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Empower Review: Checking and Savings 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.

Empower checking account options

Empower Checking Account

This checking account has practically no fees and comes with generous a cash reward debit card — but no interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: One out-of-network transaction per month, full reimbursement of the fees charged by the ATM owner.
  • Overdraft fees: None

The Empower Checking account does not have a minimum deposit requirement, and there’s no minimum balance to maintain. This account also does not charge a monthly fee. However, it does not earn any interest.

Empower is part of the MoneyPass network which gives you access to 25,000 free ATMs in the world. If you use an out-of-network ATM, the bank will not charge a fee. They will also reimburse any ATM owner fees for one out-of-network transaction per month. If the ATM owner charges $3, the bank will reimburse $3, etc. This only applies to the first out-of-network transaction per month and you’ll need to cover the ATM owner fees afterwards.

Another nice feature is that this account doesn’t charge overdraft fees. Finally, if you use the debit card outside the United States, there’s no foreign transaction fee.

Though the Empower Checking account does not earn interest, you can earn cash back by using the account’s debit card. You receive 1% cash back on spending up to $1,000 per month, which earns a maximum of $10 per month if you spend to the limit.

If you’d like to open an Empower Checking account, you’ll need to join a waitlist through their website or their app. The bank is gradually approving people who sign up. Once you’re approved, you can deposit money by bank transfer. You can set this up by linking another bank account through the app or by asking your existing bank to transfer the funds to Empower directly.

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How Empower’s checking accounts compare

When it comes to avoiding fees, this checking account is one of the best in the business. There’s no monthly fee, no out-of-network ATM fee and no foreign transaction fees. There is also no overdraft fee, a great, standout feature if you’re worried about overspending by accident. Other banks charge $30 or more each time this happens.

For ATM access, Empower is good but not great. You can make fee-free withdrawals from 25,000 ATMs in the MoneyPass network, and Empower will reimburse all the ATM owner fees for one out-of-network transaction per month. That’s OK, but there are other checking accounts with more generous refunds.

Another downside is that the checking account doesn’t earn interest. Instead, you can earn a respectable cashback rate for debit card purchases. It’s a good account if you like spending on your debit card, but not if you just want to keep money sitting in your account. If earning interest is one of your goals, try one of these top checking accounts instead. They pay excellent rates and have better ATM access than Empower.

Empower savings account options

Empower Savings Account

A free savings account with a remarkable interest rate.
APYMinimum Balance Amount to Earn APY
2.15%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: One out-of-network transaction per month, full reimbursement of the fees from the ATM owner.
  • Overdraft fees: None

Empower also offers a savings account with no minimum opening deposit requirement. Like the checking account, the Empower Savings account does not have a balance requirement or a monthly fee.

The savings account does earn interest — and the rate is spectacular. There’s no minimum amount needed to earn interest; as long as you have money in the account, you’ll qualify. The bank only pays one flat rate, so you won’t earn more by depositing more.

With the debit card, you can make free withdrawals from MoneyPass ATMs. If you use an out-of-network ATM, Empower will not charge a fee. They will also reimburse all the ATM owner charges for one out-of-network transaction per month.

To sign up for the Empower Savings account, you need to put your email down on their waitlist. You can do this on their website or their app. The bank will let you know when you have been accepted to open the account. At this point, you can add money via bank transfer, either on the Empower app or by requesting a transfer through your existing financial institution.

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How Empower’s savings accounts compare

We love the Empower Savings account. It pays one of the best interest rates we’ve seen on a savings account, even better than your typical CD. But since it’s a savings account, you also have the flexibility to take money out when you want without an early withdrawal penalty.

Besides the great return, the Empower Savings account has no minimum balance requirement, no monthly fee and it gives you access to thousands of free ATMs through the MoneyPass network — all nice features.

It’s a great account and one you’d be happy with. But this isn’t the only company out there paying an excellent rate. These savings accounts are just as generous. They could be worth a look if you want to work with a company that has brick-and-mortar branches or you don’t want to spend time on Empower’s waiting list.

Overall review of Eastern Bank’s banking products

Empower has only been offering banking products for a few months and you can tell they are still working things out. Their website is a little vague on details, and you can’t sign up for their accounts right away: You need to put your name on a list and wait for them to get back to you.

But from what they’ve done so far, they seem on track to deliver some great results. These deposit accounts do a fantastic job forgoing fees. Not only do they have zero ATM or monthly fees, they also don’t charge overdraft and foreign transaction fees. That’s something you won’t see just anywhere. In addition, their checking account has a solid cashback debit card while their savings interest rate is one of the highest in the country.

Empower’s banking customers also get access to a cutting-edge AI financial assistant for help with budgeting and finding ways to save money. When you add the latest fintech to high-quality products, that’s a powerful combination. If Empower keeps it up, they are going to give traditional banks a serious run for their money.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Nevada State Bank 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.

Nevada State Bank’s checking account options

Premium Interest Checking

Despite the name, Nevada State Bank’s Premium Interest Checking account doesn’t pay much interest. It also has a massive balance requirement and a monthly fee.
APYMinimum Balance to Earn APY
0.01%$0.01
0.01%$1,000
0.01%$2,500
0.01%$5,000
0.01%$25,000
0.01%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; you get three free transactions a month at out-of-network ATMs, then it’s $2.50 per transaction
  • ATM fee refunds: None
  • Overdraft fees: $35

You need to deposit at least $50 to open a Premium Interest Checking account. After that, this account charges a $15 monthly fee, unless:

  1. You have a combined balance of at least $10,000 throughout Nevada State Bank deposit accounts, including checking, savings, money market, certificates of deposit (CD) and IRA accounts
  2. You have a combined balance of at least $25,000 in deposit and loan accounts (not including mortgages)

This account earns interest on all balances, but the rate is very low, even if you qualify for the highest tier with at least $100,000.

When you’re a Premium Interest Checking customer, Nevada State Bank will waive the monthly fee on savings and money market accounts. You also qualify for higher relationship interest rates on other products. Nevada State Bank also offers a discount for checks and a safety deposit box for customers who have a Premium Interest Checking account.

With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. You can make three out-of-network transactions a month without owing a fee to Nevada State Bank. If you make more than three, it charges a $2.50 fee for extra transactions. Also, this account does not refund any fees charged by out-of-network ATM owners.

How to get Nevada State Bank’s Premium Interest Checking account

You can open a Premium Interest Checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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Basic Checking

Even though this account only comes with the basics, it still has a high monthly maintenance fee. Not a great choice considering how many excellent free checking accounts are available online.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9 (can be waived)
  • ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35

The Basic Checking account requires an opening deposit of at least $50. After that, this account charges a $9 monthly maintenance fee, though there are some ways to avoid it. Nevada State Bank waives the fee if you meet any of the following during the month:

  1. You have an average daily balance of at least $1,500
  2. You make at least $500 in Automated Clearing House (ACH) direct deposits
  3. You make at least one purchase using a Nevada State Bank credit card
  4. You’re a student who is 25 or younger

Also, if you want paper statements, Nevada State Bank charges a $2.50 monthly fee. This account does not earn interest. It comes with online banking, a debit card and the option to order checks.

With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. If you use an out-of-network ATM, Nevada State Bank charges a $2.50 fee on each transaction. Also, this account does not refund any fees charged by ATM owners.

How to get Nevada State Bank’s Basic Checking account

You can open a Basic Checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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OnBudget® Banking

The OnBudget® Banking account doesn’t charge overdraft fees when you spend over your balance. Still, it’s a bit of a rip-off because there’s no way to avoid the monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5
  • ATM fees: None at Nevada State Bank ATMs and any ATM that’s part of the Zions Bancorporation network. $2.50 at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: None

If you’re worried about spending over your balance, Nevada State Bank offers the OnBudget® Banking checking account. This account does not charge overdraft fees. Nevada State Bank says it will deny transactions that go over your limit with this account. If it does pay an overdraft with this account, it still will not charge you a fee.

The downside of this account is that it comes with a $5 monthly fee, and there’s no way to get that waived. The OnBudget® Banking Checking Account also doesn’t earn interest and doesn’t allow you to write checks.

With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. If you use an out-of-network ATM, Nevada State Bank charges a $2.50 fee on each transaction. Also, this account does not refund any fees charged by ATM owners.

How to get Nevada State Bank’s OnBudget® Banking account

You can open an OnBudget® Banking checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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Senior Advantage Checking

This account is only available if you’re 62 or older. It comes with some discounts on checking fees but doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; one free out-of-network transaction a month, then $2.50
  • ATM fee refunds: None
  • Overdraft fees: $35

You can only open a Senior Advantage Checking account if you are 62 or older. This account is similar to Basic Checking. It doesn’t earn interest and only comes with a debit card and online banking. If you want paper statements, there’s a $2.50 monthly charge.This account includes discounts for a safety deposit box, as well as when you order checks. It also comes with some extra discounts on the fees. First, the monthly maintenance fee is $6, versus $9 on Basic Checking. Nevada State Bank will waive the fee if you meet either of the following during the month:

  1. You keep a $500 minimum daily balance in the account
  2. You make at least $250 in ACH direct deposits

With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. You can make one out-of-network transaction a month without owing a fee to Nevada State Bank. If you make more than one, it charges a $2.50 fee for extra transactions. Also, this account does not refund any fees charged by ATM owners.

How to get Nevada State Bank’s Senior Advantage Checking account

You can open a Senior Advantage Checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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How Nevada State Bank’s checking accounts compare

We are not impressed with Nevada State Bank’s checking accounts. Only one of its accounts, Premium Interest Checking, earns interest. The rate is also very low, despite the account’s high balance requirements.

Nevada State Bank’s noninterest-bearing checking accounts come with surprisingly high monthly maintenance fees for when you miss the balance requirements. We also noticed that its accounts do not refund out-of-network ATM fees. Depending on the account, Nevada State Bank tacks on an extra $2.50 charge when you use another bank’s ATM. That could get expensive whenever you aren’t near its branches.

There are so many high-quality online checking accounts with low fees and generous interest rates that there’s really no reason to settle for what’s available at Nevada State Bank.

Nevada State Bank’s savings account options

Personal savings

A savings account that earns barely any interest. Even if you qualify for the relationship upgrade, the rate is so low that it’s practically nothing.
Regular rates
APYMinimum Balance to Earn APY
0.01%$0.01
0.01%$1,000
0.01%$5,000
0.01%$25,000
0.01%$50,000
0.01%$100,000
Relationship rates
APYMinimum Balance to Earn APY
0.02%$0.01
0.02%$1,000
0.02%$5,000
0.02%$25,000
0.02%$50,000
0.02%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35

You need to deposit at least $50 to open a Personal Savings account. This account charges a $5 maintenance fee that you can avoid if you meet one of the following each month:

  1. You keep a $200 minimum daily balance in your account
  2. You make at least a $25 transfer from a Nevada State Bank checking account into savings
  3. You have a Premium Interest Checking account and link it to your savings account

If you use paper statements, this account charges another $2.50 monthly fee.

This account earns interest on all balances, but the rates are incredibly low. If you have a Premium Interest Checking account, you qualify for a small bonus and different tier of relationship rates.

Nevada State Bank limits how often you can take out money from the account, a requirement for savings accounts. Each month, you can make six free withdrawals or transfers. If you make more than six, Nevada State Bank charges a $2 fee for each extra transaction.

How to get Nevada State Bank’s Personal Savings account

You can open a Personal Savings account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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Young Savers

For customers younger than 26, Nevada State Bank offers a free savings account. It has some extra discounts versus its regular savings account, but it also has the same mediocre interest rate.
APYMinimum Balance to Earn APY
0.01%$0.01
0.01%$100
0.01%
$500
0.01%$1,000
0.01%$10,000
0.01%$50,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35

If you are younger than 26, you could open a Young Savers account for a minimum deposit of just $5. This account has a few discounts on fees versus the normal Personal Savings account. First, Young Savers does not charge a monthly maintenance fee. Also, if you want paper statements, Nevada State Bank does not charge its typical $2.50 monthly fee.

Beyond that, Young Savers is pretty much the same as Personal Savings. It has the same interest rates, which are very low. There are no special relationship rates for Young Savers, even if you have a Premium Interest Checking account.

Nevada State Bank limits how often you can take out money from the account, a requirement for savings accounts. Each month, you can make six free withdrawals and transfers. If you make more than six, Nevada State Bank charges a $2 fee for each extra transaction.

How to get Nevada State Bank’s Young Savers account

You can open a Young Savers account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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How Nevada State Bank’s savings accounts compare

If you’re hoping to grow your money, that won’t happen with Nevada State Bank’s savings account. The interest rates are so low that they may as well be nothing at all. Even if you qualify for the relationship upgrade with a Premium Interest Checking account, you still earn practically zero interest with the savings accounts.

Now, Nevada State Bank does do a good job keeping fees low on its savings accounts. Young Savers does not have a monthly fee, and you can easily avoid the monthly fee on Personal Savings. Also, Nevada State Bank only charges a $2 fee if you go over the monthly withdrawal limit, which is reasonable for a savings account.

But none of this really matters when the interest rates are so low. If you want to grow your savings, try one of these excellent savings accounts instead. Not only do they pay extremely competitive rates, but many of them are free.

Nevada State Bank’s CD rates

Certificates of Deposit

Nevada State Bank’s regular CD rates are extremely low. We would skip these accounts and focus on its other CD offers.
TierTermAPY ($1,000)APY ($100,000)
1 month28 to 88 days0.05%
0%
3 months89 to 179 days0.07%
0%
6 months180 to 269 days0.07%
0%
9 months270 to 364 days0.07%
0%
1 year365 to 544 days0.15%
0%
18 months545 to 729 days0.18%
0%
2 years730 to 1,094 days0.21%
0%
3 years1,095 to 1,459 days0.30%
0%
4 years1,460 to 1,824 days0.30%
0%
5 years1,825 days and up0.39%
0%
  • Minimum opening deposit: $1,000 ($100,000 for Jumbo)
  • Minimum balance amount to earn APY: $1,000 ($100,000 for Jumbo)
  • Early withdrawal penalty: The early withdrawal penalty depends on your CD term, amount deposited and amount of interest earned; those determine the penalty at the time of your withdrawal

Nevada State Bank offers CDs that range from one month to five years. It gives you the flexibility to choose the number of days in a range for your CD. For example, the six-month CD range goes from 180 to 269 days. You can set your CD for any number of days in this range and earn the same interest rate.

You must deposit at least $1,000 to open a Nevada State Bank CD and keep this much in the account to earn the APY. Its regular CD rates are incredibly low. It also offers Jumbo CDs, which require at least $100,000 to open and earn the APY. But the rates are identical to the regular CDs.

If you take out money from your Nevada State Bank CD before the end of the term, you will owe an early withdrawal penalty. On Oct. 25, we called customer service to see how its early withdrawal penalty works. It said the penalty depends on your CD term, amount deposited and amount of interest earned. Nevada State Bank determines the penalty at the time of your withdrawal.

How to get Nevada State Bank’s CD

You can open a Nevada State Bank CD by visiting one of its branches. These accounts are not available online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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Promotional Certificates of Deposit

Nevada State Bank is running a CD promotion until Dec. 31, 2018. These CDs pay the best rates, but you can only open them with funds not already at Nevada State Bank.
TierTermAPY
15 months450 to 480 days2.02%
23 months693 to 720 days2.28%
3 years1,095 to 1,459 days2.53%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: The early withdrawal penalty depends on your CD term, amount deposited and amount of interest earned; those determine the penalty at the time of your withdrawal

Until Dec. 31, 2018, Nevada State Bank is offering several promotional CDs. These CDs pay the best rates of all its offers by far.

They have a higher balance requirement. You need to deposit at least $5,000 to open a Promotional CD and keep this much in the account to earn the APY. Also, the deposit cannot come from funds already at Nevada State Bank, either in a CD or another deposit account. You can only open a Promotional CD with new funds from outside the bank.

If you take out money from your Promotional CD before the end of the term, you will owe an early withdrawal penalty. On Oct. 25, we called customer service to see how its early withdrawal penalty works. It said the penalty depends on your CD term, amount deposited and amount of interest earned. Nevada State Bank determines the penalty at the time of your withdrawal.

How to get Nevada State Bank’s Promotional CD

You can open a Promotional CD by visiting one of its branches. These accounts cannot be set up online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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How Nevada State Bank’s CD rates compare

If you want to open a Nevada State Bank CD, we would focus only on its Promotional CDs. They offer by far the best rates. But you can only open these CDs with new funds, money that already isn’t at Nevada State Bank. This could be a headache if you are already an existing customer.

The rest of the Nevada State Bank CDs are much less impressive. Its normal CD rates are dismal, lower than what many checking accounts pay.

If you can qualify for a generous Nevada State Bank CD promotion, it might be worth a look. Otherwise, we recommend using something from this list of the best CD rates from around the country. They pay more than even Nevada State Bank’s top promotions, and there are no strings attached for qualifying.

Nevada State Bank’s money market account option

Money Market

Nevada State Bank’s money market rates are incredibly low. They offer a slight rate increase for customers with its high-end checking account, but it’s nothing to get excited about.
Regular rates
APYMinimum Balance to Earn APY
0.01%$1,000
0.01%$5,000
0.04%$25,000
0.04%$100,000
0.04%$250,000
0.04%$500,000
0.04%$1,000,000
Relationship rates
APYMinimum Balance to Earn APY
0.03%$1,000
0.08%$5,000
0.14%$25,000
0.14%$100,000
0.14%$250,000
0.14%$500,000
0.14%$1,000,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35

You need to deposit at least $500 to open a Money Market account. This account charges a $10 maintenance fee. Nevada State Bank waives the fee if you meet one of the following each month:

  1. You have a $1,000 minimum daily balance in your account
  2. You have a Premium Interest Checking account linked to the Money Market account

This account also charges another $2.50 monthly fee if you request paper statements.

If you have a balance of at least $1,000, you will earn interest through the Money Market account. The rates are very low, even at the highest category with a balance of $1 million. If you have a Premium Interest Checking account, you qualify for improved relationship rates. While these rates are a little better, they are still not very impressive.

Nevada State Bank limits how often you can take out money from the account, a requirement for money market accounts. Each month, you can make six free withdrawals and transfers. If you make more than six, Nevada State Bank charges a $25 fee for each extra transaction.

How to get Nevada State Bank’s Money Market account

You can open a Money Market account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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How Nevada State Bank’s money market account compares

Money market accounts typically have high balance requirements and monthly maintenance fees. In exchange, you’re supposed to receive a generous interest rate. Nevada State Bank’s money market account only meets half of the bargain: the fees are high but the rates are not.

Its money market rates are so low that there are even online checking accounts that pay more interest. While Nevada State Bank gives slightly better rates if you have a Premium Interest Checking account, even with the bonus you still need a balance of at least $100,000 to earn just an average money market return.

We would stay away from this account. The interest rates are not nearly good enough to make up for the potentially high fees. If you want a money market account with a respectable return, these are the top-paying money market options available today.

Nevada State Bank’s IRA account options

IRA Certificates of Deposit

You can open any of Nevada State Bank’s regular CDs through an IRA. They offer the same ultra-low rates.
TierTermAPY ($1,000)
1 month28 to 88 days0.05%
3 months89 to 179 days0.07%
6 months180 to 269 days0.07%
9 months270 to 364 days0.07%
1 year365 to 544 days0.15%
18 months545 to 729 days0.18%
2 years730 to 1094 days0.21%
3 years1,095 to 1,459 days0.30%
4 years1,460 to 1,824 days0.30%
5 years1,825 days and up0.39%
  • Minimum opening deposit: $1,000 ($100,000 for Jumbo)
  • Minimum balance amount to earn APY: $1,000 ($100,000 for Jumbo)
  • Early withdrawal penalty: The early withdrawal penalty depends on your CD term, amount deposited and amount of interest earned; those determine the penalty at the time of your withdrawal

Nevada State Bank’s regular CDs can be set up through an IRA so that you can save for retirement. They have the same terms, ranging from one month to five years. They also use the same rates, which are extremely low for IRA CDs.

You must deposit at least $1,000 to open an IRA CD and keep this much in the account to earn the APY. Nevada State Bank also offers Jumbo IRA CDs that take $100,000, though they earn the same rates as the normal IRA CDs.

If you take out money from your IRA CD before the end of the term, you will owe an early withdrawal penalty. On Oct. 25, we called customer service to see how its early withdrawal penalty works. It said the penalty depends on your CD term, amount deposited and amount of interest earned. Nevada State Bank determines the penalty at the time of your withdrawal.

How to get Nevada State Bank’s IRA CD account

You can open an IRA CD by visiting one of its branches. These accounts cannot be set up online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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IRA Money Market

The IRA Money Market gives you more access to your retirement funds, but the rates are poor — even worse than Nevada State Bank’s low-paying IRA CDs.
Regular rates
APYMinimum Balance to Earn APY
0.01%$0.01
0.01%$2,000
0.01%$10,000
0.04%$25,000
0.04%$50,000
0.04%$100,000
0.04%$500,000
0.04%$1,000,000
Relationship rates
APYMinimum Balance to Earn APY
0.01%$0.01
0.03%$2,000
0.08%$10,000
0.14%$25,000
0.14%$50,000
0.14%$100,000
0.14%$500,000
0.14%$1,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

If you want more flexible access to your retirement savings, Nevada State Bank also offers an IRA Money Market account. This account does not lock up your money for a set period, like with an IRA CD. You can take out funds whenever you want without owing an early withdrawal penalty.

The IRA Money Market account does limit you to six free withdrawals and transfers per statement cycle. If you make more than six, Nevada State Bank charges a $25 fee on the extra transactions.

You need to deposit at least $100 to open an IRA Money Market account. This account earns interest on all balances, though the rate is quite low. If you have a Premium Interest Checking account, you qualify for slightly higher relationship rates that still aren’t great.

How to get Nevada State Bank’s IRA Money Market account

You can open an IRA Money Market account by visiting one of its branches. These accounts cannot be set up online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.

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How Nevada State Bank’s IRA CD rates compare

Nevada State Bank’s IRA CDs use the same subpar rates that you get through the regular CDs. The IRA CD rates are worse because you can’t use any of the CD promotions.

Its IRA Money Market account also earns very little. While it gives you more access to your money, you’re sacrificing too much for the interest rate. Other lenders offer these flexible accounts that still earn a decent return.

We do not recommend any of Nevada State Bank’s IRA CDs because of its low rates. If you’re going to hit your retirement savings target, you’ll need to earn much more. You could do so through these IRA CDs, which are the best in the country.

Overall review of Nevada State Bank’s banking products

While a small organization can’t be perfect at everything, in our experience the typical regional bank has at least a couple of attractive offers. But it’s hard to find anything worth recommending at Nevada State Bank as its personal deposit accounts have problems across the board.

Pretty well all its accounts have extremely low rates and high monthly fees. They are just as bad and perhaps worse than what you’d get at a large, national bank. The only accounts that come close to being competitive are the CD promotions. Everything else earns too little to be worth using.

On Nevada State Bank’s website, it advertises its community outreach programs and customer service. Maybe that’s how it attracts customers in its market. But if it ever wants to find clients in the competitive online marketplace, it’ll need to do a whole lot better with its accounts.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Navigant 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.

Navigant Credit Union’s checking account options

Journe Rewards Checking

This is Navigant Credit Union’s premier checking account — and with good reason. It comes with an excellent interest rate and refunds out-of-network ATM fees. To qualify for these benefits, you’ll need to regularly spend on the debit card.
APYMinimum Balance to Earn APY
1.25%
$10 (qualifying conditions met)
0.35%
Balances over $20,000 (qualifying conditions met)
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: Up to $25 per statement cycle with qualifying conditions met; otherwise, none
  • Overdraft fees: $34

Navigant Credit Union’s Journe Rewards Checking account requires an opening deposit of at least $10. After that, this account does not charge a monthly fee regardless of your balance. But if your balance falls below $10, you stop earning interest.

This account has an excellent interest rate, but you need to meet several conditions each month to qualify. First, you must sign up for e-statements. You also must receive at least one direct deposit or have an Automated Clearing House (ACH) debit or credit post. Finally, you must make at least 12 purchases on the debit card, using signature or point-of-sale transactions.

If you qualify, you receive a spectacular interest rate on up to $20,000. If you have more than $20,000, you’ll earn a decent but much lower rate on any amount over the limit. But during any month you don’t make the qualifying transactions, you’ll receive a very low interest rate.

With the debit card, you can make free transactions from Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection. If you use out-of-network ATMs, this account refunds up to $25 per month in ATM fees provided you meet the qualifying transactions. There are no fee refunds during the months you don’t qualify.

How to get Navigant Credit Union’s Journe Rewards Checking account

You can sign up for Navigant Credit Union’s Journe Rewards Checking account online or at one of the branches. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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Personal Checking

A basic checking account with average fees and a low interest rate. It’s not a terrible account, but there are much better options at Navigant Credit Union.
APYMinimum Balance to Earn APY
0.05%
$10
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

You need to deposit at least $10 to open a Navigant Credit Union Personal Checking account. After you open, this account charges a $10 maintenance fee unless you meet one of the following each month:

  1. You enroll in monthly direct deposit
  2. You have a minimum daily balance of at least $500
  3. You are 50 or older

If you meet any of these conditions, Navigant Credit Union waives the fee. The Personal Checking account earns interest so long as your balance is at least $10. But the rate is very low and doesn’t increase for larger balances.

You can make free withdrawals from Navigant Credit Union ATMs and ATMs in the RI Credit Union Collection, but the credit union will charge a $2 fee when you make out-of-network transactions. This account also will not refund any fees from ATM owners.

You can sign up for the Navigant Credit Union Personal Checking account online or at one of the branches. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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Relationship Checking

If you don’t keep at least a $5,000 minimum balance, this account comes with a steep monthly fee. The interest rate isn’t worth it.
APYMinimum Balance to Earn APY
0.15%
$10
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

The Navigant Credit Union Relationship Checking account only requires $10 for an opening deposit. You also only need to keep $10 in your account to earn interest. But you’ll need to keep much more money with Navigant Credit Union for this account to make sense.

The Relationship Checking account charges a $12 monthly fee unless you keep a $5,000 minimum balance throughout all Navigant Credit Union personal deposit accounts. It’s free so long as you stay above this limit.

In exchange, this account earns an average interest rate and comes with some other banking benefits. You get one free order of checks a year. Navigant Credit Union also waives the fee on official (cashier’s) checks and money orders when you have this account.

You can make free withdrawals from Navigant Credit Union ATMs and those in the RI Credit Union Connection. But if you make an out-of-network transaction, it will charge $2 and won’t refund any fees from the ATM owner.

How to get Navigant Credit Union’s Relationship Checking account

You can sign up for the Navigant Credit Union Relationship Checking Account online or at one of the branches. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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New Beginnings Checking

This account accepts customers who can’t qualify for a regular checking account due to past financial difficulties. It doesn’t earn interest and has high fees, so don’t use this account unless you have to.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $13 ($10 with direct deposit)
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

If you’ve run into past financial trouble, like you failed to pay overdrafts on an old bank account, you may have trouble qualifying for another checking account. Navigant Credit Union offers a New Beginnings Checking account if you can’t qualify for its other products. This way you can still have a bank account and rebuild your financial history.

You need to deposit at least $10 to open a Navigant Credit Union New Beginnings Checking account. This account does not earn interest. It also charges a $13 monthly fee, which is reduced to $10 if you set up a direct deposit. There is no way to avoid the monthly fee.

With the account debit card, you can make free withdrawals from Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection. If you make an out-of-network transaction, it will charge $2 and won’t refund any fees from the ATM owner.

How to get Navigant Credit Union’s New Beginnings Checking account

You can only sign up for the Navigant Credit Union New Beginnings Checking account at one of its branches. It’s not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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E-Access Student Checking

For students younger than 25, Navigant Credit Union offers a special checking account. It comes with some extra fee discounts compared to the other accounts, but it doesn’t earn interest.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: Up to $25 per month
  • Overdraft fees: $34

If you are a student between the ages of 16 to 24, you could open a Navigant Credit Union E-Access Student Checking account. It takes a deposit of at least $10 to open this account, but after that there’s no minimum balance requirement or monthly fee.

The E-Access Student Checking account doesn’t earn interest but has some fee discounts that the other accounts don’t offer. First, this account waives one overdraft fee a year. This could come in handy for someone budgeting money for the first time.

This account also refunds up to $25 a month in fees from out-of-network ATMs. There are no qualifying transactions, so you’ll receive the refund every month. When you turn 25, this account turns into a Journe Rewards Checking account or whatever similar account is offered at that time.

How to get Navigant Credit Union’s E-Access Student Checking Account

You can sign up for the Navigant Credit Union E-Access Student Checking account online or at one of the branches. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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How Navigant Credit Union’s checking accounts compare

Navigant Credit Union describes its Journe Rewards Checking account as its premier account — and with good reason. It offers a spectacular interest rate and comes with a respectable monthly refund for out-of-network ATM fees. The rest of its regular checking accounts are not as good because they have higher fees and lower interest rates. We suspect they were launched before Journe Rewards Checking and are now a bit of an afterthought.

Navigant Credit Union also offers a low-fee account for students and a second-chance account for people who have had past financial trouble. If you’re in either situation, they might be worth a look, but the Journe Rewards Checking account is clearly the best choice.

Our only problem with Journe Rewards Checking is you need to make 12 debit card purchases a month to qualify for the top rate. This could get annoying if you don’t like spending on your debit card. If you want a high-earning checking account without this rule, these online checking account options may be better. Their rates are just as high and you won’t have to worry about monthly qualifying conditions.

Navigant Credit Union’s savings account options

Statement Savings

Every member of Navigant Credit Union needs to open a Statement Savings account. There’s no monthly fee, but the interest rate is very low.
APYMinimum Balance to Earn APY
0.10%
$10
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

If you want to join Navigant Credit Union, you need to open one of its Statement Savings accounts with a deposit of at least $10.

This account earns interest so long as you have more than the $10 minimum balance requirement. The rate is low for a savings account and stays the same for all balances. You won’t earn more by depositing more.

Since this is a savings account, there’s a limit to how often you can take out money due to a government rule, Regulation D. Each statement cycle, you can make up to six certain transfers or withdrawals out of the account, including checks, debit card purchases, account transfers and drafts. If you make more than six, Navigant Credit Union charges a $5 excess transaction fee.

How to get Navigant Credit Union’s Statement Savings account

You can sign up for the Navigant Credit Union Statement Savings account online or at one of the branches. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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New Beginnings Savings

If you’ve had banking issues in the past, Navigant Credit Union offers a savings account with easier approval. It earns interest, but you’ll have to call the credit union for the current rate.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

The Navigant Credit Union New Beginnings Savings account is meant for people who had banking trouble in the past, like they failed to pay an overdrawn balance on an old account. This savings account will accept applicants who might not be able to qualify for a standard savings account.

You need to deposit at least $10 to open a Navigant Credit Union New Beginnings Savings account. This account earns interest when you have at least a $10 balance but you will need to contact the bank to obtain current rate information.

Since this is a savings account, there’s a limit to how often you can take out money due to a government rule, Regulation D. Each statement cycle, you can make up to six certain transfers or withdrawals out of the account, including checks, debit card purchases, account transfers and drafts. If you make more than six, Navigant Credit Union charges a $5 excess transaction fee.

How to get Navigant Credit Union’s New Beginnings Savings account

You can sign up for the Navigant Credit Union New Beginnings Savings account at one of the branches. This account is not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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Christmas Club/Vacation Club

In theory, these accounts are supposed to help you save for specific goals during the year, such as your next vacation. But they don’t earn interest and come with an early withdrawal penalty, so they probably won’t help too much.
  • Minimum opening deposit: $2
  • Monthly account maintenance fee: None
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: N/A

Club accounts target a specific savings goal, such as a summer vacation or the end-of-the-year holiday season. When you sign up, you pick a set deadline for when your money will come out. You then put money aside throughout the year. When the deadline comes around, Navigant Credit Union pays out everything you’ve saved.

The Christmas Club and Vacation Club accounts only require a $2 deposit to open. But these accounts do not earn interest. At the end of the term, you’ll only get back the money you put in.

If you want your money before the target date, you’ll need to close the account. Navigant Credit Union will charge a $5 close-out fee.

How to get Navigant Credit Union’s Christmas Club/Vacation Club accounts

You can sign up for the Navigant Credit Union Christmas Club and Vacation Club accounts online or at one of the branches. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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How Navigant Credit Union’s savings accounts compare

The Navigant Credit Union savings accounts don’t offer much. Its regular savings account pays a very low interest rate that won’t really grow your money. The club accounts are even worse because they don’t even pay interest while charging an extra fee if you take out money before the end of your term.

If you want to join Navigant Credit Union, you do need to open a Statement Savings account for $10. Fortunately, there’s no monthly maintenance fee, so you can make the bare minimum deposit and then focus on the better accounts at Navigant Credit Union.

If you do want a savings account, we’d recommend these top online savings account options instead. They pay much higher rates — nearly 20 times more than Navigant Credit Union — and many of them are also completely free.

Navigant Credit Union’s CD rates

Certificates of Deposit

For new deposits, Navigant Credit Union offers a couple of spectacular CD offers. But once you get past this special, its regular CD rates are mediocre.
TermAPY
6-12 months0.25%
13 months (new funds only)2.50%
15 months0.40%
18 months0.45%
23 months (new funds only)3.00%
2 years0.65%
2.5 years0.65%
3 years0.75%
4 years1.00%
5 years1.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 3% of any principal taken out before the maturity date; you can take out interest without owing a penalty

Navigant Credit Union offers Certificates of Deposit that range from six months to five years. For its CDs of 12 months or less, you can pick any CD length from six to 12 months and receive the same interest rate.

You need to deposit at least $500 to open a Navigant Credit Union CD and keep this much in the account to earn the APY. Its 13-month and 23-month CDs can only be opened with new funds, money not already at Navigant Credit Union. These rates are excellent. Navigant Credit Union’s regular CD rates are much less impressive.

If you take out any of your principal before the CD maturity date, Navigant Credit Union charges a 3% penalty on the amount withdrawn. You can take out your interest earnings without a penalty.

At the end of the term, your CD will automatically renew for the same length of time. You will have a 10-day grace period to take out money without owing the early withdrawal penalty. On Oct. 31, 2018, we asked customer service whether the new-funds CD would renew at the same high rate. It said they would renew but that the rate could change depending on what the CDs are paying at that time.

How to get Navigant Credit Union’s CDs

You can open the 23-month CD online or by visiting a bank branch. The rest of the CD terms are not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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How Navigant Credit Union’s CD rates compare

When it comes to attracting new CD deposits, Navigant Credit Union pulled out all the stops. Its “new money” 15- and 23-month CDs are right up there with the best offers in the country. The only catch is you can only open these accounts with funds that are not already at Navigant Credit Union. For existing customers though, Navigant Credit Union is a lot less generous. Its regular CD rates are extremely low.

If you use one of its promotional offers with new funds, pay close attention when it ends. Navigant Credit Union automatically renews you again, but the rate could be much lower, depending on whether it makes any changes during your CD term. This could be an unfortunate surprise if you miss the grace period to take out money.

If your money isn’t already at Navigant Credit Union and you want to hit up its promotions, you’ll be getting a nice return on your savings. But once that’s done, you may have to look elsewhere to earn a decent rate. Start by checking out our list of the best CD offers nationwide. The rates are excellent and you can renew them as often as you want; they aren’t for new funds only.

Navigant Credit Union’s money market account options

Money Market

Navigant Credit Union’s regular Money Market account is free, but it unfortunately pays a very low interest rate. You’d earn more using some of its checking accounts.
APYMinimum Balance to Earn APY
0.15%
Less than $2,500
1.30%
$2,500
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

The Navigant Credit Union Money Market account requires an opening deposit of at least $2,500. After you open it, there’s no minimum balance requirement. Also, this account does not charge a monthly fee.

You earn interest on all balances, and the rate is the same even if you drop below $2,500. But it’s a very low rate for a money market account.

Since this is a money market account, there’s a limit to how often you can take out money due to a government rule, Regulation D. Each statement cycle, you can make up to six certain transfers or withdrawals out of the account, including checks, account transfers and drafts. If you make more than six, Navigant Credit Union charges a $5 excess transaction fee.

How to get Navigant Credit Union’s Money Market account

You can sign up for the Navigant Credit Union Money Market account at one of the branches. This account is not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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Relationship Money Market

If you have more than $10,000, you can earn a slightly higher money market rate with this account. It still doesn’t earn much though.
APYMinimum Balance to Earn APY
0.10%
Below $5,000
0.10%
$5,000
0.15%
$10,000
0.15%
$30,000
0.20%
$50,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: None at Navigant Credit Union ATMs and ATMs that are part of the RI Credit Union Connection; $2 at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $34

For larger deposits, you can earn slightly more with the Navigant Credit Union Relationship Money Market account. This account starts earning more than the regular Money Market account once you deposit at least $10,000. But the rate is still low even at the higher tiers.

The Relationship Money Market account also requires an opening deposit of at least $2,500. There’s no minimum balance requirement to earn interest and this account does not charge a monthly fee.

Since this is a money market account, there’s a limit to how often you can take out money due to a government rule, Regulation D. Each statement cycle, you can make up to six certain transfers or withdrawals out of the account, including checks, debit card purchases, account transfers and drafts. If you make more than six, Navigant Credit Union charges a $5 excess transaction fee.

How to get Navigant Credit Union’s Relationship Money Market account

You can sign up for the Navigant Credit Union Relationship Money Market account at one of the branches. This account is not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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How Navigant Credit Union’s money market accounts compare

The Navigant Credit Union money market accounts are both forgettable. Neither one pays anything close to a competitive interest rate. Even if you qualify for the best rate, by depositing $50,000 in the Relationship Money Market account, you still earn less than even some of the checking accounts at Navigant Credit Union.

Now, there are some positives. The Navigant Credit Union money market accounts do not charge a monthly fee and they’ll pay interest on any balance. This is a nice, unusual benefit because money market accounts typically have high balance requirements and fees.

Still, the whole point of using these accounts is to earn interest, and Navigant Credit Union does not deliver. If you want a money market account that’s serious about growing your savings, check out these money market options instead. Their rates are light-years ahead of Navigant Credit Union.

Navigant Credit Union’s IRA CD rates

IRA Certificates of Deposit

If you want an IRA, you can use Navigant Credit Union’s regular CDs — but not its promotions — for new deposits. That’s a shame because, without the promotions, the IRA CD rates are dismal.
TermAPY
6-12 months0.25%
13 months0.35%
15 months0.40%
18 months0.45%
2 years0.65%
2.5 years0.65%
3 years0.75%
4 years1.00%
5 years1.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 3% of any principal taken out before the maturity date; you can take out interest without owing a penalty

You can open the regular Navigant Credit Union CDs through an IRA, but not the promotions for new deposits. Without the promotions, this means the IRA CD rates are very low.

You must deposit at least $500 to open an IRA CD and keep this much in the account to earn the APY.

If you take out any of your principal before the CD maturity date, Navigant Credit Union charges a 3% penalty on the amount withdrawn. You can take out your interest earnings without a penalty.

At the end of the term, your IRA CD will automatically renew for the same length of time. You will have 10 days to take out money without owing the early withdrawal penalty.

How to get Navigant Credit Union’s IRA CD

You can only open the IRA CDs by visiting a bank branch. These accounts are not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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IRA Money Market

This account lets you take out money without an early withdrawal penalty, but it’s not an effective way to build your nest egg.
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None

You can also use Navigant Credit Union’s money market account through an IRA. This account requires a minimum opening deposit of $2,500. After that, there is no monthly maintenance fee even if your balance falls below $2,500.

The IRA Money Market account earns interest on all balances, but you’ll have to contact the credit union for the current rate.

Since this is a money market account, there’s a limit to how often you can take out money due to a government rule, Regulation D. Each statement cycle, you can make up to six certain transfers or withdrawals out of the account. If you make more than six, Navigant Credit Union charges a $5 excess transaction fee.

How to get Navigant Credit Union’s IRA Money Market account

You can sign up for the Navigant Credit Union IRA Money Market account at one of the branches. This account is not available online. The application will ask for your contact information, Social Security number, proof of address and a form of government ID. You will also need to make your opening deposit. Navigant Credit Union accepts deposits by bank transfer and debit or credit card.

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How Navigant Credit Union’s IRA CD rates compare

When it comes to retirement plans, Navigant Credit Union doesn’t offer much. None of its IRA CDs pays a competitive interest rate. The best CDs, the offers for new deposits, are not available for the IRA CDs, so you’re stuck with the much worse regular CD rates.

While it’s nice that the IRA Money Market account is free, you need to deposit at least $2,500 to open the account.

Navigant Credit Union doesn’t seem too focused on the IRA market because you can’t open any retirement products online. These companies, on the other hand, take retirement very seriously and offer the highest IRA CD rates right now. They could be just what your plan needs to hit your long-term goals.

Overall review of Navigant Credit Union’s banking products

As far as the Navigant Credit Union banking products go, there’s a huge range in quality between the good and bad accounts. Its top accounts are spectacular. Journe Rewards Checking is one of the best checking accounts we’ve seen, thanks to its sky-high interest rates and generous refunds for out-of-network ATMs.

Navigant Credit Union also offers two CD specials for new deposits with rates that match up well with anything else in the country. Besides these all-star performers, there’s nothing else we would recommend at Navigant Credit Union. Its other deposit accounts pay way too little interest, and several of them come with high monthly fees.

It seems like Navigant Credit Union is aware of these weaknesses because a large share of its lower-paying accounts are not available online. This is no big loss. You can open its best checking account and CD through its website while skipping anything else.

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David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here