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Life Events

The States With the Hardest Working Women

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements 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.

Americans take pride in their work ethic, but do women in some states put more hours into taking care of their finances, families, homes and communities?

To find out, we analyzed microdata from the American Time Use Survey from the Bureau of Labor Statistics, which asks respondents how many minutes they spent performing different kinds of activities during the previous workday. We averaged the responses of women in the categories across non-leisure activities, which include: the maintenance of the home, work or career, caring for family members or other community members, shopping and volunteer activities.

Because not every person participates in every activity, the number of activities spent on these activities may seem low. For example, the average hours spent working across the states is about three hours – a workday that few will find familiar. That’s because not every woman works, and not every woman with a job works full-time or works Monday through Friday. These numbers also account for the fact that plenty of working people go through stretches of unemployment or underemployment.

For that reason, we also looked at the breakdown of the work status of women in each state. Overall, we expect that women who didn’t spend the previous day at a job spent more time doing other things, such as shopping for their households or volunteering.

This is most likely an understatement of how much time women are spent working, because we didn’t include every possible activity — such as time spent on school work, time spent hiring services, or time spent on self-care — and because some respondents may have taken the day off, or even be retired.

Our analysis revealed that depending on regional cultural norms and employment opportunities, the hardest working women in America spend their time serving their families and communities in diverse ways.

Key takeaways

  • Women in North Dakota are the hardest working in America, spending an average of 8.9 hours a day on non-leisure activities.
  • Women in Washington, D.C. and Vermont take the second and third spots, with averages of 8.3 and 8.2 hours, respectively.
  • Women in Arkansas spend the least time on non-leisure activities, at an average of 6 hours a day.
  • Women in Alabama, West Virginia and Louisiana follow closely, each with an average of 6.1 hours.
  • Women in Washington, D.C. and the Dakotas are the most likely to work full time and women in Utah, West Virginia and Idaho are the least likely.
  • Women in Hawaii are the most likely to work for a full year and women Alaska are the least likely.
  • Women in Vermont spend the most time volunteering and women in Montana spend the least.
  • Alaskan women spend the most time on housework (3.7 hours), while women in Washington, D.C. spend the least (1.3 hours). (But they spend the most time at work).

States with the hardest working women

1. North Dakota

While the women of North Dakota may not spend the most time in the workplace, they’re pretty darn close. They spend 4.6 hours per weekday at work versus Washington, D.C.’s average of 4.9 hours. However, in North Dakota, women spend more time at other labor- and service-related tasks in a capacity which their cosmopolitan counterparts in the nation’s capital do not.

Spending more time at volunteer efforts, household tasks and caring for family members, North Dakota’s women come out on top as the hardest working women in America, putting in an average of 8.9 hours per weekday across activities.

This study isn’t the first of ours where North Dakota broke the top 5. In our ranking of the happiest states, North Dakota came in at No. 5.

2. District of Columbia

Clocking in at 8.3 hours per weekday spent on non-leisure activities, the women of Washington, D.C. are generally career-oriented. (Notably, Washington, D.C. landed the top spot in our ranking of the best cities for working women). Washington, D.C. is the only area we’re measuring, however; it’s essentially a metro rather than an entire state, which may skew how we view the data. The population is more urban and suburban than rural, which may lead to different cultural norms surrounding career expectations and the availability of jobs in the first place.

Women in the District of Columbia spend the least amount of time on housework when compared to other women across the country, and also spend comparatively very little time volunteering. They do have the unfortunate honor of spending the most time in the car in order to get these tasks done, falling behind only the women of Wyoming. (While in Wyoming you’re likely to drive long distances with little traffic in order to get to work, the beltway in DC Is the exact opposite: You’ll more likely to spend a lot of time sitting in gridlock to travel shorter distances than you are in other parts of the country.)

3. Vermont

Women in Vermont may not spend as much time at their nine-to-five (3.5 hours per day) as their peers in North Dakota (4.6 hours per day) and Washington, D.C. (4.9 hours per day) but they do spend a significant amount of their time volunteering (31 minutes per day) and caring for those outside of their own family (15 minutes per weekday).

Travel between daily activities is also a prominent time-consuming task for women of Vermont. With 55 minutes per weekday spent commuting between different non-leisure tasks, the state is second only to Washington, D.C. and Wyoming in terms of commute times.

4. Alaska

The women of Alaska spend dramatically more time taking care of the home than women in other states — nearly four hours per weekday. With an additional hour spent on housework per day than any other state, Alaskan women are the keepers of the homefront.

Women in Alaska also spend more time commuting between non-leisure tasks than most (54 minutes per weekday), though not more than the women of Vermont, Wyoming and Washington, D.C.

5.  Nebraska

Nebraska women spend almost as much time keeping house (2.5 hours per weekday) as they do in the workforce (3.2 hours per weekday). Time spent volunteering (20 minutes per weekday), commuting (42 minutes per day) and caring for family members (25 minutes per weekday) might not be as high as in some of the other states on this list, but cumulatively, they are enough to get the hardworking women of Nebraska into our top 5.

Hardest working women: Full rankings

Want to see where your state ranks? Here are the full rankings for America’s hardest working women.

A closer look at women in the workplace

Women work hard across all sectors, picking up the slack not only when it comes to earning an income, but also stepping up when the home needs tending to or a family member needs one-on-one care.

All of this work is important, but if you want to see the raw numbers concerning only hours spent in the traditional workplace, here is how the states rank:

Managing your money

Balancing the demands of womanhood is no easy feat. While cultural norms are changing, women are still largely expected to serve in unpaid capacities, such as housekeeper, personal care assistant and personal shopper. When you add employment on top of this, it can be a lot to handle.

While trying to juggle it all, there’s one task that always needs to be on your priority list: Your personal finances. Whether you’re in D.C. and working in a full-time capacity or struggling to find work in West Virginia, you’re going to need to budget. The tools outlined here help automate the budgeting process, saving you time as you evaluate what you can and cannot afford in your busy, day-to-day life.

If you’ve gone a while without budgeting, or you are simply in a bad financial situation due to lack of local employment opportunities, there’s a good chance you’re sitting in some debt. If that debt has become too much for you to handle or is sitting on a high-interest credit card, your financial situation is likely to get worse rather than better. One solution to this problem is debt consolidation.

However you choose to manage your finances and balancethem with other priorities, take time to appreciate the hard work you put in day to day.

Methodology

Using microdata from the Bureau of Labor Statistics’ American Time Use Survey, analysts created statewide averages for female for the years 2015 through 2017 in the following categories:

  • Household tasks
  • Caring for family members
  • Caring for non-family members
  • Work and work-related activities
  • Consumer shopping
  • Volunteering
  • The sum of time spent traveling for all the activities above

The work status of women in each state was derived from the Census Bureau’s 2017 5-Year American Community Survey and is limited to women between the ages of 16 and 64.

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

GTE Financial 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, statements 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 Established1935
Total Assets$2.1B
LEARN MORE GTE Financial’s secure websiteNCUA Insured

Founded in 1935 as the Peninsular Telephone Employees Federal Credit Union, the now-GTE Financial serves primarily the Tampa, Fla., area. Membership is open to people who live, work, study or worship in the area, primarily in ZIP codes beginning with 336.

You may also qualify through your employer or a family member, but if you don’t, anyone can easily qualify by joining CU Savers — the financial education arm of the credit union — by paying a one-time $10 fee.

During the first 90 days of your membership at GTE Financial, you must build up a combined balance of at least $500 across all your deposit accounts. Otherwise, you risk losing membership.

GTE Financial’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

GTE Financial Regular Share Savings

2.20%

Barclays Online Savings Account

on Barclays’s secure website

NCUA Insured

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
2.00%
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.

LEARN MORE Secured

on GTE Financial’s secure website

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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.

LEARN MORE Secured

on GTE Financial’s secure website

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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.

LEARN MORE Secured

on GTE Financial’s secure website

NCUA Insured

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
0.10%
$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.

LEARN MORE Secured

on GTE Financial’s secure website

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Special Savings

An additional share savings account to set aside money for an independent goal.
APYMinimum Balance to Earn APY
0.10%
$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.

LEARN MORE Secured

on GTE Financial’s secure website

NCUA Insured

Future Change Savings

Round up your purchases to throw extra money at your loans.
APYMinimum Balance to Earn APY
0.10%
$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.

LEARN MORE Secured

on GTE Financial’s secure website

NCUA Insured

Early Saver

GTE Financial offers higher rates for children who save.
APYMinimum Balance to Earn APY
1.99%
$0.01
0.10%
$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.

LEARN MORE Secured

on GTE Financial’s secure website

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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.

LEARN MORE Secured

on GTE Financial’s secure website

NCUA Insured

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.

LEARN MORE Secured

on GTE Financial’s secure website

NCUA Insured

Youth Share Certificate

Teach your child valuable money lessons on the cost of APY.
TermAPY
12 Months0.60%
  • 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.

LEARN MORE Secured

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
0.35%
$2,500
0.45%
$10,000
0.75%
$50,000
1.00%
$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.

LEARN MORE Secured

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 Months1.16%
12 Months1.87%
18 Months2.02%
24 Months2.17%
30 Months2.27%
60 Months2.94%
  • 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.

LEARN MORE Secured

on GTE Financial’s secure website

NCUA Insured

Youth Share Certificate

Low rates on tax-advantaged accounts for children.
TermAPY
12 Months0.60%
  • 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.

LEARN MORE Secured

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 the 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.

Brynne Conroy
Brynne Conroy |

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

TAGS:

Advertiser Disclosure

Reviews

Republic 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, statements 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 Established1982
Total Assets$5.2B
LEARN MORE Republic Bank’s secure websiteMember FDIC

Republic Bank was born in 1977 via an acquisition of an older bank in Shelby County, Ky. Over the years, it has acquired several other local banks and built up a large base in Louisville. It has expanded its reach beyond Kentucky, owning branches in Tennessee, Indiana, Ohio and Florida.

The bank has a strong focus on community service. In 2016, it served hundreds of community organizations and local nonprofits through monetary donations or employee volunteer hours. The bulk of that service happened in the Louisville area, but it spread to its others geographic areas of service, too.

Some — though not all — of Republic Bank’s APY offerings vary by region. This article will provide you with the rates for the ZIP code (40202) where headquarters is located. If you live outside of this ZIP code, be sure to search the rates yourself.

Republic Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Republic Bank Advantage Savings

2.20%

Barclays Online Savings Account

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Republic Bank’s checking account options

Basic Checking

For an account that doesn’t accrue interest, minimum balance requirements are high. There is a waivable maintenance fee, too.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: First two transactions a month at out-of-network ATMs are free and will include a refund for any fees charged by the ATM owner
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

Typically, if you’re not earning interest, it’s nice to not have to pay a monthly maintenance fee. But Basic Checking bears no interest and charges a $7 monthly maintenance fee if your average daily balance falls below $500 or you don’t make 20 point-of-sale (POS) transactions on your debit card beyond ATM use. Republic Bank also charges aggressive overdraft fees on nearly all its deposit accounts, and this one is no exception.

It is nice, though, that Basic Checking allows you to make two free transactions at out-of-network ATMs a month. That means that Republic Bank won’t charge you the normal $3 ATM fee and it will refund any additional charges imposed by the ATM owner. You also get free transactions through the SUM, MoneyPass, Allpoint and Presto! ATM networks.

Another positive feature of this and all other Republic Bank accounts in which you can use a debit card is Purchase Rewards. This program allows you to pre-load cashback offers on your card from specific retailers. Then, when you spend money at the retailer, you will get the advertised amount of cash back refunded to your bank account at the end of the month.

How to get Republic Bank’s Basic Checking account

You can open this account online or in person with your government-issued ID, Social Security number, account funding information and a previous address if you have moved in the past two years. If you are not at least 18 and are not a U.S. citizen or resident alien, you will not qualify for this or any Republic Bank account.

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Easy Checking

If you’re not going to be earning interest, you might as well go with the account without a monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $3 at out-of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

You won’t see those two free ATM refunds per month with Easy Checking, but you also won’t see a monthly maintenance fee or minimum balance requirement. For those who routinely see their checking account dip below $500 or don’t use their debit card often, this is a better option than Basic Checking, as your savings is likely to outweigh the loss of ATM refunds.

Perhaps because of this account’s simplicity, Republic Bank recommends it for college students.

How to get Republic Bank’s Easy Checking account

U.S. citizens and resident aliens 18 and older can open this account in person or online. Be prepared to provide information and documentation such as your government-issued ID, Social Security number, account funding information and your last address if you have moved in the past two years.

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Flex Checking

More ATM refunds, but that doesn’t make up for an extremely low APY.
APYMinimum Balance to Earn APY
0.10%
None
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: First four transactions a month at out-of-network ATMs are free; fees charged by out-of-network ATM owners for the first four out-of-network transactions will be refunded up to $3.50 per transaction
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

Flex Checking is one of the Republican Bank checking accounts that offer interest. Unfortunately, the rate offered is extremely low.

There are other positives to this account, though. You get four free out-of-network ATM transactions a month, including a refund of fees charged by the ATM owner (up to $3.50 a transaction). And while there is a $12 monthly maintenance fee, there are three ways to avoid it, two of which are relatively easy:

  • Maintain an average daily balance of $1,000
  • Receive one direct deposit per month
  • Make 10 POS transactions with your debit card per month

This is an alternative account that Republic Bank recommends for college students.

How to get Republic Bank’s Flex Checking account

If you are a U.S. citizen or resident alien 18 or older, you can open this account with your Social Security number, government-issued ID, account funding information and your last address if you have moved in the past two years. You can do so online or in person.

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Pinnacle Checking

Slightly higher interest with a dramatically higher minimum balance requirement.
APYMinimum Balance to Earn APY
0.10%
$0.01
0.15%
$15,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: All fees charged by out-of-network ATM owners will be reimbursed
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

If you have a lot of money to stash in your checking account, you could earn a slightly higher interest rate with Pinnacle Checking. If you don’t meet the $15,000 minimum balance requirement, though, you’ll end up with rates that look more similar to Flex Checking. You also will pay a $25 monthly fee if you fall below a $5,000 average daily balance.

Neither of these interest rates is competitive. If you have enough money on hand to meet the minimum balance requirements for the higher APY tier, consider keeping it in a savings account or CD at another financial institution, where you’re likely to get a dramatically higher return.

How to get Republic Bank’s Pinnacle Checking account

U.S. citizens and resident aliens 18 or older an open this account in person or online with their Social Security number, government-issued ID, account funding information and their previous address if they have moved in the past two years.

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Military Honors

Fill out more paperwork to open an account with no maintenance fee and no interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: First four transactions a month at out-of-network ATMs are free, and will include a refund of any fees charged by the ATM owner
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

One of Republic Bank’s deposit accounts that doesn’t have a monthly maintenance fee is Military Honors. While there is no maintenance fee, there is also no interest. Your first four transactions at out-of-network ATMs are free — and Republic Bank will reimburse you for any fees charged by the ATM owner — but you still have that overdraft fee that builds upon itself unless you get your account out of the red within a few days.

This account is only open to military members.

How to get Republic Bank’s Military Honors account

Before you can open this account, you must sign the Ready Reserve agreement, which largely outlines Republic Bank’s other military product: The Ready Reserve line of credit. Once you have completed this form, you can submit it and open your account in person.

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Checking Builder

A chance for those with a poor banking history to rebuild.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7.95 to $12.95
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

If you’ve had trouble keeping your account balance positive in the past or have bounced so many checks that your bank kicked you out, your name may appear in ChexSystems. When that happens, it makes it extremely difficult to get back to the traditional financial market. You end up paying all kinds of new fees, including check-cashing fees, fees on prepaid debit cards, etc.

Checking Builder does not offer interest. You may be able to open this account even if you are listed in ChexSystems, opening up a pathway toward establishing a better banking history. Once you’ve done that, you can start worrying about things such as APY.

The account includes a monthly maintenance fee. That fee is $7.95 if you have direct deposit set up or make 20 POS transactions (not including ATM use) with your debit card per month. It’s $12.95 otherwise.

How to get Republic Bank’s Checking Builder account

To open this account, you must meet residency and citizenship requirements. You must also be at least 18. You can apply online or in person with your government-issued ID, Social Security number, account funding information and your previous address if you have moved in the past two years.

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Health Savings Account

An HSA that allows you to make more than six withdrawals a month.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

If you have a high-deductible health plan (HDHP), you have the option to open an HSA. You must not have any other health insurance coverage, and you cannot be claimed as a dependent on anyone’s tax return.

Any money you put into an HSA is tax deductible, and any withdrawals can be made tax-free when you use the money for medical expenses. Most HSAs are savings accounts, but at Republic Bank it is a checking account. That allows you to make more than six withdrawals a month without facing any penalties. If you have a month full of doctor visits, you’ll probably be thankful for this feature.

You’ll also have to keep in mind that you won’t be able to use the debit card associated with this account at an ATM. You’ll only be able to use it to make POS payments.

This account does bear interest at tiered rates, but you will have to contact Republic Bank to find its rates.

How to get Republic Bank’s Health Savings Account

You will have to open this account in person with your health insurance information, government-issued ID, Social Security number and previous address if you have moved within the past two years.

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How Republic Bank’s checking accounts compare

Republic Bank’s checking accounts are not on par with the competition. APY offerings are either too low or nonexistent, and many of the accounts have monthly fees. You can find a much more flexible account that pays a decent interest rate by shopping around for other checking accounts.

But if you have an HSA and are concerned about paying more than six bills a month, the fact that this tax-advantaged account is classified as a checking account at Republic Bank may be appealing to you, regardless of the APY.

Republic Bank’s savings account options

Easy Savings

Extremely low APY distracts from the lack of maintenance fees.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.02%
$100
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance.

The first thing you’ll notice about Easy Checking is its extremely low APY. It is lower than the rates Republic Bank offers on its checking accounts, and those rates weren’t competitive either. While you won’t have to meet any minimum balance requirements to dodge a monthly maintenance fee, that benefit is not strong enough to outweigh the fact that the APY offered on this account is almost nonexistent.

Savings accounts at any financial institution fall under federal Regulation D. This means that you are allowed up to six certain withdrawals per month without incurring a fee from the bank. For this particular account, the fee is $5 for each withdrawal you make after six in any given month.

How to get Republic Bank’s Easy Savings account

Should you decide to open this account, you will be able to apply online or in person with your government-issued ID, Social Security number, account funding information and your previous address if you have moved within the past two years. To qualify, you must be a U.S. citizen or resident alien who is at least 18.

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Advantage Savings

Rates go up compared to Easy Savings, but they are still far from competitive.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.08%
$5,000
0.08%
$25,000
0.08%
$100,000
0.08%
$500,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

While the APY offered on Advantage Savings is higher than what you’ll find with Easy Savings, that doesn’t mean it’s competitive. The exact opposite is true. The difference is dramatically marked when you realize that the higher minimum balance requirements could yield percentage points more if you banked with another financial institution.

This account comes with a $10 monthly fee if your balance falls below $5,000. It also has a $5 excessive withdrawal fee should you make more than six withdrawals a month. It’s less convenient to open as you’ll have to visit the bank in person.

How to get Republic Bank’s Advantage Savings account

You will have to visit a branch to open this account. When you go in, come prepared with your Social Security number, government-issued ID, account funding information and your previous address if you have moved in the past two years. Remember that you’ll need to be a U.S. citizen or resident alien who is at least 18 to qualify.

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How Republic Bank’s savings accounts compare

Check out other savings accounts. You’ll find dramatically higher APY offerings that will help your money grow faster. You’ll also find a wider range of account offerings with different benefits, such as club accounts at credit unions that can help you reach specific savings goals and kids’ accounts that enable you to teach your children about savings at a young age.

Republic Bank’s CD rates

Certificates of Deposit

A limited menu of certificates that don’t have the worst rates ever. But they’re not the best, either.
TermAPY
12 months1.50%
18 months2.50%
36 months2.70%
60 Months2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 5% of the amount you withdraw

CD options are limited at Republic Bank, but the interest rates aren’t the lowest we’ve ever seen. The minimum opening deposit is reasonable, and early withdrawal penalties are easy to calculate on your own, removing some of the friction as you try to make an informed decision about your financial options in a pinch. You can choose to have the interest from your CD compounded within the CD itself or deposited into your checking or savings account.

Republic Bank also offers Certificate of Deposit Account Registry Service (CDARS). Your typical deposit account is going to be covered by Federal Deposit Insurance Corp. (FDIC) insurance, but that coverage only goes up to $250,000. But if you open a certificate with a minimum opening deposit of $500,000, Republic Bank will use CDARS — a system to distribute your one certificate across many accounts — to ensure your entire CD is insured by FDIC coverage.

If you take the CDARS route, you will have the option to negotiate your APY with Republic Bank before opening your certificate.

How to get Republic Bank’s CDs

You will have to visit a branch to open up a CD. Be sure to come prepared with your Social Security number, government-issued ID, account funding information and your previous address if you have moved in the past two years. Accounts at Republic Bank can only be opened by U.S. citizens or resident aliens who are at least 18.

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How Republic Bank’s CD rates compare

While Republic Bank’s certificate rates aren’t the worst around, they’re also not the best. Check out other CDs to ensure you’re getting the best rate possible. There are other offers out there with similar minimum opening deposit requirements, especially when you’re looking at shorter term lengths.

Republic Bank’s money market account option

Money Market

Abysmal APY offerings will leave you wanting to bank elsewhere.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.02%
$10,000
0.02%
$25,000
0.05%
$50,000
0.05%
$100,000
0.05%
$250,000
0.05%
$1,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

Even if this account didn’t come with a monthly maintenance fee for those with lower balances, it wouldn’t be a great option for your money market needs. The interest rates are too low, and that’s the whole idea behind getting a money market account: Higher APY offerings. With this account, you’ll pay $10 a month if you don’t maintain a $1,000 minimum balance.

Money market accounts are a type of savings account, so they fall under Regulation D. While Republic Bank’s regular savings accounts come with a fairly reasonable early withdrawal fee for every withdrawal after six in any given month, the money market account comes with a $20 early withdrawal fee for transactions No. 7 and beyond.

How to get Republic Bank’s Money Market account

U.S. citizens and resident aliens who are 18 and older can open this account online or in person. They will need their government-issued ID, Social Security number, account funding information and previous address if they have moved within the past two years.

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How Republic Bank’s money market account compares

Money market accounts traditionally offer higher APYs than normal savings accounts. While the gap has gotten smaller in recent years, that’s no excuse for Republic Bank’s rates. They are so low that the money market competition is ahead of it by entire percentage points. You could open a regular savings account with another financial institution and still be earning at least a couple percentage points more in interest.

Republic Bank’s IRA account options

IRA CDs

The same APY offerings as you’ll find outside an IRA make this CD a middle-of-the-road option.
TermAPY
12 months1.50%
18 months2.50%
36 months2.70%
60 months2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 5% of the amount you withdraw

Republic Bank offers the same rate on certificates inside an IRA as those outside an IRA. While these rates are not horrible, they do fail to hold up to the competition. Many of these competitive outside financial institutions give IRA CDs a bit of an APY boost, while Republic Bank does not.

It is also important to note that regardless of where you bank, early withdrawal penalties are not the only thing you need to worry about when you hold your CD inside an IRA. You also have to consider that the IRS will impose taxes and fees upon any withdrawal you make before you turn 59 ½.

How to get Republic Bank’s IRA CDs

You must open this account in person. Be sure to bring your government-issued ID, Social Security number, account funding information and your previous address if you have moved in the past two years.

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How Republic Bank’s IRA CD rates compare

The longer the term length, the more competitive Republic Bank’s IRA CDs get. But they do not come out on top, even over a 60-month term. Because a certificate is already an extremely conservative portfolio holding, you want to be sure to maximize your returns by looking for the best IRA CD offers on the market.

Overall review of Republic Bank’s banking products

Republic Bank’s extremely low rates on checking, savings and money market accounts make these options worth passing by. Even across deposit accounts where this bank is more competitive, such as certificate products, its offers are not attractive enough to pass by other financial institutions. When you’re shopping for deposit accounts, it’s safe to say that Republic Bank is not your best bet for the best APY offerings. There are lots of other options out there. Explore them.

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Brynne Conroy
Brynne Conroy |

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

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