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

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

Navy Federal Credit Union checking account options

Flagship Checking

Standard checking account that allows you to earn tiered dividends based on your balance.
APYMinimum balance amount
0.35%
$0.00 - $9,999
0.40%
$10,000 - $24,999
0.45%
$25,000+
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10
  • ATM fee: $0 – $1
  • ATM fee refund: $10 per statement cycle
  • Overdraft fee: $0

Navy Federal Credit Union’s Flagship Checking account has some noteworthy features. It is an interest-bearing account with tiered dividends (the credit union equivalent of interest) based on your balance. There’s a big jump from the lowest to the highest tier, which at $25,000 will give you a 10-basis-point bump to the highest APY.

There is no minimum opening deposit, but you’ll pay a $10 monthly fee if your balance is below $1,500 during the statement period. Another benefit of this account is that deposits to your account are generally available the same day or the next business day. If a check deposit will be available the following business day, the first $200 is made available on or before the first business day following the deposit.

In terms of making withdrawals, members with a Flagship checking account can withdraw from their account for free when using any Co-Op Network ATM. There is a $1 charge for any PLUS System ATM (overseas included). Be mindful that the owner of a non-Navy Federal Credit Union ATM may charge a fee, but the credit union will refund up to $10 in ATM fee charges per statement cycle.

Like all Navy Federal Credit Union checking accounts, this account has free online banking, online deposits, direct deposit, online statements, and checking protection options.

Flagship Checking would be a good option for someone looking for an interest-bearing account with extra perks and who can maintain enough funds in the account to avoid the monthly fee.

How to get Navy Federal Credit Union’s Flagship Checking account

Applying for a Flagship Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

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on Navy Federal Credit Union’s secure website

NCUA Insured

Free EveryDay Checking

An interest-bearing checking account with no monthly fees or minimum balance requirements.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: None
  • ATM fee: $0 -$1
  • ATM fee refund: None.
  • Overdraft fee: $0 but optional $20 protection

While the free EveryDay Checking account doesn’t have any fees or minimum opening deposit requirements, the interest rate is quite low and there are no rate tiers like the Flagship Checking account.

There also isn’t an ATM refund or credit for out-of-network fees. There is an Optional Overdraft Protection Service (OOPS) for $20 that enables members to authorize overdraft transactions and avoid non-sufficient funds (NSF) fees of $29 per transaction.

This account would be ideal for a member who just wants a basic checking account with no fees and minimum balance requirements.

How to get Navy Federal Credit Union’s Free EveryDay Checking account

Applying for a Free EveryDay Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

e-Checking

An interest-bearing online checking account with low fees.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $5
  • ATM fee: $0 – $1
  • ATM fee refund: Up to $10
  • Overdraft fee: $0

Navy Federal Credit Union’s e-Checking account is similar to their Free EveryDay checking account in terms of interest rate and $0 minimum opening deposit.

This account does have a $5 monthly maintenance fee that can be waived if you set up direct deposit or make 20 Visa debit card transactions per statement cycle.

If you want to make sure you avoid the monthly maintenance fee, you might be better off with the Free EveryDay Checking unless you plan on setting up direct deposit and making at least 20 debit card transactions per month anyway.

How to get Navy Federal Credit Union’s e-Checking account

Applying for an e-Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Free Active Duty Checking

Offers unique benefits for active duty military members.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: up to $20 per statement cycle
  • Overdraft fee: $0

This checking account allows early access to military pay with direct deposit. The interest rate is very low, so if you’re looking for a better return on your money, you may want to consider the Flagship Checking account.

Still, this account comes with free personalized checks, no monthly service fees, and ATM fee rebates of up to $20 per statement period.

There’s also no minimum opening deposit, making it accessible to many active duty members of the credit union.

How to get Navy Federal Credit Union’s Free Active Duty Checking account

Applying for a Free Active Duty Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Campus Checking

A checking account for full-time students.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 – $1
  • ATM fee refund: $10
  • Overdraft fee: $0

This account is ideal for full-time students from ages 14 – 24. There is no minimum balance requirement and no minimum opening deposit.

If you withdraw funds at non-Navy Federal Credit Union ATMs and incur an ATM fee, the credit union will refund it up to $10 per billing cycle.

This account doesn’t really offer any significant benefits or features that would set it apart from the other checking accounts, besides the fact that it is available to minors. Still, an under-18 customer may find a much better interest rate on a checking account at another bank.

How to get a Navy Federal Credit Union’s Campus Checking account

Applying for a Campus Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s checking accounts compare

When it comes to Navy Federal Credit Union’s checking account interest rates, you can get a much better rate at other banks. In fact, some of the best online checking accounts have much higher rates and low minimum opening deposits.

It’s clear that their Flagship Checking account is the best in terms of APY, but you have to deposit $25,000 to reach the highest APY tier. The low rates and the monthly maintenance fees on some of Navy Federal Credit Union’s checking accounts can lead military members and their families to consider other banking options.

Navy Federal Credit Union’s savings account

Basic Savings

No fees and simple requirements, but low returns as well.
APYMinimum Deposit Amount
0.25%
$5.00
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1
  • ATM fee refund:
  • Overdraft fee: None

The Basic Savings account comes with membership to Navy Federal Credit Union. There are no monthly service charges and any charges that might trigger an overdraft will get rejected.

The interest rate is very low compared to their certificates and even their Flagship Checking account.

There is a $3 inactivity fee per quarter if members age 24 and over have less than $50.00 in their account, no activity in 12 months, and no other Navy Federal Credit Union products.

All in all, you’d probably be better off storing your savings in one of Navy Federal Credit Union’s certificates or money market accounts.

How to get Navy Federal Credit Union’s Basic Savings account

This account comes with your membership to Navy Federal Credit Union. All you’ll have to do is apply for become a member and deposit your funds.

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on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s savings account compares

Navy Federal Credit Union’s savings account falls pretty low on the scale when compared to some of the best savings account rates offered by other banks.

Banks like Synchrony Bank, American Express, and Barclays all offer savings accounts with very competitive rates and no fees or minimum opening deposit requirements.

If you’re looking to get the best return for your money, you’d be better off with a higher-yielding savings account.

Navy Federal Credit Union CD rates

Share Certificates

A fixed-rate CD with short and long-term savings options.
Term$1,000-$99,999.99$100k+
3 months1.10%
1.20%
6 months1.65%
1.76%
9 months1.76%
1.85%
12 months2.00%
2.10%
18 months2.05%
2.15%
24 months2.10%
2.20%
3 years2.15%
2.25%
4 years2.20%
2.30%
5 years2.25%
2.35%
6 years2.30%
2.40%
7 years2.35%
2.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s share certificates are their most-standard type of certificate of deposit. While the credit union does offer variable CD rates, this one provides customers with a guaranteed fixed rate.

The rates are pretty competitive, but you must meet the minimum opening deposit to open an account and it’s pretty steep. The other downside is that there’s only a slight rate increase for deposits at or over $100,000. That’s a lot of money that might gain a better return in another investment as opposed to a CD.

Dividends are compounded daily and credited monthly. There is an early withdrawal penalty if you need to take money out before your CD matures so it’s important to choose your term wisely and base it on by when you’d want to start using the money.

How to get Navy Federal Credit Union’s Share Certificates

Opening a share certificate with Navy Federal Credit Union is easy and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Special EasyStart Certificate

A flexible short-term savings certificate with the best rate.
TermAPY
12 months3.50%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The Special EasyStart Certificate is a 12-month CD with a much-higher interest rate than the credit union’s share certificates. The minimum opening deposit is also very low and reasonable allowing more people to open an account despite what their budget is.

Another perk of having this account is that you can make additional deposits (up to $3,000) at any time. Generally, CD products only allow you to make an initial deposit then lock in your rate for a specific term. With the Special EasyStart Certificate, you can add more money as you go.

This account would be great for someone who wants to see a guaranteed return on short-term savings.

How to get Navy Federal Credit Union’s Special EasyStart Certificate

Opening a Special EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

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on Navy Federal Credit Union’s secure website

NCUA Insured

EasyStart Certificate

A step down from the Special EasyStart certificate in terms of interest.
TermAPY
12 months1.50%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The EasyStart Certificate has a lower rate than the Special EasyStart Certificate and it has a higher minimum opening balance.

However, it’s lower than regular certificate shares with Navy Federal Credit Union so you can open this account if you can’t meet the $1,000 minimum opening deposit requirement.

With this account, you can also make deposits at any time of at least $10 or more to grow your savings. This certificate could be a good option for someone looking to ladder their savings. For example, instead of opening one 5-year certificate for $20,000, you could open five certificates for $4,000 at various different terms.

How to get Navy Federal Credit Union’s EasyStart Certificate

Opening an EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

SaveFirst Account

High-yield savings with the lowest minimum opening deposit.
TermAPY
3 months - 5 years1.01%
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s SaveFirst Account is ideal for members looking for a high-yield savings vehicle, but without a lot to contribute to the minimum opening deposit.

The APY isn’t as high as some of Navy Federal Credit Union’s other certificates and there are only two terms to choose from, but you only need a $5 deposit.

Dividends are compounded daily and you can make deposits to your account at any time to grow your account.

How to get Navy Federal Credit Union’s SaveFirst Account

Opening a SaveFirst account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

3-Year Variable share certificate

A variable-rate certificate you can add to over time.
TermAPY
3 years2.06%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

This certificate has a variable APY which sets it apart from the other certificates. The rate is pretty competitive, but the downside is that it can fluctuate on the 12th and 24th month from the purchase date.

The minimum opening deposit is higher than the SaveFirst and Easy Start certificates and members can only add funds to their account on its 12-month and 24-month anniversary dates.

If you opened an account with a smaller opening balance and could only add funds annually, you may not see much of a return on your investment.

This account would be ideal for a member who doesn’t want to have a locked savings rate for several years.

How to get Navy Federal Credit Union’s 3-Year Variable share certificate

Opening a 3-Year Variable certificate account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s CD rates compare

Navy Federal Credit Union’s CD rates are pretty competitive when compared against some of the best rates currently offered by other banks.

The $1,000 minimum opening deposit for standard share certificates is a middle-of-the-road option: it isn’t the highest, but it’s not the lowest market offering right now. One clear benefit is that the credit union offers different options for certificates, flexible terms, and the ability for members to add funds to their certificate after opening, but before the maturity date.

The one major downside is that Navy Federal Credit Union’s competitive certificate rates aren’t an option for just anyone. You must be a service member, employed by the Department of Defense, or related to someone who is in order to qualify.

Navy Federal Credit Union’s money market accounts

Standard Money Market Savings account

Tiered interest rates for higher balances, but a high minimum balance to earn APY.
APYMinimum balance amount
0.80%
$0 - $9,999
0.85%
$10,000 - $24,999
0.90%
$25,000 - $49,999
0.95%
$50,000+
  • Monthly account maintenance fee: None
  • Minimum balance to receive APY: $2,500
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

The Standard Money Market Savings account has tiered interest rates based on your account balance. In order to earn interest, your account must have a minimum balance of $2,500.

Interest is compounded monthly and credited monthly. Federal Reserve Regulation D allows a maximum of six transfers and/or withdrawals per calendar month.

Navy Federal Credit Union will honor any checks or ACH debits that exceed the monthly limit, but an excessive item fee per check will be debited from your account. This is why it’s best to limit your withdrawals to six per month or fewer with a money market account.

This account’s higher minimum balance requirement to earn APY may not appeal to some people. If you’re looking to earn interest right away and can’t deposit $2,500 to your account just yet, you may want to consider other options for money market savings.

How to get Navy Federal Credit Union’s Standard Money Market Savings account

You can apply for Navy Federal Credit Union’s Standard Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

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on Navy Federal Credit Union’s secure website

NCUA Insured

Jumbo Money Market Savings account

There’s not much of a interest rate reward for this account’s highest balance tiers.
APYMinimum balance amount
$0 - $99,9990.25%
$100,000 - $249,9991.25%
$250,000+1.35%
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

While Navy Federal Credit Union’s Jumbo Money Market Savings account provides an interest rate on-par with other money market accounts, members need to maintain a six-figure balance to earn it.

That’s a lot of money and could likely get a much better return with a smaller deposit at another bank.

How to get Navy Federal Credit Union’s Jumbo Money Market account

If you still want to look into applying for Navy Federal Credit Union’s Jumbo Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s money market accounts compare

While Navy Federal Credit Union’s money market accounts offer free checks and tiered interest rates with no monthly maintenance fees, they can’t hold a candle to some of the best money market accounts offered by other banks.

Banks like CIT, Ally, Virtual Bank, and Sallie Mae all offer a much higher rate than Navy Federal Credit Union and they require a smaller deposit or no minimum opening deposit at all.

If you already bank at Navy Federal Credit Union and enjoy some of their benefits, it may seem convenient to get one of their money market accounts, but you can certainly find better terms and rates elsewhere.

Navy Federal Credit Union’s IRA accounts

IRA CD Rates

Get a guaranteed rate of return for your retirement savings along with flexible certificate terms to choose from.
Term$1,000-$99,999.99$100k+
3 months1.10%
1.20%
6 months1.65%
1.76%
9 months1.76%
1.85%
12 months2.00%
2.10%
18 months2.05%
2.15%
24 months2.10%
2.20%
3 years2.15%
2.25%
4 years2.20%
2.30%
5 years2.25%
2.35%
6 years2.30%
2.40%
7 years2.35%
2.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Traditional IRAs are tax-deferred retirement plans meaning you don’t have to pay taxes on contributions until you withdraw funds. Roth IRAs are funded with already-taxed dollars meaning you don’t have to pay any taxes when you withdraw your money.

Some people don’t like the risk involved with investing in the stock market with an IRA. This is where IRA Certificates can come in pretty handy. You can set your term and you’ll earn a fixed rate of interest.

Navy Federal Credit Union offers flexible terms ranging from three months to seven years to accommodate anyone’s savings goals.

There are withdrawal restrictions meaning you can’t take funds out of the account early or you’ll face a penalty.

How to get Navy Federal Credit Union’s IRA certificates

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

EasyStart IRA Certificate

A competitive APY with a lower minimum opening deposit.
TermAPY
12 months3.50%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s EasyStart IRA Certificate currently has the same APY as their regular IRA certificate.

However, the minimum opening deposit is much lower allowing members to start saving for retirement with less money. Members can also make deposits at any time to grow their account balance. An early withdrawal penalty will apply if you try to take funds out before the end of the 12-month term.

This is a good option for members who are looking to open an IRA Certificate, but can’t afford the $1,000 minimum opening deposit for Navy Federal Credit Union’s standard IRA Certificate.

How to get Navy Federal Credit Union’s EasyStart IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

3-Year Variable IRA Certificate

This IRA certificate has a variable rate with a capped minimum and uncapped maximum rate.
TermAPY
3 years1.85%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The minimum opening deposit for this IRA Certificate is a little higher than the EasyStart IRA Certificate, but it currently has a better interest rate and a longer term. The interest rate is subject to change each year, but is locked for a 12-month period. You can continue to add unlimited funds on the 12-month and 24-month anniversary dates after opening your certificate account.

Even though this rate is variable, the fluctuating rate will never fall more than half a percentage point below the initial rate and there is no maximum rate limit.

This IRA certificate would be ideal for someone looking to maximize their return and willing to take a small risk with a variable rate certificate.

How to get Navy Federal Credit Union’s 3-Year Variable IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s IRA CD rates compare

Navy Federal Credit Union’s IRA CD rates are competitive, but they are a little behind some of the best IRA rates offered by other banks.

This all depends on which certificate term you’re looking for. Navy Federal Credit Union has much lower rates for shorter terms 12-months and under. Their rates generally get better the longer you plan to save.

If you’re looking to save long-term in an IRA certificate, Navy Federal Credit Union’s rates are still pretty good. If you’re looking for a shorter term, you can probably find better rates at another bank.

Navy Federal Credit Union’s IRA money market account options

Standard IRA Money Market Savings Account

The IRA version of Navy Federal Credit Union’s standard Money Market Savings account.
APYMinimum Deposit Amount
0.80%
$0.00 - $9,999
0.85%
$10,000 - $24,999
0.90%
$25,000 - $49,999
0.95%
$50,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

There’s really not much of a difference when you compare this to the standard Money Market Savings Account. It also has tiered interest rates based on your account balance and a high minimum balance requirement to meet in order to earn interest on your savings.

If you’re looking to invest in retirement, you’d probably be better off with Navy Federal Credit Union’s IRA Certificates or a traditional IRA or Roth IRA account if you’re comfortable with more risk.

How to get Navy Federal Credit Union’s standard IRA Money Market account

To apply for Navy Federal Credit Union’s standard IRA Money Market account, go to their website then click the orange ‘Open Now’ button under the account you want to apply for.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Jumbo IRA Money Market Savings Account

Better returns with a much higher minimum deposit.
APYMinimum Deposit Amount
0.25%
$0.00 - $9,999
1.25%
$100,000 - $249,000
1.35%
$250,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59½ years old

Navy Federal Credit Union’s Jumbo IRA Money Market savings account offers a higher rate than the standard IRA money market account, but it also requires a much higher account balance in order to earn it.

If you don’t have a six-figure balance to earn the jumbo rate, the standard IRA money market account with tiered interest rates would be better.

How to get Navy Federal Credit Union’s Jumbo IRA Money Market account

To apply for Navy Federal Credit Union’s Standard IRA Money Market account, go to the website then click the orange ‘Open Now’ button under the account you want to apply for.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

IRA Savings Account

This account earns much less than their standard Money Market Account.
APYMinimum Deposit Amount
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

With Navy Federal Credit Union’s IRA Savings account, you can get the tax benefits associated with investing in a Roth, SEP, or Traditional IRA without all the stock market risk.

This account has no fees and no early withdrawal penalty from the credit union.

However, this account’s interest rate is quite low meaning it may not provide the best return for your money.

How to get Navy Federal Credit Union’s IRA Savings account

Applying for Navy Federal Credit Union’s IRA Savings account is easy and you can do it online if you’re a member. If you’re not a member, you can call the credit union to open an account.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Overall review of Navy Federal Credit Union’s banking products

Navy Federal Credit Union offers a wide selection of banking products with no fees or at least waivable fees for members of the military and their family.

While the bank serves an exclusive customer base, they don’t offer exclusive banking features or highly competitive rates outside of their certificates and variable rate products. Their certificates have fair rates and terms with flexible offerings to accommodate anyone’s savings goals.

However, military families can get better rates for savings accounts, money market accounts, and IRA savings at an online bank.

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.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]

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Reviews

nbkc bank Review of Deposit Rates

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

nbkc bank’s personal checking account

nbkc’s personal checking account provides a competitive interest rate, unlimited transactions and no hidden fees.

APY

Minimum deposit amount

1.01%

$5

  • Monthly account maintenance fee: None
  • ATM fee: No fee if you use any of the 32,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 monthly refunds for ATM fees other banks charge you.
  • Overdraft fee: $0

This checking account has no minimum balance requirement and needs just a small deposit to get started. Account holders will pay absolutely nothing to take advantage of features like eStatements, talking to a rep on the phone, ordering checks (first book of 120 checks are free, then $18 fee), a debit card, or online banking and bill pay.

On top of that, a competitive APY is offered on all balances, making this a great option to store savings as well without having to worry about exceeding a monthly transaction limit.

The only fees you might incur is if you’re sending or receiving wire transfers. It doesn’t cost anything to receive a domestic wire, but there are two other fees detailed below.

  • $5 to send a domestic wire anywhere in the U.S.
  • $45 to send or receive international wire transfers

This personal account would be great for someone who’s looking to earn interest with a checking account and avoid costly bank and ATM fees.

How to get nbkc bank’s personal account

Applying for an nbkc personal bank account is simple and you can do it online. Just go to their website and click on the drop-down menu on the far right corner at the top of the page. Click on “Personal” under the “Open Account” heading. Then, click on “Open Personal Account.”

In order to complete the online application, you’ll need your Social Security number, valid driver’s license or state ID, and you must be at least 18 years old and a U.S. citizen or resident alien.

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How nbkc bank’s checking account compares

When compared with some of the other top checking accounts, nbkc’s personal account is a strong contender.

Their interest rate is not the highest, but some of the banks with higher interest rates require a much higher minimum deposit when opening an account.

However, nbkc isn’t the only bank offering a competitive interest rate with a low minimum deposit.

nbkc bank’s money market account

Personal Money Market Savings

nbkc bank’s money market account acts as a personal savings account and rewards you with a generous interest rate.

APY

Minimum balance amount

1.66% APY

$0.01 - $1,000,000

1.16% APY

$1,000,000.01+

  • Monthly account maintenance fee: $0
  • ATM fee: No fee if you use any of the 32,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 monthly refunds for ATM fees other banks charge you.
  • Excessive withdrawals fee: None
  • Overdraft fee: $0

nbkc describes their money market account as a “no gotcha” savings that pays even more interest. It’s very similar to the personal checking account in that it has virtually little to no fees. It also offers the first box of 120 checks free; after, it’s $18.

The only difference is that you can earn much more interest on your money given the higher rate and there is a limit of six debit transactions you can make per month. Although there is no fee when withdrawing over the limit, withdrawing excessively may lead to the bank changing your account into a personal checking account.

In order to earn the rates mentioned above, you can have as little as a penny in your account so you don’t have to worry about meeting high minimum balance requirements. This account would be a great option for someone who’s looking for a simple savings account with no balance requirements and a competitive interest rate.

How to get nbkc bank’s Personal Money Market Savings account

Applying for a nbkc money market account is simple and you can do it online. Just go to their website and click on the drop-down menu on the far right corner at the top of the page. Click on “Personal” under the “Open Account” heading. Then, click on “Open Money Market Savings.”

In order to complete the online application, you’ll need your Social Security number, valid driver’s license or state ID, and you must be at least 18 years old and a U.S. citizen or resident alien.

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How nbkc bank’s money market account compares

When compared with other money market accounts, nbkc’s interest rate actually comes in a bit low. That fact that they don’t really have a minimum balance requirement to obtain the APY, helps the account stand out from others.

Another trend noticed among the top money market accounts is that they allow account holders to write checks. nbkc offers checks with this account.

nbkc bank’s CD Rates

Personal CDs

A simple, yet basic personal CD solution that is not one of our favorites.

Term

APY

3 months

0.05%

6 months

0.40%

7 Month Special (CD Only)

1.97%

12 months

1.75%

12-Month Special (CD Only)

2.02%

14-Month Special (CD Only)

2.22%

18-Month Special (CD Only)

2.27%

24 months

1.31%

36 months

1.61%

48 months

1.81%

60 months

2.12%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: Varies. 3-6 months=90 days’ interest; 12 months=180 days’ interest; 24-36 months=360 days’ interest, 48-60 months= 540 day’s interest

nbkc bank offers flexible terms for personal CDs ranging from three months to five years. This might be ideal for someone who wants options in order to decide on a term or who would prefer a short-term savings plan for less than a year.

While their rates are not that great, you can open an account for as little as $1,000 and the only fee you’d have to worry about is an early withdrawal penalty. For 3- to 6-month CD, the penalty is 90 days’ interest; for a 12-month CD, the penalty is 180 days’ interest; for 24- and 36-month CDs, the penalty is 360 days’ interest, for 48- and 60-month CDs, the penalty is 540 days’ interest.

How to get nbkc bank’s CDs

In order to open a personal CD account, you need to contact them either by calling their main line: (816) 965-1400, toll-free number: (888) 905-2165 or by stopping in one of their branches.

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Add-to Starter CD

nbkc also offers a 12-month add-to-starter CD as a flexible way to automatically increase your savings.

Term

APY

12 months

1.75%

  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 180 days’ interest

With nbkc’s add-to CD product, account holders can increase the balance for their CD or CD IRA during the first year by adding money to it. The benefit is that once you open a CD with the bank, you can add to it consistently, starting with just $25.

From there, you can set up a $25+ automatic deposit from your nbkc checking account. This account would be best for someone who wants to work toward a savings goal, like preparing for a down payment on a house.

How to get nbkc bank’s Add-to Starter CD

In order to get an add-to starter CD, you need to first have a CD account with nbkc, then contact them either by calling their main line: (816) 965-1400, toll free number: (888) 905-2165 or by stopping in one of their branches.

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How nbkc bank’s CD rates compare

nbkc’s personal CDs leave a lot to be desired when compared with other banks’ CD products.

While it’s nice that the bank offers CD terms that are less than 12 months, it won’t really do consumers much good since the interest rate is so low. If you’re looking for a CD with a term less than 12 months, you will earn some interest using nbkc, but it will probably compare to what an online savings account can offer.

The interest increases as you increase your term, but it still falls flat compared with other banks. Many banks also have a lower minimum deposit amount as well making their CDs an all around better option than what nbkc offers.

nbkc bank’s Personal Health Savings Account

nbkc allows you to save for medical expenses while earning a guaranteed amount of interest.

APY

Minimum balance amount

1.01%

$0.01 - $1,000,000.00

0.50%

$1,000,000.01+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: No fee if you use any of the 32,000+ MoneyPass® ATMs in the U.S. For out-of-network ATMs, the fee may vary but nbkc will refund up to $12 in ATM fees each month.
  • ATM fee refund: Up to $12 in ATM fees each month.
  • Overdraft fee: $0

A Health Savings Account or (HSA) is a savings account that people with a high-deductible health insurance policy can use to save money tax-free for qualifying medical expenses.

nbkc offers an average interest rate for this account compared with their other personal accounts. It’s higher than what you can earn with a personal checking account but you can get a better APY with their money market account.

How to get nbkc bank’s Personal Health Savings Account

To open a personal Health Savings Account with nbkc, you need to contact the bank either by calling their main line: (816) 965-1400, toll-free number: (888) 905-2165 or by stopping in one of their branches.

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How nbkc bank’s health savings account compares

Like many of their other products, nbkc offers a standard interest rate for their Health Savings Account. While it is competitive and more than what most other banks offer, it’s not the highest rate on the market right now.

While a few other banks and credit unions may offer a higher interest rate, they also have higher account minimums while nbkc offers a $0 minimum opening balance.

If you don’t have hundreds or thousands to deposit into your HSA right off the bat and you want to earn interest, nbkc’s Health Savings account is a good option.

nbkc bank’s IRA account options

IRA CD Rates

Personal IRA CDs

This account is basically a copycat of nbkc’s personal CD, only you can use it to save for your retirement with varying withdrawal terms.

Term

APY

3 months

0.05%

6 months

0.40%

7 Month Special (CD Only)

1.97%

12 months

1.75%

12-Month Special (CD Only)

2.02%

14-Month Special (CD Only)

2.22%

18-Month Special (CD Only)

2.27%

24 months

1.31%

36 months

1.61%

48 months

1.81%

60 months

2.12%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: Varies. It depends on how much is withdrawn as well as the term.

nbkc’s IRA CDs have the same rates and minimum opening deposit requirements as their personal CDs. The only difference is that you can invest your IRA contributions.

There is no fee to transfer funds from another bank, and if applicable, you’re free in the clear to withdraw your designated required minimum distribution each year.

This would be a good option for someone looking to store their retirement savings for a shorter term whether it be six months or five years.

By holding your account at a bank like nbkc that’s backed by the FDIC, your funds will be protected by the U.S. government for up to $250,000.

How to get nbkc bank’s IRA CDs

To open a personal IRA CD, you need to contact the bank either by calling their main line: (816) 965-1400, toll free number: (888) 905-2165 or by stopping in one of their branches.

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Add-to Starter IRA CD

This account is a copycat of nbkc’s add-to starter CD, only with an IRA framework.

Term

APY

12 months

1.75%

  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: 180 days’ interest

nbkc’s add-to IRA CD product works just like the personal CD add-to account where you can contribute funds to your account over a 12-month period.

You just need $25 to get started and can set up automatic transfers of $25+ regularly. This would be a favorable option for someone looking to increase their retirement savings and grow their account at a steady, guaranteed interest rate.

However, the APY is quite low and if rates do increase, you won’t be able to take advantage of them while your term is still active.

How to get nbkc bank’s Add-to Starter IRA CD

In order to get an add-to starter IRA CD, you need to first have an IRA CD account with nbkc, then contact them either by calling their main line: (816) 965-1400, toll-free number: (888) 905-2165 or by stopping in one of their branches.

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How nbkc bank’s IRA CD rates compare

nbkc bank’s personal IRA CDs definitely comes in on the low end when compared with other IRA CD products.

The APY is much lower than other banks but one of the perks is that you can start adding to your IRA CD with just a small amount of money. Other banks also have lower minimum deposit requirements and offer higher rates so it best to shop around.

Overall review of nbkc bank’s products

We like that nbkc offers a wide variety of banking products, low minimum deposit requirements and hardly any hidden fees. It’s clear that this bank has fulfilled their mission of offering simple and straightforward solutions to customers. However, little information is readily available on their site about some of their accounts.

In terms of their personal checking account, being able to earn interest is also a worthy perk.

However, the APY for many of their other accounts, like the money market and their CDs, falls short compared with other banks. If you want to get more bang for your buck with a CD, IRA CD or personal IRA account, you should look elsewhere.

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

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]

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Reviews

U.S. Bank Review: Checking, Savings, CD and Money Market Rates

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

U.S. Bank’s checking account options

Platinum Checking Package

An interest-bearing checking account plus perks and discounts.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95
  • ATM fee: $0 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Platinum Checking Package is supposed to be U.S. Bank’s top tier checking account option. It comes with all the basic features that Easy Checking offers along with the same bonuses that the Silver and Gold Checking Packages provide.

However, it comes with a pricey monthly maintenance fee that can only be waived if you have $25,000 in combined personal deposits, credit balances with U.S. Bank and/or investments through U.S. Bancorp Investments or if you have a personal trust relationship with U.S. Bank Wealth Management.

While there are no ATM fees, you will pay other smaller fees like $2 per debit card cash advance, and between $2 – $6 for paper statements.

Other benefits exclusive to this account include:

  • No annual fee on a home equity line of credit (HELOC)
  • An account bonus for select U.S. Bank FlexPerks credit cards
  • 25 free trades when you open up a brokerage or IRA account through U.S. Bancorp investments

The interest rate for Platinum Checking Package is quite low, so if you want to get a better rate, you can sign up for a Platinum Select Money Market Savings Account. Like most U.S. Bank savings accounts, this money market account can also be used to provide overdraft protection.

While this checking account offers a fair share of benefits that could help you save money, you’d have to be able to take advantage of most of them and/or meet the requirements to waive the monthly maintenance fee to make the most out of the account.

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Premium Checking

A checking account with interest and added benefits but a monthly fee that’s hard to avoid.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10.95 unless you’re 55 or older or daily balance of $5,000
  • ATM fee: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

We like that U.S. Bank’s Premium Checking account is an interest-bearing account, but the current interest rate is so low. Unfortunately, the monthly maintenance fee is unavoidable if you’re not 55 years old or older, or if you don’t have a daily balance of at least $5,000.

If you’re going to hold that much money in your account, you might as well put it in a high-yield savings account so your money can earn interest.

One perk about this account is the fee-free ATM benefit. This means U.S. Bank will not charge you for using an out-of-network ATM. However, the ATM owner may charge a fee if they are not a part of the MoneyPass network.

This account also comes with free U.S. Bank logo checks on your initial check order and a 50% off discount on all other personal designs. This account also has lower fees than Easy Checking, as there are no fees for copies of checks or paper statements.

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Easy Checking

A basic checking account with standard features like free digital services despite a few fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95 unless you set up direct deposit or maintain a daily balance of $1,500
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Easy Checking account is its most basic account with no added features. It’s a non-interest bearing account with a low minimum opening deposit amount. There is no minimum balance requirement listed in the terms, but there is a monthly maintenance fee.

To waive the monthly maintenance fee, you need to set up direct deposits totaling at least $1,000 per month, or maintain a daily account balance of $1,500.

Like many other bank accounts, easy checking account holders have access to a debit card that doubles as an ATM card, free access to online and mobile banking and free online bill pay for standard delivery.

There are a few fees to consider, like the $2 paper statement fee, the $35 stop payment fee and the overdraft fee. Although you can set up overdraft protection by linking a savings account, line of credit, or credit card to your checking account to cover the negative balance, U.S. Bank will require transfers in multiples of $50 for overdraft amounts over $5.01 and charge a $12.50 overdraft protection transfer fee for this.

Let’s face it, though; no one wants to overdraft and this account is an option if you can avoid the overdraft and monthly maintenance fees.

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Silver Checking Package

A checking account that pairs nicely with a money market account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95
  • ATM fee: $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Silver Checking Package comes with all basic features you’d get with the Easy Checking account, plus a monthly maintenance fee.

To waive the monthly fee, you can connect your account to a U.S. Bank Package Money Market Savings Account. From there, you can set up direct deposits of at least $1,000 per month, or maintain a combined balance of $1,500 to get rid of the $6.95/month fee.

The best use of this account would be to take advantage of the ability to open a Package Money Market Account. We’ll cover more of the features that come with a U.S. Bank Money Market account during this product’s review, but one perk you’ll have is being able to enroll in the U.S. Bank Smart Start Savings Program.

With this program, you’ll earn a $50 reward when you save $500 in your Money Market Savings account. You’ll also get a 1% net bonus on gas and grocery debit card purchases for your first year after enrolling.

The Silver Checking Package is also great to have if you’re a homeowner or planning on buying a home as you’d qualify for the U.S. Bank Customer Credit. This credit provides you with 0.25% deduction of the loan amount’s closing costs of up to $1,000 for your first or existing mortgage through the bank.

This account is perfect for someone looking to pair the benefits of a checking account with a money market account.

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Gold Checking Package

A checking account with additional benefits for credit card holders.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95
  • ATM fee: $0 for first two withdrawals in the statement period, $2.50 for non U.S. Bank ATMs (free for U.S. Bank ATMs)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

The Gold Checking Package is a checking account that’s best for someone who has a credit card or open personal loan with U.S. Bank and also wants to utilize basic and premium checking account features. If you have either one of those accounts, you can waive the monthly maintenance fee. A personal loan includes U.S. Bank auto loans and home equity loans.

If you don’t have a U.S. Bank credit card open, you can apply for one when you open this account and still be able to waive the monthly maintenance fee.

Other benefits of using this account include two no-fee ATM transactions per statement period at non U.S. Bank ATMs, along with up to two additional Easy Checking accounts with no monthly maintenance fee so long as you’re the co-owner of the account.

Account holders will also get to waive the overdraft protection transfer fee when a transfer is made from a linked U.S. Bank account.

While this account isn’t interest-bearing on its own, like the Silver Checking Package, you can connect a Package Money Market Savings account which earns interest. You’ll also be able to save up to $1,000 on closing costs for a new or existing U.S. Bank mortgage.

Plus, you can enroll in the U.S. Bank Because You’ve Earned It program which provides you will full access to the TransUnion Creditview platform so you can monitor your credit score.

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Student Checking

Easy banking just for students.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for first four withdrawals in the statement period, then $2.50 for additional withdrawals
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more

U.S. Bank’s Student Checking account provides the same basic account features that Easy Checking does including full access to mobile and online banking along with online bill pay options and mobile check deposit.

Account holders also get four non-U.S. Bank fee transactions per statement at non-U.S. Bank ATMs. Personal checks are also free.

This is a non interest-bearing account but it’s great for college students who don’t want to deal with ATM or monthly maintenance fees.

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Safe Debit Account

Not the best option given that there are no checks and a monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95
  • ATM fee: $2.50 (Non-U.S. Bank ATM owner fees may apply unless owner participates in the MoneyPass® network)
  • Overdraft fee: None

U.S. Bank’s Safe Debit account is an alternative to their traditional checking account. This is a non interest-bearing account with no checks and a monthly maintenance fee that can’t be waived. Paper statements are also unavailable.

Account holders do get discounts on money orders and free credit score access through the TransUnion CreditView dashboard.

The one thing that makes this account stand out from the other options mentioned above is that there’s no overdraft fee. Otherwise, it’s not our favorite option due to the monthly fee and very few added benefits.

How to get a U.S. Bank checking account

There are three ways to apply for a U.S. Bank checking account. You can apply easily online. Just head to U.S. Bank’s website, then click on the checking account option you’re interested in under the ‘Personal’ drop down tab. Click the ‘Apply Online’ button and enter your zip code to get started. You can also check your application status online here.

If you don’t want to apply online, you can apply in person at your local U.S. Bank branch or apply by calling the bank.

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How U.S. Bank’s checking accounts compare

U.S. Bank’s checking accounts all require a low opening deposit amount and offer a wide variety of different benefits. However, when compared to some of the best checking account options with other banks, U.S. Bank falls short due to its low interest rates and high monthly maintenance fees.

U.S. Bank offers a barely-there interest rate for its Premium Checking and Platinum Checking accounts, which doesn’t increase at all as your balance increases.

On the other hand, Ally Bank offers a competitive interest rate for its checking account and an APR increase for a higher balance.

U.S. Bank’s accounts seems to pair well with other features and benefits the bank offers, especially when it comes to using its loans (mortgage, auto, personal) and credit cards.

However, if you’re just looking for a simple checking account with no fees and a competitive interest rate, you might want to check out some of these other checking account options.

U.S Bank’s savings account

Standard Savings Account

A basic savings account with a low return.

APY

Minimum Balance Amount

0.01%

None

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $4
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

The U.S. Bank Standard Savings Account comes with online and mobile banking, online statements, free ATM transactions, and account alerts via text. The account can also be used to provide overdraft protection for a U.S. Bank checking account.

This account offers a very low interest rate which is nothing to call home about, along with a monthly fee. In order to waive the monthly fee, you’ll need to keep a $300 minimum daily balance or a $1,000 average monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Goal Savings

An effective way to transfer money to meet your savings goals.

APY

Minimum Balance Amount

0.01%

Under $1,000

0.01%

$1,000 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000+

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: $15 per transaction

This account is geared toward people who want to save more money to reach specific financial goals. While there is no set opening deposit amount, you are required to set up an automatic monthly transfer of at least $25 from your checking account to your Goal Savings account.

Depending on your goal, you can transfer more money into your account automatically and more frequently on a weekly, bi-weekly, or monthly basis as well.

This account is interest bearing and account holders will get the same benefits that the Standard Savings Account provides.

This account would be a good option for someone looking to automate savings for a short term financial goal. If you’re looking to save for a long-term financial goal, you might want to consider getting a higher interest rate with another savings account.

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Star Savers Club Account

An FDIC-insured savings account for kids.

APY

Minimum Balance Amount

0.01%

Under $500

0.01%

$500 - $999

0.01%

$1,000 - $4,999

0.01%

$5,000 - $9,999

0.01%

$10,000+

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees may apply)
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Extended Overdraft fee: $36 (Charged if available balance remains negative for seven consecutive calendar days)
  • Excessive withdrawal fee: N/A

The Star Savers Club account is a savings account geared toward minors ages 17 and under. We like that this account is interest bearing and has no monthly maintenance fee, but it doesn’t have any other features or perks to help get kids excited about saving money.

This account will convert to a Standard Savings Account when the minor reaches the age of 18.

How to get a U.S. Bank savings account

In order to sign up for U.S. Bank’s Star Savers Club Account, you need to visit a local branch and fill out an application in person.

For the Goal Savings or Standard Savings account, you can apply online. You’ll need to provide your social security number, driver’s license, State ID, and be at least 18 years old. For the Goal Savings account, you’ll need to have an existing U.S. Bank checking account or open a new one. You can also call the bank to apply for a savings account via phone.

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How U.S. Bank’s savings accounts compare

U.S. Bank doesn’t offer much variety in terms of its savings account products. What’s worse is that they all provide the same low interest rate no matter how much you save. The Star Savers Club Account for minors is a good idea, but you may be able to get a better return at a credit union or by opening up a 529 Plan for your child and teaching them savings principles that way.

The best thing going for U.S. Bank’s savings accounts is their low opening deposit, seeing as how some other banks require you to deposit thousands of dollars just to open an interest-bearing savings account.

However, if you’re willing to use an online bank, you can likely find a better interest rate along with a lower or $0 opening deposit. Check out some of these savings account options to compare.

U.S. Bank’s CD rates

U.S. Bank CD Account

Standard CD that suits a variety of investing needs.

Term

CD Amount

APY

1 Month

$500 - $249,999

0.05%

2 Month

$500 - $249,999

0.05%

3 Month

$500 - $249,999

0.05%

6 Month

$500 - $249,999

0.05%

12 Month

$500 - $249,999

0.10%

18 Month

$500 - $249,999

0.15%

24 Month

$500 - $249,999

0.20%

36 Month

$500 - $249,999

0.35%

48 Month

$500 - $249,999

0.50%

60 Month

$500 - $249,999

0.75%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s standard CD has various terms to accommodate each person’s investing needs along with a fixed rate of return for the term you choose. All of the bank’s CD products are FDIC-insured.

Interest is accrued at the end of the term or annually, whichever comes first. If you withdraw funds before your CD matures, you’ll be charged a penalty which will reduce the interest earnings you would have made for a specified period of time.

The rates for U.S. Bank’s CDs are higher than their savings accounts, making them a better option if you can afford the minimum opening deposit and want to save money for a specific term.

When your term is up, you can automatically renew your CD, but the APY may be different depending on what current rates are in your area.

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CD Special

Limited terms, but allows you to lock in better rates.

Term

CD Amount

APY

11 Months

$1,000 - $249,999

2.25%

19 Month

$1,000 - $249,999

2.30%

37 Month

$1,000 - $249,999

1.85%

59 Month

$1,000 - $249,999

2.00%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

If you have a little more money to deposit to open a CD account, you may be able to take advantage of U.S. Bank’s special CD rates.

These rates are more competitive than the standard CD rate, but you’ll only be able to lock them in for your initial term. After your term is up, you can automatically renew your CD at the current rate in your area.

If you choose to withdraw funds before your term is up, you’ll be charged a penalty in the form of a deduction of the interest earnings you would have made for a specified period of time.

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Step Up CD

Boost your return for saving money over time with this CD.

Term

CD Amount

Blended APY

28 Month

$1,000 - $249,999

0.40%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

With a step-up CD, interest rates automatically adjust at predetermined times during your term length.

The good thing is that these rates are locked in so you don’t have to worry about monitoring the market. U.S. Bank’s step-up CD has an increasing rate every 7 months. The blended APY assumes the principal and interest remain on deposit for the term of the certificate.

All interest payments for the APY will be made at the end of your term or annually (whichever is first).

The only downside, is that the 28-month term is the only option customers have. Still, this is a low-effort way to diversify your portfolio and receive a guaranteed return.

Like U.S. Bank’s other CD products, you’ll be charged an interest deduction penalty if you withdraw funds before your term ends.

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Trade Up CD

Trade up your interest rate during the same term.

Term

CD Amount

APY

30 Month

$1,000 - $249,999

0.40%

60 Month

$1,000 - $249,999

0.80%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned on your balance

U.S. Bank’s trade up CD allows you to invest in a longer term CD, but also get the advantage of receiving an increased APY during your same term.

Normally with CDs, you lock in a specific rate during the life of your term. If rates go up or specials are offered, you can’t take advantage of the higher rates if you’re already locked into a term.

With this trade up CD account, you have the option to unlock your current interest rate and lock in a higher rate during your initial term.

You just need a minimum opening deposit of at least $1,000 and all interest payments are made at the end of the term or annually, whichever is first.

How to get U.S. Bank’s CDs

To open a U.S. Bank CD account, you can apply online. You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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on US Bank’s secure website

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How U.S. Bank’s CD rates compare

U.S. Bank’s standard CD rates are pretty low compared to what other banks are offering, but the opening deposit is more affordable as well.

Its special CD rates line up better with some of the most competitive CD rates at other banks. The major downside is that you may not be able to lock in such a good rate after your CD term is up. Compare current top CD rates here.

U.S. Bank’s money market account options

Standard Money Market Account

A basic money market account that pays more interest.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $24,999

0.05%

$25,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

This is a basic money market account that comes with standard U.S. Bank features, including online and mobile banking, online statements, free ATM transactions, and account alerts via text.

The account is interest bearing and can also be used as overdraft protection for another U.S. Bank personal account.

The minimum opening deposit for this account is higher than U.S. Bank’s checking and savings account, but it does provide a slightly higher return.

If you want to waive the monthly account maintenance fee, you’ll need to maintain a $1,000 daily balance, or a $2,500 monthly collected balance.

In compliance with Regulation D, which limits savings accounts withdrawals to a maximum of six per statement cycle, account holders will be charged a fee per withdrawal that exceeds that amount.

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Package Money Market Savings

Available to Silver and Gold Checking account holders only.

APY

Minimum Balance Amount

0.04%

Under $1,000

0.04%

$1,000 - $9,999

0.05%

$10,000 - $49,999

0.07%

$50,000 - $99,999

0.07%

$100,000 - $499,000

0.07%

$500,000+

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

Package Money Market savings is an account only available to Silver and Gold Checking account holders. We like that it has a reasonable opening deposit amount and no monthly maintenance fee.

It is also interest bearing and provides the potential to earn a higher rate than the standard money market account. However, you’ll have to save a lot more to get it.

Its balance requirements to earn the highest APY are pretty steep and you may be better off investing your money elsewhere to get a better return. Still, with this money market account you’d be receiving a guaranteed rate of return which may appeal to some people looking for a risk-averse savings option.

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Platinum Select Money Market Savings

Available to only Platinum Checking Account holders.

APY

Minimum Balance Amount

0.05%

Under $1,500

0.05%

$1,500 - $9,999

0.25%

$10,000 - $49,999

0.30%

$50,000 - $99,999

0.30%

$100,000 - $499,999

0.35%

$500,000+

Bonus APY

APY

Minimum Balance Amount

1.12%

$10,000 - $49,999

1.15%

$50,000 - $99,999

1.15%

$100,000 - $499,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15

The Platinum Select Money Market savings account has no monthly maintenance fee and offers a far better APY than U.S. Bank’s other money market accounts.

Customers also have access to an introductory bonus rate for the first 12 months after opening an account. The APY bonus rate will be applied to account balances between $10,000 and $499,000. After the 12 month period, the introductory bonus rate will expire and your APY will decrease to the original figures shown in Table 1.

While it’s great to see U.S. Bank offering competitive money market rates, they’re only available for a limited time and you must deposit at least $10,000 into your account, which will be difficult for some people.

In order to get this account, you must have the Platinum Checking Package which is the top tier checking account offered by U.S. Bank.

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Elite Money Market Account

A high balance is required, but the interest doesn’t add up.

APY

Minimum Balance Amount

0.04%

Under $10,000

0.05%

$10,000 - $24,999

0.05%

$25,000 - $49,999

0.06%

$50,000 - $99,999

0.06%

$100,000 - $499,999

0.06%

$500,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10
  • ATM fee: $0 (Non-U.S. Bank ATM fees apply)
  • ATM fee refund: None
  • Overdraft fee: $0 for each item $5 or less, $36 for each item of $5.01 or more
  • Excessive withdrawal fee: $15 per transaction

The Elite Money Market account is geared toward savers who can deposit large amounts of money since there are tiered interest rates that pay more for higher balances.

Unlike the Platinum Select Money Market savings account, the interest rate is generally lower and there aren’t any APY bonuses for new account holders.

This account doesn’t require you to have a specific U.S. Bank checking account like the Platinum Select Money Market does.

There is a monthly account maintenance fee that can be waived if you are able to keep a daily balance of $10,000. For this reason, this isn’t our favorite Money Market account from U.S. Bank.

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Retirement Money Market Savings

Save for retirement and earn tiered interest rates over time.

APY

Minimum Balance Amount

0.05%

Under $5,000

0.10%

$5,000 - $9,999

0.10%

$10,000 - $24,999

0.10%

$25,000 - $49,999

0.10%

$50,000 - $99,999

0.10%

$100,000+

Bonus APY

APY

Minimum Balance Amount

0.55%

Under $5,000

0.60%

$5,000 - $9,999

0.60%

$10,000 - $24,999

0.60%

$25,000 - $49,999

0.60%

$50,000 - $99,999

0.60%

$100,000+

  • Minimum opening deposit: $100 or $25 monthly automatic deposit
  • Monthly account maintenance fee: $0

U.S. Bank’s Retirement Money Market savings account offers the tax-advantaged benefits of investing in an IRA, along with the security of earning a fixed rate of return.

There is no monthly maintenance fee and in order to earn the bonus APY, you need to have a U.S. Bank Silver, Gold, Platinum, or Silver Elite checking account.

To earn the bonus rate, you must also maintain a combined deposit balance requirement of $25,000 and this includes customer checking, savings, money market, CDs and IRAs.

This account would be best for someone who is looking to diversify their investments and utilize more conservative options.

How to get a U.S. Bank money market account

You can get a U.S. Bank money market account by applying securely online. You can also apply at your local U.S. Bank branch or by calling the bank. For the Money Market Retirement account, you can only apply in your local branch.

You’ll need your social security number, driver’s license, State ID or Military ID to apply. You also need to be at least 18 years old and a legal U.S. resident.

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on US Bank’s secure website

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How U.S Bank’s money market accounts compare

U.S. Bank offers different types of money market accounts geared toward different types of savers. However, its accounts with tiered interest rates fail to live up to the expectation that someone who saves more for a specified period of time would get rewarded with a higher interest rate.

U.S. Bank’s money market accounts all have a very low APY just like many other traditional banks. While they offer a competitive bonus APY, it’s only available for 12 months and not ideal for someone looking to save and get a higher return on their money in the long-term.

If you’re looking for better money market rates and no monthly maintenance fees, you’d be better off checking out other money market options from top online banks.

Overall review of U.S. Bank’s banking products

U.S. Bank offers a full line of personal banking products, some of which complement each other. Some of its checking account packages pair well with corresponding money market accounts.

Having a specific checking account with the bank can also allow you to unlock better Money Market Retirement account rates.

While U.S. Bank is very widely known, it is a traditional bank with rates that reflect that fact. When compared to other online banks that don’t have dozens of physical branches all over the country, U.S. Bank’s CD, savings account, and money market rates fail to compete.

Their monthly maintenance fees are also high and, in some cases, difficult to waive. While the bank offers customers other benefits like no ATM fees, overdraft protection, a rewards savings program and homeowner closing cost credits, if you’re looking to get the most bang for your buck, the rates are just not there.

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Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]