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Reviews

DFCU Financial Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1936
Total Assets$4.6B
LEARN MORE on DFCU Financial’s secure websiteNCUA Insured

DFCU Financial got its start in 1950 when seven engineers working for Ford pooled their money together to start a financial co-op — originally called the Ford Engineering Employees Federal Credit Union. Over time, they expanded their membership and changed the name to the Dearborn Federal Credit Union, later shortened to DFCU Financial. The headquarters remains in Dearborn, Mich.

Today, DFCU Financial has more than 200,000 members and is one of the top-performing credit unions in the country. They report being in the top 10 nationwide for return on assets — a measure of profitability for financial institutions.DFCU Financial has close to 30 branches spread throughout Michigan. The credit union is also a member of the CO-OP network, a national group of credit unions that share branches. DFCU Financial customers can visit any credit union in the CO-OP network use their ATMs for free.

Before you can use the DFCU Financial products, you need to join as a member first — and not everyone qualifies. To be eligible for membership, you need to live, work, worship or attend school within a county in the lower peninsula of Michigan. You can also join if you have an immediate family member who is an existing customer of DFCU Financial.

If you want to apply for membership, you can sign up online or at a DFCU Financial branch. The application will ask for your contact information, Social Security number and a form of government ID like a driver’s license. You also need to make your opening deposit. DFCU Financial accepts payment by bank transfer, debit card and credit card.

Before you go through the effort of applying, make sure that DFCU Financial truly is the best place for your money. This review can help you out. We’ve gone over all of DFCU Financial’s personal deposit accounts, using the latest product and rate information, to see how they stack up against the competition.

DFCU Financial’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

DFCU Financial Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.25%

CD Rates

DFCU Financial 1 Year Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.40%

CD Rates

DFCU Financial 3 Year Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.80%

CD Rates

DFCU Financial 5 Year Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

DFCU Financial checking account options

DFCU Financial Interest Checking Plus account

This checking account has a high balance requirement, a steep monthly fee and a low interest rate.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.05%$2,500
0.05%$10,000
0.05%$25,000
0.10%$50,000
0.10%$75,000
0.10%$100,000
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: $10 (waived if you meet certain requirements, covered below.)
  • ATM fees: Free at DFCU Financial and CO-OP ATMs. $1.50 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $32

This account earns interest on all balances. However, the rate is very low, even if you qualify for the higher tiers by having a balance of at least $50,000.You only need to deposit $20 to open an  Interest Checking Plus account, but this account charges a $10 monthly fee unless you have a minimum average daily balance of at least $10,000 throughout DFCU Financial deposit accounts. This includes checking, savings, money market and certificate accounts.

Besides interest, this account comes with a few other perks. First, you receive two free orders of checks per year. You also receive free money orders and cashier’s checks. When you have this account, you receive a 0.25% discount on the interest rate for select loans with automatic payments at DFCU Financial.

Finally, deposits in this account are eligible for DFCU Financial’s cashback program. To qualify, you need an average yearly balance throughout DFCU Financial loans and deposit accounts. The minimum depends on your age:

  • At least $100 if you are 17 or younger.
  • At least $1,000 if you are between 18 and 25.
  • At least $5,000 if you are 26 and older.

If you meet the requirements, you receive the greater of $50 or 0.5% of your combined balance in January.

To open an Interest Plus Checking account, you need to be a member of DFCU Financial. You can apply for this account while setting your membership up online or at a branch. You’ll use the same information and just need to make your deposit of at least $20.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

DFCU Financial Free Checking account

A free checking account with no minimum balance or monthly fee — and no interest.
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: None
  • ATM fees: Free at DFCU Financial and CO-OP ATMs. $1.50 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $32

If you are worried about monthly fees, DFCU Financial also offers a Free Checking account that does not charge a monthly maintenance fee. You need to deposit at least $20 to open it, but after that, there’s no minimum balance requirement.

This account does not earn interest. However, it is eligible for the cashback program where you can earn the greater of $50 or 0.5% of your combined deposit and loan balance at DFCU Financial. To qualify, your average yearly balance across loan and deposit accounts must be at least the following:

  • $100 if you are 17 or younger.
  • $1,000 if you are between 18 and 25.
  • $5,000 if you are 26 and older.

With the Free Checking account, you can make free withdrawals from DFCU Financial ATMs as well as ATMs in the CO-OP network. If you use another ATM, DFCU Financial charges $1.50 per transaction. They also will not refund any fees from the ATM owner.

If you’d like to open a Free Checking account, you need to join DFCU Financial as a member first. You can apply online or at a branch. During the application, there’s a part where you can open accounts, like Free Checking, so you can take care of this at the same time.

LEARN MORE Secured

on DFCU Financial’s secure website

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How DFCU Financial’s checking accounts compare

DFCU Financial’s checking accounts have their pros and cons. We really like their cashback rewards program. If you meet the deposit requirements, you receive the greater of $50 or 0.5% of your total loan and deposit balance annually at DFCU Financial.

This might end up being more than a year of interest on your typical checking account. The checking accounts also have a low opening deposit requirement and come with other bank perks, like a discount on loans and free checks.

On the other hand, DFCU Financial doesn’t pay much interest. They don’t pay anything for Free Checking, and the rates on Interest Checking Plus are very low. The $10 monthly fee on Interest Checking Plus is also quite high, especially since you need a $10,000 balance to avoid it. Finally, neither account refunds ATM fees and they charge $1.50 for out-of-network transactions.

The cashback program is generous enough that these accounts could be worth using if you’re close to DFCU Financial’s in-network ATMs. But if you’re worried about the fees, these top online checking accounts include ATM refunds so you can make withdrawals for free anywhere. They also pay superb interest rates that could outearn DFCU Financial’s bonus program.

DFCU Financial savings account options

DFCU Financial Savings Account

If you want to grow your savings, you won’t get too far with this account.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $3 (waived if you meet certain requirements, covered below.)
  • ATM fees: Free at DFCU Financial and CO-OP ATMs. $1.50 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $32

You can open a Savings account with a deposit of just $5, which represents your share in the credit union. The account earns interest and there is no minimum balance to qualify for the APY. Unfortunately, the rate is very low for a savings account. It always stays the same, so you can’t earn more by depositing more.

The Savings account requires that you keep a combined minimum average balance of at least $200 throughout all deposit accounts at DFCU Financial, including checking, savings, money market accounts and certificates. If you fall below, this account charges a $3 monthly fee.

Since this is a savings account, federal Regulation D limits how often you can make certain withdrawals/transfers to only six per statement cycle. If you ever exceed these limits, DFCU Financial will not charge a fee but they could restrict your ability to take money out or they could close your savings account.

You can open a savings account online or at one of the DFCU Financial branches. If you aren’t a member of the credit union, you’ll need to join first. You can set up your Savings account with your application while making your initial deposit of at least $5.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

DFCU Financial Holiday and Special Savings Account

Nearly identical to the regular savings account, except you put money aside for a specific date in the future.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at DFCU Financial and CO-OP ATMs. $1.50 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $32

If you are putting money aside for a specific goal, like holiday gifts or a vacation, DFCU Financial also offers Holiday and Special Savings accounts.

These accounts earn interest on all balances. It’s the exact same rate as the regular Savings account, which is very low. You can open a Holiday or Special Savings account for a deposit of just $1, a little lower than the $5 required for a Savings Account. After you open, you can take money whenever you want, even if it’s before your goal. DFCU FInancial does not charge an early withdrawal penalty on these accounts.

Before you can open a Holiday or Special Savings account, you need to join DFCU Financial. If you aren’t a member yet, do that first and then you can apply for these accounts.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

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How DFCU Financial’s savings accounts compare

If you want a savings account, DFCU Financial is not a great choice. They pay barely any interest at all. The base rate is low, and it does not increase for larger balances. Their savings account rate is even lower than a decent checking account, despite having extra restrictions on how often you can take out money.

We also noticed that they could charge a $3 monthly maintenance fee. While that’s not too costly and you can avoid it with a $200 minimum balance, we really don’t think DFCU Financial should be charging a fee given their ultra-low interest rate.

If you want to grow your savings, don’t settle for DFCU Financial’s weak return. These top savings accounts pay rates that are a massive upgrade, in some cases more than 40 times as much interest as you’d get from DFCU Financial.

DFCU Financial’s CD rates

DFCU Financial Share Certificates

These certificate rates are below average, even with their rate bump.
TermAPY ($1,000)APY ($25,000)APY ($100,000)
3 months0.15%0.20%0.25%
6 months0.20%0.25%0.30%
1 year0.25%0.30%1.00%
2 years0.35%0.40%1.10%
3 years0.40%0.45%1.30%
5 years0.80%0.90%1.50%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ of dividends for terms of 1 year or less, 180 days’ of dividends for terms over 1 year.

DFCU Financial offers Share Certificates that range from as short as three months all the way up to five years. You need to deposit at least $1,000 to open a Share Certificate and keep this much in the account to earn the APY. DFCU Financial also has higher rates for larger deposits. One category starts at $25,000 and the top category starts with a deposit of $100,000.

DFCU Financial’s Share Certificate rates are well below average. While the rates are a little better for the top category with a minimum balance of $100,000, they are still not that competitive.

If you take money out of your Share Certificate before the maturity date, DFCU Financial will charge an early withdrawal penalty. The penalty is based on your original term:

  • For maturities of one year or less, the penalty is 90 days’ of dividends.
  • For maturities over one year, the penalty is 180 days’ of dividends.

Only members of DFCU Financial can use a Share Certificate. If you aren’t a member yet, you will need to apply first, either online or at a branch. While setting up your membership, you can also open a Share Certificate so long as you make your deposit of at least $1,000.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

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How DFCU Financial’s CD rates compare

When you sign up for a CD, you’re locking up your money for a set period of time because early withdrawals lead to a penalty. For this arrangement to make sense, you should be earning a respectable return. That won’t happen with the options at DFCU Financial.

Their Share Certificates pay rates that are well below average. They are similar to what you’d get from a large national bank, with their ultra-low returns. While you can earn more with DFCU Financial’s certificates by depositing more, even their best rates for accounts of at least $100,000 are still not that great.

You can do a whole lot better elsewhere. These are the very best CDs available today for every term. Whether you want a short- or long-term commitment, you can find a great match in this list.

DFCU Financial money market account options

DFCU Financial Insured Money Market Account

DFCU Financial’s money market account doesn’t charge a monthly fee, but that doesn’t make up for their extremely low rates.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.10%$2,500
0.10%$10,000
0.15%$25,000
0.20%$50,000
0.20%$75,000
0.30%$100,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: Free at DFCU Financial and CO-OP ATMs. $1.50 per transaction at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $32

You need to deposit at least $2,500 to open an Insured Money Market account. After that, there is no minimum balance requirement. If your balance falls below $2,500, you earn a lower rate, but that’s it. There’s no monthly fee.

However, the Insured Money Market account rates are very low. While you gradually earn more for larger balances, even the top tier starting at $100,000 doesn’t pay anywhere close to a decent money market rate.

Since this is a money market account, it limits how often you can take money out. You can only write six checks per month. DFCU Financial also limits other certain withdrawals/transfers out of the account under Regulation D., up to six per month. If you go over the transaction limits, they could close your account or block your ability to make future transfers.

You need to be a member of the credit union before you apply for their Insured Money Market account. If you aren’t already a member, you can set this account up while applying. If you’re already a member, you can log into your online banking to open your Insured Money Market account.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

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How DFCU Financial’s money market accounts compare

Money market accounts typically come with high balance requirements and steep monthly fees so we were excited to see that DFCU Financial offers a free version. But that excitement didn’t last after seeing their rates.

Their money market rates are extremely low. Even if you qualify for the very highest tier, with a balance of $100,000, you are still nowhere near a competitive money market return. These accounts are supposed to pay much higher rates than normal checking or savings account, but DFCU Financial doesn’t deliver.

While the account is free, you still need to deposit at least $2,500 to start and that’s too much for their low rates. We would recommend using one of these money market accounts instead. Their rates are light years ahead of what’s available at DFCU Financial.

DFCU Financial’s IRA CD rates

DFCU Financial IRA Share Certificates

All the Share Certificates are available through an IRA. The rates are still mediocre.
TermAPY ($1,000)APY ($25,000)APY ($100,000)
3 months0.15%0.20%0.25%
6 months0.20%0.25%0.30%
1 year0.25%0.30%1.00%
2 years0.35%0.40%1.10%
3 years0.40%0.45%1.30%
5 years0.80%0.90%1.50%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ of dividends for terms of one year or less, 180 days’ of dividends for terms over one year.

You can open any of the regular Share Certificates through an IRA. The rates and terms are identical. You need at least $1,000 to open an IRA Certificate and keep this much to earn the APY.

DFCU Financial also pays higher rates for larger deposits. One category starts for a deposit of at least $25,000 and the best rates apply for balances of at least $100,000. The IRA Certificate rates aren’t great though, even for the best category with $100,000.

If you take money out of an IRA Certificate before the maturity date, DFCU Financial will charge a penalty. It’s 90 days’ dividends for maturities of one year or less and 180 days’ of dividends for maturities over one year. They will waive the penalty though if the withdrawal is needed to satisfy required minimum distributions for an IRA.

You can only open an IRA Certificate after you’re a member of DFCU Financial. Once you’ve joined, they ask you to visit a branch or to call their customer service line to set up these accounts. There is no online application for the IRA Certificates.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

DFCU Financial IRA Savings account

This account gives you more flexible access to your retirement savings, but the interest rate is dismal.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None

Besides their IRA Certificates, DFCU Financial also offers an IRA Savings account. With this account, you are not committing to a set amount of time. Instead, you can take money out at your convenience without owing an early withdrawal penalty to DFCU Financial.

In exchange, the interest rate is much lower. It’s extremely low, even by the standards of these more flexible retirement accounts. There is no minimum balance requirement to earn interest though.

The IRA Savings account also does not charge a monthly fee. You can open this account for a deposit of just $5.

The IRA Savings account is only available for members of DFCU Financial. If you aren’t a member yet, you should sign up first at a branch or online. After that, you can apply for this account at a branch or over the phone with customer service.

LEARN MORE Secured

on DFCU Financial’s secure website

NCUA Insured

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How DFCU Financial’s IRA CD rates compare

These IRA accounts do not bring enough firepower for your retirement plan. Their rates are just too low. While they offer a nice variety of IRA CD terms, none of them earn a competitive rate. There’s a rate upgrade for larger balances but even with $100,000, you still aren’t earning much.

At least with the IRA CDs though, you earn some amount of interest. Their flexible-access IRA Savings account is even worse. It earns so little, the rate may as well be nothing.

Overall, the IRA accounts will not get you to your retirement goals. But these top-performing IRA CDs are another story. They currently pay the very highest rates for these types of retirement plans.

Overall review of DFCU Financial’s banking products

For the most part, these banking products leave a lot to be desired. None of their accounts pay what we would consider a reasonable interest rate. They also charge a monthly fee on their interest-earning checking account and savings account. Finally, none of their accounts refund out-of-network ATM fees.

There is one unique feature, though, that we really liked at DFCU Financial: their cashback program. To qualify, your average yearly balance throughout all your deposit and loan accounts must be at least $5,000 for customers 26 and older, $1,000 for customers between 18 and 25 and $100 for customers under 18.

If you meet this cutoff, each year, you’ll receive a bonus worth the greater of $50 or 0.50% of your entire loan and deposit balance. That’s on top of any interest you earn and is a great reward for loyal customers. While it’s not enough to make up for DFCU Financial’s weak interest rates, it’s at least a step in the right direction.

If you happen to live near a branch, they could be worth a shot for a basic checking or savings account, especially if you think you can qualify for their annual cashback bonus. But if your goal is to earn a generous interest rate on your money, that won’t happen with any of their other products.

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

Andrews Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1948
Total Assets$1.7B
LEARN MORE on Andrews Federal Credit Union’s secure websiteNCUA Insured

The Andrews Federal Credit Union is a regional organization based out of the mid-Atlantic, with U.S. branches located throughout Washington D.C., Maryland, Virginia and New Jersey. They also have locations throughout Europe to support their customers who are military service members stationed abroad. Altogether, the Andrews Federal Credit Union has over 120,000 members worldwide and more than $1.5 billion in assets.

If you’re interested in any of the deposit accounts at Andrews Federal Credit Union, keep in mind that you need to qualify for membership first. The ways to qualify include:

  • You live, work, attend school or worship in Washington D.C.
  • You work for an employer or a member of an organization that has partnered with Andrews Federal Credit Union.
  • You have an immediate family member or household member who is an Andrews Federal Credit Union customer.
  • You’re an employee or board member of Andrews Federal Credit Union.

If none of these apply, you can sign up for the American Consumer Council and pay their $8 membership fee. After you join the ACC and have a membership number, Andrews Federal Credit Union says you can then apply to join.

You can apply for Andrews Federal Credit Union membership online or at one of their branches. The application will ask how you qualify for membership as well as for your address, employment information, Social Security number and a form of government ID, like a driver’s license or passport. You also need to open a Base Share Savings account for at least $5. Every member at Andrews Federal Credit Union needs to open this account first.

Since qualifying for membership takes some work, you need to be sure it’s worth the effort. To help you decide, we’ve reviewed all the Andrews Federal Credit Union personal deposit accounts, using the latest rates and product information from their website.

Andrews Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.31%

Savings

Andrews Federal Credit Union Base Share Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.41%

CD Rates

Andrews Federal Credit Union 12 Month Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.50%

CD Rates

Andrews Federal Credit Union 36 Month Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.91%

CD Rates

Andrews Federal Credit Union 60 Month Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Andrews Federal Credit Union checking account options

Andrews Federal Credit Union Free Checking account

A free checking account that only offers the basics. It doesn’t earn interest or refund out-of-network ATM fees — two serious downsides in our opinion.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

The Free Checking account only comes with basic banking services like a debit card, online banking and online bill payment. This account does not earn interest or offer rewards for when you spend on the debit card.

In exchange, this account is completely free. There’s no minimum balance requirement and it never charges a monthly fee. There’s also no minimum opening deposit, so you can set one up for any amount or even without adding money.

With the debit card, you can make free withdrawals from Andrews Federal Credit Union ATMs. Since Andrews Federal Credit Union is a member of the CO-OP network, a national group of credit unions which share branches, you can also make free withdrawals from CO-OP ATMs. If you make a withdrawal anywhere else, Andrews Federal Credit Union will not charge a fee, but they also will not refund any charges from the ATM owner.

Before you can open a Free Checking account, you’ll need to join the Andrews Federal Credit Union. You can sign up online or at one of their branches. While you’re applying for membership, you can open your Free Checking account using the same information.

LEARN MORE Secured

on Andrews Federal Credit Union’s secure website

NCUA Insured

Andrews Federal Credit Union Advantage Checking account

This account pays interest but only if you have at least $1,500. If you ever fall below, not only do you stop earning interest, you’ll also get hit with a monthly fee.
APYMinimum Balance to Earn APY
0.20%
$1,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

For customers who want interest, Andrews Federal Credit Union offers the Advantage Checking account. It earns interest so long as your balance is at least $1,500. The rate is average and always stays the same; you don’t earn more by depositing more.

There is no minimum opening deposit requirement to set up an Advantage Checking account. However, this account charges a $10 monthly maintenance fee whenever your balance is less than $1,500.

If you want to take money out, you can make free withdrawals from Andrews Federal Credit Union ATMs as well as ATMs in the CO-OP network. For out-of-network transactions, Andrews Federal Credit Union will not charge a fee. However, they will not refund any charges from the ATM owners.

If you aren’t currently a member of the Andrews Federal Credit Union, you’ll need to sign up first before you can apply for an Advantage Checking account. This account is listed on their membership application form so you can open it at the same time as joining the credit union.

LEARN MORE Secured

on Andrews Federal Credit Union’s secure website

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Andrews Federal Credit Union Second Chance Checking account

If you can’t qualify for a standard checking account because of past financial trouble, Andrews Federal Credit Union offers a Second Chance account to let you rebuild your track record.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (waived with direct deposit)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

The Second Chance checking account is meant for applicants who can’t qualify for a standard checking account because of past credit or banking difficulties. If you aren’t accepted for the other Andrews Federal Credit Union checking accounts, you could use this account to rebuild your financial record.

This account charges a $10 monthly fee but you can get it waived just by making a monthly direct deposit. The Second Chance Checking account does not have a minimum balance requirement.

Like with the other checking accounts, the debit card lets you make free withdrawals from both Andrews Federal Credit Union and CO-OP network ATMs. Andrews Federal Credit Union also does not charge out-of-network ATM fees. However, they do not refund fees from out-of-network ATM owners on this account.

This account apparently cannot be opened online, so you’ll need to visit a branch in person or contact the bank by phone for more details. Before you can open a Second Chance Checking account, you first need to become a member of the Andrews Federal Credit Union. This account is not an option on the membership application so you need to join first and then you can set up Second Chance Checking.

LEARN MORE Secured

on Andrews Federal Credit Union’s secure website

NCUA Insured

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How Andrews Federal Credit Union’s checking accounts compare

If you just want a simple checking account, you could do worse than what’s available at Andrews Federal Credit Union. You only need $1,500 to avoid the monthly fee on their interest-earning account and it pays an average return. It’s much better than what you’d get at a large national bank but doesn’t quite match the top online checking accounts. They also offer a free account with no minimum balance requirement, though it doesn’t earn interest.

The biggest drawback about the Andrews Federal Credit Union checking accounts is that they don’t refund out-of-network ATM fees. They are members of the CO-OP network, which opens up free ATMs across the country. However, if you go anywhere else, you’ll owe a fee to the ATM owner. This could be an expensive nuisance when you can’t find a CO-OP branch.

Because of their lack of ATM refunds and only average interest rate, the Andrews Federal Credit Union’s checking accounts are not top-tier options in our eyes. To see what an awesome checking account can deliver, check out these online checking options instead. They combine sky-high interest rates, low fees and generous ATM refunds altogether.

Andrews Federal Credit Union savings account options

Andrews Federal Credit Union Base Share Savings account

If you want to join the Andrews Federal Credit Union, you need to open this account for at least $5. Fortunately, the account’s good enough that you can use it even if it wasn’t mandatory.
APYMinimum Balance to Earn APY
0.31%
$100
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Andrews Federal Credit Union requires all new customers to open a Base Share Savings account as part of their membership application. This account needs an opening deposit of at least $5 and you have to at least keep this much in the account to maintain your membership.

The Base Share Savings account does not charge a monthly fee. It earns interest but only if you have a balance of $100 or more. The APY is above average for a savings account. You earn the same rate for all balances; you won’t earn more by depositing more.

Since this is a savings account, there’s a government limit to how often you can make certain transfers/withdrawals out of your balance. Each statement cycle, you can make no more than six of the following: checks, debit card purchases, drafts, bill payments and phone, online or automatic transfers. However, there’s no limit to ATM or bank withdrawals.

If you make more than six of the restricted transactions, Andrews Federal Credit Union will not charge a fee but they could deny the transaction, transfer funds from another of your accounts to cover the transaction and/or they could eventually close your savings account.

Before you can open a Base Share Savings account, you’ll need to join the Andrews Federal Credit Union. Part of the application process will be opening a Base Share Savings account for at least $5. At this time, you can open other Andrews Federal Credit Union deposit accounts using the same information.

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Andrews Federal Credit Union Planners Savings account

A free savings account with the same interest rate as the required Base Share Savings. This side account is useful if you want to keep money separate for different goals.
APYMinimum Balance to Earn APY
0.31%
$100
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

The Planners Savings account is nearly identical to their Base Share Savings account. It pays the same interest rate and also doesn’t charge a monthly fee.

The main difference is there’s no minimum opening deposit requirement for the Planners Savings account. You could use this extra account to split up your money for different goals. For example, you use Base Share for day-to-day saving and Planners Savings specifically to save for a new car.

Since this is a savings account, Regulation D limits apply. You are allowed to make up to six certain transfers/withdrawals out of your balance per month including: checks, debit card purchases, drafts and transfers to other accounts. If you end up going over the limit, Andrews Federal Credit Union doesn’t charge a fee but they could deny the transaction, transfer money from one of your other accounts to cover the funds and/or eventually close your savings accounts.

The Planners Savings account is only available for members of the Andrews Federal Credit Union. When you sign up, you’ll need to open a Base Share Savings account for $5. At that point, you can decide whether to add a Planners Savings account as well to go along with the mandatory Base Share Savings.

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on Andrews Federal Credit Union’s secure website

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Andrews Federal Credit Union Holiday/Vacation Club Savings accounts

These accounts earn a higher interest rate than the regular Andrews Federal Credit Union savings accounts, but if you take money out before the target deadline, you’ll owe a penalty. We don’t think the extra interest is worth the risk.
APYMinimum Balance to Earn APY
0.40%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Andrews Federal Credit Union offers both Holiday and Vacation Club accounts. With these accounts, you put money aside for a set target during the year: May 1st for the Vacation Club and November 1st for the Holiday Club. When you reach this date, Andrews Federal Credit Union pays out all the money to your Share Savings account.

If you want to take out money before the target goal, you can but Andrews Federal Credit Union charges a massive $25 fee for each early withdrawal.

The Club accounts earn a higher rate than the regular savings accounts and there’s no minimum balance to earn interest. These accounts also do not have a minimum opening deposit and do not charge a monthly fee.

Like all the Andrews Federal Credit Union banking products, the Holiday/Vacation Club accounts are only available for members. If you haven’t joined yet, you can open these accounts while setting up your credit union membership; they are listed on the initial application.

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How Andrews Federal Credit Union’s savings accounts compare

There’s a lot to like about the Andrews Federal Credit Union savings accounts. They never charge a monthly fee, their interest rates are above average and you earn their top rate just for a balance of $100.

We also noticed that their Club accounts pay a higher rate than their normal Savings account. At most other lenders, the rate is usually the same. This creates more of an incentive to use Andrews Federal Credit Union’s Club accounts, but we would still be very cautious because of the early withdrawal penalty. Just one early withdrawal would wipe out any benefit from the Club account’s higher rate.

Overall, while the Andrews Federal Credit Union savings accounts are good, they still don’t pay quite enough interest to be considered great. These online savings accounts pay rates that are even better than the Andrews Federal Credit Union Club accounts and they don’t come with early withdrawal penalties.

Andrews Federal Credit Union’s CD rates

Andrews Federal Credit Union Share Certificates

Andrews Federal Credit Union’s regular Share Certificate rates are OK, but nothing to get excited about. If you deposit at least $10,000, you get a small increase with Jumbo rates.
Standard Share Certificates
TermAPY ($1,000)
6 months0.55%
12 months1.41%
24 months1.45%
36 months1.50%
48 months1.61%
60 months1.91%
84 months3.45%
Jumbo Share Certificates
TermAPY ($10,000)
6 months0.60%
12 months1.45%
24 months1.50%
36 months1.55%
48 months1.76%
60 months2.02%
  • Minimum opening deposit: $1,000 ($10,000 for Jumbo.)
  • Minimum balance amount to earn APY: $1,000 ($10,000 for Jumbo.)
  • Early withdrawal penalty: For maturities less than 24 months, the penalty is 90 days’ of dividends. For maturities of 24 months or longer, the penalty is 180 days’ of dividends.

Andrews Federal Credit Union offers regular Share Certificates which range from six months up to 84 months. You need to deposit at least $1,000 to open a regular Share Certificate and earn the APY. Their regular Share Certificate rates are about average.

They also offer Jumbo Certificates which require $10,000 to open and earn the APY. The longest Jumbo Certificate term is 60 months, not 84 months. You get a small rate increase for using a Jumbo Certificate.

If you take money out of a Share Certificate before the maturity date, they’ll charge an early withdrawal penalty. The penalty depends on your Certificate’s original term:

  • For maturities less than 24 months, the penalty is 90 days’ of dividends.
  • For maturities of 24 months or longer, the penalty is 180 days’ of dividends.

The Share Certificates are for members of the Andrews Federal Credit Union only. If you aren’t already a member, you can sign up online or at one of the branches. You can also open any of the Share Certificates at the same time as they are listed on the new membership application.

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Andrews Federal Credit Union Special Share Certificates

These special Share Certificates pay much higher rates than the standard offers. Andrews Federal Credit Union customers can only use each promotion once.
TermAPY
9 months2.75%
17 months2.25%
30 months2.55%
55 months3.05%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For maturities less than 24 months, the penalty is 90 days’ of dividends. For maturities of 24 months or longer, the penalty is 180 days’ of dividends.

As of Nov. 6, 2018, Andrews Federal Credit Union offered a number of Special Share Certificates. They state that these promotions are only around for a limited time only and rates/conditions could change.

You need to deposit at least $1,000 to open a Special Share Certificate and keep this much in the account to earn the APY. The Special Certificate rates are excellent, much better than the regular Share Certificates.

Andrews Federal Credit Union charges an early withdrawal penalty if you take money out of your Special Certificate before the maturity date:

  • For maturities less than 24 months, the penalty is 90 days’ of dividends.
  • For maturities of 24 months or longer, the penalty is 180 days’ of dividends

At the end of the Special Certificate term, Andrews Federal Credit Union will automatically renew you into one of their regular Share Certificates, unless you tell them not to. You have a grace period of 10 days after the maturity date to take money out or transfer to another Certificate without penalty.

The Special Certificates are listed on Andrews Federal Credit Union’s new membership form. If you aren’t a member, you can launch your Special Certificate at the same time as creating your membership, using the same information. You will also need to make your opening deposit of at least $1,000 for the Special Certificate.

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Andrews Federal Credit Union The Generator Share Certificates

The Generator is a hybrid of a savings account and a Share Certificate. The rates are lower but you can open one up for just $50 and deposit more money throughout the term.
TermAPY
12 months0.40%
24 months0.45%
36 months0.55%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: $25 per withdrawal

Andrews Federal Credit Union’s The Generator Share Certificate is a unique account. It combines features of a savings account with a CD. When you sign up, your pick a set amount of time to deposit your money like a CD. The terms range from 12 months up to 36 months.

You can open “The Generator” with a deposit of just $50 and that’s all you need to keep in the account to earn the APY. That’s much lower than the typical CD. You can also deposit more money whenever you want while your Share Certificate is in force. Most certificates only let you deposit money when you open.

Finally, the early withdrawal penalty on this account is much lower. You just owe $25 per withdrawal, rather than several months of interest. In exchange for this flexibility, The Generator earns less interest than the regular Share Certificates.

You can sign up for a Generator Share Certificate online or at one of the Andrews Federal Credit Union branches. If you aren’t a member yet, you will need to sign up first. You can open a Generator Share Certificate at the same time as submitting your membership application.

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Andrews Federal Credit Union Bump It Up Share Certificates

These Certificates pay a lower starting rate than the regular Share Certificates, but give you a one-time option to “Bump It Up” to a higher rate during your term.
TermAPY
24 months1.00%
36 months1.26%
48 months1.46%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For maturities less than 24 months, the penalty is 90 days’ of dividends. For maturities of 24 months or longer, the penalty is 180 days’ of dividends.

If you are worried about interest rates going up after you sign up, you could go for a Bump It Up Certificate. This account has terms ranging from 24 months to 48 months.

If Andrews Federal Credit Union starts paying a higher rate for their regular Share Certificates, you have a one-time option to increase your Bump Up Certificate payment to their new rate. For example, if you sign up for the 24 month Bump Up Certificate, you can switch to the regular 24 month Share Certificate rate at any time. This only includes the regular Share Certificates, not the Specials.

In exchange for this option, these Certificates pay a lower starting rate compared with the other Share Certificates at Andrews Federal Credit Union.

Like all the other Certificates, the Bump It Share Certificate is available online or at a branch. You can set these up while joining as a new member or you can open one at any point after you’ve become a member.

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How Andrews Federal Credit Union’s CD rates compare

Andrews Federal Credit Union has put a lot of thought and creativity in their Share Certificates. On top of their standard Certificates, they also offer special promotions, bump up certificates and a hybrid account that’s a mix of a CD and a savings account called The Generator. It’s nice to see a lender go beyond just offering plain vanilla certificates for their customers.

As far as their rates go, their promotions are fantastic, as good as anything else on the market. However, at the end of the Certificate term, they’ll auto-renew you to the standard rates, which are much less impressive. Keep an eye on your maturity date so you don’t get stuck in a lower paying Certificate. Their special products (Bump It Up and The Generator) do not pay a competitive rate. Unfortunately, you’re giving up some earning power to use their unique features.

If you want to keep it simple and just earn the best return on your money, you should stick with the Special Share Certificates. Or as an alternative, you could also check out this list of the best CDs in the country where we found the highest-paying option for every single term.

Andrews Federal Credit Union money market account options

Andrews Federal Credit Union Money Market account

The Money Market account pays a little more interest than their savings account, but not much more. The slightly higher rates don’t make up for the larger fee and balance requirement.
APYMinimum Balance to Earn APY
0.25%
$0.01
0.35%
$1,000
0.40%
$10,000
0.40%
$25,000
0.50%
$50,000
0.50%
$75,000
0.60%
$100,000
0.60%
$150,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

You need to deposit at least $1,000 to open an Money Market account. If your balance falls below $1,000 after you open, the account charges a $10 monthly maintenance fee. It’s free so long as you stay above the limit.

The Money Market account pays interest on all balances. The rates are not much better than their savings accounts unless you have more than $50,000. The rates gradually get better as you deposit more but still aren’t that high for a money market account, even at the top tier with $150,000.

Since this is a money market account, there’s a government limit to how often you can make certain transfers/withdrawals out of the account. Each statement cycle you can make no more than six total withdrawals, transfers or check transactions. If you make more than six, Andrews Federal Credit Union will charge a $10 fee for each excess transaction.

If you want to open a Money Market account, you’ll need to join the Andrews Federal Credit Union first. You can apply online or at one of their branches. If you’d like to launch a Money Market account while creating your membership, you can. You just need to submit your initial deposit along with the membership application.While you’re applying for membership, you can open your Money Market account using the same information.

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How Andrews Federal Credit Union’s money market accounts compare

The money market account isn’t a bad choice but it’s nowhere near a quality option either. The rates are about average and an improvement over the large national banks. You also only need $1,000 to avoid the account’s monthly fee and even if you fall below the balance requirement, you’ll still earn interest.

Still, the interest rates are not high enough to make up for the restrictions of using a money market account. You could earn almost as much using the Share Savings account except that account never charges a monthly fee whereas the Money Market can cost $10 per month.

If you’re going to deal with the high balance requirements of a money market account, make sure you’re earning enough for the trouble. These options are well worth the effort because they pay some of the highest money market rates in the country.

Andrews Federal Credit Union’s IRA CD rates

Andrews Federal Credit Union IRA Certificates

The IRA Certificates offer all kinds of terms and pay a respectable return for your retirement plan. Unfortunately, the top-paying Special Certificates aren’t available for the IRA.
Standard IRA Certificates
TermAPY ($1,000)
6 months0.55%
12 months1.41%
24 months1.45%
36 months1.50%
48 months1.61%
60 months1.91%
72 months2.10%
84 months2.20%
Jumbo IRA Certificates
TermAPY ($10,000)
6 months0.60%
12 months1.45%
24 months1.50%
36 months1.55%
48 months1.76%
60 months2.02%
  • Minimum opening deposit: $1,000 ($10,000 for Jumbo)
  • Minimum balance amount to earn APY: $1,000 ($10,000 for Jumbo)
  • Early withdrawal penalty: For maturities less than 24 months, the penalty is 90 days’ of dividends. For maturities of 24 months or longer, the penalty is 180 days’ of dividends.

You can open any of the regular Share Certificates through an IRA, so you can save for retirement. They also include an extra term, 72 months, that is not available for the regular Share Certificates.

You must deposit at least $1,000 to open an IRA Certificate and keep this much in the account to earn the APY. The rates are respectable for this type of retirement plan. You can also open a Jumbo IRA Certificate by depositing at least $10,000 and keeping this much in the account to earn the APY. If you meet the Jumbo requirements, you receive a small rate bump.

The IRA Certificates charge the same early withdrawal penalties as the regular Certificate when you take money out before the maturity date. The penalty depends on your IRA CD term:

  • For maturities less than 24 months, the penalty is 90 days’ of dividends.
  • For maturities of 24 months or longer, the penalty is 180 days’ of dividends.

You can only open an IRA Certificate after you’ve set up your Andrews Federal Credit Union membership. They aren’t available through the new member application form. Instead, after you join, you can log into online banking and apply for an IRA Certificate that way, or you can go to a branch.

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Andrews Federal Credit Union IRA Money Market account

If you want more access to your retirement savings, you can make up to six withdrawals per month from the IRA money market account. In exchange, it pays less than the IRA Certificates.
APYMinimum Balance to Earn APY
0.25%
$0.01
0.35%
$1,000
0.40%
$10,000
0.40%
$25,000
0.50%
$50,000
0.50%
$75,000
0.60%
$100,000
0.60%
$150,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: None

Besides their IRA Certificates, Andrews Federal Credit Union also offers an IRA Money Market account. With this account, you aren’t committing to a set amount of time like on a CD. Instead, you have the flexibility to take money out when you want without incurring an early withdrawal penalty.

You can make up to six free withdrawals/transfers out of the IRA Money Market account per month. If you make more than six, Andrews Federal Credit Union charges $10 per excess transaction. Still, that’s much more access than an IRA Certificate.

In exchange for this flexibility, the IRA Money Market account earns a lower interest rate. It’s respectable for this type of retirement account and you earn more by depositing more, before maxing out with a balance of $150,000.

You must deposit at least $1,000 to open an IRA Money Market account. After that, there is no minimum balance requirement and this account does not charge a monthly fee.

You can open an IRA Money Market account after you’re a member through online banking or at a branch. If you aren’t an Andrews Federal Credit Union member yet, take care of that first and then you can set up the IRA Money Market account.

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How Andrews Federal Credit Union’s IRA CD rates compare

There are some solid choices for your retirement plan at Andrews Federal Credit Union. They offer a huge range of short- and long-term IRA Certificates and the rates are decent for each term. Their IRA Money Market account also pays an above average rate for an account with more flexible access.

Our only complaint is that you can’t use the promotional Share Certificates through an IRA. These are by far the highest-paying offers at Andrews Federal Credit Union but your retirement plan won’t be able to take advantage.

That’s why while Andrews Federal Credit Union is good, we think you can do even better. These IRA CDs pay the very highest rates today and are better than anything at Andrews Federal Credit Union.

Overall review of Andrews Federal Credit Union’s banking products

Andrews Federal Credit Union does a lot well. Nearly all their banking products pay above-average interest rates and do a reasonable job keeping fees low. Our favorite accounts are their Promotional Share Certificates as they pay rates that are as high as anything else in the country.

The rest of their accounts have lots of positives. They offer two serviceable checking accounts (one free and one with interest) as well as free savings accounts with solid interest rates. Their IRA accounts also get the job done. The only product we would skip is their money market account because it pays barely more than their savings accounts, despite having higher fees and balance requirements.

In the end, while we liked many of the Andrews Federal Credit Union deposit accounts, the only ones we would go out of our way to open are their Promotional Share Certificates. This seems standard for a regional credit union. Their accounts are good enough to be quality contenders in the mid-Atlantic, but they aren’t making waves in the national marketplace.

In other words, they’re a good choice if you happen to live around the corner from a branch. Otherwise, you can pass.

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

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1980
Total Assets$3.3B
LEARN MORE on BCU’s secure websiteNCUA Insured

Baxter Credit Union is based out of Illinois and has been in business since 1981. They got their start by offering financial services to employees of Baxter Healthcare, a Fortune 500 company. From there, they opened up membership to non-Baxter employees and they now have nearly 250,000 customers.

All of Baxter Credit Union branches are in Illinois, around Chicago. However, the credit union accepts customers from all over the country and Puerto Rico. Baxter Credit Union is also a member of the CO-OP network, a group of credit unions that share branches all over. In addition, they are part of the Star, SUM, Alliance One and Allpoint ATM networks. This gives Baxter Credit Union customers access to free ATMs no matter where they are in the country.

Before you can use any of the Baxter Credit Union accounts, you need to qualify for membership. The possible ways to qualify include:

  • You work for a company that has been approved by Baxter Credit Union.
  • You live or work in several counties throughout Illinois or Wisconsin.
  • You are the family member of someone who is an existing Baxter Credit Union customer.

If you think you can qualify, make sure to read on. We’ve reviewed all the personal deposit accounts at Baxter Credit Union using their latest product information. For this review, we used the rates that apply to accounts opened in the United States. If you apply from Puerto Rico, Baxter Credit Union uses a different set of rates.

BCU’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

BCU Regular Savings Account

2.00%

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1.20%

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2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

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1.70%

CD Rates

BCU 36 Month CD

2.85%

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2.15%

CD Rates

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3.10%

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Baxter Credit Union checking account options

Baxter Credit Union PowerPlus™ Checking account

If you can meet the monthly transaction and direct deposit requirements, then this is a fantastic account. It offers a superb interest rate and unlimited ATM fee refunds.
APYMinimum Balance Amount to Earn APY
3.00%
$0.01 (qualifying transactions met)
0.05%
Balances over $15,000 (qualifying transactions met)
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Unlimited with qualifying transactions met. Otherwise, no refunds.
  • Overdraft fees: $29

The PowerPlus™ Checking account does not have a minimum balance requirement. You can open an account for any amount and the account never charges a monthly fee, regardless of your balance.

The PowerPlus™ Checking account earns interest but you must meet two requirements each month to qualify:

  1. You make at least $500 of direct deposits into your account.
  2. You make at least 15 transactions with Baxter Credit Union. This includes debit card purchases, credit card purchases, ACH payments and online bill payments.

If you meet the requirements, you’ll earn a fantastic interest rate on your entire balance up to $15,000. If you have more than $15,000, you’ll earn a much lower rate on any amount over $15,000. On the other hand, any month where you don’t meet the qualifying transactions you won’t earn interest.

Thanks to Baxter Credit Union’s partnerships, you can make free withdrawals from their ATMs as well as ATMs that are part of the CO-OP, Star, SUM, Alliance One and Allpoint networks.

As an added benefit, if you meet the qualifying transactions the PowerPlus™ Checking account, Baxter Credit Union will refund all fees for out-of-network ATM transactions. Any month where you don’t meet the requirements, Baxter Credit Union will not charge a fee for out-of-network withdrawals but they also will not refund any fees from the ATM owner.

Before you can open a PowerPlus™ Checking account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. As you complete the membership application, you can set up your PowerPlus™ Checking account at the same time.

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Baxter Credit Union Simply™ Checking account

A free checking account that doesn’t offer interest or ATM refunds. Since the more generous PowerPlus™ Checking account is also free, you are better off using that one instead.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

With the Simply™ Checking account, you only receive basic banking services: online banking, a debit card and the ability to set up direct deposit into your account. The Simply™ Checking account does not earn interest or debit card rewards.

This account does not have a minimum balance requirement. You can open an account for any amount and there’s no monthly maintenance fee, regardless of how low your balance drops.

With the debit card, you can make free withdrawals from Baxter Credit Union ATMs as well as ATMs that are part of the CO-OP, Star, SUM, Alliance One and Allpoint networks. If you make an out-of-network withdrawal, Baxter Credit Union won’t charge anything, but they also won’t refund any fees from the ATM owner.

Before you can open a Simply™ Checking account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. After you’re a member, you can open a Simply™ Checking account by logging into your online banking portal or by visiting a branch.

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How Baxter Credit Union’s checking accounts compare

Usually, when a lender offers two checking accounts, it’s a tradeoff between one with rewards and one that’s free. At Baxter Credit Union, they made it an easy decision because both accounts are free and do not have any balance requirements.

That’s why PowerPlus™ Checking account is clearly the better choice. It comes with unlimited ATM refunds and a fantastic interest rate, as high as anything you’ll see on a checking account. Simply™ Checking isn’t bad for handling basic banking, but it doesn’t really have any advantage considering PowerPlus™ Checking offers so much and is also free.

The only real downside of the PowerPlus™ Checking account is you need to make a bunch of transactions and direct deposits each month to qualify for the benefits. If you want to earn interest without the hassle, these online checking accounts may be a better choice. They earn just as much without making you jump through hoops to qualify.

Baxter Credit Union savings account options

Baxter Credit Union Regular Savings account

Every member at Baxter Credit Union needs this account, though Baxter Credit Union covers the $1 opening deposit requirement on your behalf. This account pays so little interest, we wouldn’t add anything past the $1.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $1 – Baxter Credit Union covers this opening deposit
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

When you apply for membership at Baxter Credit Union, one of the requirements is to open a Regular Share Savings account. This buys your ownership share into the credit union. You don’t need to deposit anything to open the Regular Savings account as Baxter Credit Union covers the $1 opening deposit.

This account earns interest on all balances, but the rate is very low. It stays the same regardless of how much you deposit. The Regular Savings account does not charge a monthly fee regardless of your balance.

Baxter Credit Union does limit how often you can take money out of this account. Each month you can make no more than six withdrawals from the Regular Savings account. In addition, no more than three can be checks, drafts, debit card or similar third-party transactions. If you go over the limits, Baxter Credit Union will charge a $3 fee on each excess transaction and could eventually close the account.

Before you can open a Regular Savings account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

Part of the application will ask you to open the Regular Savings account. At this time, you can also open additional Baxter Credit Union deposit accounts using the same information.

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Baxter Credit Union Rainy Day™ Savings account

To encourage you to save for a rainy day, this account requires a monthly deposit to qualify for the best rates. The rates are excellent and well worth the effort.
APYMinimum Balance Amount to Earn APY
1.25%
$0.01 (first 12 months)
2.50%
$0.01 (after 12 months)
0.25%
Balance over $25,000 (after 12 months)
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

The Rainy Day™ Savings account is a unique account and takes a little planning to use properly. First, when you open the account, you need to deposit at least $25 but cannot add more than $1,000.

After that, the account requires you to make a monthly deposit of at least $25 but no more than $500. If you meet the deposit requirements, you earn a solid interest rate for the first year. By year two, the rate doubles and is even more impressive. The top rate only applies on balances up to $25,000. If you have more in your account, you’ll earn just an average return on any amount over $25,000.

Any month where you don’t make the required deposit of at least $25, you’ll earn Baxter Credit Union’s regular savings account rate, which is quite poor. With the Rainy Day™ Savings account, you can make two free withdrawals per calendar year. If you make more than two, Baxter Credit Union charges a $25 penalty for each additional withdrawal.

Before you can open a Rainy Day™ Savings account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. As you complete the membership application, you can set up your Rainy Day™ Savings account at the same time.

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How Baxter Credit Union’s savings accounts compare

If you need some extra motivation to reach your money goals, the Rainy Day™ Savings account could be an intriguing option. It earns an excellent interest rate but only if you add at least $25 to the account each month.

In addition, the account only allows two free withdrawals per year. It charges a steep $25 for each withdrawal past two, which could encourage customers not to cheat and dip into their savings. You need to decide whether these extra rules will help motivate you or if they’re just a headache.

Baxter Credit Union’s Regular Savings account earns too little to be worth using. While it’s nice that it’s free, the interest rate is very low. You’ll need to open one to join Baxter Credit Union but there’s no requirement to add money. We wouldn’t.

If you want to earn a high interest rate but don’t want to deal with the deposit/withdrawal rules for Rainy Day™ Savings, these online savings accounts could be a much better fit. They earn just as much as Baxter Credit Union’s top account but they don’t have the same restrictions.

Baxter Credit Union’s CD rates

Baxter Credit Union Certificates

Baxter Credit Union’s regular CD rates are respectable while their specials are even better. You can qualify for a significant rate upgrade by having other loans or deposit accounts at Baxter Credit Union.
TermAPY (regular)APY (reward rate)
3 months0.75%
0.85%
6 months0.85%
0.95%
11 months (new money special)2.50%
2.50%
12 months1.20%
1.30%
24 months1.35%
1.60%
30 months (special)2.50%
2.75%
36 months1.70%
1.95%
48 months1.95%
2.20%
60 months2.15%
2.40%
65 months (special)2.80%
3.05%
36 months (kid certificate)2.20%
N/A
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For 3 to 12 month terms, the penalty is 30 days’ interest. For 13 to 24 month terms, the penalty is 90 days’ interest. For 25 to 36 month terms, the penalty is 180 days’ interest. For terms over 36 months, the penalty is 270 days’ interest.

You need to deposit at least $500 to open a Baxter Credit Union Certificate and keep this much in the account to earn the APY. Their regular CD rates are above average. If you have a child younger than 18, you can also open a 36 month Kid Certificate on their behalf.

As of Nov. 12, 2018, they were also offering several specials with exceptional rates.
They note that their promotional rates are subject to change. In addition, their 11 month CD special is for new money only, which they define as funds not currently deposited at Baxter Credit Union as well as funds deposited only within 90 days of opening the CD.

Baxter Credit Union also offers a significant CD rate upgrade for customers with other loan and/or deposit accounts. To qualify for the higher reward rates, you need to meet at least two of the following criteria:

  1. You receive a direct deposit for at least $500 into a Baxter Credit Union checking account.
  2. You have at least $25,000 on deposit with Baxter Credit Union.
  3. You have a qualifying loan in good standing with Baxter Credit Union. This includes mortgages, home equity loans, auto loans and credit cards.

If you take money out of a Baxter Credit Union Certificate before the maturity date, they will charge an early withdrawal penalty. The penalty depends on your CD term:

  • For 3 to 12 month terms, the penalty is 30 days’ interest.
  • For 13 to 24 month terms, the penalty is 90 days’ interest.
  • For 25 to 36 month terms, the penalty is 180 days’ interest.
  • For terms over 36 months, the penalty is 270 days’ interest.

Before you can open a Baxter Credit Union Certificate, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. Once you’re a member, you can open a certificate by visiting a Baxter Credit Union branch or by calling customer service. However, these accounts are not available online.

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How Baxter Credit Union’s CD rates compare

Baxter Credit Union’s regular CD rates are good, but not quite good enough to get excited about. Their CD specials are another story. Just the promotions on their own match up well with pretty much any lender out there.

You can also qualify for a substantial rate increase on all the CDs, even the promotions, through their Rewards program — a loyalty program for customers who have other Baxter Credit Union deposit accounts and loans. When you add the upgrade to the already high CD special rates, you get just a phenomenal return.

There are a couple downsides. First, the CD specials can change over time so there’s no guarantee Baxter Credit Union will still be paying a high rate at the end of your term when you renew. In addition, if you want the higher Rewards rates, you’ll need other accounts at Baxter Credit Union besides your CD.

If you can meet all the Baxter Credit Union requirements, their top CD offers are a terrific choice. But if you want something simpler, these are the other best CD rates in the country. You can sign up for any time and there are no extra requirements, like needing a loan, to qualify.

Baxter Credit Union money market account options

Baxter Credit Union Regular Money Market account

While the Baxter Credit Union’s money market account is free, it doesn’t pay much of an interest rate unless you have $250,000+. Not worth it.
APYMinimum Balance Amount to Earn APY
0.10%
$1,000
0.20%
$25,000
0.25%
$100,000
0.65%
$250,000
0.80%
$500,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

The Regular Money Market account does not have a minimum balance requirement. You can launch one for any amount and the account does not charge a monthly fee, regardless of how low your balance falls.

If you have less than $1,000 in the Regular Money Market account, you earn Baxter Credit Union’s regular savings account rate, which is very low. The money market account rates kick in when you have at least $1,000. They are a little better than the savings account but not by much. You don’t start seeing a decent return until you have at least $250,000 in the account.

With the Regular Money Market account, you can make up to six free withdrawals/transfers to other accounts per month. If you make more than six, Baxter Credit Union charges a $3 fee for each excess transaction.

Before you can open a Money Market account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. As you complete the membership application, you can set up your Money Market account at the same time.

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Baxter Credit Union Money Market Special account

If you bring over at least $15,000 in new funds to Baxter Credit Union, you can qualify for an excellent money market rate that’s guaranteed until the end of 2019.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
1.75%
$15,000
  • Minimum opening deposit: $15,000 (new money only.)
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

Baxter Credit Union offers a promotional money market account for customers bringing over a large amount another institution. You must deposit at least $15,000 to open their Money Market Special account and the deposit has to be new money only: either funds that aren’t already with Baxter Credit Union or funds that you deposited within 90 days of applying for the money market account.

If you qualify for the Money Market Special account, you’ll earn a fantastic interest rate so long as your balance stays at $15,000 or more. If you ever fall below $15,000, you earn the regular Savings account rate, which is incredibly low. However, Baxter Credit Union does not charge a monthly maintenance fee even if you fall below the limit.

Baxter Credit Union guarantees the high rate on their Money Market Special account through Dec. 31, 2019. After that, they state they may change the rate at their discretion.

With the Money Market Special account, you can make up to six free withdrawals/transfers to other accounts per month. If you make more than six, Baxter Credit Union charges a $3 fee for each excess transaction.

Before you can open a Money Market Special account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. After you’re a member, you can open a Money Market Special account by visiting a Baxter Credit Union branch or by calling their customer service line. This account is not available online.

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Baxter Credit Union Investor Money Market account

Baxter Credit Union offers their very best money market account rate for customers who have an investment account and who plan on depositing at least $100,000. If you can meet the steep deposit requirement, you’ll earn a juicy return.
APYMinimum Balance Amount to Earn APY
2.00%
$0.01
  • Minimum opening deposit: $100,000 (new money only.)
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

Before you can open an Investor Money Market account, you need to have at least $50,000 in assets under management through Baxter Credit Union investment advisors and/or wealth advisors.

If you qualify, you then need to deposit at least $100,000 with new money only, funds that aren’t already deposited with Baxter Credit Union, to open this account. If you meet these balance requirements, you’ll earn Baxter Credit Union’s very best money market rate, which is excellent.

There is no minimum balance required to earn the top rate and it applies to all balances. Baxter Credit Union guarantees this rate until Dec. 31, 2019. They state that after the guarantee period, they may change the rate at their discretion.

The Investor Money Market account does not charge a monthly maintenance fee, no matter how low your balance drops. Each month, you can make up to six free withdrawals/transfers to other accounts. If you make more than six, Baxter Credit Union charges a $3 fee for each excess transaction.

Before you can open a Investor Money Market account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. After you’re a member, you can open an Investor Money Market account by visiting a Baxter Credit Union branch or by calling their customer service line. This account is not available online.

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How Baxter Credit Union’s money market accounts compare

Whether these money market accounts are worth opening depends on two factors: how much you plan on depositing as well as where that money is coming from. They offer two exceptional promotions with their Money Market Special and Investor Money Market accounts.

However, these accounts only work for customers with deep pockets. You need at least $15,000 for the Special and at least $100,000 to open the Investor Money Market account. As an added hurdle, the deposit needs to be from new money, funds that aren’t already at Baxter Credit Union.

Their Regular Money Market account is much less impressive. While it doesn’t charge a monthly fee, it barely outearns Baxter Credit Union’s regular savings account unless you have a balance of at least $250,000. Even then, the rate is not high enough to justify bringing in a quarter million dollars.

If you plan on opening a large account with new funds, the Baxter Credit Union specials could be worth a shot. Just remember, the high rates are only guaranteed until the end of 2019. If you want a smaller account or one with a rate that won’t expire in a year, you could check out our list of the best money market accounts available.

Baxter Credit Union’s IRA CD rates

Baxter Credit Union IRA Certificates

Most of the Baxter Credit Union CDs are available through an IRA. The regular rates are decent. When you add on the promotions and Reward program bonus, they turn spectacular.
TermAPY (regular)APY (reward rate)
12 months1.20%
1.30%
24 months1.35%
1.60%
30 months (special)2.50%
2.75%
36 months1.70%
1.95%
48 months1.95%
2.20%
60 months2.15%
2.40%
65 months (special)2.80%
1.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For 3 to 12 month terms, the penalty is 30 days’ interest. For 13 to 24 month terms, the penalty is 90 days’ interest. For 25 to 36 month terms, the penalty is 180 days’ interest. For terms over 36 months, the penalty is 270 days’ interest.

Baxter Credit Union lets you open all their CDs with terms of 12 months or longer as part of an IRA. This includes the two promotional offers. You need to deposit at least $500 to open an IRA CD and keep this much in the account to earn the APY.

Their regular rates are above average while their IRA CD Special rates are fantastic. You can also qualify for a rate bump if you have other deposit accounts and/or loans with Baxter Credit Union. To qualify for the higher reward rates, you need to meet two of the following criteria:

  1. You receive a direct deposit for at least $500 into a Baxter Credit Union checking account.
  2. You have at least $25,000 on deposit with Baxter Credit Union.
  3. You have a qualifying loan in good standing with Baxter Credit Union. This includes mortgages, home equity loans, auto loans and credit cards.

If you take money out of an IRA Certificate before the maturity date, they will charge an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For 3 to 12 month terms, the penalty is 30 days’ interest.
  • For 13 to 24 month terms, the penalty is 90 days’ interest.
  • For 25 to 36 month terms, the penalty is 180 days’ interest.
  • For terms over 36 months, the penalty is 270 days’ interest.

Before you can open an IRA Certificate, you need to become a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. Once you’re a member, you can open an IRA Certificate by scheduling an appointment with one of the Baxter Credit Union wealth advisors or online through their Retirement Central platform.

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Baxter Credit Union IRA Money Market account

If you want something that gives you more access to your retirement funds than an IRA CD, this account is an excellent choice. There’s no monthly fee and you earn a highly competitive rate, so long as you have at least $1,000.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
1.25%
$1,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

The IRA Money Market account does not have a minimum opening deposit requirement, so you can set one up for any amount. This account also does not charge a monthly fee, regardless of your balance.

With an IRA Money Market account, you have more access to your money than with an IRA Certificate. You aren’t committing to a set timeline and Baxter Credit Union does not charge an early withdrawal penalty when you take money out. The IRA Money Market account lets you make six free withdrawals per month. If you make more than six, Baxter Credit Union charges $3 for each additional withdrawal.

The IRA Money Market account pays interest on all balances. The rate is very low for balances below $1,000, but it’s excellent when you have at least $1,000.

Before you can open an IRA Money Market account, you need to become a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. Once you’re a member, you can open an IRA Money Market account by scheduling an appointment with one of the Baxter Credit Union wealth advisors or online through their Retirement Central platform.

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How Baxter Credit Union’s IRA CD rates compare

Baxter Credit Union does a nice job with their retirement plans. Their IRA Certificate rates are excellent, especially since you can use both their CD promotions and higher relationship reward rates. With other lenders, they typically don’t allow their CD promotions for their IRAs. We appreciate that at Baxter Credit Union, they keep all the options open.

Their IRA Money Market account is also extremely competitive. It pays a rate that would be decent even for an IRA CD but then gives you much more access to your money. If you don’t want to worry about early withdrawal penalties from your lender, this is an excellent choice.

If you handle your retirement plan through Baxter Credit Union, you should be happy with the results. But if you’d like to see what else is out there to make sure you get the best deal, check out this review covering the best IRA CD rates.

Overall review of Baxter Credit Union’s banking products

Baxter Credit Union offers terrific interest rates and benefits for all their banking products, but we noticed they make you work for it. On the checking account, you need to meet a minimum number of direct deposits and transactions each month to earn interest and ATM fee refunds.

For their top-paying Rainy Day™ Savings account, you need to make monthly deposits to qualify for the best rates. On the CDs and IRA CDs, you can receive a rate upgrade but only if you meet balance requirements on other Baxter Credit Union loans and deposit accounts. Finally, their most generous money market rates are reserved only for people bringing in new funds.

In other words, you can earn a great return with Baxter Credit Union, but only if you meet all their rules and requirements. If you don’t want to deal with this hassle, you may be better off using a lender with simpler accounts. But if you want to put in the work, keep this information handy so you qualify for all the benefits at Baxter Credit Union.

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

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1950
Total Assets$2.5B
LEARN MORE on Provident Credit Union (CA)’s secure websiteNCUA Insured

The Provident Credit Union was founded in 1950 to handle the financial needs of the California Teachers Association. Since then, they’ve expanded to cover over 1,200 different employer groups and now have over 100,000 members.

Provident Credit Union’s headquarters is in San Francisco. Their branches are spread throughout Northern California, around the Bay Area and Sacramento. This credit union makes the most sense for people who live in California. Not only is this where all the branches are located, it’s also part of qualifying for membership. In order to join the Provident Credit Union, you need to meet at least one of the following:

  • You live or work in a number of counties and cities throughout California.
  • You work for an employer or are a member of an association/union/chamber of commerce that’s been approved by Provident Credit Union. They are mainly in California.
  • You are a student or faculty member of an approved school.
  • You are the family member or live with an existing Provident Credit Union customer.

If you think you can qualify, you can apply for membership online, at a branch or by requesting the forms and mailing/emailing them in. The application will ask how you qualify for membership as well as for your contact information, Social Security number and your ID (either driver’s license or State ID.)

You’ll also need to open a Savings account with a deposit for at least $5. Every Provident Credit Union member needs this account. You can make the deposit by credit card, debit card or bank transfer.

Before going through the work of becoming a member, you should research the Provident Credit Union deposit accounts to make sure they’re worth it. We can help you with that. We’ve reviewed all their personal deposit accounts, using the latest rates and product information, so you can make an informed decision.

Provident Credit Union (CA)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Provident Credit Union (CA) Membership Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.31%

CD Rates

Provident Credit Union (CA) 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.61%

CD Rates

Provident Credit Union (CA) 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.71%

CD Rates

Provident Credit Union (CA) 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Provident Credit Union checking account options

Provident Credit Union Super Reward Checking account

They weren’t kidding when they called this account Super Reward. It comes with a fantastic interest rate and up to $12 per month in out-of-network ATM refunds. The only drawback is you need to spend $300 per month on a Provident Credit Union debit or credit card to earn the benefits.
APYMinimum Balance to Earn APY
2.01%$0.01 (qualifying transactions met)
0.08%Balances over $25,000 (qualifying transactions met)
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $12 per month, provided qualifying transactions are met. Otherwise, none.
  • Overdraft fees: $28

Super Reward Checking comes with the most benefits of all the checking accounts offered through this credit union. It offers a sky-high interest rate on balances up to $25,000. If you have more than $25,000 in the account, you’ll earn a much lower rate on any amount over $25,000.

In order to qualify for interest, every statement cycle you need to meet three requirements:

  1. You make at least $300 in purchases using a Provident Credit Union debit or credit card.
  2. You receive at least one direct deposit or automatic debit/credit into your checking account.
  3. You are enrolled in e-Documents (electronic statements.)

If you don’t meet the qualifying transactions, you will not earn interest for the month. However, this account does not charge a monthly fee, even if you miss the required transactions. You need to deposit $25 to open a Super Checking account but after that there’s no minimum balance requirement.

With this account, you can make free withdrawals from the credit union, CO-OP® and MoneyPass® network ATMs. If you use an out-of-network ATM, Provident Credit Union will not charge a fee and they will also refund up to $12 per month in fees from the ATM owners. Once again, you only receive the refund if you meet the qualifying transactions. There is no refund if you don’t.

Before you can open a Super Checking account, you’ll need to join the Provident Credit Union as a member. While you’re signing up, you can open this account at the same time using the same information. You’ll just need to include your opening deposit of at least $25.

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Provident Credit Union Provident Checking account

For the basics, this account isn’t terrible. It comes with free checks and several ways to avoid the monthly fee. Unfortunately, it doesn’t earn interest though.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

The Provident Checking account comes with the essentials like online banking, a debit card and ATM access. It also comes with free checks that you can order one box at a time.

However, this account does not interest. It also charges a $10 monthly maintenance fee. The credit union will waive the fee though if each statement cycle you achieve at least one of the following:

  1. You receive at least $1,000 in direct deposits.
  2. You have a combined balance of at least $2,500 throughout Provident Credit Union checking and savings accounts.
  3. You pay at least two bills electronically through the checking account. Bills paid by paper check do not count.

With the debit card, you can make free withdrawals from Provident Credit Union, CO-OP® and MoneyPass® ATMs. The credit union also lets you make up to four out-of-network ATM withdrawals per month without charging a fee. If you make more than four, they’ll charge $1.50 on any extra transactions. In addition, they do not refund any fees from ATM owners on this account.

You can open the Provident Checking account while applying for Provident Credit Union membership. It’s on the same online application so you can automatically enroll while setting everything up. You will need to submit your $25 opening deposit along with the membership form to complete opening this account.

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Provident Credit Union Simply Free Checking account

As you can guess by the name, Simply Free Checking never charges a monthly fee. In exchange, it doesn’t offer anything but the very basics for your bank account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

The Simply Free Checking account is an option for customers who do not want to worry about a monthly fee. This account has no minimum balance requirement and never charges a monthly maintenance fee.

The Simply Free Checking account does not earn interest. It only comes with a debit card, ATM access and online banking. You receive one free box of checks when you sign up as well.

If you want to take out money, you can make free withdrawals from Provident Credit Union CO-OP® and MoneyPass® ATMs. The credit union lets you make four out-of-network transactions per month without charging a fee but if you make more than four, they charge $1.50 per withdrawal. This account does not refund fees from out-of-network ATM owners.

Like the other checking accounts, Simply Free Checking is only available for members of the credit union. If you haven’t joined yet, you can apply for Simply Free Checking at the same time as you fill out your membership form. You can add this account along with the mandatory savings account.

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Provident Credit Union Youth Checking account

Children between the ages of 13 to 17 can open a free checking account to start learning how to manage money.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

If you have children between the ages of 13 to 17, they can open a Youth Checking account. This account requires an opening deposit of at least $25. After that, there’s no minimum balance requirement or monthly fee.

The Youth Checking account does not earn interest. It just comes with the standard checking account features: a debit card, online banking and ATM access.

Your child can make free withdrawals from Provident Credit Union, CO-OP® and MoneyPass® ATMs. For out-of-network withdrawals, your child can make up to four per month without owing a fee to the credit union, but if they make more than that, Provident Credit Union charges $1.50 for each extra transaction. This account also does not refund fees from ATM owners.

Before your child can open a Youth Checking account, they’ll need to join the credit union as a member. This means opening a Youth Savings account with a deposit of at least $5. When they sign up for membership online or at a branch, they can open their Youth Checking account as well.

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How Provident Credit Union’s checking accounts compare

Out of the credit union’s checking accounts, Super Rewards Checking is by far the best choice. It’s the only one that earns interest and the rate is superb, as good as anything you’ll see on a checking account. It’s also the only account with refunds for out-of-network ATM fees. The only drawback is that to receive the benefits, you need to meet several qualifying transactions each month, like spending $300 on a Provident Credit Union debit or credit card.

The other checking accounts offered by this credit union are less generous. Provident Checking comes with a potential $10 monthly fee and the only real benefit is free checks. Simply Free Checking doesn’t charge a monthly fee and just offers the basics. There’s no real need for it since Super Rewards Checking is also free.

Super Rewards Checking is a terrific option. The only question is whether you feel like dealing with the qualifying transactions each month. If that sounds like a hassle, these online checking accounts offer the same generous benefits but they don’t require you to put in a bunch of work each month to qualify.

Provident Credit Union savings account options

Provident Credit Union Savings account

To join the Provident Credit Union, you need to open a savings account for at least $5. The interest rate is very low so we do not recommend adding any more than the minimum.
APYMinimum Balance to Earn APY
0.03%$5
0.08%$25,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

When you apply to join the credit union, the application will require you to open a Membership Savings account for $5. This account earns interest so long as you have at least $5, but the rate is very low. There’s a slight improvement when you have a balance of at least $25,000 but even then, the rate is poor for a savings account.

The Savings account does not charge a monthly fee. If you want to split up your money for different goals, you can also open Secondary Savings accounts. These extra accounts earn the same interest rate and also do not charge a fee.

If your children want to open any Provident Credit Union accounts, they need to open a Youth Savings account for $5. They’ll be the primary owner on the account and you’ll be the secondary owner.

Provident Credit Union limits how often you can make certain types of withdrawals with this account because of federal Regulation D. There’s no limit to bank or ATM withdrawals. However, for other transactions like transfers, debit card purchases, checks and drafts, you can only make six per month. If you try to make more than six, the credit union will block the transaction but they will not charge a fee. If you continue to go over the limit, they could close your account.

When you sign up to join the Provident Credit Union, the application will require you to open the Savings account with the minimum $5 deposit. You can also open a Secondary Savings account and most of the other personal banking products at this time as well.

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Provident Credit Union Accumulator account

The Accumulator account earns roughly ten times as much interest as the regular savings account. The catch? There’s a steep withdrawal penalty for taking money out before your target date.
APYMinimum Balance to Earn APY
0.31%$25
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $28

The Accumulator account is supposed to help you save for a specific goal during the year. This could be a vacation, an upcoming wedding or holiday shopping.

When you sign up for the account, you pick a target date. It must be within 12 months of opening the Accumulator account. You then put money aside whenever you can. When you reach the deadline, it will pay out everything you saved, plus interest to your regular savings account.

The Accumulator account earns interest so long as you have at least $25 in the account. The rate is above average and a lot better than Provident Credit Union’s regular savings account. The credit union also guarantees a base return, which they will pay even if market rates drop. Until Dec. 31st, 2018, they guarantee at least 0.20% APY.

The downside to this account is you are supposed to keep money in until the target deadline. Any time you make a withdrawal before then, the credit union charges a $25 penalty.

You must deposit at least $25 to open an Accumulator account. After you open, you can add no more than $3,000 per month to your account. The Accumulator account does not charge a monthly maintenance fee.

If you want to open an Accumulator account, you’ll need to become a member of the Provident Credit Union. You can apply at a branch, online or by mail. You can open the Accumulator account while applying for membership or you can set it up after, through online banking.

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How Provident Credit Union’s savings accounts compare

Provident Credit Union’s regular savings account is rather disappointing. It pays barely any interest at all and will not be much help in growing your money. While you’re going to need to open an account for $5 to set up your membership, we would not recommend adding any more than the minimum.

Their Accumulator account pays a much more attractive rate and we like that the credit union guarantees a base return, a nice feature if you’re worried about rates going down. But you need to be careful with planning because of the early withdrawal penalty. If you miscalculate and take money out before the deadline, the $25 penalty could wipe out all your earnings and then some.

If you want a generous savings rates that won’t make you gamble with an early withdrawal penalty, these online savings accounts could be a better choice. They pay even more than Provident Credit Union’s Accumulator account and there are no penalties for taking money out early.

Provident Credit Union’s CD rates

Provident Credit Union Regular Term Share Certificates

Provident Credit Union’s regular Share Certificates have some attractive rates. Their best offer takes a larger deposit, $10,000 while the rest can be opened for just $1,000.
TermAPY
6 months0.76%
12 months2.21%
18 months3.01%
24 months2.46%
36 months2.51%
48 months2.56%
60 months2.61%
  • Minimum opening deposit: $1,000 ($10,000 for 18 month)
  • Minimum balance amount to earn APY: $1,000 ($10,000 for 18 month)
  • Early withdrawal penalty: For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100. For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

The credit union has regular fixed-term certificates which last from six months up to 60 months. With these certificates, you can only add money when you open. There’s no option to add money later.

The 18 month Certificate requires a deposit of at least $10,000 while the others need $1,000. You also need to keep this much in the account to earn the APY. In addition, you can only open the 18 month Certificate with new funds, money that has not been on deposit with the credit union for the last 60 days.

The Term Share Certificates earn a fixed interest rate that will not change. You will receive interest each month during the Certificate term.

You are not supposed to take money out of the regular Share Certificates before the maturity date. If you do, the credit union will charge an early withdrawal penalty:

  • For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100.
  • For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

You can open any of the regular fixed-term certificates while applying for Provident Credit Union membership. They are all listed on the membership application. You will need to submit your opening deposit to set up the Certificate, either at least $10,000 for 18 month or $1,000 for the rest.

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Provident Credit Union Special Term Share Certificates

Besides their regular Share Certificates, Provident Credit Union also has several offers with unique features you don’t see on every CD.
TermAPY
12 months (add-on, $250 deposit)2.21%
12 months (youth add-on, $50 deposit)2.21%
12 months (deferred dividend, $500 deposit)2.21%
13 months (liquid, $5,000 deposit)1.01%
24 months (bump up, $1,000 deposit)2.36%
24 months (variable rate add-on, $500 deposit)2.36% Variable
  • Minimum opening deposit: $50 for Youth Add-on, $250 for Add-On, $500 for Deferred Dividend and Variable Add-On, $1,000 for Bump-Up and $5,000 for Liquid.
  • Minimum balance amount to earn APY: $50 for Youth Add-on, $250 for Add-On, $500 for Deferred Dividend and Variable Add-On, $1,000 for Bump-Up and $5,000 for Liquid.
  • Early withdrawal penalty: For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100. For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

The Provident Special Share Certificates come with some extra features that aren’t standard on a regular CD. First, the credit union offers a 12 month Special Certificate with a Deferred Dividend feature. With this account, you only receive the dividends at the end of the Certificate term, rather than monthly. You need to deposit at least $500 and keep this in the account to earn the APY.

They also have a 12 month Add-On Certificate. You can open this account for just $250 and in addition, you can add extra funds any time you want before the maturity date. For customers under the age of 18, they offer a Youth Add-On Certificates. It’s the same setup but they can open for just $50.

There is one more Add-On Certificate that lasts 24 months. Once again, you can add money whenever you want before the maturity date. This one has a couple differences. First, you need $500 to open the account. More importantly, it uses a variable interest rate. The amount you receive in dividends each month can go up and down based on market interest rates. For the other Share Certificates offered by this credit union, you receive the same amount each month.

Another way to prepare for rates going up in the future is with Provident Credit Union’s 24 month Bump-Up Certificate. If Provident Credit Union starts paying a higher rate after you sign up, you have a one-time option to request a change to the higher rate. You need at least $1,000 to open this one.

Finally, they offer a 13 month Liquid Certificate. It has the highest balance requirement because you need at least $5,000 to open. In exchange, it gives you the most access to your account. First, you can make additional deposits before the maturity date. It also lets you make a withdrawal once every seven days, without owing an early withdrawal penalty. Your withdrawal must be for at least $500 and can be made by phone or at a Provident Credit Union branch. Your balance also must still be $5,000 or higher after the withdrawal.

The Special Certificates will charge an early withdrawal penalty if you take money out before the maturity date (or if you make more than one withdrawal within seven days for the Liquid Certificate. Since all the Special Certificates last 12 months or longer, the penalty will be the greater of 180 days’ of earnings or $150.

You can open any of the Special Share Certificates as part of your new membership application for Provident Credit Union. After you’re a member, you can also open them up through online banking or at a branch.

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How Provident Credit Union’s CD rates compare

There’s a lot to like about these Share Certificates. The 18 month Certificate pays the most interest with one of the highest rates in the country for this amount of time. The downside is that you need at least $10,000 to open this account and the deposit has to come from new money, funds not already at Provident Credit Union. The other regular Certificates are available for $1,000. While their rates are a small step down compared with the 18 month term, they are still very good.

Beyond the regular offers, Provident Credit Union has shown some creativity with multiple Special Certificates. They also pay highly competitive rates and include extra features like the option to make more deposits, the ability to adjust your interest rate later and the flexibility to take money out before the maturity date.

Between all these choices, you can find an excellent CD at Provident Credit Union. But before deciding, it wouldn’t hurt to rate shop. This list covers the very best options for every CD term. You can quickly compare and see whether Provident Credit Union is the best choice or if you could earn more elsewhere.

Provident Credit Union money market account options

Provident Credit Union Money Market Savings account

Provident Credit Union’s regular money market account never charges a monthly fee but you need at least $10,000 to earn just an average interest rate. There’s not enough return to justify the balance requirements.
APYMinimum Balance to Earn APY
0.08%$2,500
0.40%$10,000
0.46%$50,000
0.70% $100,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

You need to deposit at least $2,500 to open a Money Market Savings account. This account does not charge a monthly maintenance fee, no matter how low your balance drops. However, if your minimum daily balance falls below $2,500, you stop earning interest.

The base interest rate for this account is very low. When you have at least $10,000, it starts paying an average rate and it’s not until you have at least $100,000 that it starts paying a decent return.

Since this is a money market account, Provident Credit Union limits how often you can take money out because of government regulations. Each statement cycle, you can make no more than six debits like checks, drafts, debit card transactions and account transfers. If you try to make more than six of these transactions, Provident Credit Union will deny the transaction. However, they will not charge a fee. The limits don’t apply to ATM or bank withdrawals so you can make as many of these as you want.

You can open a Money Market Savings account online or at one of their branches. You need to be a member. If you haven’t joined yet, you can set this up with your money market account at the same time.

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Provident Credit Union Premier Money Market Savings account

The rates on Provident Credit Union’s Premier Money Market are a little better than their regular account. But to qualify, you need both a larger balance and a monthly direct deposit into a checking account. It’s a lot of extra work for a little more interest.
APYMinimum Balance to Earn APY
0.46%$25,000
0.70%$75,000
0.75%$125,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

Provident Credit Union’s Premier Money Market Savings account pays higher rates than the regular money market account. However, it takes more work to qualify. First, you need to deposit at least $25,000 to open and keep this much in your Premier Money Market account to earn interest. The regular money market account just takes $2,500.

You also need to set up a monthly direct deposit of at least $1,000 into a Provident Credit Union checking account. If you don’t meet these requirements, you earn a much lower interest rate. If you qualify for the higher rates, they are an improvement but you still need a ton of money to get a competitive return, at least $75,000.

The Premier Money Market Savings account has the same withdrawal/transfer restrictions. You can only make six transactions per statement cycle like checks, drafts, debit card purchases and account transfers. Provident Credit Union will deny any transaction over six.

The Premier Money Market Savings account is not listed on the new membership application for Provident Credit Union. You’ll need to set up your membership first and then you can apply for this account, either through online banking or at a branch. You should set up a checking account as well so you can meet the monthly direct deposit requirements to earn the better rates.

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How Provident Credit Union’s money market accounts compare

These money market accounts have some nice features but also some significant downsides. We liked that their money market accounts do not charge a monthly maintenance fee. If you fall below the minimum balance requirements, you just earning interest but that’s it. There’s no penalty. Money market accounts are notorious for having high monthly fees so it’s nice that Provident Credit Union goes against this trend.

If you can qualify for the higher rate tiers by keeping a larger balance, their money market rates are also above average. The problem though is how much you need to earn a decent rate. The regular money market account only pays an average rate unless you have $100,000 while the Premier account takes $75,000 to earn something competitive. As an added hassle, you also need to set up a checking account with a monthly $1,000 direct deposit to qualify for the Premier rates.

You can earn a decent return with Provident Credit Union’s money market accounts, but only if you have the deep pockets to qualify. If you want to make a smaller deposit or just want to compare your options, these are the very best money market accounts in the country right now. For a lower balance, you can earn even more than Provident Credit Union’s Premier account.

Provident Credit Union’s IRA CD rates

Provident Credit Union IRA Fixed Rate Share Certificates

For retirement plans, Provident Credit Union offers a wide range of Share Certificates. The rates are competitive across the board and there are some special features you don’t commonly see for IRA CDs.
Fixed rate
TermAPY
12 months2.21%
18 months3.01%
24 months2.46%
24 months (add-on)2.46%
24 months (bump-up)2.36%
36 months2.51%
48 months2.56%
60 months2.61%
Variable rate
TermAPY
24 months (add-on)2.36% Variable
36 months (add-on)2.41% Variable
  • Minimum opening deposit: $500 ($250 for 24 month Add-On, $10,000 for 18 month)
  • Minimum balance amount to earn APY: $500 ($250 for 24 month Add-On, $10,000 for 18 month)
  • Early withdrawal penalty: For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100. For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

If you’d like something for your retirement plan, Provident Credit Union offers a wide range of IRA Share Certificates. They have terms which range from 12 months up to 60 months.

Their Share Certificates are split between two categories: fixed and variable. The Fixed IRA Certificates earn the same interest rate the entire time whereas with the Variable IRA Certificates, your monthly earnings can go up and down based on the market conditions.

Besides the interest rates, some of the IRA Certificates have additional benefits. The Variable and 24 month Fixed IRA Certificate include an Add-On feature. You can deposit extra money anytime you want before the maturity date. There is also a 24 month Fixed Bump-Up IRA Certificate. With this one, you have the option to request a one-time rate increase, should Provident Federal Credit Union start paying more after you sign up.

Most of the IRA Certificates require a deposit of at least $500 and you need to keep this much in the account to earn the APY. You can open the 24 month Fixed Add-On Certificate for just $250. The 18 month Fixed IRA Certificate takes $10,000 because it earns by far the highest rate. In addition, you can only open the 18 month IRA Certificate with new funds, money that hasn’t been with Provident Credit Union for the last 60 days.

These IRA Certificates charge an early withdrawal penalty if you take money out before the maturity date. It will be either 180 days’ worth of earnings or $150, whichever is greater. All Provident Credit Union’s IRAs also charge a $15 annual fee for staying open.

Before you can sign up for any of the IRA Certificates, you need to join the Provident Credit Union. Once you’re a member, you can apply for the IRA Certificates online through their retirement central portal. You can also sign up at a branch or fill out the forms at home and then mail/fax them to Provident Credit Union.

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Provident Credit Union IRA Savings account

If you can’t meet the deposit requirements for an IRA Certificate or want something with more access, you can use this account. It only takes a $25 deposit, but the interest rate is very low.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $25
  • Annual account maintenance fee: $15

Besides their IRA Certificates, Provident Credit Union also offers an IRA Savings account. You can open this account for a deposit of just $25. That’s all you need to keep in the account as well to earn interest. If you fall below this amount, there is no fee but you stop earning interest.

The interest rate on this account is very low. It stays the same for all balances so you won’t earn more by depositing more. With an IRA Savings account, you aren’t committing to keeping your money with Provident Credit Union for a set amount of time. You can add money at your convenience and take money out without owing Provident Credit Union an early withdrawal penalty.

All Provident Credit Union’s IRA accounts charge a $15 annual fee. You need to pay the fee for keeping the account open and can’t avoid it by having a larger balance.

If you’d like to open an IRA Savings account, you first need to join the Provident Credit Union. Once you’re a member, you can go to their retirement central website and either submit the application form online or print it out and send it in by mail/fax. You can also apply at a branch.

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How Provident Credit Union’s IRA CD rates compare

When it comes to IRA CDs, Provident Credit Union has done a nice job designing their products, both in terms of quality and variety. Their IRA Certificate rates are all above average. If you can meet the $10,000 deposit for the 18 month Certificate, you’ll earn one of the very best rates in the country for this type of account.

The rest of the IRA Certificate rates, while not as eye-popping as the 18 month, are still attractive. In addition, some of them have extra benefits like the option to add more money or to “bump up” your rate later. While Provident Credit Union also offers an IRA Savings account, we would stay away from it. The interest rate is too low and in addition, there’s a $15 annual fee. That would likely cancel out most of your earnings.

Stick with Provident Credit Union’s IRA Certificates and you’ll be making a smart decision for your retirement plan. Or, if you’d like a second opinion, check out this list of the very best IRA CD rates from around the country.

Overall review of Provident Credit Union’s banking products

There’s quite a range in the quality of Provident Credit Union’s banking products. Some of the accounts are excellent while others are not worth the effort. If we had to pick a favorite, it’s a tie between Super Reward Checking and their Certificates/IRA Certificates.

Super Reward Checking pays an excellent interest rate and comes with a generous $12 per month refund for out-of-network ATM fees. The Certificates/IRA Certificates also pay highly competitive rates and have all kinds of terms and special features to choose from.

We would not go out of our way for anything else at Provident Credit Union. The money market accounts make you jump through too many hoops to earn a competitive rate while their regular savings accounts pay practically no interest.

If you’re going to open something with Provident Credit Union, stick with the top-recommended accounts. We hope this review helps you weed out what’s useful and what’s not.

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

Tinker Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1946
Total Assets$3.8B
LEARN MORE on Tinker Federal Credit Union’s secure websiteNCUA Insured

In its 70 years of business, Tinker Federal Credit Union has grown from a financial institution for civilian employees of a World War II airfield to become the largest credit union in Oklahoma. Today, Tinker Federal Credit Union has more than 363,000 members and $3.8 billion in assets.

Tinker Federal Credit Union is a credit union, owned by its members. Whenever someone signs up, they need to deposit at least $5 in a savings account to purchase an ownership share in the organization. In exchange, they receive dividends on the deposit accounts, which are their shares of the profits.

Not everyone can use Tinker Federal Credit Union accounts. To sign up, you need to qualify for membership first in one of several hundred ways. Some of them are:

  • You live, work, worship or attend school in an eligible Oklahoma county (Payne, Pontotoc, Seminole).
  • You are the employee of a company or a member of an organization that has been approved by Tinker Federal Credit Union, mostly in Oklahoma.
  • You are a member of the Armed Forces or a government employee on one of several approved military bases.
  • You have a family member who is an existing customer of Tinker Federal Credit Union.

If you think you’re eligible, you can apply for membership online, at a branch or by calling customer service. The application will ask for your date of birth, employment info, Social Security Number and a form of government ID. You’ll also need to open your savings account with at least $5.

Tinker Federal Credit Union only has branches in Oklahoma. However, they are also members of the CO-OP network (a national organization of credit unions), so their customers can handle their banking needs at any CO-OP credit union around the country.

Before going through this process, make sure that Tinker Credit Union’s deposit accounts are worth your while. We’ve reviewed all their accounts using the latest information and rates. This way you can decide which ones are worth your time and which ones are not.

Tinker Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.45%

Savings

Tinker Federal Credit Union Share

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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1.41%

CD Rates

Tinker Federal Credit Union 12 Month Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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2.22%

CD Rates

Tinker Federal Credit Union 36 Month Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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2.48%

CD Rates

Tinker Federal Credit Union 48 Month Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Tinker Federal Credit Union checking account options

Tinker Federal Credit Union Click Checking Account

This pays a decent interest rate if you meet the requirements — and it’s high enough that it might be worth the effort.
APYMinimum Balance Amount to Earn APY
1.50%
$0.01 (monthlytransactions met)
0.52%
Balances over $30,000 (monthly transactions met)
  • Minimum opening deposit: $25 or with a set up direct deposit.
  • Monthly account maintenance fee: None
  • ATM fees: None for withdrawals. There is a 50 cent fee for making balance inquiries at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $22.50

When you open a Click Checking account, you have two options to launch the account. You can either make a deposit of at least $25, or you can set up a direct deposit for the future.

The Click Checking account pays a high interest rate but to qualify, each month you must meet all the following:

  1. Log into your online banking account through TFCU Home Branch.
  2. Pay at least one bill through online banking.
  3. Make at least 10 purchases using your debit card
  4. Use electronic, not paper statements.
  5. Receive at least one direct deposit or automatic transfer.

If you meet all these requirements, you’ll receive an excellent interest rate on up to $30,000 in your account; any amount over $30,000 receives a very low rate. Any month where you don’t meet the Click requirements, you’ll receive a much lower rate on your entire balance.

With the Click Checking account, you can make free withdrawals from Tinker Federal Credit Union, CO-OP, ATMZone and Transfund NC ATMs. You can also make free withdrawals from OnCue and QuikTrip ATMs in Oklahoma and 7-Eleven ATMs in the Oklahoma City metro area. If you use another ATM, the credit union charges a 50 cent fee on balance inquiries but nothing on withdrawals. However, they will not refund any costs from the ATM owner.

You must be a member of the Tinker Federal Credit Union to open a Click Checking account. You can open this account while setting up your membership though using the same application.

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Tinker Federal Credit Union Heritage Checking Account

A special checking account with above-average interest for customers who 55 and older.
APYMinimum Balance Amount to Earn APY
0.25%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None for withdrawals. There is a 50 cent fee for making balance inquiries at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $22.50

If you are 55 or older, you can apply for a Heritage Checking account. This account does not have a minimum balance requirement. You can also open for any amount and there is no monthly fee, no matter how low your balance gets.

The Heritage Checking account earns interest on all balances and the rate is above average. It’s quite a bit lower than the excellent rate for Click Checking; however, you also won’t need to meet any requirements each month to qualify.

When you have this account, you qualify for several other benefits with Tinker Federal Credit Union. This account comes with two free boxes of checks per year and a discount on a safety deposit box, and it also waives the fees for wiring funds, stop payments, official checks and money orders.

With the debit card, you can make free withdrawals from Tinker Federal Credit Union, CO-OP, ATMZone and Transfund NC ATMs. Withdrawals from OnCue and QuikTrip ATMs in Oklahoma and 7-Eleven ATMs in Oklahoma City are also free. If you use an out-of-network ATM, withdrawals are free but the credit union charges 50 cents for balance inquiries. They also will not refund charges from the ATM owner.

You can open a Heritage Checking account online, at a Tinker Federal Credit Union branch or over the phone. If you aren’t already part of the credit union, you can open this account while setting up your membership.

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Tinker Federal Credit Union Classic Checking Account

With no interest paid, this account is not as generous as the other options at Tinker Federal Credit Union.
  • Minimum opening deposit: $25 or set up a direct deposit.
  • Monthly account maintenance fee: None
  • ATM fees: None for withdrawals. There is a 50 cent fee for making balance inquiries at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $22.50

To open a Classic Checking account, you can either make a deposit of $25 or you can set up a monthly direct deposit for the future. This account does not have a minimum balance requirement and does not charge a monthly fee.

The Classic Checking account does not earn interest. It comes with a debit card, online banking and ATM access. To help you manage your money, the credit union also gives you access to credit/budget coaching and the option to join their financial planning program.

If you want to make a withdrawal, you can make free transactions at Tinker Federal Credit Union, CO-OP, ATMZone and Transfund NC ATMs, as well as OnCue and QuikTrip ATMs in Oklahoma and 7-Eleven ATMs in Oklahoma City. If you use any other ATM, Tinker Federal Credit Union charges 50 cents for balance inquiries, but not on withdrawals. They will not refund any costs from the ATM owner.

You can apply for a Classic Checking account at a Tinker Federal Credit Union branch or online, through the online banking portal. It’s not listed on the initial membership application, so you need to join first and then you can sign up for this account.

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How Tinker Federal Credit Union’s checking accounts compare

Out of the Tinker Federal Credit Union checking accounts, we think Click Checking is the best option thanks to its generous interest rate — it’s up there with the very best rates in the country. If you’re 55 and older, Heritage Checking could also be worth a look. While it earns less than Click Checking, it comes with some extra bank benefits, like free checks and a safety deposit box discount. It’s also less work because you don’t need to meet transactions each month to earn interest.

Overall, we liked that Tinker Federal Credit Union doesn’t charge monthly fees on their checking accounts. However, we were disappointed that they do not refund out-of-network ATM fees, something that could be an issue if you ever stray away from their Oklahoma service area.

If you’re worried about out-of-network ATM charges, these top checking accounts could be a better choice. They come with generous ATM refunds and some pay even more than the Click Checking account.

Tinker Federal Credit Union savings account options

Tinker Federal Credit Union Share Savings Account

This mandatory account for credit union membership earns a respectable interest rate.
APYMinimum Balance Amount to Earn APY
0.45%
$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Tinker Federal Credit Union, CO-OP and ATMZone ATMs. 75 cents at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $22.50

Tinker Federal Credit Union requires that all new members open a Share Savings account for at least $5. This is how you buy your ownership share into the organization.

After you open, you need to keep a minimum balance of at least $5 to earn interest. The rate is above average for a savings account and it always stays the same, so you will not earn more by depositing more.

With the Share Savings account, you can make free withdrawals from any ATM in Tinker Federal Credit Union’s network. This also includes CO-OP and ATMZone ATMs. If you use another ATM, Tinker Federal Credit Union charges a 75 cents withdrawal free on their savings account. They also will not refund any charges from the ATM owner.

When you sign up to join the Tinker Federal Credit Union, you will be required to open this account, so there’s no way to skip opening this account through the online application. However, you can also sign up for other deposit accounts at this time.

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How Tinker Federal Credit Union’s savings accounts compare

If you want to join the Tinker Federal Credit Union, you’ll need to open their savings account for at least $5. Fortunately, it’s a pretty decent account. There’s no monthly fee and the interest rate is well above average for a savings account. It’s high enough that we can see customers adding much more than the required $5. At other credit unions, we’ve seen them skimp on the rate for their mandatory account, so we appreciate that Tinker Federal Credit Union has put together a respectable option for their members.

There aren’t too many downsides, though one issue we did notice is that it charges an extra 75 cent fee when you use out-of-network ATMs, something that’s not charged on the checking accounts. It’s also too bad that the rate will not go up for larger deposits.

These are small flaws, but they still keep the Share Savings account from being a top-tier option, the kind that would make our list of the best savings accounts in the country. If you check out that review, you’ll find online savings accounts which pay much, much more than Tinker Federal Credit Union.

Tinker Federal Credit Union’s CD rates

Tinker Federal Credit Union Regular Term Share Certificates

Tinker Federal Credit Union pays respectable certificate rates across the board, including some very generous specials.
Regular Certificates
TermAPY ($1,000)APY ($10,000)APY ($25,000)APY ($50,000)APY ($99,000)
3 months0.75%
0.90%
0.95%
1.00%
1.06%
6 months1.16%
1.31%
1.36%
1.41%
1.46%
12 months1.41%
1.56%
1.61%
1.66%
1.71%
24 months1.97%
2.12%
2.17%
2.22%
2.27%
36 months2.22%
2.38%
2.43%
2.48%
2.53%
48 months2.48%
2.63%
2.68%
2.73%
2.78%
Certificate Specials
TermAPY
24 months ($2,400 deposit)2.68%
33 months ($1,000 deposit)3.35%
  • Minimum opening deposit: $1,000 ($2,400 for 24-month special)
  • Minimum balance amount to earn APY: $1,000 ($2,400 for 24-month special)
  • Early withdrawal penalty: 60 days’ dividends for 3-month term; 90 days’ dividends for 6-month term; 120 days’ dividends for 12-month term; 180 days’ dividends for 24-month term; 240 days’ dividends for 36-month term; 300 days’ dividends for 48-month term or 180 days’ dividends for the Certificate Specials.

Tinker Federal Credit Union’s regular Share Certificates range from 3 months up to 48 months. You must deposit at least $1,000 to open a regular Certificate and keep this much in the account to earn the APY. The regular Share Certificate rates are quite good, well above average.

In addition, you can earn more by depositing more. Tinker Federal Credit Union has five different tiers of rates: starting with balances of $1,000, $10,000, $25,000, $50,000 and $99,000.

As of November 2018, Tinker Federal Credit Union was offering two promotional certificates with even better rates, a 24-month and a 33-month special. You need to deposit at least $2,400 to open the 24-month special while the 33-month takes the usual $1,000. At the end of the Special Certificate term, Tinker Federal Credit Union renews you into their regular 24 month Certificate unless you tell them not to.

Before you can open any of the Share Certificates, you need to become a member of the Tinker Federal Credit Union. These accounts are not on the new membership form, so you’d need to join first before applying. Once you’re a member, you can sign up for the Certificates at a bank branch or over the phone. These accounts are not available online.

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Tinker Federal Credit Union Starting Line Share Certificates

A starter certificate for small deposits that pays a lower rate.
TermAPY
12 months0.60%
  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $25
  • Early withdrawal penalty: 90 days’ dividends.

If you can’t make the $1,000 minimum for the regular Share Certificates, Tinker Federal Credit Union offers their Starting Line Share Certificates for smaller deposits. You can open these accounts for just $25, and that’s all you need to earn the APY. The interest rate is lower than the regular Share Certificates but is OK considering the lower balance requirements.

The Starting Line Share Certificate lasts 12 months and you can add more money while your account is open. If you take money out before the maturity date, Tinker Federal Credit Union charges a penalty worth 90 days of dividends. If you’ve grown your money to at least $1,000 by the maturity date, Tinker Federal Credit Union will automatically renew you into their regular 12-month Certificate, which pays more. Otherwise, you can sign up again for the Starting Line Certificate.

You can open the Starting Line Certificate at a Tinker Federal Credit Union branch or over the phone. If you aren’t a member yet, sign up first and then you can apply for this deposit account.

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How Tinker Federal Credit Union’s CD rates compare

Tinker Federal Credit Union does an excellent job with their Share Certificates. First, their rates are all competitive. Their Special Certificates are particularly generous, as good as anything in the entire country. Tinker Federal Credit Union also has decent variety, especially for short-term certificates. They have three options for 12 months or less, as well as a starter certificate that requires only a $25 deposit.

Finally, we like that Tinker Federal Credit Union gradually increases their rates as you deposit more. It’s common for banks to have just one set of CD rates for all balances, but Tinker Federal Credit Union offers five different tiers, depending on how much you deposit. The only drawback we noticed is that they don’t offer anything longer than 48 months, so if you have a long-term savings goal, this might not be enough.

But if their Share Certificates match your timeline, Tinker Federal Credit Union could be an excellent choice. That being said, it never hurts to rate shop, so be sure to compare against this list of the best CD rates in the country. That way you can see whether you’ll get the highest return at Tinker Federal Credit Union or somewhere else.

Tinker Federal Credit Union money market account options

Tinker Federal Credit Union Command Fund Money Market Account

For smaller balances, Tinker Federal Credit Union’s regular money market account gets the job done.
APYMinimum Balance Amount to Earn APY
0.10%
$0.01
0.60%
$2,000
  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: None
  • ATM fees: None at Tinker Federal Credit Union, CO-OP and ATMZone ATMs. 75 cents at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $22.50

You need to deposit at least $2,000 to open a Command Fund Money Market account. There’s no fee if your balance falls below $2,000 after you open, but you will earn a much lower interest rate.

At the top rate, you get an above average return, especially for a free money market account. However, this rate will not increase for larger deposits. If you plan on depositing at least $10,000, check out Tinker Federal Credit Union’s premium account, covered below.

The Command Fund Money Market account will not charge an early withdrawal penalty when you take funds out — it’s not like a CD, where you’re committing to keep your money with Tinker Federal Credit Union for a set amount of time.

You can open a Command Fund Money Market account while applying for Tinker Federal Credit Union membership; it’s an option on the new membership form. You just need to select this account and make your initial deposit of at least $2,000.

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Tinker Federal Credit Union Premium Plus Money Market Account

If you can meet the $10,000 balance requirement, this is the better option.
APYMinimum Balance Amount to Earn APY
0.10%
$0.01
0.85%
$10,000
0.90%
$25,000
0.95%
$50,000
1.00%
$75,000
1.06%
$100,000
1.11%
$150,000
1.21%
$200,000
1.31%
$250,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fees: None at Tinker Federal Credit Union, CO-OP and ATMZone ATMs. 75 cents at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $22.50

The Premium Plus Money Market account has higher balance requirements than the Command Fund. You need to deposit at least $10,000 to open this account and if your balance ever falls below $10,000, you earn an extremely low interest rate. However, there’s no monthly fee.

In exchange for the higher balance requirements, the Premium Plus Money Market account pays much better interest rates. At the base money market rate, $10,000, this account pays pays more than 40 percent over 12 months than what Command Fund pays. In addition, this account pays more for larger balances before maxing out when you have $250,000.

Like all the other deposit accounts, you can open a Premium Plus Money Market account as a member of the Tinker Federal Credit Union; you can apply online or at a branch. The Premium Plus Money Market account is on the new member application form, so you can set this up at the same time.

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How Tinker Federal Credit Union’s money market accounts compare

These money market accounts are a nice one-two combo. Command Fund is a quality starter account because you can open and earn the top rate for just $2,000. That’s a relatively low balance requirement for a money market account and the rate is still above average.

Once you have at least $10,000, you can upgrade to the Premium Plus Money Market account. It pays excellent rates and the more you deposit, the more you earn. For six-figure balances, they are competitive with nearly every lender in the country. As an added benefit, neither of the Tinker Federal Credit Union money market accounts charge a monthly fee. If you fall below the balance requirement, all that happens is you earn a reduced interest rate.

If you use the Tinker Federal Credit Union money market accounts, you should be pleased with the results. Still, if you put in the research, we believe you could earn an ever better return. These money market accounts pay more even compared to the Premium Plus account and you don’t need a six-figure balance to qualify.

Tinker Federal Credit Union’s IRA CD rates

Tinker Federal Credit Union IRA Share Certificates

All Tinker Federal Credit Union’s Share Certificates can be used through an IRA, including their top-notch specials.
Regular Certificates
TermAPY ($500)APY ($1,000)APY ($10,000)APY ($25,000)APY ($50,000)APY ($99,000)
3 months0.75%
0.75%
0.90%
0.95%
1.00%
1.06%
6 months1.16%
1.16%
1.31%
1.36%
1.41%
1.46%
12 months1.41%
1.41%
1.56%
1.61%
1.66%
1.71%
24 monthsN/A1.97%
2.12%
2.17%
2.22%
2.27%
36 monthsN/A2.22%
2.38%
2.43%
2.48%
2.53%
48 monthsN/A2.48%
2.63%
2.68%
2.73%
2.78%
Certificate Specials
TermAPY
24 months ($2,400 deposit)2.68%
33 months ($1,000 deposit)3.35%
  • Minimum opening deposit: $500 for 12 months or less, $1,000 for over 12 months, $2,400 for 24-month special.
  • Minimum balance amount to earn APY: $500 for 12 months or less, $1,000 for over 12 months, $2,400 for 24-month special.
  • Early withdrawal penalty: 60 days’ dividends for 3-month term; 90 days’ dividends for 6-month term; 120 days’ dividends for 12-month term; 180 days’ dividends for 24-month term; 240 days’ dividends for 36-month term; 300 days’ dividends for 48-month term; 180 days’ dividends for the Certificate Specials.

You can open any of the Share Certificates as part of an IRA, including their Special Certificates. The rates are identical and quite good, especially for the promotions.

Tinker Federal Credit Union offers several IRA Certificates with a lower deposit limit. You can open IRA Certificates with terms of 12 months or less for just $500 and that’s all you need to earn the APY. The regular IRA Certificates for longer than 12 months and the 33-month promotion require $1,000. Finally, the 24-month Special IRA Certificate requires a deposit of at least $2,400.

On the regular IRA Certificates, the rates increase as you deposit more before maxing out when you have at least $99,000.

You can only open an IRA Certificate in-person at a Tinker Federal Credit Union full-service branch; these accounts are not available online or over the phone. You must be a member of the Tinker Federal Credit Union before applying, though you can also take care of that while visiting a branch.

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Tinker Federal Credit Union IRA Share Account

This account lets you take money out without an early withdrawal penalty but still pays a respectable rate.
APYMinimum Balance Amount to Earn APY
0.50%
$0.01
  • Minimum opening deposit: You must set up a payroll deduction or automatic transfer for at least $5 per month.
  • Monthly account maintenance fee: None

Besides their IRA Certificates, Tinker Federal Credit Union also offers an IRA Share account. You won’t need to make an initial deposit to open this account, but you will have to set up a payroll deduction or automatic transfer for at least $5 per month.

The IRA Share account does not charge a monthly maintenance fee, regardless of your balance. It also pays interest on all balances and the rate is decent for this type of flexible-access account. Tinker Federal Credit Union does not charge a penalty when you take money out of an IRA Share account. It’s not like a Share Certificate where you commit to a set amount of time.

The IRA Share account is only available at Tinker Federal Credit Union’s full-service branches. There, you can meet with one of Tinker Federal Credit Union’s investment specialists to set up your retirement plan.

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How Tinker Federal Credit Union’s IRA CD rates compare

There’s a lot to like about the Tinker Federal Credit Union retirement plan accounts. They offer a wide range of IRA Certificates which all pay above average rates. We also appreciate that Tinker Federal Credit Union’s generous promotional Certificates can also be used for an IRA. Not every lender includes CD promotions for their retirement plans. Finally, they increase how much you earn when you deposit more; it’s not just one rate for all balances.

However, the fact that you can only open Tinker Federal Credit Union IRA Certificates at a branch could be a drawback. While that could a chance to discuss your options with a retirement specialist, it could also be a headache if you’re ready to go and just want to sign up.

For other high-quality IRA CDs that you can open online, check out this review. These accounts pay rates that are just as good as Tinker Federal Credit Union’s, but you can open them from the comfort of your own home.

Overall review of Tinker Federal Credit Union’s banking products

We’re very impressed with the selection at Tinker Federal Credit union — it’s hard to find a weak point in their banking products. Their Certificates and IRA Certificates all pay top-notch rates that increase as you deposit more.

Tinker Federal Credit Union also pays excellent rates for their checking, savings and money market accounts, and none of these accounts charge a monthly maintenance fee.

If there is a flaw with Tinker Federal Credit, it’s that you’ll need to live in Oklahoma for them to be a really good fit; this makes sense since they are a regional credit union. First, none of their accounts refund ATM fees, so if you ever stray away from a region with Tinker Federal Credit Union branches, it could get expensive. In addition, you’ll need to qualify for membership and most of the ways to do so require living, working or studying in Oklahoma.

If you happen to be near a Tinker Federal Credit Union branch, they could be an excellent choice. Otherwise, they will probably not be an option — that is, unless you feel like moving to Oklahoma.

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

Umpqua Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

From its origins in 1953 in the small timber town of Canyonville, Ore., Umpqua Bank has expanded up and down the West Coast. The bank now operates not only in Oregon, but also in California, Idaho, Nevada and Washington. You must be a resident of one of these states to get an account at Umpqua Bank.

If you’re eligible and thinking of going with Umpqua Bank for your bank account needs, this review is for you. We’ve gone over all of its accounts, including the latest rate information, so you can understand the pros and cons. As part of this review, we used the rate information for Oregon, where its headquarters are located. Rates could be different depending on your location and when you apply for the account. The bank doesn’t publish the rates on its website, so you’ll have to call for current rates.

Umpqua Bank checking account options

Embark Checking

A free checking account that doesn’t earn interest. It refunds ATM fees, but only if you keep an average monthly balance of at least $2,500.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: Up to $10 per month, provided you keep an average monthly balance of $2,500.
  • Overdraft fees: $35 per item

You can open an Embark Checking account for a deposit of $25. After that, there is no minimum balance requirement and this account does not charge a monthly maintenance fee.

It’s free to receive your monthly statements online, but costs $3 per month for paper statements if you are younger than 62. Account holders who are 62 and older receive free paper statements.

This account comes with a debit card and online banking. You can make free withdrawals from Umpqua Bank ATMs, but it charges $2.50 for transactions at out-of-network ATMs. However, if you keep an average balance of at least $2,500, the bank will refund up to $10 per month in those out-of-network fees.

When you have this account, Umpqua Bank will waive the maintenance fee on one of the Grow Savings accounts, provided you make at least one transfer into that savings account each month.

You can open an Embark Checking account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, driver’s license or state ID, home address and the initial deposit. Umpqua Bank accepts that deposit by bank transfer, debit card or credit card.

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Access Checking

Despite a few extra bank perks, this no-interest account is disappointing since it comes with a balance requirement/monthly maintenance fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: Up to four owner-ATM fee rebates per month
  • Overdraft fees: $35 per item

In addition to the required $25 initial deposit, Umpqua Bank’s Access Checking account also charges a $5 maintenance fee unless you meet one of the following requirements each month:

  • 10 debit card purchases
  • A direct deposit of at least $500
  • A mobile deposit of at least $250.

Keeping a large balance is not enough to get the fee waived. The only options are by making mobile/direct deposits or debit card purchases.

With this account, you won’t be charged to receive your monthly statements online, but it will cost you $3 per month for paper statements.

This account comes with a debit card and online banking. You can make free withdrawals from Umpqua Bank ATMs, but it charge $2.50 for transactions at out-of-network ATMs. However, Umpqua Bank will refund all fees on up to four out-of-network ATM transactions per month. There’s no dollar limit; it’s just four free transactions.

This account also gives one refund per month on incoming wire transfers and waives the monthly fee on up to three Grow Savings or Thrive money market accounts at Umpqua Bank.

You can open an Access Checking account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, driver’s license or state ID, home address and the initial deposit via bank transfer, debit card or credit card.

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Attain Checking

Has a huge balance requirement and pays interest.
  • Minimum opening deposit: $200
  • Monthly account maintenance fee: $20 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: Up to $25 per month.
  • Overdraft fees: $35 per item

The Attain Checking account is Umpqua Bank’s high-end checking account, with the emphasis on “high.” You must deposit at least $200 to open this account, and it’ll cost you a whopping $20 a month unless you meet one of the following requirements:

  • Minimum daily balance of $15,000 in your Attain account.
  • Have a combined balance in deposit accounts and outstanding personal loans of at least $25,000 at Umpqua Bank. This includes deposits in other checking, savings, CD, IRA and money market and accounts.

This account does include extra bank services. You receive free cashier’s checks, incoming wire transfers and paper statements. You’ll also get a $35 discount on safety deposit boxes and you can open up to five Grow Savings or Thrive money market accounts without incurring a monthly maintenance fee. Finally, you receive up to $25 per month in refunds for fees on out-of-network ATM usage.

You can open an Attain Checking account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, driver’s license or state ID, home address and the initial deposit, made by bank transfer, debit card or credit card.

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How Umpqua Bank’s checking accounts compare

The Umpqua Bank checking accounts really don’t offer much. Only its premium Attain account earns interest. The other accounts only offer basic checking services and a few small extras, like waiving the monthly fee on an Umpqua Bank savings or money market account.

We do like that all the Umpqua Bank checking accounts refund out-of-network ATM fees. The free Access Checking account is perhaps the best of the three options — you can open it with a $25 deposit, you’ll never have to pay a monthly fee and you’ll receive up to $10 in monthly refunds of out-of-network ATM fees. That’s not bad for a free, basic checking account.

Still, there are better online checking accounts which are not only free, but also pay a generous interest rate. Chances are, they will be a better fit than any of the checking options at Umpqua Bank.

Umpqua Bank savings account option

Grow Savings

The Grow Savings helps you grow your savings.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35 per item

Umpqua Bank’s Grow Savings account requires an initial deposit of $25 and charges a $3 maintenance fee unless you meet one of the following requirements each month:

  • Keep a $200 minimum daily balance in the account.
  • Are age 18 or younger, or 55 or older.
  • Make at least one transfer from another Umpqua account into Grow Savings.
  • Link your Grow Savings account to an Umpqua Attain or Access Checking account.

This account earns interest and doesn’t have a minimum balance requirement to earn that interest rate. Contact the bank for current rates.

Since this is a savings account, regulation limits how often you can take money out through transfers and withdrawals. While you can make unlimited bank and ATM withdrawals, you can only make up to six of the following per statement cycle: bill payment, debit transactions, account transfers, drafts and ACH payments. Umpqua Bank charges a $5 fee for each transaction over the limit. If this happens three times, the account will be closed.

You can open a Grow Savings account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, government-issued ID, home address and the initial deposit. Umpqua Bank accepts payment by bank transfer, debit card or credit card.

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How Umpqua Bank’s savings account compares

Umpqua Bank only offers one savings account. It earns interest, but you’ll have to call the bank to check for the current rate.

On the plus side, the monthly fee is low and it gives you all kinds of options to get it waived, including just by having one of its Attain or Access checking accounts. But even if you ultimately get access to this account for free, we wouldn’t recommend using it because of there are other savings accounts that have better features. Consider these savings accounts instead — they’re also low-cost and pay much, much more.

Umpqua Bank CD rates

Umpqua Bank CDs

A couple of terrific CD offers mixed in with the other terms.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn. For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

Umpqua Bank currently offers five CD terms ranging from six months up to 60 months. Each CD requires a minimum opening deposit of $1,000 and you must keep at least $1,000 in the account to earn the APY. The bank only advertises the rates for the 13 and 24 month CDs, so you’ll have to call for the other rates.

These CDs all charge an early withdrawal penalty when you take money out before the maturity date. That penalty depends on the CD term:

  • For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn.
  • For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

Oddly, the 13-month CD is the only one you can open online, but the maximum deposit for that term is $75,000. For the other CDs, you have to either visit an Umpqua Bank branch or call the bank to start the application process. You will need to provide your Social Security number, government-issued ID, home address and the initial deposit for the CD.

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How Umpqua Bank’s CD rates compare

Umpqua Bank offers two CDs worth seriously considering: the 13-month and 24-month CDs are excellent options. However, the rest of the CDs are a mystery unless you call the bank. Umpqua Bank’s managers might realize that the other terms don’t yield much, because they don’t even publish the rates on the bank’s website for CDs other than the 13 month and 24 month options.

It’s a little frustrating that the 13 month CD is the only one available online and caps online deposits at $75,000. It looks like Umpqua Bank stills prefers applicants to set up CDs the old-fashioned way by meeting a representative in person or over the phone.

If you want another option to compare against Umpqua Bank, these are the highest-paying CDs on the market today and they can be opened online.

Umpqua Bank money market account options

Thrive Money Market account

This money market account comes free with the Umpqua Bank’s checking accounts.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35 per item

Umpqua Bank’s Thrive Money Market account requires an opening deposit of $100 and charges a $10 monthly fee unless you maintain a minimum daily balance of at least $1,000. Umpqua Bank will also waive the fee if you have an Access or Attain Checking account.

The Thrive Money Market account earns interest on all balances, but you’ll have to call the bank for the current rates.

Since this is a money market account, regulations limit how often you can take money out through transfers and withdrawals. While you can make unlimited bank and ATM withdrawals, you are allowed to make up to six of the following per statement cycle: bill payment, debit transactions, account transfers, drafts and ACH payments. Umpqua Bank charges a $5 fee for each transaction over the limit. If this happens three times, the bank will also close the account.

You can open a Thrive Money Market account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, a driver’s license or state ID, home address and the initial deposit. You can make your initial deposit by bank transfer, debit card or credit card.

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Prosper Money Market

This is Umpqua Bank’s premium money market account, with a $15,000 balance requirement. Offers a higher interest rate if you have an Umpqua Bank checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35 per item

Umpqua Bank also offers a Prosper Money Market account for larger balances. This account only requires an opening deposit of $100. However, it charges a $15 monthly fee unless:

  • You keep a minimum daily balance of $15,000 in the money market account; or,
  • You have a combined balance of $25,000 in Umpqua Bank deposit accounts and outstanding personal loans.

The Prosper Money Market account earns interest on all balances. You get a small rate increase if you also have an active checking account with Umpqua Bank, meaning you’ve made at least one transaction in the past 30 days.

Since this is a money market account, it limits how often you can take money out through transfers and withdrawals. While you can make unlimited bank and ATM withdrawals, you are allowed up to six of the following per statement cycle: bill payment, debit transactions, account transfers, drafts and ACH payments. The bank charges a $5 fee for each transaction over the limit. If this happens three times, the bank will also close the account.

You can open a Prosper Money Market account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, government-issued ID, home address and the initial deposit, which can be by bank transfer, debit card or credit card.

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How Umpqua Bank’s money market accounts compare

The Umpqua Bank money market accounts have high balance requirements, which, if not met monthly, could trigger a monthly fee. If you have other Umpqua Bank checking and deposit accounts, you qualify for these money market accounts for free. But even in this situation, we wouldn’t recommend using these accounts, as you can find better accounts elsewhere. Use these top money market accounts instead.

Umpqua Bank IRA CD rates

Umpqua Bank IRA CDs

Umpqua Bank also offers its CDs as part of an IRA. There are a couple options worth considering.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn. For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

You can set up the regular CDs as part of an IRA to save for retirement. They require a minimum deposit of $1,000 and that is the minimum balance to earn the APY.

The IRA CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on the term:

  • For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn.
  • For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

You can only open an IRA CD over the phone or by visiting a branch; you cannot set up the IRA CDs online. You will need to provide your Social Security number, official ID, home address and the initial deposit.

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How Umpqua Bank’s IRA CD rates compare

We’re bothered that IRA CDs can’t be opened online, some of the only accounts limited by Umpqua Bank in their ease of access. Still, the bank does let you open one over the phone, so you can save yourself a trip to a branch. There are other options out there which are transparent with its rates and allow you to open the accounts online. Consider these IRA CDs while you figure out your retirement plan.

Overall review of Umpqua Bank’s deposit accounts

Nearly all the Umpqua Bank deposit accounts have the same problem: they don’t advertise its rates online. This is mostly likely because the rates are nearly identical to the same ultra-low rates you see at large national banks.

There are a few exceptions, as Umpqua Bank offers some excellent CDs — these are the only accounts we would recommend here. Everything else is a mystery and comes with high balance requirements and possible fees.

As an organization, this bank does have some positives. It has a modern website which makes it easy to sign up for most accounts online. When we called its hotline, its representatives were helpful and very friendly. We suspect if you join Umpqua Bank, you would receive great customer service. However, if you want to earn a decent interest rate on your money, you’ll have to 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.

David Rodeck
David Rodeck |

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

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Reviews

Investors Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1926
Total Assets$25.5B
LEARN MORE on Investors Bank’s secure websiteMember FDIC

Investors Bank is a Northeast regional bank with more than 150 branches in New Jersey and New York. Founded in 1926 to foster affordable homeownership for local residents, it is one of the largest banks headquartered in the Garden State.

It is the official bank of the New Jersey Devils hockey team and its Prudential Center home. Those relationships are linked to the marketing of some of the bank’s account offerings.

This review looks at the range of personal deposit accounts available at Investors Bank to identify their strengths and weaknesses. We used the latest product information and interest rates on its website for the review. However, conditions do change over time, so make sure to confirm this information when you sign up.

Investors Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Investors Bank High Yield Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.25%

CD Rates

Investors Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.60%

CD Rates

Investors Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.00%

CD Rates

Investors Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Investors Bank’s checking account options

Preferred Checking

Earns interest and comes with some free bank benefits but doesn’t offer enough to make up for the high balance requirement.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01 - $2,4999.99
0.10%
$2,500+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Investors Bank ATMs and out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

You can open the Investors Bank Preferred Checking account with a deposit of only $50. However, you need to keep a balance of at least $5,000 combined in a Preferred Checking and High-Yield Savings account at Investors Bank or else you will owe the $10 monthly maintenance fee.

With this account, your balance earns interest but the rate is low. You also receive free money orders, notary services and a discount on safety deposit boxes at Investors Bank. Debit card purchases earn points through UChoose® Rewards. These points can be redeemed for concert tickets, cruises, and merchandise.

You can make free withdrawals from Investor Bank ATMs. If you make out-of-network transactions, Investors Bank will not charge a fee. However, they will not refund any fees from the ATM owner.

You can only open the Investors Bank Preferred Checking account by visiting a bank branch. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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YourStyle® Checking

Limited Time Offer: $250 signup bonus for applicants who don’t already have a checking account. There aren’t too many benefits besides that.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Investors Bank ATMs. Four free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

It takes only $50 to open the Investors Bank YourStyle® Checking account. However, this account will charge a $10 monthly fee unless you meet one of the following requirements during the statement cycle:

  • Receive a direct deposit of at least $500.
  • Maintain an average monthly balance of at least $1,000.
  • Make at least 10 point-of-sale transactions with the account debit card.

This account offers a limited time offer: $250 signup bonus for new applicants. To be eligible, you cannot have another existing personal checking account when you sign up. Then, for the first 10 months after opening, you’ll earn $25 each month you have a direct deposit of at least $500 or make 10 point-of-sale transactions on the account debit card. After 10 months, you no longer receive bonus payments even if you haven’t earned the full $250 yet.

This account does not earn interest. Purchases on the debit card earn points through the UChoose® Rewards Program, which can be redeemed for concert tickets, cruises, electronics and other merchandise.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to four out-of-network ATM transactions per month without getting charged a fee; past that limit, and each transaction will cost you $3. Also, this account does not refund fees from the ATM owner.

You can only open the Investors Bank YourStyle Checking account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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New Jersey Devils Checking Account

A basic checking account geared towards fans of the NHL’s New Jersey Devils.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Investors Bank ATMs. Four free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

The Investors Bank New Jersey Devils Checking account offers the same banking services as YourStyle Checking. It takes a $50 deposit to open and the account will charge a $10 monthly fee unless you meet one of the following each statement cycle:

  • Receive a direct deposit of at least $500.
  • Maintain an average monthly balance of at least $1,000.
  • Make at least 10 point-of-sale transactions with the account debit card.

This account adds some perks for New Jersey Devils Fans. You can set up your debit card and checks with team branding. When you spend on the debit card, you earn points that can be used for hockey game tickets, fan exclusives, merchandise and other perks for fans.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to four out-of-network ATM transactions per month without getting charged a fee; past that limit, and each transaction will cost you $3. Also, this account does not refund fees from the ATM owner.

You can only open the Investors Bank New Jersey Devils Checking account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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Consumer Checking

A basic checking account but with no way to avoid the monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fees: None at Investors Bank ATMs. Four free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

The Investors Bank Consumer Checking account only requires an opening deposit of $25 and does not have a minimum balance requirement. The downside is this account charges a $3 monthly fee no matter what. You cannot avoid the fee by maintaining a larger balance or making direct deposits.

This account does not earn interest and does not earn rewards on debit card purchases. It only offers online banking, a debit card and the use ATMs.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to four out-of-network ATM transactions per month without owing a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from the ATM owner.

You can only open the Investors Bank Consumer Checking account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security number, driver’s license, government-issued ID and a way to fund the account.

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How Investors Bank checking accounts compare

As checking accounts go, the ones at Investors Bank are mostly disappointing. Only Preferred earns interest and the rate is very low, especially considering you need to keep a $5,000 balance between two accounts to avoid the monthly fee. We also don’t like that its basic Consumer Checking account charges a fee no matter what, despite offering very little in return.

Accessing your money with these accounts could be expensive as none of them refund out-of-network ATM fees. Investors Bank also charges another $3 fee per transaction if you make more than four out-of-network transactions per cycle; that’s on every checking account except Preferred.

As far as the positives, if you don’t already have a checking account, the $250 signup bonus on YourStyle Checking is an attractive offer and helps make up for not earning interest. Fans of the New Jersey Devils might also like an account that lets them show off their team while earning points for NHL tickets and merchandise.

Still, most prospective customers would be better off with a checking account that earns interest and provides lower-cost access to the money. These online checking accounts accomplish just that.

Investors Bank’s savings account options

YourStyle® Savings

Even though this savings account has low fees, it just doesn’t earn enough interest.
APYMinimum Balance Amount to Earn APY
0.05%
$50
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 ($4 with e-statements) – Can be waived
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

The Investors Bank YourStyle® Savings account earns interest but the rate is low. You need to deposit at least $50 to open the account and if your balance falls below $50, you stop earning interest.

This account charges a $5 monthly maintenance fee if you receive paper statements or a $4 monthly fee if you opt for e-statements. However, you can avoid this fee by meeting one of these requirements:

  • Keep an average monthly balance of at least $300.
  • You are a student aged 18-22.
  • You are over the age of 62.
  • You are on active U.S. military duty or are a U.S. military veteran.

You can make unlimited free withdrawals from Investor Bank ATMs. You can also make up to two out-of-network ATM transactions per month without getting charged a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from outside ATM owners.

You can only open the Investors Bank YourStyle Savings account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license/government ID and a way to fund the account.

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Investors Bank Passbook Savings Account

An old school savings account which only lets you make transactions with the passbook. This means no ATM access.
APYMinimum Balance Amount to Earn APY
0.05%
$50
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: Up to $30, max of five charges per day.

If you’d like a taste of the past, you could open the Investors Bank Passbook Savings account. With this account, you get the passbook listing your account information and tracking your balance. To deposit or withdraw money, you need to present the passbook at a branch and the teller will update the ledger in your book. This means you can’t make withdrawals on your own at an ATM.

For this bit of nostalgia, Investors Bank lowered the fees and balance requirements on this account. It only charges a $3 monthly fee which you can avoid just by keeping a $50 minimum balance. This account earns interest but the rate is very low for a savings account.

You can only open the Investors Bank Passbook Savings account by visiting one of its bank branches. Their accounts cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license or government-issued ID, and a way to fund the account.

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High-Yield Savings

The highest-earning savings account at Investors Bank. But even this account doesn’t earn much.
APYMinimum Balance Amount to Earn APY
0.05%
$1 - $4,999.99
0.20%
$5,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

You can only open an Investors Bank High-Yield Savings account if you already have a Preferred Checking account. If so, you can open this savings account with a deposit of at least $50.

However, the interest rate on this account is very low until you have a balance of at least $5,000. At that level, the rate is better but still not great for a savings account, especially one marketed as high-yield.

This account charges a $20 monthly maintenance fee which you can avoid only by keeping a combined average balance of at least $5,000 between your High-Yield Savings account and Preferred Checking accounts at Investors Bank.

You can only open the Investors Bank High-Yield Savings account by visiting one of its bank branches. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license or government-issued ID, and a way to fund the account.

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How Investors Bank’s savings account compares

If you want to earn a decent interest rate on your savings account, you won’t get it at Investors Bank. Most of their accounts pay an extremely low rate. Even their High-Yield Savings account, which requires a balance of at least $5,000 to earn what’s touted as a higher rate, still doesn’t pay nearly enough.

It’s also a problem that Investors Bank does not refund out-of-network ATM fees. If you don’t live near a branch, it could get expensive to access your money.

For a savings account which earns interest and provides more convenient access to your money, check out these other savings account options instead.

Investor Bank’s certificates of deposit

CD rates

While these offer a nice selection of terms and require a low opening deposit, the CD rates are just too low.
TermAPY
3 Months0.20%
6 Months0.20%
9 Months0.20%
12 Months0.25%
24 Months0.45%
36 Months0.60%
60 Months1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity.

It only takes a deposit of $500 to open an Investor Bank CD. After opening, you must keep a balance of at least $500 to earn the APY. Investors offers a wide range of terms, from 3 months all the way up to 60 months. Unfortunately, the interest rates at every level are low.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest

You can only open the Investors Bank CDs by visiting one of its bank branches. A certificate cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license or other government-issued ID, and a way to fund the CD.

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SPECIAL CD rates

These promotional CDs offer excellent rates but are only available for new deposits into Investors Bank.
TermAPY
13 Months2.55%
15 Months2.45%
30 Months2.75%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity.

Investors Bank offers a few promotional CDs to attract new clients. These accounts pay higher rates than the regular CDs. The SPECIAL CDs also have a much larger deposit requirement, as you need to put in at least $10,000 to open.

You can only open these CDs with new money, that is, funds that aren’t already deposited at Investors Bank. At the end of the term, you cannot renew the SPECIAL CD; the only reinvestment option then is into a regular Investors Bank CD.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest

You can only open the Investors Bank SPECIAL CDs by visiting one of its bank branches, not online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the SPECIAL CD.

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How Investors Bank’s CD rates compare

The Investor Bank SPECIAL CDs offer terrific interest rates. They definitely put their best foot forward to attract new clients. Besides these promotional rates, the rest of the Investor Bank CDs are not a good choice as they pay very little interest. Even some online checking accounts earn more than the Investor Bank CDs.

If you want a CD for $10,000 and your money isn’t already at Investors Bank, it could be worth taking up one of their promotional offers and then moving on at the end of the term. Or you could consider one of these top CDs which consistently offer excellent interest rates that won’t necessarily end at the end of term.

Investors Bank’s money market account options

YourStyle® Money Market

Low interest rates plus high balance requirements and a monthly fee makes for not a great deal.
APYMinimum Balance Amount to Earn APY
0.05%
$500 - $14,999.99
0.10%
$15,000 - $49,999.99
0.15%
$50,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 ($11 with e-statements) – Can be waived
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

While you can open an Investors Bank YourStyle® Money Market account with just $50, realistically you will need to keep much more in this account. If your average monthly balance is less than $2,500, this account charges a costly $12 monthly fee ($11 if you only use e-statements).

This account earns interest but the rates are very low for a money market account. You need to keep at least $15,000 in this account before it starts earning more than the basic Investors Bank Savings account.

Since this type of account is governed by Federal Reserve Reg D, which limits how often you can take money out, you can only make six certain transactions per statement cycle, like online transfers, checks and debit purchases. If you try to make more than six, Investors Bank will contact you saying you’ve reached the limit. If you want to take out more money during the statement cycle, you will need to go to an Investors Bank branch to make a withdrawal.

You can also make up to two out-of-network ATM transactions per month without getting charged a fee. Investors bank charges a $3 for out-of-network transactions over the limit. Also, this account does not refund fees from an outside ATM owner.

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Edge Money Market

For large increase in the balance requirement you get a small bump in interest.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01 (below $50,000)
0.15%
$50,000 - $99,999.99
0.15%
$100,000 - $199,999.99
0.20%
$200,000 - $499,999.99
0.25%
$500,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs, then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, maximum of five charges per day.

The Edge Money Market account has a minimum opening deposit requirement of $50. They set this oddly low considering if you don’t maintain an average monthly balance of at least $50,000, this account charges a whopping $25 monthly fee.

This account earns interest and the rates increase as you deposit more before maxing out when you have a balance of at least $500,000. Even at this high level, this account still pays a mediocre interest rate.

Since this is a money market account, Federal Reserve Reg D limits you to six certain transactions per month, like online transfers, checks and debit purchases. If you try to make more than six, Investors Bank will notify you that you’ve reached the limit. If you want to take out more money during the statement cycle, you will need to go to an Investors Bank branch to make a withdrawal.

You can also make up to two out-of-network ATM transactions per month without incurring a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from the ATM owner.

LEARN MORE Secured

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Money Market Maximizer

Offers a decent money market rate but it’s only available for new deposits and the promotional rate ends after one year.
APYMinimum Balance Amount to Earn APY
0.05%
$1 - $9,999.99
1.00%
$10,000 - $24,999.99
1.75%
$25,000 - $4,999,999.99
0.05%
$5,000,000+
  • Minimum opening deposit: $10,000 (new money only)
  • Monthly account maintenance fee: $12 ($11 with e-statements) – Can be waived
  • ATM fees: None at Investors Bank ATMs. Two free transactions per statement cycle at out-of-network ATMs then $3 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: Up to $30, max of five charges per day.

The Investors Bank Money Market Maximizer account is a promotional account designed to attract new clients by offering a high interest rate. The rate on this account is much higher than what you would earn on the other Investors Bank money market accounts.

You must have a YourStyle Checking Account before you can open this account. Your opening deposit must be at least $10,000 and come from new money — that is, funds that aren’t already deposited at Investors Bank. As long as you keep at least a minimum balance of $2,500, this account waives the monthly fee. However, the interest rate sharply drops when your balance falls below $10,000.

This account only lasts for one year. Roughly 30 days before the expiration date, Investors will give you your options for converting the Money Market Maximizer account into an alternative.

Since this is a money market account, Federal Reserve Reg D limits how often you can take money out. You can only make six certain transactions per statement cycle, like online transfers, checks and debit purchases. If you try to make more than six, Investors Bank will notify you that you’ve reached the limit. If you want to take out more money during the statement cycle, you will need to go to an Investors Bank branch to make a withdrawal.

You can also make up to two out-of-network ATM transactions per month without incurring a fee. Investors bank charges a $3 for out-of-network transactions past the limit. Also, this account does not refund fees from the ATM owner.

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How Investors Bank’s money market accounts compare

The Investors Bank Money Market Maximizer offers a terrific interest rate. If you earn its highest rate by depositing more than $25,000, it’s comparable with even the very best money market accounts in the country. It’s too bad you can only use the Money Market Maximizer for only a year because outside of that promotion, the Investor Bank money market accounts are pretty weak.

Their interest rates are low, they have high balance requirements and they charge high monthly fees whenever you fall below the balance requirement. If you go with Investors Bank, we would recommend only using their Money Market Maximizer for a year before switching out.

Also, you can only open the Investors Bank money market accounts by visiting one of its bank branches. Their accounts cannot be opened online or by phone. Once there, you will need to provide your name, address, Social Security number, driver’s license or government-issued ID, and a way to fund the account.

Otherwise, try one of these money market accounts which can just as much and will not end after one year.

Investor Bank’s IRA account options

Retirement CD

These are Investor Bank’s low-paying CDs but in a retirement account.
TermAPY
3 Months0.20%
6 Months0.20%
9 Months0.20%
12 Months0.25%
24 Months0.45%
36 Months0.60%
60 Months1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity.

You can open any of the Investor Bank CDs through an individual retirement account, with the exact same terms and interest rates as on regular CDs. The IRA CD can be opened with a minimum deposit of $500; you’re required to keep at least that much in the account to earn the APY.

These IRA CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest.

Like with other Investors Bank accounts, you can only open the IRA CDs at a branch. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the IRA CD.

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SPECIAL IRA CDs

Excellent rates for a promotional IRA CD but only available if you make a large deposit of money not already at Investors Bank.
TermAPY
13 Months2.55%
15 Months2.45%
30 Months2.75%
  • Minimum opening deposit: $5,500
  • Minimum balance amount to earn APY: $5,500
  • Early withdrawal penalty: The penalty is based on how close you are to the maturity date:
    • 90 days interest for less than 12 months left
    • 180 days interest for more than 12 months but less than 24 months left
    • 360 days interest for more than 24 months but less than 48 months left
    • 730 days interest for more than 48 months until maturity

Investors Bank also offers much higher promotional rates for people opening an IRA CD with new money. You can only open these SPECIAL IRA CDs with funds that aren’t currently deposited with Investors Bank. Your opening deposit also must be at least $5,500.

The SPECIAL IRA CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty is based on how close you are to the maturity date:

  • Less than 12 months left = 90 days interest
  • More than 12 months but less than 24 months left = 180 days interest
  • More than 24 months but less than 48 months left = 360 days interest
  • More than 48 months until maturity = 730 days interest.

You can only open the Investors Bank SPECIAL IRA CDs by visiting one of its bank branches. Its accounts cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the SPECIAL IRA CD.

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Retirement Savings

This is a no-fee, low-balance IRA which earns a moderate interest rate.
APYMinimum Balance Amount to Earn APY
0.25%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None

If you want a bit more flexibility for your IRA, you can open the Investors Bank Retirement Savings account. This account only requires an opening deposit of $1. You earn the same interest rate regardless of how much you deposit.

There is also no minimum time commitment. You can move your money out whenever you want without Investors Bank charging an early withdrawal penalty, as they do on the IRA CDs.

You can only open the Investors Bank Retirement Statement Savings account by visiting one of its bank branches. Its accounts cannot be opened online or by phone. When you sign up, you will need to provide your name, address, Social Security Number, driver’s license and a way to fund the account.

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How Investor Bank’s IRA accounts compare

The Investor Bank SPECIAL IRA CDs are excellent when you first sign up and qualify for the promotional rates. But once you get through the initial stretch, the standard IRA CD rates are mediocre.

With the Retirement Savings account, you can open an IRA with a small amount and still earn a steady return without any early withdrawal restrictions. These are some nice features but unfortunately the interest rate is just too low to build any real retirement wealth.

Of the Investor Bank IRAs, it may be worth using the SPECIAL IRA CDs until it expires and then move into something better at the end of the term. If you want to earn a high IRA CD rate without bouncing around, try these top IRA CD options instead.

Overall review of Investor Bank’s banking products

Investors Bank offers some lucrative sign-up bonuses and high promotional rates, like on their SPECIAL CDs and Money Market Maximizer.

It’s a shame the core banking products behind the short-term promotions are not better. None of their deposit accounts pay a competitive, long-term interest rate. They also have high deposit requirements to earn these low interest rates or else you will face steep monthly fees.

If you don’t live close to an Investors Bank branch in New York or New Jersey, accessing your money could get expensive because none of their accounts refund out-of-network ATM fees. Since you can only open their accounts in-person, we imagine most people considering these accounts live close to a local branch but that’s something to keep in mind if you don’t.

Investors Bank might be worth using for a short-term deposit which qualifies for their bonuses and promotional rates. Long-term, you should look elsewhere. That is, unless you’re a die-hard New Jersey Devils fan and want to support the bank behind your team.

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

USAA Bank Review: Checking, Savings, CD and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1983
Total Assets$82.2B
LEARN MORE on USAA Bank’s secure websiteMember FDIC
Founded and based in San Antonio, USAA is an FDIC-insured bank, insurance and financial services company that serves current and former military members and their eligible family members. Started by 25 U.S. Army officers, USAA has since grown to more than 11 million members. Most of their products are only available to USAA members, who are military members or their eligible families.

USAA won a number of awards in 2016, including the title World’s Most Ethical Company from the Ethisphere Institute. It scored top rankings in the bank, insurance, and credit card categories in the Temkin Customer Service Ratings from 2013 to 2016.

Looking beyond high customer service standards, USAA CD rates are pretty comparable to the national average, though with some products they are significantly lower. Minimum deposit requirements are lower than with many similar products, though there are CDs out there with better rates and lower minimum deposits than USAA’s CDs. If you’re a member of the military (or a family member of military member) and looking for a bank that offers a wide variety of products as well as excellent customer service, USAA could be a good bet if you’re will to make the tradeoff for lower CD rates.
USAA Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.46%

CD Rates

USAA Bank 1 Year CD - Variable Rate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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0.91%

CD Rates

USAA Bank 3 Year CD - Standard Adjustable Rate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.49%

CD Rates

USAA Bank 5 Year CD - Standard Adjustable Rate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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USAA Bank checking account options

USAA Classic Checking

A low-cost checking account with decent ATM access. However, the interest rate is so low it’s practically non-existent.
APYMinimum Balance Amount to Earn APY
0.01%$1,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions per month at all ATMs. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

You can open a USAA Classic Checking account with a starting deposit of only $25. After that, there is no minimum balance requirement and no monthly fee. You can earn interest with a daily balance of $1,000 or more, but the rate is extremely low.

With this account, you can make 10 withdrawals per month from any ATM without paying a fee to USAA. The bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If you make more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. You can make unlimited free withdrawals from USAA ATMs.

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USAA Cashback Rewards Checking

This account doesn’t offer interest, but instead earns a dime every time you make a debit card purchase.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: None
  • Overdraft fee: $25 per item

The USAA Cashback Rewards Checking account does not earn interest. Instead, it earns cash back every time you buy something on the debit card. It earns 10 cents per transaction. Terms apply.

You can open this account with a deposit of only $25. After that, there is no minimum balance requirement and this account does not charge a monthly fee.

With this account, you can make 10 withdrawals per month from any ATM without paying any fees to USAA Bank. If you make more than 10 ATM transactions in a month, you can still make unlimited free withdrawals from USAA ATMs, but USAA Bank will charge $2 for each additional transaction at out-of-network ATMs. In addition, this account does not refund fees from out-of-network ATM owners.

This account is not available nationwide, and can only be opened if you live in the following states: Alabama, Arkansas, Arizona, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Maryland, Michigan, Minnesota, Montana, North Dakota, New Mexico, Nevada, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas and Washington.

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USAA Youth Spending account

USAA Bank’s Classic Checking account for kids under the age of 18.
APYMinimum Balance Amount to Earn APY
0.01%$1,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

If you have children younger than 18, you could set up a USAA Youth Spending account on his or her behalf. This account offers the same features as Classic Checking, except that you have control over the child’s account. For example, you can set limits on how much can be taken out per month or restrict transfers to other accounts. When the child turns 18, this account automatically converts into a USAA Classic Checking account.

This account requires an opening deposit of at least $25, but after that there is no minimum balance requirement or monthly fee. The account earns interest with an average daily balance of $1,000 or more, but the rate is very low.

With this account, the child can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank and the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If the child makes more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. However, they can make unlimited free withdrawals from USAA ATMs.

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How USAA Bank’s checking accounts compare

USAA Bank does a nice job keeping fees low on its checking accounts. We also like that you can open an account for only $25, and that ATM refunds are on offer for two of its accounts (Classic Checking and Youth Spending). If you frequently spend money using your debit card, being able to earn some cash back with Cashback Rewards is a nice feature that’s otherwise become much harder to find — most banks only offer rewards for credit cards and not debit cards.

Still, despite these positive features, we are reluctant to endorse the USAA Bank’s checking accounts because of their low interest rates. Cashback Rewards doesn’t pay interest, while the other two accounts pay so little that the rate may as well be nothing.

If you want a low-fee checking account that actually earns interest, these top online checking accounts could be a better alternative than USAA Bank ’s accounts.

USAA savings account options

USAA Savings

Pays more interest than the USAA checking accounts but still doesn’t earn much, although the fees are low.
APYMinimum Balance Amount to Earn APY
0.09%$0.01 (less than $1,000)
0.10%$1,000
0.10%$5,000
0.15%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

You can open a USAA Savings account with a deposit of only $25; after that, there is no minimum balance requirement and no monthly fee. This account earns interest on all balances. However, the interest rate at all levels is low, even if you earn the highest possible rate by having a daily balance of $10,000 or more.

With this account, you can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank and the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If you make more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. You can make unlimited free withdrawals from USAA ATMs.

Since this is a savings account, Federal Reserve Regulation D limits certain transfers out of the account up to six per statement cycle. If you ever make more than six in a statement cycle, USAA Bank will not charge a fee for the first transaction. The second time it happens within 12 months, a $5 fee will be charged. If this happens three times in 12 months, USAA Bank will charge a $5 fee and convert your savings account into a checking account.

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USAA Performance First

Offering better rates than the regular USAA Savings account, but still doesn’t earn enough considering the high deposit requirement.
APYMinimum Balance Amount to Earn APY
0.05%$0.01 (less than $10,000)
0.20%$10,000
0.80%$50,000
1.00%$100,000
1.11%$250,000
1.21%$500,000
1.31%$1,000,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

The USAA Performance First savings account is meant for larger deposits — you must deposit $10,000 to open this account. After that, there is no minimum balance requirement and this account does not charge a monthly fee. However, if your daily balance falls below $10,000, you earn a much lower interest rate.

As with the USAA Savings account, with this account you can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank ; the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If you make more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. However, you can make unlimited free withdrawals from USAA ATMs.

As a savings account, the USAA Performance First product is limited in how often you can make certain transfers out of the account up to six per statement cycle, per Federal Reserve Regulation D. If you ever make more than six in a statement cycle, USAA Bank will not charge a fee for the first transaction. The second time it happens within 12 months, they will charge a $5 fee. If this happens three times in 12 months, USAA Bank will charge a $5 fee and close your savings account, turning it into a checking account.

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USAA Youth Savings

A savings account for children under the age of 18. Offers the same interest rates as USAA Savings.
APYMinimum Balance Amount to Earn APY
0.09%$0.01 (less than $1,000)
0.10%$1,000
0.10%$5,000
0.15%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

USAA Bank also offers a savings account for children under the age of 18. With this account, you control how your child has access to his or her money: you are able to set a maximum number of ATM withdrawals or prevent them from transferring to other accounts. When your child turns 18, this account automatically turns into the USAA Savings account in his or her name.

This account earns interest on all deposits and there is no minimum balance required to earn interest. However, the interest rate at all levels is fairly low, even at the highest possible rate when there is a daily balance of $10,000 or more.

With this account, your child can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank and the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If your child makes more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. He or she can make unlimited free withdrawals from USAA ATMs.

Since this is a savings account, it limits certain transfers out of the account up to six per statement cycle. If you ever make more than six in a statement cycle, for the first transaction USAA Bank will not charge a fee. The second time it happens within 12 months they will charge a $5 fee. If this happens three times in twelve months, USAA Bank will charge a $5 fee and close the savings account, turning it into a checking account.

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How USAA Bank’s savings accounts compare

USAA Bank’s savings accounts have the same problem as its checking accounts — that they do not earn enough interest. While the savings rates are a step up over the checking rates, they are still low compared to the best online savings accounts on the market today.

The USAA savings accounts do have some nice features. None of them charge a monthly fee or have a minimum balance requirement to earn interest. They also refund fees from out-of-network ATMs, which gives you more convenient access to your money than the average savings account. Still, these benefits are not enough to make up for the low interest rates.

USAA CD rates

Fixed Rate CDs

USAA Bank offers a wide variety of fixed CD terms. The rates on short-term CDs aren’t great, but they get better for CDs of at least 2 years.
TermAPY Standard
($1,000 - $94,999)
APY Jumbo
($95,000 - $174,999)
APY Super Jumbo
($175,000 and up)
30 daysN/A0.22%0.22%
91 days0.30%0.35%0.35%
120 daysN/A0.45%0.45%
150 daysN/A0.50%0.50%
182 days0.56%0.61%0.61%
7 months0.56%0.61%0.61%
270 days0.66%0.71%0.71%
1 year1.88%2.03%2.23%
15 months1.88%2.03%2.23%
18 months2.10%2.25%2.46%
2 years2.17%2.32%2.53%
30 months2.27%2.43%2.63%
3 years2.51%2.66%2.87%
4 years2.48%2.63%2.84%
5 years2.78%2.94%3.14%
7 years2.78%2.94%3.14%
  • Minimum opening deposit: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Minimum balance amount to earn APY: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Early withdrawal penalty: The penalty depends on the length of your CD term (detailed below)

USAA Bank offers fixed rate CDs with terms that range anywhere from 30 days all the way up to 7 years, with many options in between. They break the CD rates into three groups depending on how much you deposit: Standard requires at least $1,000, Jumbo requires $95,000 and Super Jumbo requires at least $175,000.

Three of the CD terms are not available at the Standard level (30 days, 120 days and 150 days). Even though USAA Bank has split the CDs into three categories, it currently pays the same rates on Jumbo and Super Jumbo.

Once you sign up for a Fixed Rate CD, you cannot add more money to the account. These CDs charge an early withdrawal penalty if you take money out before the end of the term, which depends on the length of your CD term:

  • For CD term 30 days or less, the penalty is 30 days of interest.
  • For terms more than 30 days and up to 1 year, the penalty is 90 days of interest.
  • More than 1 year but less than 5 years, the penalty is 180 days of interest.
  • For terms of 5 years that were opened or renewed before March 1, 2014, the penalty is 180 days of interest.
  • For terms of 5 years or more, opened or renewed on or after March 1, 2014, the penalty is 365 days of interest.

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USAA Adjustable Rate CDs

If USAA Bank starts offering higher rates, you can increase the rate on these CDs before the end of the term.
TermAPY Standard
($1,000 - $94,999)
APY Jumbo
($95,000 - $174,999)
APY Super Jumbo
($175,000 and up)
3 years0.91%0.96%0.96%
4 years1.22%1.27%1.27%
5 years1.49%1.54%1.54%
7 years1.54%1.59%1.59%
  • Minimum opening deposit: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Minimum balance amount to earn APY: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Early withdrawal penalty: The penalty depends on the length of your CD term (detailed below)

When you sign up for a long-term CD, there is always the risk that interest rates will go up after you sign up, meaning you’re earning less than if you had signed up later. With the variable rate CDs, USAA Bank gives you the chance to increase your rate when this happens.

If USAA Bank starts paying higher rates on its variable CDs, you can increase the rate on an existing Variable CD to make up the difference. You can increase your rate by up to 2% above what you originally signed up for. When you choose to increase your rate, you also have the option to add more money into the CD, with a deposit of at least $25.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty depends on the length of your CD:

  • For CD terms more than 1 year but less than 5 years, the penalty is 180 days of interest.
  • For CD terms of 5 years that were opened or renewed before March 1, 2014, the penalty is 180 days of interest.
  • For CD terms of 5 years or more, opened or renewed on or after March 1, 2014, the penalty is 365 days of interest.

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USAA Variable Rate CDs

Short-term CDs structured more like a savings account. You can add money whenever you want and the interest rate can change daily.
TermAPY Standard
($250 and Over)
182 days0.46% Variable
1 year0.46% Variable
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: For CD terms more than 30 days and up to 1 year, the penalty is 90 days of interest.

You can open a USAA Variable Rate CD and earn the APY with a deposit of only $250. These CDs only come in two terms: 182 days and 1 year. Both terms currently earn the same interest rate, one that’s significantly lower than the other types of USAA Bank CDs.

After you sign up, you can add more money into the account whenever you want. USAA Bank also has the option to change the interest rate on this account daily, based on market interest rates.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty for CD terms more than 30 days and up to 1 year is 90 days of interest.

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How USAA Bank’s CD rates compare

USAA Bank’s CDs are better than its typical large bank competitors. Its fixed rate CDs come in a wide variety of terms and pay an OK rate, especially for CD terms of at least 2 years.

While its adjustable and variable CDs do not earn as much, they offer other additional benefits. The Adjustable Rate CD could be a good choice if you are worried about interest rates going up in the future while the Variable Rate CD can be opened for just $250, which is low compared to the typical CD.

Still, while USAA Bank offers better CDs than the typical bank, there are better rates out there. If you want to earn the best return on your savings, check out these top CDs instead.

USAA IRA options

USAA Fixed IRA CD rates

These IRA CDs can be opened for just $250. The rates are OK, but not the greatest.
TermAPY Standard
($250 - $94,999)
APY Jumbo
($95,000 - $174,999)
APY Super Jumbo
($175,000 and up)
1 year1.88%2.03%2.23%
2 years2.17%2.32%2.53%
3 years2.51%2.66%2.87%
4 years2.48%2.63%2.84%
5 years2.78%2.94%3.14%
7 years2.78%2.94%3.14%
  • Minimum opening deposit: $250 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Minimum balance amount to earn APY: $250 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Early withdrawal penalty: The penalty depends on the length of your CD term (detailed below)

USAA Bank offers several of their fixed rate CDs as part of an IRA. You can open IRA CDs for terms ranging from 1 year up to 7 years. You can open an IRA CD for only $250, smaller than the $1,000 minimum deposit on USAA Bank’s CDs. These accounts do not charge an account setup fee, or an annual maintenance fee.

If you end your CD before the end of the term, USAA Bank will charge an early withdrawal penalty, which depends on the length of your CD:

  • For CD terms more than 1 year but less than 5 years, the penalty is 180 days of interest.
  • For CD terms of 5 years that were opened or renewed before March 1, 2014, the penalty is 180 days of interest.
  • For CD terms of 5 years or more, opened or renewed on or after March 1, 2014, the penalty is 365 days of interest.

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How USAA Bank’s IRA CD rates compare

USAA Bank’s IRA CDs are not a bad choice if you want to open a small retirement account. You can open these accounts for a deposit of just $250, and there are no setup or annual maintenance fees — and these IRA CD rates are better than average.

However, if you can deposit more than $250 in your IRA CD, there are better options available. These top IRA CDs require a larger contribution — some as high as $5,000 — but if you can deposit this much, your retirement savings will earn a better return.

How to get USAA’s banking products

For any of USAA’s banking products, you’ll need to become a USAA Bank member. You can sign up online, by phone or by visiting one of its financial centers. You will need to provide your contact information, date of birth, Social Security number and the reason why you are eligible for USAA Bank membership. After you join USAA Bank, you can set up the accounts of your choice. You will need to provide your membership number and other personal information, along with your initial deposit for the account. You can make the initial deposit by credit card or a transfer from another bank account.

Overall review of USAA’s banking products

If compared only against other large national banks, USAA Bank looks like a star. At a time when large banks are increasing fees and account balance requirements, USAA Bank’s ultra-low fees are a welcome change. In addition, nearly all of its deposit accounts refund out-of-network ATM fees and its savings accounts, CDs and IRA CDs all pay more than the ultra-low rates at the other national banks.

Still, if you look beyond the big players, there are other banks which do an even better job than USAA Bank on deposit accounts. Others pay more interest, include more account benefits and also keep their fees low.

If you decide to use a USAA Bank deposit account, you won’t be making a bad choice. Maybe you plan on using the company’s insurance or financial products and want to keep all your accounts in one place, or you’re just a loyal USAA Bank member. There’s nothing wrong with — but if you want the very best account for your money, 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.

David Rodeck
David Rodeck |

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

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Reviews

United Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1858
Total Assets$7.2B
LEARN MORE on United Bank (CT)’s secure websiteMember FDIC

United Bank has been providing financial services in New England for well over 100 years. It opened in West Springfield, Mass. back in 1882.

United Bank has more than 50 locations in Connecticut and Massachusetts. It also offers many of its accounts online, so you can sign up even if you aren’t close to a New England branch. Its online accounts are currently available to residents of 19 states throughout most of the East Coast and in Texas, California and Washington.

United Bank has a wide range of deposit accounts, including several with high promotional offers. But are they the right choice for your money? We have reviewed all of its accounts using the latest information. For this review, we used the rates for Hartford, Conn., where United Bank’s headquarters is located. Rates and product information could be different if you open from another location.

United Bank (CT)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

United Bank (CT) Simpl•e Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.55%

CD Rates

United Bank (CT) 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.01%

CD Rates

United Bank (CT) 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.31%

CD Rates

United Bank (CT) 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

United Bank checking account options

Simpl-e Checking

A no-frills checking account: there’s no monthly fee or minimum balance requirement. The downside? It doesn’t earn interest or rewards.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

The Simpl-e Checking Account is a free online bank account. You only need to deposit $1 to open it, and after that there’s no minimum balance requirement. This account does not charge a monthly fee.

The Simpl-e Checking account provides a debit card, online banking and a free first order of checks. This account is online only so there are only e-statements and no paper statements.

You can make unlimited free withdrawals from any United Bank ATM and any ATM in the Allpoint network. If you make an out-of-network transaction, United Bank will charge $3 and it will not refund any fees from the ATM owner for this account.

You can open the Simpl-e Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Benefits Checking

The “benefits” are the refunds of some ATM fees and a little bit of interest earned. Not much of an upgrade, considering the relatively high balance requirement and monthly fee.
APYMinimum Balance Amount to Earn APY
0.03%
$1
0.05%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $10 per statement cycle
  • Overdraft fees: $38 each

The Benefits Checking account requires an opening deposit of at least $50. This account charges a stiff $15 monthly maintenance fee unless you either:

  • Have a monthly balance of at least $2,500; or
  • Make at least a total of $500 of direct deposits into the account each month.

In exchange, this account earns interest but the rates are very low. It also refunds up to $10 per statement cycle in fees from out-of-network ATMs. Beyond that, it offers regular banking services like a debit card and online banking. You can also make unlimited free withdrawals from any United Bank ATM or any ATMs in the Allpoint network.

You can open the Benefits Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Premier Checking

If you plan on keeping at least $10,000 with United Bank, you could qualify for a wide variety of free banking services through this premium account.
APYMinimum Balance Amount to Earn APY
0.05%
$1,000
0.10%
$10,000
0.15%
$50,000
0.20%
$100,000
0.25%
$200,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $24.95 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Unlimited
  • Overdraft fees: $38 each

The Premier Checking account requires an opening deposit of at least $1,000. It also charges a whopping $24.95 monthly maintenance fee unless you either:

  • Maintain an average balance of $10,000 in your Premier Checking account; or
  • Have a combined balance of at least $50,000 in United Bank deposit accounts (checking, savings, CD, money market or IRA)

In exchange, this account pays a higher interest rate. It also offers a range of banking benefits — one of those benefits is a refund for all fees on out-of-network ATMs, so you get free access to your money wherever you want.

It also gives provides free checks, money orders and wire transfers at United Bank. Finally, with this account you are eligible for a discounted safety deposit box and a no-annual-fee line of credit at United Bank.

You can open the Premier Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Generations Checking

A free checking account for applicants age 60 and older. Comes with some extra benefits compared to United Bank’s standard free checking account.
APYMinimum Balance Amount to Earn APY
0.08%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee:: None
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $5 per statement cycle.
  • Overdraft fees: $38 each

If you are 60 or older, you could sign up for the Generations Checking account. You need to deposit at least $50 when you set the account up. After that, this account does not have a minimum balance requirement and will not charge a monthly fee.

Unlike the free Simpl-e account, the Generations account earns interest, so long as you have a minimum balance of at least $500. This account also refunds up to $5 per statement cycle in out-of-network ATM fees. Like the other United Bank checking accounts, it includes a debit card, online banking and free access to ATMs in the United Bank and Allpoint networks.

You can open the Generations Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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How United Bank’s checking accounts compare

We are not blown away by the United Bank checking accounts. They either pay extremely low interest rates or pay no interest at all. The Premier Checking and Benefits Checking accounts charge sizable monthly fees unless you meet their high balance requirements. Getting hit with just one monthly fee would easily wipe out all your interest earnings.

It’s nice that you can open Simpl-e and Generations Checking accounts for a small deposit and that these accounts never charge a monthly fee. They aren’t bad choices for someone who wants to quickly open a free, online checking account.

But there are other free online checking accounts which are just as convenient and also earn a decent interest rate. They are likely a better choice for your checking needs compared to United Bank.

United Bank savings account options

Simpl-e Savings

A low-cost savings account with an interest rate that is just as low.
APYMinimum Balance Amount to Earn APY
0.05%
$1
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

United Bank’s Simpl-e Savings account requires a minimum opening deposit of at least $10. This account will charge a $5 monthly maintenance fee unless you meet one of the following:

  • Your savings account balance is over $250;
  • You are younger than 24 or older than 60; or
  • $25 or more is credited to your account during the statement cycle through automatic funds transfer.

This account earns interest so long as you have at least $1 in the account. The rate is the same no matter how much you have in the account, and it won’t increase for larger balances.

Since this is a savings account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can open the United Bank Simpl-e Savings account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit by bank transfer, debit card or credit card payment.

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Benefits Savings

Offers a tiny increase in the interest rate compared to Simpl-e Savings
APYMinimum Balance Amount to Earn APY
0.05%
$1
0.06%
$1,000
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

You can open the Benefits Savings account with a deposit of only $10. However, this account will charge a $5 monthly fee unless you:

  • Maintain a balance of $1,000 in the savings account; or
  • Have a combined balanced of $3,000 in your United Bank checking and savings accounts.

This account earns interest and the rate is nearly identical to Simpl-e Savings. You get a small increase when your balance is more than $1,000, but it’s so small you most likely won’t notice.

Since this is a savings account, you’re limited on how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can open the Benefits Savings account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of official ID, like a driver’s license or passport. You will also need to provide an initial deposit by bank transfer, debit card or credit card payment.

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Premier Savings

This account is only available if you already have a United Bank Premier Checking account. It pays slightly more interest if you have a balance of at least $20,000.
APYMinimum Balance Amount to Earn APY
0.05%
$1
0.06%
$5,000
0.07%
$20,000
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

You can only open the Premier Savings account if you already have a Premier Checking account. If so, you can open this savings account with a deposit of only $10.

The Premier Savings account does not charge a monthly fee. Since the counterpart Premier Checking account has such a high fee and balance requirement, it seems as though United Bank wanted to include this account as a free add-on.

Premier Savings earns interest, but the rates aren’t that great. You can earn a little more than Benefits Checking, but only if you have more than $20,000 and that rate bump is negligible.

Since this is a savings account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can open the Premier Savings account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and an official form of ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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How United Bank’s savings accounts compare

The United Bank savings accounts are pretty weak, mainly because they earn barely any interest. Even if you earn the highest possible rate by depositing $20,000 in Premier Savings, you still earn practically nothing.

Now, these accounts do keep their fees low and only require a small $10 initial deposit. Still, the whole point of opening a savings account is to earn some return on your money. You won’t do that through the United Bank accounts, but you can do so through these excellent online savings accounts.

United Bank CD rates

United Bank Regular CDs

Fairly low rates across the board for the regular CDs.
TermAPY
6 months0.40%
9 months0.50%
12 months0.55%
18 months0.55%
24 months0.80%
24 months (option)0.65%
36 months1.01%
48 months1.11%
60 months1.31%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For CD terms over 1 year, the penalty is 180 days’ interest on the amount withdrawn.

United Bank offers regular CDs with terms that range from 6 months all the way up to 60 months (5 years). Still, the interest rates are quite low across the board. You must deposit at least $500 to open the CDs and earn the APY.

It does offer a 24 month CD with an option — you take a lower interest rate today in exchange for the option to adjust to a higher rate later, if you think future rates will be higher than what is currently available.

These CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

You can only open the regular United Bank CDs at one of its branches. These accounts are not available online. When you apply at the bank, you will need to provide your personal information, Social Security number, government-issued ID and initial deposit for the CD.

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United Bank Special CDs

Special CD offers created by United Bank pay a much higher rate. United Bank may update and withdraw offers, so if you see one you like, consider moving quickly.
TermAPY
3 months1.40%
7 months1.55%
12 months (online only)1.20%
30 months3.00%
59 months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty: For CD terms of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For CD terms over 1 year, the penalty is 180 days’ interest on the amount withdrawn.

United Bank has created some special CD offers with different terms and much higher rates than the regular certificates of deposit. United Bank warns that it can change or pull these offers at its discretion, so if you wait, there is no guarantee that one special will still be available.

The Special CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

The 12 month CD is only available online and you have to set up the account with money not currently deposited at United Bank. The rest of the special CDs can only be opened at on the United Bank branches and can be set up with both outside funds and money currently at the bank.

When you apply, you will need to provide your personal information, Social Security number, a government-issued ID and an initial deposit for the CD.

LEARN MORE Secured

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Flex Up CDs

These CDs let you add more money as many as five additional times before the maturity date.
TermAPY
7 months2.45%
14 months2.05%
17 months2.30%
19 months2.85%
20 months1.55%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD term of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For CD terms over 1 year, the penalty is 180 days’ interest on the amount withdrawn.

When you set up a regular CD, you cannot deposit more money until the end of the term. With United Bank’s Flex Up CDs, you can make up to five additional deposits before the end of the term.

This can be a nice option to have in the event market rates go down. That way you can get more money in at the rate you originally signed up for. The Flex Up CDs require a minimum deposit of $500 to launch and earn the APY.

The Special CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

You can open the 17 month and 19 month Flex Up CDs either online or at a bank branch. The other Flex Up CDs are only available at the branch. When you apply, you will need to provide your personal information, Social Security number, an official ID and an initial deposit for the certificate of deposit.

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How United Bank’s CD rates compare

The best certificate of deposit deals at United Bank are the Flex Up CDs. Not only do they offer the best rates, they also give you the flexibility to add more money up to five times before the end of the term. That way you can track rates after you sign up to decide whether United Bank is the best choice for more money or if you should sign up for another CD elsewhere.

Its Special CD rates are pretty good, whereas its regular CD rates are quite low. Keep in mind that the majority of the United Bank CDs can only be opened at one of its bank branches in Connecticut and Massachusetts. This could be an issue depending on where you live.

There are also other CDs out there which pay even more than the very best rates at United Bank. While they do not offer the same flexibility as the Flex Up CDs, they could help you earn a higher return.

United Bank money market account options

Prime Money Market

This money market account requires a large balance for the best rate, and even then returns a rather low interest rate. Not an ideal arrangement.
APYMinimum Balance Amount to Earn APY
0.03%
$1
0.05%
$1,000
0.10%
$10,000
0.15%
$25,000
0.20%
$50,000
0.25%
$100,000
0.35%
$250,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

You can open a Prime Money Market account with a deposit of only $100. However, if you don’t keep a daily minimum balance of at least $2,500, the account will charge a $15 monthly fee.

This account earns interest so long as you have at least $1 in the account, but the rates are very low, even at the highest level for a balance of $250,000. With this account, you can make free withdrawals from United Bank and Allpoint ATMs. United Bank will charge a $3 fee for out-of-network ATM transactions and does not refund fees from the ATM owner.

Since this is a money market account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can only open the United Bank Prime Money Market account by visiting a United Bank branch. Account opening is not available online.

You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Prime Money Market Special

A solid promotional money market rate. Unfortunately, it only lasts for 180 days.
APYMinimum Balance Amount to Earn APY
1.75%
$1
1.75%
$25,000
1.75%
$50,000
1.75%
$100,000
1.75%
$250,000
1.75%
$500,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

United Bank offers a “special” promotional rate on its Prime Money Market Account. To qualify, you either must be opening a consumer checking account for the first time or if you already have an existing United Bank checking account, you need to deposit another $10,000 in new funds before you can set up this money market account.

You only need to put $100 in the actual Prime Money Market account for the initial deposit. However, this account charges a $15 monthly fee unless you have a minimum daily balance of at least $2,500.

This account offers a much higher interest rate than the regular Prime Money Market account. It only lasts for 180 days and then this account goes back to the regular Prime Money Market rates.

Since this is a money market account, it limits how often you can take money out.
Under Federal Reserve Regulation D, you are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. Make more than six of these transactions in a given month and United Bank will assess a $15 penalty on each one over the limit.

You can only open the Prime Money Market Special account by visiting a United Bank branch. This account is not available online.

You will need to provide your name, address, Social Security number and an official form of ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Advantage Money Market

United Bank is offering this savings product as an online promotion.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

The Advantage Money Market account is another promotional offer. You can only sign up this account online. The opening deposit must be at least $500. However, you must keep a daily minimum balance of at least $2,500 in this account or else it will charge a $15 monthly maintenance fee.

UnitedBank doesn’t advertise the rates fo this account on its website; however, they ask that you call for current rates.

Since this is a money market account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can only open the United Bank Advantage Money Market account online. It’s not available at its bank branches.

As with other accounts, you will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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How United Bank’s money market accounts compare

The United Bank promotional money market account rates are excellent and as good as any of the top money markets available today. It’s too bad that those promotional deals only last for 180 days: once you get through that stretch, the regular United Bank money market account is pretty weak. It doesn’t pay much interest and charges a costly $15 monthly fee, unless you keep at least $2,500 in the account.

If you want to earn a high rate for a short, six-month window, the United Bank promotions could be worth it. For a more long-term solution to earn a better rate, consider these money market accounts instead.

United Bank IRA CD rates

IRA CDs

A couple decent specials. The rest of the IRA CD rates are too low.
TermAPY
12 months0.55%
18 months0.55%
24 months0.80%
24 months (option)0.65%
30 months (special)3.00%
36 months1.01%
48 months1.11%
59 months (special)2.30%
60 months1.31%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For IRA CD term of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For IRA CD terms over one year, the penalty is 180 days interest on the amount withdrawn.

The majority of United Bank’s regular CDs can be set up through an IRA, so you can save for retirement. The shortest term for the IRA CDs is 12 months and then up to 60 months. The IRA CDs require a minimum deposit of $500 to open and earn the APY.

The IRA CDs have a couple special offers which earn an excellent rate: one with a 30-month term and the other with a 59 month-term. United Bank retains the right to adjust or remove these specials as it sees fit, so there is no guarantee they will be available long-term. Outside of these specials, its regular IRA CDs do not earn a very high rate.

These IRA CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For IRA CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For IRA CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

You can only open the regular United Bank IRA CDs at one of its branches. These accounts are not available online. When you apply at the bank, you will need to provide your personal information, Social Security number, a government-issued ID and an initial deposit for the CD.

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Variable Rate IRA

An IRA that doesn’t lock up your money and has a very low balance requirement. It earns a fixed interest rate, which is also very low.
APYMinimum Balance Amount to Earn APY
0.20% Variable
$5
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

If you don’t want to commit your retirement savings for a set amount of time, United Bank offers the Variable Rate IRA. You can move money in and out of this account when you want. There is no early withdrawal penalty like on an IRA CD.

You only need to deposit $100 to open the Variable Rate IRA and this account does not charge a monthly fee. It will earn interest so long as you have at least $5 in your account. The interest rate is on the low side and will not increase for larger deposits.

You can only open the regular United Bank Variable IRA at one of its branches. This accounts is not available online. When you apply at the bank, you will need to provide your personal information, Social Security number, government-issued ID and initial deposit for the Variable IRA.

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How United Bank’s IRA CD rates compare

The two United Bank IRA CD specials are very competitive, especially the 30 month option. The rest of its IRA CD rates are far too low.

It is nice that you can open these IRAs for a small deposit. The IRA CDs only take $500 while the Variable IRA only needs $100. Still, if you want to build a retirement nest egg, you’ll need a decent interest rate.

We recommend either using the IRA CD specials for as long as they are available or checking out these excellent IRA CDs, which pay even more than the best deals at United Bank.

Overall review of United Bank’s banking products

We would not recommend the majority of the United Bank deposit accounts. They do not pay enough interest, their balance requirements are often too high and they come with potentially high monthly fees. They aren’t the worst banking products in the market, but there are others that are so much better.

There are a few exceptions, particularly United Bank’s promotional deals. The Special CD and IRA CD rates are solid and could be worth using (as long as United Bank keeps them available). Its promotional money market rates are also terrific but unfortunately only last for 180 days, before falling to something much worse.

Unless you are tempted by United Bank’s promotional deals or happen to live close to one of its New England branches, we would suggest you look elsewhere for your savings.

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

Salem Five Direct Review: Checking, Savings and CD Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1855
Total Assets$4.9B
LEARN MORE on Salem Five Direct’s secure websiteMember FDIC

Salem Five Direct is an online service run by Salem Five, a bank based out of Massachusetts. Salem Five Direct accounts are unique to the online division and not available at Salem Five bank branches. You can open the Salem Five Direct accounts from any state, though they are not available in Puerto Rico.

Salem Five Direct designed these accounts with excellent benefits to stand out in the competitive online banking market and attract new clients. These accounts definitely have some attractive features but are they the right place for your money? Read on to find out.

For this review, we used the latest product information and rates listed on the Salem Five Direct website, the terms that apply to all their accounts. However, they note that these are promotional accounts and do change from time to time — make sure to confirm the latest information before signing up.

Salem Five Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Salem Five Direct Statement Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

Salem Five Direct’s Checking account options

Salem Five Direct eOne Checking Account

This checking account offers a terrific combination of benefits — unfortunately, it’s too bad the interest rate is a little low.
APYMinimum Balance Amount to earn APY
0.25%
$0.01
0.10%
$1,000,000+
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fees: none
  • ATM fee refunds: Up to $15 per statement cycle at non-Salem Five ATMs.
  • Overdraft fees: $35, limit of five charges per day. No charge if account is withdrawn by $5 or less.

To open a Salem Five Direct eOne Checking account, you need to deposit at least $100. After that, there is no minimum balance requirement, and this account does not charge a monthly maintenance fee.

This account also provides online banking, a free first order of checks and a debit card. When you make non-PIN-based purchases on the Salem Five Direct debit card, you earn $0.05 of cashback for every transaction.

If you make withdrawals from non-Salem Five ATMs, Salem Five Direct will not charge a fee. They will also reimburse up to $15 per statement cycle of fees charged by the ATM owners.

The Salem Five Direct eOne Checking account earns interest on all balances. If you have more than $1 million in the account, Salem Five Direct may transfer the funds over $1 million to another account with a lower interest rate.

You can only open the Salem Five Direct eOne Checking account online; it is not available at Salem Five branches. If you already have another Salem Five checking account, you will not be able open this account. When you apply, you will need to provide your home address, email, Social Security Number and driver’s license. You will also need to provide a way to fund the account either by bank transfer or by mailing a check — the initial deposit cannot come from funds currently deposited at Salem Five Bank.

LEARN MORE Secured

on Salem Five Direct’s secure website

Member FDIC

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How Salem Five Direct’s checking accounts compare

There’s a lot to like about the Salem Five Direct checking account. It has no balance requirement or monthly fee, earns cash back on debit purchases, reimburses up to $15 of ATM fees from non Salem Five ATMs and comes with a free order of checks.

The only downside is the account’s interest rate is not as high as it could be, though it’s definitely better than the nonexistent rates at many large national banks. However, there are other online banks that pay much more interest on checking accounts, while still offering the same benefits as Salem Five Direct.

Salem Five Direct’s Savings account options

Salem Five Direct eOne Savings Account

This is one of the best online savings accounts on the market, thanks to its sky-high interest rate and no monthly fee.
APYMinimum Balance Amount to earn APY
2.05%
$0.01-$1,000,000
0.05%
$1,000,000+
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fees: $2 per transaction at non-Salem Five ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35, limit of five charges per day. No charge if account is withdrawn by $5 or less.

The Salem Five Direct eOne Savings account requires an opening deposit of at least $100. After that there is no minimum balance requirement and this account does not charge a monthly fee.

The Salem Five Direct eOne Savings account earns a spectacular interest rate and there is no minimum balance requirement to earn the full rate. However, if you have more than $1 million in the account, they may transfer balances over $1 million into an account with a much lower interest rate.

Since this is a savings account, it limits how often you can take money out of the account. You can only make six transfers out of the account per statement cycle. If you make more than six, Salem Five will charge a $10 fee on each excess transaction. In addition, if you use the debit card at a non-Salem Five Bank ATM, you will owe a $2 fee per transaction plus whatever the ATM owner charges. This account does not refund out-of-network ATM fees.

You can only open the Salem Five Direct eOne Savings account online; it is not available at Salem Five branches. If you already have another Salem Five checking or savings account, you cannot open this account. However, there is one exception — if you only have the Salem Five eOne Checking account, you can still open the eOne Savings account.

When you apply, you will need to provide your home address, email, Social Security Number and driver’s license. You will also need to provide a way to fund the account either by check or bank transfer.

LEARN MORE Secured

on Salem Five Direct’s secure website

Member FDIC

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How Salem Five Direct’s savings accounts compare

The Salem Five Direct savings account is a fantastic option. If you look at our list of the best savings accounts in the country, Salem Five Direct made the cut thanks to its spectacular interest rate, low initial deposit requirement and no monthly fee.

However, there is one downside for this account — if you don’t live near a Salem Five ATM, taking your money out of this account could get a little expensive. It charges a $2 fee for out-of-network ATM transactions and does not refund fees from the ATM owner.

To get around this problem, Salem Five Direct offers a promotion where you can open both their online checking and savings accounts with one application — that way, you can quickly transfer money out of the savings account into checking, which provides lower-cost ATM access.

Salem Five Direct’s CD rates

Salem Five Direct High-Yield CDs

These CDs have terrific rates, but they require a high minimum deposit of at least $10,000.
TermAPY
18 Months2.50%
36 Months3.00%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: No penalty for taking out interest; 4% of any principal taken out before maturity.

The Salem Five Direct High-Yield CDs require an opening deposit of at least $10,000, and you’ll also need to keep a balance of $10,000 to earn the APY. The maximum you can deposit into a CD is $500,000.

They only offer two CD terms, 18 months and 36 months; both options pay a terrific interest rate. These CDs charge an early withdrawal penalty if you take money out before the end of the term. But while you’re able to withdraw your interest earnings without owing a penalty, if you take out any principal before the end of the term you will lose 4% of the principal amount taken out.

You can only open the Salem Five Direct High-Yield CDs online. You will need to provide your driver’s license, Social Security number and address. You will also need to provide a way to fund the account, either a check or bank transfer.

LEARN MORE Secured

on Salem Five Direct’s secure website

Member FDIC

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How Salem Five Direct’s CD rates compare

The Salem Five Direct CDs will not be a match for everyone. They require a high opening deposit of at least $10,000 and only come in two terms, 18 month and 36 month. But if you plan on depositing this much and the terms match what you’re looking for, then the Salem Five Direct CDs could be an excellent fit.

The 18 month CD is the better option of the two but there are a few other CDs which pay a higher rate for the same time commitment.

If you’d like to open a CD for a different term, for less than $10,000, or just want to see what else is out there, check out these best CDs on the market today.

Overall review of Salem Five Direct’s banking products

Salem Five Direct has gone with quality over quantity for their deposit accounts. While they offer only a few options, each account stacks up well against the competition.

The checking account makes it convenient to access your money, thanks to its refunds for ATM fees and its debit card that earns cash back on purchases; the only disadvantage is its relatively low interest rate. The savings account offers a terrific rate, but makes it too expensive to access your money from ATMs. Still, you could get the best of both worlds by opening both accounts and transferring money back and forth as needed.

The Salem Five Direct 36 month CD also offers a phenomenal interest rate for those who can meet the $10,000 minimum deposit requirement. The 18 month CD is not bad either, but there are better options out there.

The main downside of the Salem Five Direct banking products is there isn’t a wide variety, so you might not be able to find what you’re looking for — as an example, if you need a money market account, you won’t be able to open one here. But if Salem Five Direct’s accounts match up with your financial goals, they are worth serious consideration for your 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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