savings aspect. By making regular deposits throughout the year and putting them in a separate account, you are more likely to be prepared as the holiday season approaches.

There is no penalty for making a withdrawal before November, but you may have to pay that $2 fee if you make more than six transactions during a one-month period.

How to get Florida Credit Union’s Holiday Club account

You can easily open this account online, over the phone or in person.

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Vacation Club

Disciplined savings for vacationers and educators alike.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

The Vacation Club account operates in much the same way as a Holiday Club account, except you’re saving for a different purpose. Instead of year-end gift shopping and festivities, the Vacation Club account allows you to put aside money for your summer travels. Half of your savings from this account is released to your checking account in June, and the other half is released in July.

This account isn’t just popular with families headed to the beach. It’s also a big draw for those who work in education and aren’t on a 12-month pay schedule. If you take a little money from each paycheck and put it into your Vacation Club account, you can more equitably spread your money out throughout the year, preventing you from being broke during the summer months.

While there are no fees for early withdrawals, you may have to pay a $2 fee from Florida Credit Union for each transaction more than six in any given billing cycle.

How to get Florida Credit Union’s Vacation Club account

You can easily open this account online, over the phone or in person.

LEARN MORE Secured

on Florida Credit Union’s secure website

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Youth Savings

A joint account to teach your children about savings.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with  $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

If you are the parent of a child younger than 18, you can open this joint account to teach them about concepts such as saving and interest. Granted, the interest they earn will be minimal with Florida Credit Union’s current low rates, but they will earn something on their savings nonetheless.

A Youth Savings account also allows your child to learn about online banking, and — if you live close enough to a branch — how to bank at a brick-and-mortar location as well. But if they choose to bank, you need to make them aware that they are allowed up to six certain withdrawal transactions per month as outlined in federal rules regulating savings accounts.

How to get Florida Credit Union’s Youth Savings account

To open this account, you will have to call customer service or visit a branch in person.

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How Florida Credit Union’s savings accounts compare

The savings rates offered by Florida Credit Union are paltry when compared to some of the best savings account rates on the market. While you will have to open a Regular Savings account to establish and maintain credit union membership, there are very few reasons to use any other savings account with this credit union aside from brand loyalty.

While you might like the structure of the club accounts, it’s important to ask yourself if you have enough self-discipline to set up a similar savings plan on your own with a higher interest-bearing account at another financial institution, as the difference in APY is massive.

Florida Credit Union’s CD rates

Certificate of Deposit

Reasonable minimum opening deposits with dismal dividend offerings.
TermAPY
6 months0.37%
12 months1.35%
18 months1.65%
24 months1.81%
36 months0.97%
48 months1.18%
60 Months1.48%
  • Minimum opening deposit: $1,000 for six-month CDs, $2,000 for all other CDs
  • Minimum balance amount to earn APY: $1,000 for six-month CDs, $2,000 for all other CDs
  • Early withdrawal penalty:
    • 90 days worth of interest for six-month CDs
    • 180 days worth of interest for 12-month CDs
    • 270 days worth of interest for 18-month CDs
    • 360 days worth of interest for 24-month CDs
    • 540 days worth of interest for 36-month CDs
    • 720 days worth of interest for 48-month CDs
    • 900 days worth of interest for 60-month CDs

Once again, Florida Credit Union offers a financial product with dividend rates that fall short. While minimum opening deposit requirements are quite reasonable, the CD APY offerings by this credit union are leagues behind the competition, making shopping around important.

But Florida Credit Union does offer special CDs with far more competitive rates. Before you start comparing rates elsewhere, be sure to read on.

How to get Florida Credit Union’s CDs

To open a CD with Florida Credit Union, contact it using the online form or visit a physical branch.

LEARN MORE Secured

on Florida Credit Union’s secure website

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Promotional CDs

Variable but competitive dividend rates.
TermAPY
9 months1.30%
13 months2.30%
15 months2.40%
26 months2.75%
37 months2.90%
65 months2.01%
  • Minimum opening deposit: $10,000 for 65-month CDs and $5,000 for all others.
  • Minimum balance amount to earn APY: $10,000 for 65-month CDs and $5,000 for all others.
  • Early withdrawal penalty:
    • 135 days worth of interest on nine-month CDs
    • 195 days worth of interest on 12-month CDs
    • 270 days worth of interest on 15-month CDs
    • 540 days worth of interest on 26-month and 37-month CDs
    • 975 months worth of interest on 65-month CDs

The promotional CDs offered by Florida Credit Union are up to par with the competition. While the rates offered are not the highest on the market in every situation, they are worth comparing with those offered by other financial institutions. This may be the only account we say that about for this credit union, as most of its dividend rates are extremely low.

It is important to keep in mind that when the special promotion period ends, your rate will probably revert back to the lower, standard CD rates. Florida Credit Union does not disclose when these promotional rates will change or expire.

How to get Florida Credit Union’s promotional CDs

To open a CD with Florida Credit Union, contact it using the online form or visit a physical branch.

LEARN MORE Secured

on Florida Credit Union’s secure website

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How Florida Credit Union’s CD rates compare

Standard CD rates at Florida Credit Union are nothing to write home about, but take a look at the promotional CD rates to see offerings that are relatively competitive to the other CD options available on the market. Do take into account minimum initial deposit requirements, though, as you do your comparison shopping, and remember that the promotional rates at Florida Credit Union could revert to standard rates at any given time.

Florida Credit Union’s money market account options

Money Market

Poor APY offerings with high barriers to entry.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$10,000
0.20%
$25,000
0.30%
$40,000
0.40%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

The dividends offered on Florida Credit Union’s Money Market account are extremely low. The only way you should open this account is if you are exercising extreme brand loyalty for some reason and want to bank only with this credit union. Even if this is the course you choose to take, in almost all instances opening an investment checking account will offer you higher rates than utilizing this money market account.

Because money market accounts are technically savings accounts, they also fall under Federal Reserve Regulation D. That means that just like the savings accounts offered by Florida Credit Union, you will be given two free passes the first two times you make more than six transactions per month on your money market account. After that, you will be charged a $2 fee for each excessive transaction by Flordia Credit Union.

How to get Florida Credit Union’s Money Market account

Should you want to open a money market account with Florida Credit Union, you can call, email or visit a branch in person to get the process started.

LEARN MORE Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s money market accounts compare

You should shop elsewhere. Florida Credit Union’s money market account offers a mere fraction of what you could get by paying your patronage to another financial institution. The best money market rates on the market also happen to come with much lower minimum balance requirements, making Florida Credit Union’s option doubly as unattractive.

Florida Credit Union’s IRA account options

IRA CD rates

Standard IRA CD

The same rates as a standard CD, just located inside your IRA.
TermAPY
6 months
0.37%
12 months
1.35%
18 months1.65%
24 months1.81%
36 months0.97%
48 months1.18%
60 months1.48%
  • Minimum opening deposit: $1,000 for six-month CDs, $2,000 for all other CDs
  • Minimum balance amount to earn APY: $1,000 for six-month CDs, $2,000 for all other CDs
  • Early withdrawal penalty:
    • 90 days worth of interest for six-month CDs
    • 180 days worth of interest for 12-month CDs
    • 270 days worth of interest for 18-month CDs
    • 360 days worth of interest for 24-month CDs
    • 540 days worth of interest for 36-month CDs
    • 720 days worth of interest for 48-month CDs
    • 900 days worth of interest for 60-month CDs

We’ve already established that the standard CD rates at Florida Credit Union are low, and that carries over to IRA CDs as they have identical rates. Because this certificate is actually an investment within your retirement portfolio, it’s important to note that CDs are already extremely conservative investments to begin with. There’s no reason to compound that by opening an IRA CD with low dividend rates.

But, once again, you can find promotional rates that up the ante. Read on to learn more.

How to get Florida Credit Union’s IRA CDs

Call or email customer service to set up an IRA CD if you don’t want to visit a branch in person.

LEARN MORE Secured

on Florida Credit Union’s secure website

NCUA Insured

Special IRA CD

Higher rates that could disappear tomorrow.
TermAPY
9 months1.30%
13 months2.30%
15 months2.40%
26 months2.75%
37 months2.90%
65 months2.01%
  • Minimum balance amount to earn APY: $10,000 for 65-month CDs and $5,000 for all others
  • Early withdrawal penalty:
    • 135 days worth of interest on nine-month CDs
    • 195 days worth of interest on 12-month CDs
    • 270 days worth of interest on 15-month CDs
    • 540 days worth of interest on 26-month and 37-month CDs
    • 975 days worth of interest on 65-month CDs

As with special certificate rates outside of an IRA, these rates are here today, but can be reduced down to standard certificate IRA rates at Florida Credit Union’s discretion. This may be OK with you, though, as a CD inside an IRA is already an extremely conservative investment. The credit union’s rates are high enough to call competitive, though you should still do comparison shopping.

Other financial institutions are offering potentially higher rates — and those rates may not be promotional.

How to get Florida Credit Union’s special IRA CDs

Call or email customer service to set up an IRA CD if you don’t want to visit a branch in person.

LEARN MORE Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s IRA CD rates compare

You aren’t likely to want to open a standard IRA CD with Florida Credit Union. The rates just aren’t there. But if you’re comfortable with the fact that promotional rates on special IRA CDs are subject to change, opening one with Florida Credit Union isn’t the worst option. Be sure to comparison shop so that you’re not missing out on higher, nonpromotional IRA CD rates elsewhere.

Overall review of Florida Credit Union’s banking products

Candidly, most of Florida Credit Union’s banking products aren’t worth it. Considering the low APY rates and the burdensome ATM fee refund policies, there are far better banking options available.

But a few products, such as the special IRA CD and special CD, do carry high enough rates to be competitive. Also, Florida Credit Union’s club accounts may serve specific budgeting needs and can reinforce self-discipline as you pursue those budgetary goals. If you’re not going to lose sleep over the low interest rates, they may be a good match for you. Keep in mind that you may qualify for membership at another credit union offering a similar product with a higher rate of return.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Reviews

Webster Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1870
Total Assets$27.4B
LEARN MORE on Webster Bank’s secure websiteMember FDIC

Webster Bank dates back to 1935, when it was known as First Federal Savings and Loan of Waterbury, Connecticut. It was opened by 24-year-old Harold Webster Smith, who had borrowed $25,000 from his family and friends. To give you an idea of how big that loan was, it would be worth over $460,000 in today’s dollars, and it was borrowed during the Great Depression.

Those numbers look scary, especially in the context of the times, but the bank came out on top. Today, it has $27 billion in assets. It serves a much larger region outside of Waterbury, too. There are branches spanning from New York City to Boston.

Despite growing in size, Webster Bank attempts to maintain a community bank spirit. It donates about $4.5 million a year to nonprofits that help establish financial stability for their communities. Its employees also volunteer time in the name of their employer, adding up to roughly 130,000 hours a year.

Webster Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

Webster Bank Webster Value Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.25%

CD Rates

Webster Bank 11 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.50%

CD Rates

Webster Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.25%

CD Rates

Webster Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Webster Bank’s checking account options

WebsterOne Relationship Checking

Steep maintenance fees and virtually no interest make this checking account hard to sell.
APYMinimum Balance to Earn APY
0.01%$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $14.95 if you set up direct deposit and $16.95 otherwise. Read below to find out how you can avoid this fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Webster Bank’s maintenance fees are a bit steep, but there are ways to reduce or avoid paying them. For WebsterOne Relationship Checking, you get a couple of dollars knocked off the maintenance fee if you set up direct deposit. The fee can be eliminated, though, if you have a combined total of $4,000 across your Webster Bank checking, savings and money market accounts. Another way to get the fee to $0 is to have $20,000 in business with Webster Bank across your checking account, savings account, money market account, certificates of deposit (CDs), home equity loan and installment loans.

While WebsterOne Relationship Checking comes with only a sliver of interest, it also comes with no fees when you use an ATM outside of Webster Bank’s network. The same cannot be said of most of the other deposit accounts offered by this bank.

How to get WebsterOne Relationship Checking account

You can apply online or in person using your employment information, Social Security number and driver’s license number.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Webster Value Checking

This no-interest checking account has plenty of fees, but most of them are easy to get out of paying.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $11.95. Read more below to learn how to avoid this fee. Separately, there is a $2 monthly fee if you do not receive monthly statements electronically.
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Webster Value Checking has a slightly lower account maintenance fee than the WebsterOne Relationship Checking option, and getting around the fee is much easier, too. For this account, you have three options to avoid the fee: You can keep a $1,000 average monthly balance in your Webster Value Checking account, make at least 10 non-ATM transactions with your debit card or be 65 and older and have direct deposit set up.

This account bears no interest, comes with ATM fees and will incur a $2 fee per month if you don’t opt into electronic statements. The $2 fee is waived for those 65 and older or 18 and younger.

How to get Webster Value Checking account

Apply online or in person using your driver’s license, Social Security number and employment information.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Webster Opportunity Checking

An account for those who may have been pushed out of the traditional banking system.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $11.95 if you set up direct deposit and $16.95 otherwise. Separately, there is a $2 monthly fee if you do not receive monthly statements electronically, unless you are 65 and older or 18 and younger.
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Webster Opportunity Checking may look nearly identical to Webster Value Checking, but it’s not. Webster Opportunity Checking is built for those who may have been forced out of the traditional banking system by past financial mistakes or misfortunes. When this happens, many financial institutions will turn you away, making it difficult to manage your money and avoid predatory financial services.

You can earn a clean slate, though, by opening a Webster Opportunity Checking account. There is no way to avoid the monthly maintenance fee with this account.

How to get Webster Opportunity Checking account

You can only open this account by visiting a branch. Be sure to bring a valid government-issued ID and a copy of your Social Security card.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Webster Premier Checking

Steeper fees and balance requirements get you a marginal increase in APY with this account.
APYMinimum Balance to Earn APY
0.01%$0.01
0.02%
$50,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $21.95 (this can be waived)
  • ATM fee: None
  • ATM fee refund: All charges from outside ATM owners will be returned to you the same day
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Webster Premier Checking is an expensive way to access marginally better interest rates. First, it has the largest of all Webster Bank’s maintenance fees, and it can only be waived if you keep $10,000 across your checking, savings and money market accounts, or if you have a combined $50,000 across your Webster Bank checking, savings and money market account, CDs, home equity loans and installment loans.

There is no fee for using another financial institution’s ATM, though. When an ATM owner imposes a fee on its end, Webster Bank will return it to you the same day. Other perks include free wire transfers, free checks and a reduction in interest rates on loan products. You must have this account to take full advantage of the Webster Premier Savings account, which we will talk about shortly.

How to get Webster Premier Checking account

Gather your driver’s license, Social Security number and employment information before applying in person or online.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Webster Student Checking

This lower-fee account for college students bears no interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None for five years
  • ATM fee: First four non-Webster ATM transactions per month are free; each after that incurs a $2.50 fee
  • ATM fee refund: One fee charged by a non-Webster Bank ATM owner will be returned to you per month
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Aimed at college students, the Webster Student Checking account doesn’t bear any interest, but it does come with several other perks. For example, with this type of account you won’t have any maintenance fees for five years. You’ll also get four free transactions per month at non-Webster Bank ATMs, though each transaction after that will cost you a couple of dollars.

You’ll get the first fee that another financial institution charges you to use its ATM returned to you with this account. But that refund will only happen once per month. After that, you’re stuck paying outside ATM owners whatever fee they’re charging with no reimbursement. On top of that potential refund, you can get one overdraft fee refunded to you each academic year.

How to get Webster Student Checking account

Open your account online or in person with your student ID card.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

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How Webster Bank’s checking accounts compare

The fee structure on Webster Bank’s checking accounts is a lot to keep up with. While it’s wonderful that there are ways to avoid many of the fees, each one comes with an added asterisk that you’ll have to remember throughout every month. Individually, the fee waivers are simple, but when considered holistically it’s likely to be difficult to keep up with them.

On top of that, Webster Bank’s checking account rates are not anywhere near competitive. We highly recommend shopping around for other checking accounts before deciding to open your account here. Because there are so few options for shopping around when you’ve been booted from the traditional banking system, Webster Opportunity Checking may still be a desirable account if you’ve gone through that experience. But otherwise, you can find better rates elsewhere.

Webster Bank’s savings account options

Webster Value Savings

This account is essentially the same as Passbook Savings, except you can access it online.
APYMinimum Balance to Earn APY
0.02%$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $5 unless you have a consumer checking account with Webster Bank or maintain an account balance of $300
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Webster Value Savings is very similar to Passbook Savings, except it can be accessed online. The other difference is that besides age and balance potentially getting you out of the monthly maintenance fee, you can also dodge this fee by having a checking account with Webster Bank. Remember that you cannot make more than six withdrawals per month as this is a savings account.

How to get Webster Value Savings account

You can apply online or in person with your employment information, Social Security number and driver’s license.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

WebsterOne Savings

This account boasts better — though still low — interest rates. But you’ll have to have a corresponding checking account to earn them.
APYMinimum Balance to Earn APY
0.05%$0.01
0.15%$25,000
0.20%$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $5 unless you maintain a balance of at least $300
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

With WebsterOne Savings, you start to see interest rates creeping up, but they are still low compared to the rest of the market. Besides that, the minimum balance requirements for the higher interest rates are quite steep. To earn these interest rates, you must have a WebsterOne Relationship Checking account. If you don’t, your WebsterOne Savings account will only pay the going interest rate of a Webster Value Savings account.

To get out of paying the monthly maintenance fee, you must maintain a balance of $300. The only other way out if it is age: Those younger than 21 or 65 and older do not have to pay this fee. But they are still subject to the rule of six withdrawals per month.

How to get WebsterOne Savings account

Gather your driver’s license, Social Security number and employment information so that you can apply in person or online.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Premier Savings

Get slightly higher interest rates in exchange for having a Webster Premier Checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$10,000
0.20%$25,000
0.25%$50,000
0.30%$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

While Webster Bank’s Premier Savings account offers higher rates, they are still low. To earn these interest rates, you will have to have a Webster Premier Checking account in your name, too. Otherwise, you’ll only be rewarded with the marginal Webster Value Savings rate.

This account comes with no maintenance fee and a limit of six withdrawals per month.

How to get Webster Bank’s Premier Savings account

Use your driver’s license, Social Security number and employment information to open this account online or in person.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Premier Savings Extra

This savings account offers a small bump in APY in exchange for a higher balance requirement.
APYMinimum Balance to Earn APY
0.15%$0.01
0.30%$25,000
0.40%$50,000
0.50%$100,000
0.55%$250,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

If you want to earn about half a percentage point more, you can do so with Premier Savings Extra. This account has slightly higher interest rates, and the monthly maintenance fee can be waived if you maintain a balance of $10,000 or more. You will also need a Webster Premier Checking account. Otherwise, you’ll only earn the rate offered for Webster Value Savings.

How to get Webster Bank’s Premier Savings Extra account

Come prepared with your driver’s license, Social Security number and employment information when you apply for this account online or in person.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Passbook Savings

This account can only be accessed by visiting a brick-and-mortar location.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $5 unless you maintain a balance of $300
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Passbook Savings is an in-person savings account. That means you will not have access to online banking, and every transaction you want to make will have to be completed at a brick-and-mortar location. Also, you’ll have to call the bank to check for the current rates. This may be no big deal if online banking makes you uncomfortable, or if you want to make it harder to get money out of your account for self-disciplinary reasons. But for most other people, it’s an inconvenience.

This account does come with a monthly maintenance fee, but it can be waived if you maintain a balance of $300 or more. It can also be waived if you are younger than 21 or 65 and older – even if you have less than $300 in your account.

Savings accounts fall under certain federal rules, including Regulation D. This regulation states that you are allowed up to six certain withdrawals per month. If you do and it is your first offense, Webster Bank will send you a warning letter. If your behavior persists, the bank will be forced to shut your account down.

How to get Webster Bank’s Passbook Savings account

To open this account, bring employment information, your Social Security number and your driver’s license to your local branch. This account cannot be opened online.

Holiday Club Savings

This savings account can help you save for the holidays with a low APY.
APYMinimum Balance to Earn APY
0.02%$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Holiday Club Savings accounts help you save for holiday spending by automatically transferring some money from one of your other accounts every month. This set-it-and-forget-it method ensures that you’ll be socking money away even if you forget.

Every year during the third week of October, Webster Bank will issue you a physical check for the amount you have saved in your Holiday Club Savings account. From there, all you have to do is deposit it and get shopping.

How to get Webster Bank’s Holiday Club Savings account

You can get the process started in person or online with your employment information, Social Security number and driver’s license.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

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How Webster Bank’s savings accounts compare

Webster Bank’s savings accounts don’t hold a candle to some of the best savings rates on the market. These higher rates can be found at traditional banks and credit unions, but the majority of them are offered by online-only financial institutions that do not have to pay the overhead costs of maintaining brick-and-mortar location.

If the idea of a Holiday Club Savings account sounds appealing to you, know that Webster Bank is not the only one to offer it. Typically, you’ll find these accounts at credit unions. If you shop around, you’re likely to find one with a far higher interest rate.

Webster Bank’s CD rates

Traditional CDs

This CD product offers middle-of-the-road interest rates with a unique fee formula.
TermAPY
11 months2.25%
16 months2.40%
24 months3.00%
36 months2.50%
60 months2.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: 1 cent
  • Early withdrawal penalty: Early withdrawals on 11-month CDs incur a $25 fee plus 1% of the amount you withdraw; all other CDs incur a $25 fee plus 3% of the amount you withdraw.

Webster Bank’s traditional CDs don’t have the worst rates around, but they’re not the best, either. Be sure to shop around for the top CD rates to ensure your money has a chance to grow quickly.

A relatively unique feature of these traditional CDs is that you can withdraw money even if it puts your balance below the minimum opening deposit amount. Your fees are structured a bit differently, too.

Most CDs have early withdrawal penalties based on the amount of interest your certificate has accrued. But Webster Bank charges a flat-rate fee plus a percentage of the amount you withdraw. It’s still never a great idea to withdraw money from a CD as withdrawal penalties — however they’re formulated — can eat away at your earnings.

How to get Webster Bank’s traditional CDs

You can open your traditional CD with your employment information, Social Security number and driver’s license online or in person.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

Bump Up CD

The lower interest rate on this CD has potential to grow.
TermAPY
36 Months2.30%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: 1 cent
  • Early withdrawal penalty: $25 plus 3% of the amount you withdraw

The Bump Up CD is offered in a 36-month term. You may notice that the rate on this 36-month CD is slightly lower than a traditional 36-month CD. But with the Bump Up CD, you have the option to “bump up” your interest rate once during your term. That means if rates go up, you’ll be able to take advantage and potentially score a higher rate than even the traditional CD for the remainder of your term. It’s not a guarantee, though — rates could go down or stay stagnant, in which case you’re not going to want to bump your rate at all.

To get this kind of CD, you must have either a Webster Premier Checking or WebsterOne Relationship Checking account.

How to get Webster Bank’s Bump Up CDs

You’ll need your employment information, driver’s license and Social Security number when you go to open this CD in person or online.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

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How Webster Bank’s CD rates compare

Webster Bank’s CD rates aren’t horrible, but they aren’t the best CDs on our list, either. They also come with some unique features you aren’t likely to find at other financial institutions. These features can be bad, such as the mandatory nature of certain checking accounts, or good, such as the ability to withdraw money beyond the floor of the minimum opening deposit.

Shop around to make sure you’re finding those better rates, keeping these CDs’ unique features in mind.

Webster Bank’s money market account option

Premium Money Market Savings

You’ll find a low rate of return on Webster Bank’s only money market product.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$10,000
0.15%$25,000
0.20%$100,000
  • Minimum opening deposit: $1,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $12 waivable fee
  • ATM fee: $2.50 for non-Webster Bank ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.

Webster Bank’s Premium Money Market Savings account doesn’t earn a high rate of return, regardless of which tier your balance places you in. There is also a maintenance fee, which not all money market accounts have when competitors offer them. But this fee can be waived if you maintain a balance of $2,500 or more.

Money market accounts fall into the savings account category, which means that they are also subject to federal Regulation D. You are allowed up to six certain withdrawals per month without risking getting your account closed shut down by the bank.

How to get Webster Bank’s Premium Money Market Savings account

Open your account in person or online with your Social Security number, driver’s license and employment information.

LEARN MORE Secured

on Webster Bank’s secure website

Member FDIC

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How Webster Bank’s money market account compares

The rates offered by Webster Bank fall entire percentage points behind the competition. Money market accounts were originally meant to offer much higher rates than your typical savings account. You can still get that benefit today if you shop for money market accounts. Unfortunately, you won’t find competitive rates at Webster Bank.

Overall review of Webster Bank’s banking products

All the deposit accounts offered by Webster Bank fall behind the competition. Many of them also require high balances or tandem accounts to avoid monthly maintenance fees or score a slightly higher APY.

The only account that may be worth checking out is Webster Opportunity Checking. But that account is only useful to consumers who are having trouble finding a financial institution that will allow you to open an account. Everyone else should shop the competition to potentially nab higher interest rates and lower fees.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

TAGS: