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Bank of China 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.

Bank of China’s checking account options

Regular Personal Checking

This account bears no interest and comes with a pesky monthly maintenance fee if you don’t meet minimum balance requirements.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10, if your balance falls below $1,000
  • ATM fee: None
  • ATM fee refund: First 2 ATM fees charged by outside ATM owners per month will be refunded as long as you maintain a $1,000 balance.
  • Overdraft fee: None. You will not be able to overdraw your account. If you do not have enough money for a transaction, that transaction will be declined.

Regular Personal Checking is the only Bank of China deposit account that does not pay interest. That would be fairly standard if the account were fee-free, but it’s not. If you do not maintain the required minimum balance, which is quite high for a checking account that doesn’t bear interest, you will have to pay a monthly fee.

This account is nearly identical to the Personal Checking NOW account, which does bear interest. If you’re going to meet the minimum balance requirements anyway, you may as well skip Regular Personal Checking and jump to the account that actually offers an APY.

How to get Bank of China’s Regular Personal Checking Account

To open this account, you will need to bring in two forms of personal ID to one of the bank’s two branches in New York City. You will fill out some paperwork, which will be reviewed over the course of one to two weeks. At that point, if you are approved to open an account, you will provide the initial deposit.

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Personal Checking NOW

This checking account bears interest, although it is a small amount.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 if your balance falls below $1,000
  • ATM fee: None
  • ATM fee refund: First 2 ATM fees charged by outside ATM owners per month will be refunded as long as you maintain a $1,000 balance.
  • Overdraft fee: None. You will not be able to overdraw your account. If you do not have enough money for a transaction, that transaction will be declined.

Similar to the Regular Personal Checking account, Personal Checking NOW also comes with a monthly maintenance fee with a fairly high minimum balance requirement for a checking account. The minimum opening deposit is also the same, along with the ATM fee refund policy for your first two transactions per month at outside ATMs.

However, this account pays interest. That’s the good news. The bad news is that the APY is extremely low. Interestingly, the minimum required balance to earn that APY is far lower than the minimum required balance to avoid the monthly maintenance fee and gain the ATM fee refund benefit. That means you could potentially continue earning interest even while paying penalty fees. The rate is so low, though, that the APY won’t make up for the fees you’ll incur. It’s better to make sure you maintain the higher of the two minimum balance requirements.

How to get Bank of China’s Personal Checking NOW Account

As with all of Bank of China’s American accounts, you will not be able to open this account online. Instead, you’ll have to take in two forms of ID to one of its New York City branches and be willing to wait one to two weeks for account approval.

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How Bank of China’s checking accounts compare

Because the biggest difference between Regular Personal Checking and Personal Checking NOW is the fact that the latter offers interest, we will look only at that account in this comparison. There’s not much incentive to open Regular Personal Checking.

Personal Checking NOW offers a very low APY, which isn’t all that uncommon for brick-and-mortar financial institutions. At online-only institutions like the ones on our list of best checking accounts, you can find far higher rates with smaller fees and lower minimum balance requirements.

Bank of China’s savings account options

Statement Savings

This low-interest savings account pays an identical APY to Personal Checking NOW.
APYMinimum Balance to Earn APY
0.05%
$100
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $10 if your balance falls below $500
  • ATM fee: None
  • ATM fee refund: First 2 ATM fees charged by outside ATM owners per month will be refunded as long as you maintain a $500 balance.
  • Overdraft fee: None. You will not be able to overdraw your account. If you do not have enough money for a transaction, that transaction will be declined.

Usually, savings accounts pay a higher APY than checking accounts, whether your bank is brick-and-mortar or online. It’s a little odd that Bank of China’s Statement Savings pays a rate identical to that of Personal Checking NOW. Minimum balance requirements are far lower, though, which is a bit ironic as ideally, you’d be storing more money in your savings account than your day-to-day checking.

Savings accounts in the U.S. are subject to federal Regulation D. This rule allows you to make up to six certain transfers or withdrawals per month from your savings account before Bank of China charges an excessive withdrawal fee of $10 per withdrawal or transfer, thereafter.

How to get Bank of China’s Statement Savings

To open this account, you will need to bring two forms of ID in to one of the New York City branches. You will then need to wait one to two weeks for account approval as the paperwork is filed.

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How Bank of China’s savings accounts compare

If Bank of China is lagging behind in interest rates for checking accounts, they’re getting lapped by the competition for rates on savings accounts. You can find significantly higher rates on our list of the best savings accounts, and most of these alternatives will allow you to apply for your account online, eliminating the waiting period and giving you access to your new account right away.

Bank of China’s CD rates

Certificates of Deposit

Extremely low interest rates ruin an otherwise reasonable product.
TermAPY
 1 Month0.10%
2 Months0.10%
3 Months0.10%
6 Months0.21%
9 Months0.21%
12 Months0.38%
24 Months0.63%
30 Months0.63%
48 Months0.91%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Penalty on terms less than 24 months is 30 days’ worth of interest; terms of 24 months of more incur a penalty equivalent to 90 days’ worth of interest.

At first glance, Bank of China’s CDs are fairly standard. The minimum opening deposit requirement isn’t outlandish, and penalties are fair given similar fees charged by its competitors.

But when you start looking at APY offerings, these CDs fall apart. Rates are extremely low, making this difficult-to-open account not worth the hassle. You can find higher rates elsewhere, and you can find them at financial institutions that will not require you to visit a branch in order to open your account.

How to get Bank of China’s CDs

To open a CD, you’ll need to visit one of Bank of China’s two locations in New York City. Bring along two forms of ID and be prepared to wait one to two weeks for the paperwork to be filed.

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Super Time Deposit CDs

These special offers are nothing to write home about.
TermAPY
 6 Months0.24%
9 Months0.24%
12 Months0.41%
24 Months0.69%
30 Months0.69%
48 Months1.00%
  • Minimum opening deposit: $5,000 for terms through 24 months; $10,000 for terms of 30 months and higher.
  • Minimum balance amount to earn APY: $5,000 for terms through 24 months; $10,000 for terms of 30 months and higher.
  • Early withdrawal penalty: Penalty on terms less than 24 months is 30 days’ worth of interest; terms of 24 months of more incur a penalty equivalent to 90 days’ worth of interest.

Special Time Deposit CDs are meant to be Bank of China’s “specials.” For depositing a larger amount of money, you’ll be rewarded with a higher APY.

The problem is that the APY isn’t that much higher, yet the minimum required balance and deposit amounts are dramatically so. For upping your initial investment by $4,000 at the 6-month tier, you are rewarded with only a 0.03% rate bump over Bank of China’s regular CD. The greatest rate bump you’d see is only 0.09% over the regular CD if you invest an additional $9,000 off the bat on a 48-month term.

Grace periods on all of Bank of China’s CDs are 10 days. That means after your CD reaches maturity at the end of your term, you will have ten days to withdraw your money. If you do not, the money will be automatically renewed into a new CD of the same term length.

How to get Bank of China’s Special Time Deposit CDs

You will have to visit one of the two New York City branch locations with two forms of ID in order to open this account.

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How Bank of China’s CD rates compare

When you’re locking away your money for a set period of time, you want to make sure you’re getting the highest return possible. Bank of China does not allow you to do that. Instead, you’ll want to turn to our list of the best CD rates, which repeatedly beats Bank of China’s rates by entire percentage points, helping you grow your money at a faster clip.

Bank of China’s money market account options

Money Market Account

A money market account should not have the same APY offering as a checking account, yet this one does.
APYMinimum Balance to Earn APY
0.05%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 if your balance falls below $1,000
  • ATM fee: None
  • ATM fee refund: First 2 ATM fees charged by outside ATM owners per month will be refunded as long as you maintain a $1,000 balance.
  • Overdraft fee: None. You will not be able to overdraw your account. If you do not have enough money for a transaction, that transaction will be declined.

In the past, you could expect a higher APY from a money market account than a basic savings account. The difference has shrunk in recent years as online-only banks have made their savings accounts extremely competitive, even putting some money market accounts to shame.

But there is very little excuse for a money market account paying the same amount of interest as a checking account. This is exactly what you’re getting when you open a Money Market Account from Bank of China.

Whenever you open a money market account, it’s important to remember that it’s subject to Regulation D, just like savings accounts. At Bank of China, that means that if you make more than six withdrawals/transfers per month, you will be charged by the bank an excessive withdrawal fee of $10 with each occurrence.

How to get Bank of China’s Money Market Account

Those who choose to open a Money Market Account at Bank of China will have to visit one of its two physical branches in New York City, prepared with two valid forms of ID.

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How Bank of China’s money market accounts compare

Bank of China’s Money Market Account does shine in some respects: its minimum balance and deposit requirement. There are only a handful of competitive accounts which have such low requirements.

However, among those handful of accounts on our list of best money market accounts, you will find significantly higher APY offerings. With an interest rate identical to its bank’s checking account, this money market account simply doesn’t hold up to the competition.

Bank of China’s IRA account options

IRA CD rates

Extremely low APY offerings on an already conservative investment.
TermAPY
 1 Month0.10%
2 Months0.10%
3 Months0.10%
6 Months0.21%
9 Months0.21%
12 Months0.38%
24 Months0.63%
30 Months0.63%
48 Months0.91%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Penalty on terms less than 24 months is 30 days’ worth of interest; terms of 24 months of more incur a penalty equivalent to 90 days’ worth of interest.

Bank of China’s CD rates are the same whether they’re inside an IRA or not. While this isn’t incredibly uncommon, there are financial institutions out there which offer a rate bump when you open this account inside an IRA. An IRA CD is already a conservative investment, so you want to make sure you’re getting the most bang for your buck.

The IRA CD problems are further compounded by the fact that CD rates weren’t great to begin with. Even for certificates outside of an IRA, Bank of China’s APY offerings are not competitive.

On all IRA CDs, you want to remember that on top of any penalties charged by the financial institution, you are also likely to incur penalties and fees from the IRS if you withdraw your money before the age of 59 1/2.

How to get Bank of China’s IRA CDs

Bank of China’s cumbersome account application process actually isn’t out of the norm here. Most financial institutions are going to either require that you visit a branch in person or mail in your application. So while you will have to present in person at one of the two New York City branches, this process won’t look so different from your available application options at most financial institutions.

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How Bank of China’s IRA CD rates compare

Bank of China’s APY offerings on IRA CDs don’t come close to the best offers on the market. In fact, its highest rate, which is offered on a 48 month term, is almost an entire percentage point lower than the competitions’ best offering on an IRA CD with a 3 month term. Shop around on our list of the best IRA CD rates. You’re sure to find better rates elsewhere.

Overall review of Bank of China’s banking products

Currently, Bank of China’s deposit account offerings in the United States are not competitive. The rates offered are simply too low. These rates have not been updated since 2016, so it will be interesting to see if this financial institution gets more competitive in the U.S. when it finally does reevaluate its interest rate offerings.

Another problematic issue with the current setup is that travel to New York City must be convenient for you in order to open an account. Because all applications must be filed in person, the fact that there are only two Bank of China branches in one city that can file these applications is a major hurdle. It also makes things inconvenient as the paperwork takes far longer to file than electronic applications found at other financial institutions.

Bank of China isn’t the best banking option when you’re shopping for deposit accounts in the United States. It would take online applications becoming available, additional branches opening and interest rates rising for that statement to change.

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

STCU 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.

STCU’s checking account options

Standard Checking

A free checking account that bears no dividends.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 to $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $29

As far as free checking accounts go, STCU’s option is about as free as it gets. There’s no minimum required to open the account and no monthly maintenance fee. Those 55 and older get a free box of checks if a certain direct deposit is set up. Fees are only incurred if you use an out-of-network ATM or overdraw your account.

There is a downside to all this, though. You will not earn any dividends on this account. That might not be a huge deal if you’re just looking for a low-cost way to do your day-to-day banking, but if you’re trying to earn as high of an APY as possible, this is not the account for you.

How to get STCU’s Standard Checking account

You can open this account online or at a branch. You will need a government-issued ID and your Social Security number.

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on STCU’s secure website

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Dividend Checking

High dividends on low balances. Don’t keep your balance too low, or you’ll have to pay a monthly fee.
APYMinimum Balance to Earn APY
0.75%
$0.01
0.10%$5,000.01
0.15%$10,000.01
0.25%$25,000.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5 if your average balance falls below $2,500
  • ATM fee: $2 to $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $29

If you want to earn dividends on your checking, the aptly named Dividend Checking may be a better account for you. The highest dividends are paid for the lowest balances, which should work great for the average person. Checking is often the account that has the lowest balance because you’re always using it. The rates offered by STCU at the lowest tier are indeed competitive.

But you don’t want to keep your balance too low. If your average balance falls below $2,500, you will be subject to a $5 monthly maintenance fee.

How to get STCU’s Dividend Checking account

You can open this account at a branch or online. Come prepared with your government-issued ID and Social Security number.

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on STCU’s secure website

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How STCU’s checking accounts compare

As far as Standard Checking goes, STCU’s rates are nonexistent. This is a big mark against it. While it is free from many common fees, you’ll be able to find the same lack of fees on competitors’ checking accounts, which offer dividends or interest.

Dividend Checking fares much better. At its lowest tier, this account earns competitive dividends. The biggest red flag is the monthly maintenance fee, though you can avoid it by keeping a close eye on your balance throughout the month.

If neither of these accounts feels like the right fit for you, don’t forget that you can shop around. STCU is somewhat competitive in this category, but its rates and lack of fees are not unbeatable by any means.

STCU’s savings account options

Standard Savings

A run-of-the-mill savings account with a low APY offering.
APYMinimum Balance to Earn APY
0.15%$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $2 to $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $29

Standard Savings is just that: standard. While it does not come with a monthly maintenance fee and there are no minimum balance requirements to earn dividends, those dividends are low. They are what you would expect from a brick-and-mortar financial institution. Online-only banks tend to offer higher rates as they have less overhead costs.

Don’t lose heart, though. STCU pulls out all the stops for the next savings account. Keep reading!

How to get STCU’s Standard Savings account

Should you choose to open this account, you can get started with the process online or at a branch. You will need your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

First5 Savings

Don’t get too excited by the crazy high APY since it only applies to your first $500 of savings.
APYMinimum Balance to Earn APY
5.09%$0.01
0.15%$500.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $2 to $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $29

First5 Savings offers one of the highest APYs we’ve seen on any deposit account. It’s phenomenal. Those phenomenal rates do come with a catch, though: They’re only applicable if your balance is $500 or less. That means if you were thinking about using this account to stash a healthy emergency fund, it won’t pay those higher dividends.

For those with lower balances, though, you could see your money grow with this account. You could take advantage of this account and its high APY offering until you hit that magic $500 number, transfer most of your money to another high-yield savings account that offers competitive interest rates on higher balances and keep a small amount in this account, allowing it to grow again. Note that each individual can only open one of these accounts.

First5 Savings — and Standard Savings, for that matter — fall under federal Regulation D. This regulation makes it so that you are limited up to six certain withdrawals from any savings account in any given statement cycle. The first three times you violate this rule, you will be charged a $5 fee. Subsequent excess withdrawals will cost $15.

How to get STCU’s First5 Savings account

You can open your account online or in person with your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

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How STCU’s savings accounts compare

While STCU’s Standard Savings rates aren’t anything to write home about, the credit union more than makes up for it with First5 Savings. With astronomical dividends, you are highly unlikely to find another financial institution that even comes close to this APY offering.

Because that great rate is only offered on low balance amounts, though, you may want to shop around at other institutions for savings accunts with high rates and no balance requirements. A healthy emergency fund should be much larger than the $500 limit for First5’s fantastic rates, so storing your money elsewhere might make more sense despite a lower APY depending on your situation.

STCU’s CD rates

Standard Certificates

While dividend rates on these certificates aren’t sky-high, these CDs do offer another perk which might pique your interest.
Minimum Opening DepositTermAPY
$5006-12 months0.25%
$2,0006-12 months0.50%
$10,0006-12 months0.50%
$25,0006-12 months0.50%
$50,0006-12 months0.50%
$100,0006-12 months0.50%
$50012-24 months0.25%
$2,00012-24 months1.76%
$10,00012-24 months1.76%
$25,00012-24 months1.76%
$50,00012-24 months1.76%
$100,00012-24 months1.76%
$50024-36 months0.25%
$2,00024-36 months1.81%
$10,00024-36 months1.81%
$25,00024-36 months1.81%
$50,00024-36 months1.81%
$100,00024-36 months1.81%
$50036-48 months0.25%
$2,00036-48 months1.87%
$10,00036-48 months1.87%
$25,00036-48 months1.87%
$50,00036-48 months1.87%
$100,00036-48 months1.87%
$50048-60 months0.25%
$2,00048-60 months1.92%
$10,00048-60 months1.92%
$25,00048-60 months1.92%
$50,00048-60 months1.92%
$100,00048-60 months1.92%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies depending on desired APY
  • Early withdrawal penalty: 90 days worth of dividends for six to 12 month CDs; 180 days worth of dividends for all other certificates

APY offerings on STCU’s Standard Certificate aren’t anything groundbreaking. They’re not the worst rates around, but there are several other financial institutions willing to pay you more in the way of dividends or interest.

One fairly unique aspect of these Standard Certificates, though, is that you can add anywhere from $25 to $5,000 to your balance every month. Many certificates will not allow you to top off the principal like this. There are few certificate products that allow you to add money to your initial opening deposit.

How to get STCU’s Standard Certificates

You can open a Standard Certificate online or at a branch. Bring your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

Jumbo Certificate

Quick returns for those with substantial liquid cash.
TermAPY
1-3 months

0.35%
  • Minimum opening deposit: $98,000
  • Minimum balance amount to earn APY: $98,000
  • Early withdrawal penalty: All dividends

It costs a pretty penny to open a Jumbo Certificate, but that’s generally true at all financial institutions, not just STCU. The unique thing about this particular certificate is that the term is extremely short. While the APY isn’t incredibly high, the gains you’ll see over a short period are fairly impressive because of the required size of your initial deposit.

How to get STCU’s Jumbo Certificate

You can open your Jumbo Certificate online or in person with your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

Bump Rate Certificate

It’s a good thing you can take advantage of future rates with this certificate, because its APY offering isn’t overly impressive.
TermAPY
18 months1.76%
  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty: 180 days worth of interest

As with Standard Certificates, STCU’s Bump Rate Certificate allows you to deposit anywhere from $25 to $5,000 a month into your certificate’s balance. The certificate has an added advantage, though. While its initial APY offering isn’t on par with the competition, you can choose to bump it up once during your 18 month term.

For example, let’s say that, over the next six months, STCU raised the interest rate on its Bump Rate Certificate by a percentage point. You’d be disappointed because you opened your certificate when rates were significantly lower. But because it’s a Bump Rate Certificate, you could choose to take advantage of the new rate. Keep in mind that you can only do this once over the life of your certificate.

There are no promises that rates will rise, especially as dramatically as an entire percentage point. But if they do go up, you’ll be able to take advantage.

How to get STCU’s Bump Rate Certificate

You can open this certificate online or in person with your Social Security number and government-issued ID.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

President’s Premium Certificate

Uncompetitive rates on a certificate you can’t top off.
TermAPY
30 months2.07%
  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: 180 days worth of interest

Let’s get straight to it: The rates on the President’s Premium Certificate are not competitive. While this dividend offering is not the worst on the market, it does fall shy of the top competitors. It can be difficult to keep up with the competition on 30 month CDs. Many times — though not all the time — this term is reserved for short-term promotional specials.

Regardless of who STCU is competing with over this term, you’ll be able to secure higher rates elsewhere. It’s also important to note that you cannot make any additional deposits after you initially open this certificate.

How to get STCU’s President’s Premium Certificate

Should you choose to open this certificate, you can do so online or in person with your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

5-Year Certificate

These rates look high until you start considering what the competition has to offer.
TermAPY
60 months2.07%
  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty: 180 days worth of interest

If you’re going to open a 60 month CD with STCU, you’d be much better off opening the 5-Year Certificate rather than the Standard Certificate. You will still be able to make additional contributions between $25 and $5,000 a month, and you will need a little more to initially open the account. But the difference in APY is worth noting.

Also worth noting is that while the 5-Year Certificate’s dividend rate is high when compared to other STCU certificates, it’s not as impressive when you start comparing it to CDs offered by other financial institutions. You can find markedly better rates elsewhere.

How to get STCU’s 5-Year Certificate

Open this account online or in person with your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

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How STCU’s CD rates compare

The rates offered on STCU’s certificate products aren’t the worst around, but they’re hardly the best. If you want your money to grow as quickly as possible, there are other better CD options out there.

You may find yourself in a unique situation where these certificates are attractive above all others. For example, if you have a large sum of money that you’ll need in a few months, but you can afford to freeze it until then, you stand to see significant gains with Jumbo Certificates, even if the actual APY isn’t incredibly impressive. You may like the idea of the Bump Rate Certificate, and are willing to take the risk of lower dividends now to potentially see a higher rate later.

But under most circumstances, the competition outshines STCU. In these cases, you’ll want to shop around.

STCU’s money market account options

Money Market

Low rates on what should be a higher-yield account.
APYMinimum Balance to Earn APY
0.10%$0.01
0.15%$2,500
0.20%$10,000
0.20%$25,000
0.30%$50,000
0.30%$75,000
0.30%$100,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $2 to $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $29

Money market accounts have traditionally rewarded higher balances with higher rates than traditional savings accounts. The divide between the two had lessened since the birth of online-only banks, which offer high rates even on basic savings accounts. But the basic idea still holds true.

Unfortunately, STCU’s money market rates are extremely low. If the entire point of opening an account like this is to take advantage of a higher APY, you’re better off taking your money elsewhere.

Money market accounts, like savings accounts, fall under Regulation D. With STCU, you can make as many withdrawals as you want in person, but other certain withdrawals will be limited up to six a month. If you violate this rule, you will be charged a $5 fee the first three times, and a fee of $15 every time you make an excessive withdrawal after that.

How to get STCU’s Money Market account

You can open this account online or in person. You will need your Social Security number and government-issued ID to do so.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

President’s Premium Money Market

The rates get higher, but still not high enough to be competitive.
APYMinimum Balance to Earn APY
0.15%$0.01
0.50%$25,000
0.50%$50,000
0.50%$75,000
1.00%$100,000
1.00%$150,000
1.00%$200,000
1.26%$250,000
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $2 to $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $29

The President’s Premium Money Market account does offer higher rates than the standard Money Market account. You also need a bigger chunk of change to initially open it, though.

And just because it beats STCU’s other option doesn’t mean it’s the best option on the marketplace. You can get higher rates on money market accounts elsewhere. You could even get higher rates on a standard savings account elsewhere, for that matter.

How to get STCU’s President’s Money Market account

You can open this account online or in person. Be prepared with your Social Security number and government-issued ID.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

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How STCU’s money market accounts compare

These money market accounts can’t compete with the best money market offers on the market. Dividends are so low that they aren’t even competitive with regular savings accounts, nonetheless money market accounts.

STCU’s IRA account options

IRA CD rates

Tiered Certificate IRA

A conservative portion of your retirement portfolio offering lower rates than the competition.
Minimum Opening DepositTermAPY
$5006-12 months0.25%
$2,0006-12 months 0.50%
$10,0006-12 months0.50%
$25,0006-12 months0.50%
$50,0006-12 months0.50%
$100,0006-12 months0.50%
$50012-24 months0.25%
$2,00012-24 months1.76%
$10,00012-24 months1.76%
$25,00012-24 months1.76%
$50,00012-24 months1.76%
$100,00012-24 months1.76%
$50024-36 months0.25%
$2,00024-36 months1.81%
$10,00024-36 months1.81%
$25,00024-36 months1.81%
$50,00024-36 months1.81%
$100,00024-36 months1.81%
$50036-48 months0.25%
$2,00036-48 months1.87%
$10,00036-48 months1.87%
$25,00036-48 months1.87%
$50,00036-48 months1.87%
$100,00036-48 months1.87%
$50048-60 months0.25%
$2,00048-60 months 1.92%
$10,00048-60 months1.92%
$25,00048-60 months1.92%
$50,00048-60 months1.92%
$100,00048-60 months1.92%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies depending on desired APY
  • Early withdrawal penalty: Penalties on certificates with six to 12 month terms are 90 days worth of dividends; all other certificates carry penalties equal to 180 days worth of interest

When you’re saving for retirement, you usually have some mix of conservative and riskier investments. An IRA certificate is definitely far toward the conservative end of that spectrum.

Because of that, you want to make sure you’re getting the highest rates possible. This is a predictable investment, but that doesn’t mean you should compromise on dividends. To open one of these certificates with STCU would constitute a compromise, as you can find far better rates elsewhere with the same minimum initial deposit requirements.

How to get STCU’s Tiered Certificate IRA

To open this account, you must visit a branch with you Social Security number and government-issued ID.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

Bump Rate IRA Certificate

Low rates off the bat dull the advantage of bumping up.
TermAPY
18 months1.76%
  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty: 180 days worth of interest

If the Bump Rate Certificate’s dividends were low outside an IRA, they’re even less competitive inside your retirement account. Rates tend to be slightly higher on IRA CDs than regular CDs. You could still take advantage of future APY bumps over the course of your 18 month certificate.

How to get STCU’s Bump Rate IRA Certificate

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

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

President’s Premium IRA Certificate

Middle-of-the-road rates make this certificate easy to look over.
TermAPY
30 months2.07%
  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: 180 days worth of interest

The rates on this certificate weren’t great outside an IRA account, and they don’t get any better when they’re inside. While you can certainly find worse offers out there, you can also find far better. If you choose to open this certificate anyways, remember that there is a much larger initial deposit requirement than there is for Tiered IRA Certificates.

How to get STCU’s President’s Premium IRA Certificate

You can open this certificate at a branch. Bring your Social Security number and government-issued ID.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

5-Year IRA Certificate

Find higher rates elsewhere to watch your money grow at a faster clip.
TermAPY
60 months2.07%
  • Minimum opening deposit: $2,000
  • Minimum balance amount to earn APY: $2,000
  • Early withdrawal penalty: 180 days worth of interest

Again, this certificate doesn’t offer the worst rates around, but STCU’s competitors do offer higher rates. Remember how inherently conservative certificates are before opting to open one with less-than-optimal rates.

How to get STCU’s 5-Year IRA Certificate

You can open this certificate only by visiting a branch. Prepare for your visit by gathering your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

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How STCU’s IRA CD rates compare

Especially because certificate rates at STCU are identical whether they’re found inside or outside an IRA, the rates on these certificates are not overly competitive. Many financial institutions will boost their rates a little when they offer certificates inside an IRA, but STCU is not one of them. Shop around for better IRA CD rates elsewhere.

IRA Savings

You get some interest, but there are way better options out there.
APYMinimum Balance to Earn APY
0.30%$0.01
0.40%$6,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None

If IRA CDs are toward the conservative end of portfolio holdings, IRA savings accounts are as conservative as it gets. Just because your money isn’t sitting in a risky investment doesn’t mean you should expect great returns, though. Unfortunately, STCU fails to deliver those returns. If you shop around, you will be able to find APY offerings that are more than five times what STCU is offering — even on its highest dividend tier.

How to get STCU’s IRA Savings account

Open this account by visiting an STCU branch. Bring your government-issued ID and Social Security number.

LEARN MORE Secured

on STCU’s secure website

NCUA Insured

Overall review of STCU’s banking products

STCU is a transparent credit union, which is a good thing for consumers whether rates and fees are good or bad. This credit union has a little bit of both.

On the good end, you’ll find Dividend Checking with competitive rates on low balances. You’ll also find First5 Savings, which offers out-of-this-world dividend rates on the first $500 you save. But you’ll find money market accounts with extremely low APY offerings, along with certificates that have middle-of-the-road (or low) rates.

The best way to pursue a relationship with STCU will depend on what you’re looking for. If you are working with small amounts of liquid cash to put into your deposit accounts, you’ll likely find at least one account that works to your advantage. Those with higher balances may find better offers elsewhere.

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

Brynne Conroy
Brynne Conroy |

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

Advertiser Disclosure

Reviews

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

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

Idaho Central Credit Union’s checking account options

Free Checking

The most basic of Idaho Central Credit Union’s no-fee checking accounts.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Free Checking derives its name from its lack of maintenance fees. You still have to pay overdraft fees if you overdraw. You also still have to pay ATM fees should you choose to use an ATM that is not in the COOP network.

Free Checking does not bear any dividends. In fact, all but one of Idaho Central Credit Union’s checking accounts have an APY of 0%.

How to get Idaho Central Credit Union’s Free Checking Account

You can open this account online or in person by presenting your government-issued ID, and the account and routing number of the account you’ll be using to fund your initial deposit.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Go Green! Checking

A lack of ATM fees and a discount on your safe deposit box are your rewards for choosing eco-friendly banking.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35

Like Free Checking, Go Green! Checking also bears no dividends. However, it does reward you for banking digitally. In exchange for setting up direct deposit and opting to receive your statements electronically as a part of establishing this account, Idaho Central Credit Union waives your fees at non-COOP ATMs — a feature unique to this account. You can also get half off when renting a safe deposit box for a year as a reward for eco-friendly banking.

If at any point you refuse e-Statements or discontinue direct deposit, you will be charged a $6 fee every month.

How to get Idaho Central Credit Union’s Go Green! Checking

Open this account online or in person. Be prepared to provide your ID and funding account information.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Money Market Checking

Idaho Central Credit Union’s lone checking account offering dividends. Unfortunately, those dividends are low.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$25,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10 if your balance falls below $2,500
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Typically, money market accounts are savings accounts. The potential problem with a savings account is that financial institutions are federally mandated to limit you to six certain debits per month. By providing a money market checking account, Idaho Central Credit Union allows you to circumvent that restriction without penalty.

However, money market accounts usually pay higher dividends. The dividends on this account are paltry. You should absolutely look elsewhere if you’re seeking a money market account that earns more than your typical savings account.

How to get Idaho Central Credit Union’s Money Market Checking

You can open this account online or in person with your ID and funding account information.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Starter Checking

A checking account for teens that financially rewards word-of-mouth advertising.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Idaho Central Credit Union encourages teens ages 12 through 17 to solidify their financial education by opening a Starter Checking account. This account looks similar to other checking accounts offered by Idaho Central Credit Union in terms of fees and lack of dividends, but it differs in its lower minimum opening deposit requirement. It also rewards teenagers for referring their friends to open a checking account with a $25 referral bonus per friend.

How to get Idaho Central Credit Union’s Starter Checking Account

To open this account, you will need to accompany your teen to your local Idaho Central Credit Union branch.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Classic Checking

A checking account for those age 50+ with free checks and a discount on safe deposit box rentals.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Built specifically for those ages 50 and over, Classic Checking again has very similar features to most of Idaho Central Credit Union’s other checking accounts. Minimum opening deposits, fees and lack of dividends remain the same. However, you will be rewarded with two free books of checks each year with this account, along with a 50% discount on a year’s rental of a safe deposit box.

How to get Idaho Central Credit Union’s Classic Checking

You can open this account in person or online with your ID and funding account information.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s checking accounts compare

While checking accounts in general are not known for impressively high dividend or interest rates, it is rare to see a financial institution offer zero dividends on nearly all of its checking account options. If you’re interested in the perks, such as the referral bonus for teens, safe deposit box discounts or free checks, you may find the pros outweigh the cons depending on which accounts you qualify for.

But overall, those looking for the highest yields should consider these top checking accounts instead.

Idaho Central Credit Union’s savings account options

Share Savings

This account is required in order to establish membership at Idaho Central Credit Union.
APYMinimum Balance to Earn APY
0.10%
$300
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $300
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

You will need $30 to become a member of Idaho Central Credit Union, with $25 of it going to your share savings account, and the remaining $5 paying a one-time membership fee. This account is the first account you will open at Idaho Central Credit Union, and maintaining it secures your membership and eligibility for all other accounts. If your balance falls below $25, your membership will be put in jeopardy. Even if you’re not over-the-moon excited about the low dividend rate, you need to have this account.

Savings accounts fall under Regulation D — a federal mandate that limits up to six certain debits per month. Some financial institutions will close your account or convert it to a checking account if you make more than the maximum amount of withdrawals, but when we spoke with Idaho Central Credit Union on Oct. 30, 2018, the only consequence is a $2 fee charged each time you make an excessive withdrawal. This same rule applies to all of its savings accounts.

How to get Idaho Central Credit Union’s Share Savings

The first time you open an account at Idaho Central Credit Union, it is highly recommended that you visit in person with your photo ID. However, you can also open this account online.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Choice Savings account

Save for something special, but be sure not to make more than two withdrawals per year.
APYMinimum Balance to Earn APY
0.10%
None
0.20%
$1,500
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

At other credit unions, Choice Savings may be referred to as a “club” account. Usually club accounts will come with a specific end date, and then distribute your savings into your checking account. This makes saving for things like holiday shopping or vacation easier.

Choice Savings has a similar end goal: allowing you to save for holiday shopping, travel or other life events. However, instead of coming with an end date, it allows you to make two withdrawals per year. Every withdrawal after that is accompanied by a $25 fee.

How to get Idaho Central Credit Union’s Choice Savings account

You can open this account online or in person with your photo ID.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Health Savings Account

Save money for health care expenses with tax-deductible deposits.
APYMinimum Balance to Earn APY
0.20%
$0.01
0.30%
$2,500
0.45%
$25,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Annual account maintenance fee: $30
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

If you have a High Deductible Healthcare Plan (HDHP), you can open up a Health Savings Account (HSA). There are limits for this account, which Idaho Central Credit Union spells out in its brochure.

Contributions to this account are tax-deductible, and if you use the money to pay health care expenses, you won’t have to pay any taxes on it when you make a withdrawal. You can make five of these withdrawals per month via check, or unlimited withdrawals with the account’s accompanying VISA card. It’s important to note that there is a maintenance fee on this account. It isn’t monthly, but rather annual.

How to get Idaho Central Credit Union’s HSA

You will have to schedule an appointment and visit a branch in person in order to open this account.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Central Cents Savings account

Round up your purchases to the nearest dollar to build up your savings.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

With this unique savings account, the purchases you make day to day will be rounded up to the nearest dollar. Then the change will be sent to your Central Cents Saving account. So if you spent $20.82 on gas, an additional $0.18 would be sent to your savings. While this account does not earn a competitive APY, it does build a savings habit without you even having to think about it. Go over the limit of six debits a month, and you’ll be looking at a $2 fee per excessive debit.

How to get Central Cents Savings account

You can open this account online or in person with your government-issued ID and information for the banking account with which you would fund your account.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Youth Savings account

Two names for identical accounts, both for children under 18.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$300
0.15%
$1,500
  • Minimum opening deposit: $5-$25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

The name of this account will change depending on your child’s age. If your child is 0-11, it is called the Share Bear Savings Account. If your child is 12-17, it is known as Starter Savings. The minimum opening deposit on the Share Bear account is $5, while Starter Savings must be opened with a $25 deposit. Both accounts offer the same dividends and have the same fees. They both also offer the opportunity to enter quarterly drawings when your child gets at least one “A” on their report card and/or deposits $10 into their account .

How to get Idaho Central Credit Union’s Youth Savings account

You will need to visit your local branch with your child in order to open this account.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s savings accounts compare

Idaho Central Credit Union’s savings accounts earn almost nothing in dividends when compared with the best offers on the market. Even if you’re interested in an account such as the Central Cents Savings account for its unique features, you’ll still want to shop around to consider your savings account alternatives. On one hand, saving without thinking about it may serve you better if you have shaky savings habits. On the other, you’ll be missing out on a lot of returns by going this route.

Idaho Central Credit Union’s CD rates

Personal CD

Even though these CDs come with a reasonable deposit requirement, the APY simply isn’t worth it.
TermAPY
3 Months0.15%
6 Months0.20%
12 Months0.25%
18 Months0.30%
24 Months0.35%
36 Months0.75%
48 Months0.95%
60 Months1.05%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

Idaho Central Credit Union’s Personal CDs come with terribly low rates. When you put your money in a CD, it will be inaccessible for the length of the term. When you’re tying your money up for a period of time, you want to make sure it’s worth the wait. And it simply isn’t with Idaho Central Credit Union especially when there are other far better options out there.

Be conscious that when you withdraw money from your CD, not only will you be hit with a penalty, but you risk losing your account altogether. If your balance dips below the $500 mark, your CD will automatically be shut down.

How to get Idaho Central Credit Union’s Personal CDs

You can open this account in person or online. Be prepared for the application process with your government-issued ID.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Promo CD

Far more competitive rates which could disappear tomorrow.
TermAPY
6 Months1.50%
12 Months2.00%
18 Months2.65%
24 Months2.10%
60 Months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

Idaho Central Credit Union does offer promo rates for your CD. These promo rates are far more competitive, though hardly the best in the business. These offers are also subject to disappear at any time, so if you’re determined to open one, be sure to make your decision in a timely manner, otherwise you may end up with a whole new set of variables before you click “Open Account”.

How to get Idaho Central Credit Union’s Promo CDs

You can open this account online or in person with your government-issued ID.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s CD rates compare

Idaho Central Credit Union’s certificate products don’t hold water when you look at the competition. The APY offered is simply too low. If you’re going to be putting your money away in an inaccessible place for months to years, you want to make sure you’re getting a good return on it. Keep shopping for better CD rates. You can do better.

Idaho Central Credit Union’s money market account options

Money Market Savings Account

Poor interest rates on high minimum balances.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$25,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your balance falls below $2,500
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

The idea behind a money market account is stashing away larger chunks of cash into a liquid account while earning more than you would in a regular savings account. Frankly, Idaho Central Credit Union’s Money Market Account doesn’t fulfill this task. While rates are marginally higher than its own savings accounts, when you hold these APYs up to the competition, they’re so low you might not even guess they were similar products.

Money market accounts are in the same category as savings accounts, meaning you must follow Regulation D. You are allowed to make up to six certain debits per month, or you will be charged a $2 fee each time.

How to get Idaho Central Credit Union’s Money Market Savings Account
You can open this account online or in person with your government-issued ID and account funding information.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Premium Money Market Savings Account

Slightly increased rates as long as you hold an Idaho Central Credit Union checking account.
APYMinimum Balance to Earn APY
0.20%
$2,500
0.25%
$25,000
0.30%
$50,000
0.40%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $15 if balance drops below $2,500
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

In order to open a Premium Money Market Savings Account, you must currently hold a checking account with Idaho Central Credit Union. If you fulfill this requirement, you will be able to reap the incentive of higher dividends over the regular Money Market Savings Account. If at any point your checking account closes, your Premium account will revert into a regular money market account, decreasing your rates.

Just because rates go up relative to the regular Money Market Savings Account doesn’t mean they’re great. And unfortunately, that’s the case with this account.

How to get Idaho Central Credit Union’s Premium Money Market Savings Account

Open this account in person or online with your government-issued ID and information for the account with which you will be funding your Premium Money Market Savings Account.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s money market accounts compare

The rates on Idaho Central Credit Union’s money market accounts are extremely low. This problem is compounded by the monthly maintenance fees you will incur if you at any point fall below the $2,500 mark.

If you’re putting your cash into a money market account, it’s most likely because you want to see it grow. Do the most logical thing and shop for financial institutions with higher money market rates.

Idaho Central Credit Union’s IRA account options

IRA Certificate of Deposit

Poor rates carried over from CDs outside of an IRA.
TermAPY
3 Months0.15%
6 Months0.20%
12 Months0.25%
18 Months0.30%
24 Months0.35%
36 Months0.75%
48 Months0.95%
60 Months 1.05%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

IRA certificates typically offer slightly higher rates than certificates outside of an IRA. Idaho Central Credit Union, however, keeps the rates steady whether your certificate is inside an IRA or not. Since the rates were not great outside of an IRA, inside they’re competitively worse.

Because a certificate is already a conservative investment compared with stocks or even bonds, you’ll want to make sure it’s at least yielding something close to the market average. Unfortunately, this product’s rates don’t really cut it.

How to get Idaho Central Credit Union’s IRA CDs

You cannot open this account online. You must schedule an appointment and open this account in person at your local branch.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Promo IRA Certificate of Deposit

Competitive dividend rates make this certificate one of Idaho Central Credit Union’s more desirable deposit accounts.
TermAPY
6 Months1.50%
12 Months2.00%
18 Months2.65%
24 Months2.10%
60 Months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

As with certificates outside of IRAs, promo rates are far more competitive. The 60 month term here even comes out on top of the competition. However, it is especially important to note the impermanence of these rates as they are inside a retirement account. If they disappear, you will face penalties if you withdraw the money. That means you’d either have to deal with the fact that you got bumped to the lower IRA Personal CD rates or go through the hassle of transferring to a different financial institution.

How to get Idaho Central Credit Union’s Promo IRA Certificates of Deposit

To open one of these promotional rate CDs, you will need to visit a branch in person rather than opening an account online.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s IRA CD rates compare

If you’re looking at Personal CDs, Idaho Central Credit Union doesn’t hold a candle to the best offers on the market for IRA CDs. In fact, Idaho Central Credit Union’s rates are undesirable. But if you take advantage of the Promotional IRA CD rates, you’ll fare much better — as long as you realize that while these rates are here today, they could be gone tomorrow.

IRA Share Savings Account

An even more conservative part of your portfolio with even worse rates.
APYMinimum Balance to Earn APY
0.10%
$0.01
0.20%
$300
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None

If a certificate within an IRA is an extremely conservative investment, a savings account within an IRA is about as conservative as it gets. While this account does have a low barrier to entry with a small minimum opening deposit requirement, the interest rates simply aren’t there; you won’t even get close to keeping up with inflation over the short or long term.

Typically, savings accounts would be subject to Regulation D, but because you’ll have to go in and file paperwork every time you want to make a withdrawal due to IRS penalties, you won’t be able to accidentally go over the monthly withdrawal limit.

How to get Idaho Central Credit Union’s IRA Share Savings Account

You must open this account in person with your government-issued ID. You cannot do so online.

LEARN MORE Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

IRA Money Market Savings Account

High minimum balance requirements do not merit the slight bump in APY.
APYMinimum Balance to Earn APY
0%
$0.01
0%
$2,500
0%
$25,000
0%
$50,000
0%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None

While the IRA Money Market Account does slightly increase dividend rates from the IRA Share Savings Account, it does so for fairly high balances. It’s not just that the balance requirements are high; it’s also concerning that interest rates are so low. If you’re looking for IRA money market accounts, shopping around may land you dramatically higher rates.

How to get Idaho Central Credit Union’s IRA Money Market Account

You cannot open an IRA online. Instead, you’ll have to schedule an appointment to come into a brick-and-mortar location.

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on Idaho Central Credit Union’s secure website

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Overall review of Idaho Central Credit Union’s banking products

Idaho Central Credit Union does not offer competitive deposit accounts. While there are a couple of unique and useful accounts — like Choice Savings which allows you to withdraw the money you’ve been saving for a specific goal twice per year at your discretion, or the Common Cents Savings account which automatically rounds up your purchases to the nearest dollar saving the difference — the vast majority of them are going to put you at a financial disadvantage when compared with those who bank with other financial institutions. Shop somewhere where the rates are higher, or learn to be okay with extremely low yields.

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Brynne Conroy
Brynne Conroy |

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