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IBERIABANK Review: Checking, Savings, CD, Money Market and IRA Accounts

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

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IBERIABANK’s checking account options

Freedom Checking

A checking account which does not bear interest and has a waivable monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 with e-Statements; $10 with paper statements. These fees can be waived.
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: No fee if you set up overdraft protection with a line of credit; $10 fee for each transaction if you set up overdraft protection with another account; $35 per item if you do not have overdraft protection set up, though this fee will be waived if at the end of the day your account is only overdrawn $5 or less.

This account pays no interest, which is an immediate red flag, though not unheard of for a checking account. It also comes with a monthly maintenance fee, though it can be waived if you maintain a daily balance of $1,000, have direct deposit set up and receive at least $500/month through this deposit method, are a student who has opted into e-Statements or if you are a small business owner who also maintains an IBERIABank Small Business Checking account.

How to get IBERIABANK’s Freedom Checking

To open this account, you can apply online, in person or over the phone. Be prepared with your state-issued ID, Social Security number, information for the account which you will use to fund your new Freedom Checking account and your past address if you have moved in the past two years.

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High Interest Checking

While this account does pay interest, the rates are extremely low — especially given the minimum balance required in order to obtain it.
APYMinimum Balance to Earn APY
0.05%$5,000
0.10%$10,000
0.13%$25,000
0.15%$50,000
0.20%$100,000
0.25%$250,000
0.25%$500,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20, though it can be waived.
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: Up to $15/month on foreign ATM fees
  • Overdraft fee: No fee if you set up overdraft protection with a line of credit; $10 fee for each transaction if you set up overdraft protection with another account; $35 per item if you do not have overdraft protection set up, though this fee will be waived if at the end of the day, your account is only overdrawn $5 or less.

This account comes with a steep monthly waivable fee, though qualifying for the waiver is a bit difficult. You will have to maintain an average monthly balance of $5,000 or more, maintain a balance of $25,000 or more across all of your IBERIABANK deposit accounts, currently owe $25,000 or more on personal loans or be a small business owner with an IBERIABANK business checking account.

There are a couple of additional perks that come with High Interest Checking. They include select styles of free check and a free safe deposit box for a year. After the first year, you will receive a 50% discount on your safe deposit box rental.

How to get IBERIABANK’S High Interest Checking

You can open this account online, in person or over the phone with your state-issued ID, Social Security number and your last address if you have moved in the past two years.

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How IBERIABANK’s checking accounts compare

IBERIABANK’S checking accounts offer no or extremely low interest rates. If you’re looking for a free or discounted safe deposit account, High Interest Checking may be the account for you. But if you’re looking for the highest APY on checking accounts, you’re going to want to shop elsewhere for a checking account.

IBERIABANK’s savings account options

Statement Savings

Extremely low-interest savings account with a waivable monthly maintenance fee.
APYMinimum Balance to Earn APY
0.05%None
0.05%$2,500
0.05%$10,000
0.05%$50,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $5, though this fee can be waived
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This traditional savings account offers an extremely low APY. It also comes with a small monthly fee, but this fee can be waived if you keep $500 or more in your account, set up a monthly transfer of at least $25 from your checking into savings or if you are a minor. But even if you can get the fee waived, that doesn’t do anything to help the abysmal APY offerings.

Savings accounts fall under federal Regulation D, which allows you to make up to six certain debits from your savings account per statement cycle. IBERIABANK takes it one step further and will only let you make four withdrawals from this account in a calendar month. Each additional withdrawal will incur a $3 fee.

How to get IBERIABANK’s Statement Savings

You can open this account online, in person or over the phone. Be ready to provide your state-issued ID, Social Security number and your last address if you have moved in the past two years.

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Holiday Savings

A fee-free way to stash away money for holiday shopping.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you stress about holiday shopping and budgeting every year, looking into a Holiday Savings Account can be a brilliant idea. This account comes with no minimums and no monthly maintenance fee. You stash money in it as a separate and inaccessible savings account, and then the funds are issued to your checking account at the end of October. You have to contact the bank for current rates as they are not available online.

If you cannot wait that long to touch your money, you probably shouldn’t open this account. If you make any withdrawals of any amount before the funds are distributed to your checking account in October, your entire Holiday Savings account will automatically distribute to your checking account. You won’t be able to participate in the Holiday Savings offering until the following year.

How to get IBERIABANK’S Holiday Savings Account

You can open this account over the phone or in person at your local branch.

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Health Savings Account

A tax-deductible way to save for health care expenses.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $2.50 if your balance falls below $1,000
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you have a High Deductible Healthcare Plan (HDHP), aren’t on Medicare and cannot be claimed as a dependent by someone else on their tax return, you can set up a Health Savings Account (HSA). Contributions to this account are tax-deductible, and if you spend the money on health care costs, any withdrawals you make can be used tax-free. You must contact the bank for current rates as they are not available online.

There is a maintenance fee if your balance falls under $1,000, though that fee is nominal. Interest rates are minimal, though they will vary region to region, so it’s important to call IBERIABANK to get the most recent information.

How to get IBERIABANK’s HSA

You cannot open this account online. You must call or visit your local branch in person.

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How IBERIABANK’s savings accounts compare

IBERIABANK’s savings account leave a lot to be desired. Where you’d hope to see high APYs, they are small or nonexistent. Where you’d hope to see no monthly maintenance fees, they appear — though they are nominal.

You can find savings account rates that are more than 40% higher by shopping around, and many of these same competitor accounts come with no minimum balance requirements.

IBERIABANK’s CD rates

Certificates of Deposit

A lack of advertised APYs make this account hard to judge, but if the specials are of any indication, IBERIABANK has CDs worth further exploration.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 2% of the principal

While IBERIABANK does not publicly advertise its CD rates on its website, they did have extremely competitive CD specials when we contacted them on Oct. 23, 2018. CD rates, as all rates in this article, are regional, and the ones we obtained were for the Lafayette, La. area where IBERIABANK is headquartered.

The minimum opening balance requirement is fairly standard on these certificates. The early withdrawal penalty is structured differently from most financial institutions; instead of paying a certain number of months’ worth of interest, you’ll pay 2% of your principal should you make an early withdrawal. This could end up being more or less than you’d pay if the bank charged based on a set amount of interest, but it’s also far less confusing to calculate on your own.

How to get IBERIABANK’s CDs

You can call or visit a branch in person in order to set up your certificate.

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How IBERIABANK’s CD rates compare

It’s difficult to judge the merit of a financial institution’s CDs when APY is not advertised, but if the specials of October 2018 are of any indication, the rates are likely very competitive and worth inquiring about. Once you have the numbers, be sure to run them against the best CD offers on the market from financial institutions who are a little more transparent with their rate schedules.

IBERIABANK’s money market account options

SelectPlus Money Market

Extremely low APY offerings combined with relatively high minimum balance requirements.
APYMinimum Balance to Earn APY
0.05%$5,000
0.25%$10,000
0.45%$50,000
0.55%$100,000
0.55% $500,000
0.65%$1,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $15 if your balance falls below $5,000
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

The rates on IBERIABANK’s SelectPlus Money Market account are nothing to write home about. They’re beat by the competition, and come with high minimum balance requirements relative to the APY.

If your balance falls below $5,000, you will be subject to a monthly maintenance fee. Money market accounts are technically savings accounts, and therefore also fall under Regulation D. Unlike IBERIABANK’s savings account, you are not limited to four withdrawals per month; you get the full six. However, if you go over six withdrawals, you will be charged a $15 fee for each incident.

How to get IBERIABANK’s SelectPlus Money Market account

You can open this account online, over the phone or in person with your state-issued ID, Social Security number, funding information including bank account and routing numbers and your last address if you have moved within the past two years.

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Premier Money Market account

High minimum balance requirements with higher rates than SelectPlus — but this account still isn’t competitive.
APYMinimum Balance to Earn APY
0.25% $10,000
1.35%$25,000
1.40%$50,000
1.45%$250,000
1.45%$1,000,000
1.45%$5,000,001
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: Varies depending on desired APY.
  • Monthly account maintenance fee: $20 if your balance falls below $10,000
  • ATM fee: $2 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you have more money to put into your money market account, a better, higher-yield option is the Premier Money Market account. Because your balance is higher, IBERIABANK rewards you with a higher interest rate than is available via its SelectPlus option, though it is important to note that these rates are still not competitive with other offers on the market. You will also have to keep your account balance higher in order to avoid the higher monthly maintenance fee.

How to get IBERIABANK’S Premier Money Market account

Whether you open this account online, in person or over the phone, be sure to have your Social Security number, state-issued ID, funding information and most recent past address if you have moved within the last two years.

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How IBERIABANK’s money market accounts compare

The interest rates IBERIABANK is offering on their money market accounts aren’t up to par. In fact, you could find higher rates on simple savings accounts at other financial institutions. The minimum balance requirements are quite high — especially when you take into consideration those low APYs. To get a better deal, shop around for other money market accounts.

IBERIABANK’s IRA account options

IRA CD rates

IRA Certificates of Deposit

You’ll need to call IBERIABANK to see which APYs are available in your area.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 2% of the principal

IBERIABANK told MagnifyMoney on Oct. 23, 2018 that IRA CDs have identical rates to those outside of an IRA. However, these rates are not advertised and will vary from region to region. To find out how competitive these rates are in your area, call IBERIABANK. You’ll need to take this action to schedule an appointment to open your account, anyway.

In addition to the early withdrawal penalty, you will also be subjected to IRS penalties and taxes if you withdraw money before you are age 59 ½ with a few select exceptions.

How to get IBERIABANK’s IRA CDs

To open this account, you will need to schedule an appointment to meet with a specialist at your local branch.

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How IBERIABANK’s IRA CD rates compare

While we assume IBERIABANK’s rates on CDs are relatively competitive because of their promo rates, IRA CDs tend to have higher interest rates than those outside of a CD. That is not the case at IBERIABANK, where the rates are identical based on information provided by the bank.

Because rates are not advertised and vary region to region, your best bet is to call and get your local rates and compare them against the best IRA CDs on the market.

Overall review of IBERIABANK’s banking products

Overall, IBERIABANK likely isn’t going to offer you the best rates or the lowest fees. This is true for its checking, savings and money market accounts. The prospects for its CDs look a bit sunnier, but cannot be confirmed until you call in to get your local rates.

This bank also does not offer IRA savings accounts. These accounts are one of the most conservative investments you could make, so it may not be that big of a loss depending on your investment strategy. But if it is something you’re looking for, know that these accounts are widely available — just not with IBERIABANK.

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Reviews

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

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

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Arvest Bank’s checking account options

Free Blue

A checking account that earns no interest, but keeps fees to minimum.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Free Blue checking account doesn’t earn any interest, but it also has very few fees. Examples? There is no monthly account maintenance fee. The ATM fees that are charged when you use a non-Arvest ATM are returned to you at the end of the month. However, if the outside ATM charges you an additional fee, though, that specific fee will not be returned by Arvest Bank.

For this account, you will receive electronic statements; if you’re over age 62, you’ll also be get free checks with your account.

How to get Arvest Bank’s Free Blue Checking Account

Arvest Bank prefers that you open all accounts in person — however, your first account must be opened in person. When you go in, you’ll need your Social Security number and be sure to bring your picture ID.

After your first account is open, you may be permitted to open subsequent accounts over the phone at the bank’s discretion. You can also open subsequent accounts online, but the process can take over a month.

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Basic Blue

The same basic checking account with paper statements and a monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Just like Free Blue checking, the Basic Blue checking account won’t earn you any interest. In fact, these accounts are virtually identical save one key difference: Basic Blue comes with paper statements. However, for the privilege of those, you will have to pay a small monthly maintenance fee — you just have to decide if having a physical paper trail rather than an electronic one is worth the added cost.

How to get Arvest Bank’s Basic Blue Checking Account

Ideally, you will open this account in person; if this is your first Arvest account, opening it in person is mandatory. If you have other accounts, you may be able to open this checking account via phone or online, though the process takes longer. However you choose to open your account, come prepared with your Social Security number and a photo ID.

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myBlue

Pick between electronic or paper statements, and get an added accident insurance policy.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s checking accounts build on each other. The myBlue checking is very similar to Free Blue and Basic Blue, but it comes with a higher monthly maintenance fee. This fee gives you a choice of paper or electronic statements, and comes with access to a $10,000 personal Accidental Death & Dismemberment (AD&D) insurance policy.

How to get Arvest Bank’s myBlue Checking Account

Your first Arvest account must be opened in person. Each subsequent account may be opened via phone or in person depending on your individual circumstances. You can also open an account online, but the process for this modality can take over a month. Whichever way you apply, you will need a photo ID and a social security number.

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Arvest Club

Higher maintenance fees give your more benefits — but still no interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

The Arvest Club checking account attempts to sweeten the deal even further. The monthly maintenance fee is higher, but so is the AD&D policy coverage. The benefit is increased to $30,000 and extends to your family. On top of that, this is one of the checking accounts in the Arvest Bank roster that offers free checks to everyone — not just those age 62 or older.

You’ll also be able to use two free cashier’s checks or money orders per day, which would normally cost $3 each. With an Arvest Club checking account, you’ll have access to a discount on a safe deposit box and the ability to stop payment on one check per year with no charge. Typically, stopping a payment costs $25.

How to get Arvest Bank’s Arvest Club Account

You’ll need to open your first account in person. After that, it is still preferred that you open your account in person, but opening one over the phone is an option that may become available to you. You are also able to apply online, but the process can take more than a month.

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Preferred Club

The bank’s only checking account to earn interest comes with a waivable maintenance fee.
APYMinimum Balance to Earn APY
0.05%None
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18, though the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Here’s Arvest Bank only checking account that earns interest. The rate isn’t incredibly high, but as with its other accounts, the Preferred Club checking account comes with extra perks. Those extras are the same as what you get with an Arvest Club account, plus interest and a waiver on your monthly maintenance fee if you meet any of the following conditions:

  • Keep $20,000 in your combined deposit accounts with Arvest Bank.
  • Hold $20,000 in consumer loans with Arvest Bank.
  • Have a combined $25,000 in deposit accounts and consumer loans with Arvest Bank.
  • Hold a mortgage of more than $100,000 with Arvest Bank.
  • Keep $50,000 in brokerage assets with Arvest Bank.
  • Have a qualified trust with Arvest Bank.

If you do not meet one of these requirements, the monthly maintenance fee is quite steep and has the real potential to eat away any earnings from the little bit of APY this account earns.

How to get Arvest Bank’s Preferred Club Checking Account

You must open your first Arvest Bank account in person, but after that you may be able to do so over the phone at the bank’s discretion. You can also open subsequent accounts online, but you will be waiting quite some time to have your application processed.

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Member FDIC

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How Arvest Bank’s checking accounts compare

Considering just APY and maintenance fees, Arvest Bank’s checking accounts simply don’t compare to the best checking accounts on the market. Four of the five options don’t pay any interest, and the one that does only offers a relatively low rate. As perks increase, so does each account’s maintenance fee, unless you open a Preferred Club checking account and do a lot of banking with Arvest Bank.

However, what these checking accounts lack in yield, they attempt to make up for in unique perks. Access to AD&D policies, waived fees for cashier’s checks and money orders, discounts on a safe deposit box and the waived fee for a stop payment on a check you’ve written do have value. How much value is going to depend on if you were already going to use or seek out these services. If you weren’t, you may be better off doing your checking elsewhere.

Arvest Bank’s savings account options

Savings Account

An unexciting, basic savings account with rate bumps for those with certain checking accounts.
APYMinimum Balance to Earn APY
0.05% $100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $2 but the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Savings Account is basic — its rates aren’t competitive, and while its minimum opening deposit and minimum balance high for an account offering this type of APY, it also assesses a monthly maintenance fee.

However, you can get that maintenance fee waived if you keep at least $100 in your account at all times throughout the month, or if you have an average daily balance of $500. You’re also eligible for a 0.05% APY increase if you have an Arvest Club or Preferred Club checking account.

Savings accounts at all financial institutions are subject to federal Regulation D. This rule says that you are allowed to make up to six certain withdrawals from a savings account per month. If you go over this magic number, you will be charged a $5 fee for each subsequent withdrawal by the bank. You may also see your savings account shut down or converted to a checking account.

How to get Arvest Bank’s Savings Account

Is this your first account with Arvest Bank? If so, you have to open it in person. If this won’t be the first time you’re paying patronage to Arvest, you may be able to open your account on the phone or via the month-long process of applying online.

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Cool Blue Savings

A youth savings account with fewer fees to allow for some wiggle room.
APYMinimum Balance to Earn APY
Call Arvest for current rates. $0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Cool Blue Savings account is open to those under the age of 18. It is nice that the bank does not charge monthly maintenance fees or require a minimum balance to earn the APY. This gives younger account holders more wiggle room as they begin learning about basic banking concepts.

Cool Blue Savings also comes with a $5 fee for each withdrawal you make after the sixth in any given month, Arvest Bank’s policy in line with federal regulations on transaction limits.

How to get Arvest Bank’s Cool Blue Saving Account

You and your child will have to come in to open this account. You as the adult will need a photo ID, and you will need to bring both of your social security numbers.

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Health Savings Account

Arvest Bank’s option to help you pay medical expenses now and in the future.
APYMinimum Balance to Earn APY
Call Arvest for current rates.Varies
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $3 but the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

A Health Savings Account (HSA) is a place to let your money grow tax-free, as long as you ultimately spend it on medical expenses. You’re only eligible for this type of savings account if you have a high-deductible healthcare plan (HDHP) and no access to any other health insurance. You can save up to $3,450 a year as an individual, or $6,900 if you have a family policy.

You are supposed to spend this money on medical expenses, but if you hold onto it long enough, you can avoid taxes regardless of what you spend the money on. These penalty-free withdrawals only apply if you’re age 65 or older or if you’re disabled.

There is a small monthly maintenance fee on this account, but it will be waived if you maintain a minimum daily balance of $500.

How to get Arvest Bank’s Health Savings Account

Your first Arvest account must be opened at a branch, but after that you may be allowed to open your next account over the phone or online. Just be aware that online applications can take up to a month to process.

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How Arvest Bank’s savings accounts compare

Arvest Bank’s savings rates aren’t competitive. Even with the modest APY bump for having both specific types of checking and savings accounts, there’s very little reason to keep your liquid savings with Arvest when there are so many more lucrative savings account offers out there.

Arvest Bank’s HSA could be advantageous to some customers and it’s not so widely offered.

Arvest Bank’s CD rates

Certificate of Deposit

A disappointing combination of limited term options and mediocre rates.
TermAPYMinimum Balance to Earn APY
6 Months0.05%$9,999 or less
6 Months0.20%$10,000-$49,999
6 Months0.25%$50,000-$94,999
6 Months0.30%$95,000+
12 Months0.10%$9,999 or less
12 Months0.25%$10,000-$49,999
12 Months0.30%$50,000-$94,999
12 Months0.35%$95,000+
24 Months0.20%$9,999 or less
24 Months0.35%$10,000-$49,999
24 Months0.40%$50,000-$94,999
24 Months0.45%$95,000+
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: This penalty is calculated in-house by Arvest’s team. It will vary depending on the amount of money you have in your account and how far into the term you have made it.

With only three term lengths, Arvest Bank’s CD offerings are limited — and the interest rates on these limited offerings are low to mediocre. The rates start to get more competitive as your opening deposit goes up, but you can still find higher rates with dramatically lower minimum deposit requirements elsewhere. On top of limited term offerings and ho-hum rates, the bank’s formula for early withdrawal penalties is more complicated than most other financial institutions.

While regular CD rates are less than desirable, it’s always a good idea to keep an eye out for promotional rates, as these are often higher with shorter terms than are offered on everyday certificates.

How to get Arvest Bank’s CDs

Your first account must be opened in person. If this certificate is not your first account, you may be able to set it up via phone. You cannot open a CD online.

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Member FDIC

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How Arvest Bank’s CD rates compare

Arvest Bank’s certificate of deposit rates don’t even come close to the best CD offers on the market. Its highest rate is barely half of what it would need to be to make the cut. If you’re going to lock your money away for a set term, shop around to make sure you’re getting the best rates possible.

Arvest Bank’s money market account options

Money Market Accounts

A run-of-the-mill money market account with lackluster rates.
APYMinimum Balance to Earn APY
0.10% $0.01
0.10%$2,500
0.10%$10,000
0.15%$100,000
0.20%$250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: $10 but this fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Money Market Account fails to impress, what with its low rates and monthly maintenance fee. Sure, this fee can be waived if you keep a minimum of $2,500 in your account, but if you fall below that number your earnings from interest fade as you start shelling out the monthly fee.

A money market account is technically a type of savings account, though it does typically offer higher rates. Because it is a savings account, it’s subject to the regulator six withdrawals per month limit, without being subject to the bank’s penalty fees and/or account closure.

How to get Arvest Bank’s Money Market Account

If this is your first Arvest account, you will need to make a trip to your local branch. If it isn’t, you may be given the option to open your account over the phone or online. Be mindful that online applications can take an entire month to process.

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on Arvest Bank’s secure website

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How Arvest Bank’s money market accounts compare

If you’re thinking about opening a money market account with Arvest Bank, you need to do more shopping. There are far better money market rates out there, and many of them come with less potential fees.

Arvest Bank’s IRA account options

IRA CD rates

18-Month Variable-Rate IRA CD

Middle-of-the-road rates that could change at the drop of a hat.
TermAPYMinimum Opening Deposit
18 MonthsCall Arvest for current rates.$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies depending on how much you have saved

Another thing to note on this IRA CD is that the rate is variable. That means that it could change even during the course of your term. While it could go up, it could also go down. That’s a risk you have to be okay with if you’re going to open up one of these 18-month CDs.

How to get Arvest Bank’s 18-Month Variable-Rate IRA CD

You can open this account online, in person or via phone. When you apply, be sure to come prepared with a government-issued ID.

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on Arvest Bank’s secure website

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How Arvest Bank’s IRA CD rates compare

Because Arvest’s rates are middle-of-the-road when compared to the competition, you’ll want to shop around before opening this IRA CD. You’ll also want to take into consideration that the APY on this certificate is variable, while many other financial institution offer fixed-rate CDs where the APY will stay consistent throughout the course of your term.

IRA Builder Savings

Middle-of-the-road rates with a fairly standard minimum balance requirement.
APYMinimum Balance to Earn APY
Contact Arvest for current rates.$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The minimum balance requirement is fairly standard. It’s important to note that while some competitors offer higher rates, many of them do so only for IRA savings accounts with balances in the thousands or tens of thousands. Whether or not Arvest’s option is a good one for you will depend on how much you’re planning on using to initially fund the account.

How to get Arvest Bank’s IRA Builder Savings

You can open this account online, over the phone or in person at your local branch. You will need a government-issued ID to get the process started.

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on Arvest Bank’s secure website

Overall review of Arvest Bank’s banking products

Arvest Bank’s deposit accounts are not competitive. Many of these accounts offer no interest whatsoever, and the ones that do pay interest offer a low APY. While there are many ways to waive monthly maintenance fees, they are complex and change from account to account.

Although its products aren’t the best from an APY standpoint, MagnifyMoney has had consistently positive experiences with helpful and friendly customer service throughout the researching of this review. On top of that, many of Arvest’s accounts come with unique perks that may make opening an account the right decision for you if you are currently paying extra for these services and live in Arvest Bank’s geographic area of service.

But when you compare the numbers — whether that be APY or fees — Arvest Bank objectively doesn’t make the cut.

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

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Reviews

GTE Financial Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

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GTE Financial’s checking account options

Go Premium with GTE Secure

Hands-down one of the highest-yielding checking accounts on the market. Just make sure you can meet deposit and transaction requirements.
APYMinimum Balance to Earn APY
0.15%
None (Max: $3,000)
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $4.95 if you do not deposit at least $500 a month, enroll in eStatements and make at least 15 transactions per month that don’t involve using your debit PIN.
  • ATM fee: $3 at all out-of-network ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

GTE Financial’s Go Premium with GTE Secure checking account comes with a phenomenal dividend rate for all balances less than $3,000. The account also provides fraud-fighting and resolution services, prescription drug and vision savings, and a points reward program. To earn those dividends without a monthly maintenance fee, though, you want to make sure you cross all your t’s and dot your i’s.

First, you need to ensure you deposit at least $500 a month. Those with a regular paycheck should be able to do this by setting up direct deposit. You will also have to enroll in eStatements, and make sure you’re making at least 15 transactions a month.

If you can meet all these requirements, this is one of the highest-yielding checking accounts on the market.

How to get GTE Financial’s Go Premium checking account

You can easily open this checking account online, though if you live close to a branch, you can open it in person, too.

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Go Full Access

This is a bare-bones checking account that bears no dividends.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $4.95 unless you are enrolled in eStatements and do one of the following: deposit $500-plus per month or have 15 transactions per month that don’t involve using your debit PIN.
  • ATM fee: $3 at all out-of-network ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Go Full Access is your standard checking account, but it doesn’t bear any dividends. You must be enrolled in eStatements to avoid a monthly maintenance fee, but unlike Go Premium accounts, you only have to deposit $500 a month or make 15 transactions. If you can do both, you’d be far better off opting for the Go Premium account, though.

How to get GTE Financial’s Go Full Access checking account

As with all of GTE Financial’s checking accounts, you can open a Go Full Access checking account either in person or online.

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Go Student

An account for students that waives many common fees.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: One per month from outside financial institution
  • Overdraft fee: $35

While GTE Financial’s Go Student checking account does not yield any dividends, it does waive a lot of fees as students get comfortable managing money on their own. It’s the only checking account at this credit union without any monthly maintenance fee. It also comes with one waived nonsufficient funds or overdraft fee per month, and it is the only account here that offers any refund of ATM fees charged by outside financial institutions or ATM owners.

How to get GTE Financial’s Go Student checking account

Students can open their account at a branch or online.

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Go Further

An account to help you reboot your financial life.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $9.95 if you are not enrolled in eStatements. You must also make a minimum of $500 in deposits per month and make 15 transactions that don’t involve using your debit PIN each month if you want this fee waived.
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you’ve had a spotty banking history in the past — whether due to circumstances in or beyond your control — your financial institution may have added you to the CHEXSystem. Once in the CHEXSystem, it can be extremely difficult to get another bank account. Because credit unions are community-focused, some offer checking accounts specifically to give you the opportunity to prove you can do better and re-enter the mainstream banking system.

GTE Financial is one of those credit unions, and the Go Further checking account is their account to help. It does not come with any dividends, but it does allow you full access to a traditional checking account without any check-cashing fees. It has a $9.95-a-month maintenance fee, which will be waived if you enroll in eStatements, make a minimum of $500 in deposits per month or make 15 non-debit card/PIN transactions per month.

If you’re meeting all these requirements anyways, after you rebuild your banking reputation you may even be able to qualify for those high APY rates on the Go Premium account.

How to get GTE Financial’s Go Further checking account

You can easily open your Go Further checking account online or in person.

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on GTE Financial’s secure website

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How GTE Financial’s checking accounts compare

In a world of online banks, most often it’s the financial institutions with no brick-and-mortar overhead costs that can offer the highest rates. GTE Financial’s checking account options buck that norm.

With rates that top even the best online checking accounts, Go Premium checking is one of the best on the market. While the Go Student checking account doesn’t offer any dividends, it is extremely generous in the fees it waives as young people learn how to responsibly manage their finances, and Go Further checking gives a second shot to those who would normally be shut out of the conventional financial system.

While the Go Full Access checking account doesn’t carry the same bragging rights as GTE Financial’s other checking accounts — especially as it bears no dividends — it is nice that the credit union offers a checking account with more flexible ways to evade the monthly maintenance fee.

GTE Financial’s savings account options

Member Owner Share

A standard savings account necessary to establish credit union membership. Also standard is the small dividend earned.
APYMinimum Balance to Earn APY
0.05%
$100
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

When you join GTE Financial, your Member Owner Share savings will anchor your membership. You will not earn any APY until you reach a balance of $100, and even then, the rate isn’t anything to write home about. But this account does avoid monthly maintenance fees.

Opening this account is a requirement of membership, so it doesn’t matter if you’re in love with the APY. You have to have it.

You also must know that savings accounts, in general, are regulated by the federal government. Specifically, Regulation D dictates that you are allowed to make up to six certain withdrawals per month from your savings account, unless they’re made in person, at an ATM or as part of a GTE Financial loan payment. If you exceed the six withdrawal-per-month limit, GTE Financial will not let you make any further transactions that month unless you’re doing so at an ATM, in person or via fax. This rule applies to all savings accounts and not just Member Owner Share account.

How to get GTE Financial’s Member Owner Share savings account

You will be prompted to open this account when you sign up for membership, whether you do so online or at your local branch.

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Special Savings

An additional share savings account to set aside money for an independent goal.
APYMinimum Balance to Earn APY
0%
$100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you want to set aside money for a specific goal — such as a wedding, new car or holiday gift purchases — you can do so by opening an additional share savings account. This Special Savings account is identical to regular share savings in terms of APY and fees, though there is no minimum opening deposit requirement.

While setting up a second account with GTE Financial may be convenient, it’s not your best option. You can get far higher rates elsewhere, and unlike the Member Owner Share savings product, this is not a mandatory account.

How to get GTE Financial’s Special Share Savings

Should you opt to open a Special Share Savings account, you can do so online or in person.

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on GTE Financial’s secure website

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Future Change Savings

Round up your purchases to throw extra money at your loans.
APYMinimum Balance to Earn APY
0.05%
$100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

Future Change Savings is a unique account. At first glance, it looks identical to the Special Savings account, but under the hood there’s a lot more going on.

This account links with your checking account to round up your daily purchases to the nearest dollar. The extra change is then deposited into your Future Change Savings account. With the account’s corresponding app, you will then be able to view how applying the money from this savings account to your GTE Financial auto loan or mortgage would affect your finances long term.

If you do decide to apply the savings from this account toward your debt, remember that you are allowed up to six certain withdrawals/electronic transfers per month or you risk violating Regulation D.

How to get GTE Financial’s Future Change Savings

To open this account, you will have to download the app from Google Play or the iTunes App Store. From there, you’ll be prompted to enter your checking account and loan information to link to your new account.

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on GTE Financial’s secure website

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Early Saver

GTE Financial offers higher rates for children who save.
APYMinimum Balance to Earn APY
0.10%
$0.01
0%
$500
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you want to teach your child about savings, GTE Financial offers an option for that. Children younger than 17 can open an Early Saver account, which offers a much higher APY on balances up to $500 before reverting to the same rate as a regular share savings account.

This higher rate is encouraging as it will better illustrate how interest works for your child, though it will be a bummer when they turn 18 and the account converts into a regular share savings account with a lower rate of return.

How to get GTE Financial’s Early Saver Account

Accounts for children ages 12 and younger must be opened in person, but children 13 through 17 can open an account online.

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on GTE Financial’s secure website

NCUA Insured

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How GTE Financial’s savings accounts compare

Funnily enough, kids are the only ones getting a decent rate out of GTE Financial savings accounts. The Early Saver Account rates are extremely competitive, though that doesn’t much help the adults in the room.

The dividends on adult accounts also pale in comparison to the competition. You will need some money in your regular share savings to maintain membership, and the Future Change Savings account is an innovative product. But at the end of the day, you’re getting the short end of the stick with GTE Financial’s offered APY and terms on savings. Shop around to find better savings account rates.

GTE Financial’s CD rates

Share Certificates

A fairly competitive certificate product with a low barrier to entry.
TermAPY
6 Months1.26%
12 Months2.02%
18 Months2.27%
24 Months2.53%
30 Months2.68%
60 Months3.04%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

Share Certificates are the credit union equivalent of certificates of deposit, or CDs. GTE Financial’s rates are relatively competitive, but they’re not the best on the market, either. One thing that does make them abundantly attractive, though, is that the minimum opening deposit is on the far low end for CDs offering similar rates of return.

How to get GTE Financial’s CDs

You can open your Share Certificate at a branch or online. If your opening balance will be $5,000 or more, you’ll be required to make that in-person visit or call 888-871-2690, ext. 40535.

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Jumbo Share Certificates

Even more competitive rates but with a high barrier to entry.
TermAPY
6 Months1.51%
12 Months2.27%
18 Months2.53%
24 Months2.78%
30 Months2.94%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

Have some extra money to throw at your Share Certificate? If you can get a balance of $100,000 or more, you will qualify for Jumbo Share Certificate rates on terms of up to 30 months, which are 0.25% higher than those of regular Share Certificate. This small bump is enough to start closing the gap between GTE Financial and the competition, though with a $100,000 minimum, the pool of people who will be able to access this increased rate will be small.

How to get GTE Financial’s Jumbo Share Certificate

All Jumbo Share Certificates must be opened in person or via phone by calling 888-871-2690, ext. 40535.

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on GTE Financial’s secure website

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Youth Share Certificate

Teach your child valuable money lessons on the cost of APY.
TermAPY
12 Months0.75%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 3 months’ worth of interest

Youth Share Certificates offer extremely low rates, but also allow your child to open a certificate with as little as $100. They will also be able to add up to $6,000 in additional funding throughout the 12-month term. Opening a Youth Share Certificate is likely something you’d do as a hands-on lesson for your child rather than a gift. The yield simply isn’t high enough unless you’re taking the hit to impart an experiential lesson.

How to get GTE Financial’s Youth Share Certificate

Your child can open a Youth Share Certificate at a branch or online.

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on GTE Financial’s secure website

NCUA Insured

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How GTE Financial’s CD rates compare

Overall, GTE Financial’s certificate options are just all right. While rates on Share Certificates and Jumbo Share Certificates are relatively competitive, they’ve got some stiff CD competition. Given the fact that the competition doesn’t always have the same low minimum deposit requirement as GTE Financial, though, regular Share Certificates may be able to take a small hit in APY and remain competitive.

Youth Share Accounts aren’t a great product if you’re looking only at yield, but if you’re trying to give your child their own financial experiences before they leave home, it can be a good product to achieve that goal.

GTE Financial’s money market account options

Money Market

Low rates and excess maintenance fees make it acceptable to overlook this money market option.
APYMinimum Balance to Earn APY
0%
$2,500
0.05%
$10,000
0.05%
$50,000
0.10%
$100,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: $6 every month your account has no activity
  • ATM fee: $3 at all out-of-network ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

GTE Financial’s Money Market account is lackluster. First of all, the rates are not competitive. In fact, they’re extremely low. On top of that, GTE Financial is one of the few financial institutions that charge maintenance fees on its money market accounts without minimum balance restrictions. If you have no account activity, you’ll get charged. You cannot set and forget your money market account with this credit union.

You also need to remember that money market accounts are technically savings accounts, and are thus subject to the same rules and restrictions under Regulation D. That means you are allowed to make up to six certain withdrawals from your money market account per month — even if you’re trying to keep it active to avoid that monthly maintenance fee.

How to get GTE Financial’s Money Market Account

Should you choose to open a money market account with GTE Financial, you can do so at a branch or online.

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on GTE Financial’s secure website

NCUA Insured

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How GTE Financial’s money market account compares

Frankly, GTE Financial’s Money Market account isn’t in the same league as the best options on the market. By shopping around for other money market accounts, you’ll be able to find rates that are up to seven times greater than that offered by this credit union, and many of these accounts offer these higher rates without any maintenance fee.

GTE Financial’s IRA options

IRA CD rates

IRA Share Certificates

GTE Financial’s certificate rates start to look less attractive when placed into the realm of IRA certificates.
TermAPY
6 Months0.10%
12 Months0.30%
18 Months0.20%
24 Months0.30%
30 Months0.35%
60 Months0.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

GTE Financial’s Share Certificates aren’t a bad choice when you’re looking outside of your IRA. But their rates are carbon copied into the credit union’s IRA certificate, where they start looking a bit less competitive. The low minimum balance requirement is still attractive, but it only goes so far when you’re looking at long-term growth on an already conservative portfolio holding.

How to get GTE Financial’s IRA CDs

To set up an IRA Share Certificate, call 813-871-2690.

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on GTE Financial’s secure website

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Youth Share Certificate

Low rates on tax-advantaged accounts for children.
TermAPY
12 Months0.75%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

Yes, even your child can open an IRA — a Roth IRA specifically. Your child must have earned income to contribute. Keep in mind that if they’re using baby-sitting or landscaping income, they’ll have to report it to the IRS on a Schedule C to use it toward their Roth IRA contributions.

While they will be able to withdraw earnings from their Roth IRA to pay for qualified educational expenses without paying a penalty, they may have to pay income taxes on their earnings when they make this kind of withdrawal. Because this account will be custodial with a parent or guardian, it could also adversely affect their chances for financial aid.

On top of it all, the rates on GTE Financial’s Youth Share Certificates leave much to be desired. A Roth IRA is not the place to teach lessons about certificates. If you’re going to open a custodial account anyways, you might as well look at other options and find an account with a higher yield.

How to get GTE Financial’s Youth Share Certificates

All IRA products must be opened by calling 813-871-2690.

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on GTE Financial’s secure website

NCUA Insured

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How GTE Financial’s IRA CD rates compare

Youth Share Certificates and Share Certificates are not a great way to go when it comes to IRA CDs. But rates on Jumbo Share Certificates are relatively competitive if you have the money to finance one for the higher rates. Regardless, be sure to shop around to ensure you’re getting your best deal possible on an IRA CD.

Overall review of GTE Financial’s banking products

GTE Financial is a mixed bag when it comes to personal deposit accounts. Its money market accounts can be passed over, as can a couple of its savings accounts. Its IRA certificates are only worth investigating at the jumbo level, and certificates outside of an IRA barely squeak by as competitive.

But most of the credit union’s checking accounts are worth a closer look, whether they’re offering some of the best rates on the market, limiting fees on young people or welcoming back those who have been pushed out of the traditional banking system. It also has some innovative products, such as Future Change Savings, and offers children great rates on their savings accounts.

GTE Financial has some interesting products. Definitely include it in your search, but make sure you investigate each product individually before deciding it’s the right match for you.

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.