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Financial Advisor vs. Financial Planner: What’s the Difference?

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

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A financial advisor is more likely to focus on your investments, while a financial planner is a type of financial advisor who takes a broader view of your financial situation. Fees can be another important difference between financial advisors and financial planners.

In the financial services industry, it can be a little confusing figuring out the difference between a financial advisor vs. financial planner. There’s a fair amount of overlap between the two roles, and some people use the terms interchangeably — but there is a difference. This article compares the two to better help you find the right professional to manage your money.

The difference between a financial advisor and a financial planner

Financial Advisor vs. Financial Planner
Financial AdvisorFinancial Planner
Scope of dutiesFocuses on investmentsTakes a holistic view of your financial life
CertificationsFINRA licenses; certifications such as CFA and ChFCCFP certification
FeesTypically charges based on a percentage of assets under managementTypically charges for their time, such as a flat or hourly fee

Let’s look at the different types of advisors and planners in a bit more detail, along with what services they each offer.

What is a financial advisor?

Someone who describes themselves as a financial advisor tends to focus more on investments. When someone chooses between working as a financial advisor vs. financial planner, their title shows potential clients what work they specialize in.

What a financial advisor does: A financial advisor’s typical duties include designing your portfolio, managing your investments and calculating how much you’d need to invest per year to reach your financial goals. As part of this service, an investment advisor could answer some basic questions for other parts of your financial plan, like taxes and insurance, but it’s not their primary service. Instead, they are more focused on working with clients looking for investment and portfolio management, while leaving additional parts of the financial plan to other professionals.

Financial advisor credentials: To process investments for their clients, a financial advisor will need to have at least their FINRA licenses. There are different types of advisors depending on what license they have. An advisor with a Series 6 license could only sell mutual funds for a commission, while one with a Series 7 license could also sell individual securities like stocks and bonds. If they charge for giving investment advice, they need a Series 65 license.

Advisors could also train for additional investment credentials, such as a chartered financial analyst (CFA) or chartered financial consultant (ChFC) designation. To earn these designations, a financial advisor must go through additional training and pass an exam, above and beyond the minimum license requirements.

What is a financial planner?

A financial planner is a type of financial advisor — in fact, all financial planners are advisors, but not all advisors are necessarily financial planners. So how are the services provided different for a financial planner vs. financial advisor? A financial planner typically looks at your entire situation, not just your investments.

What a financial planner does: On top of investment management, a planner could also help with budgeting, debt management, insurance, retirement planning, taxes and estate planning. After reviewing your entire situation, this professional would create a financial plan with steps for you to follow. For example, they could design your monthly budget, tell you what insurance to buy and set up a portfolio recommendation as part of your plan. You could then hire the planner to keep you on-track with the goals or go off and follow the plan by yourself.

Financial planner credentials: You may have also heard of a CFP, which stands for certified financial planner. But what does a certified financial planner do differently? They operate mostly the same as a regular financial planner and give the same sort of advice — the difference is they have more training. Before someone can earn this certification, they must have at least a bachelor’s degree and three years of full-time financial planning experience. They must also complete an intensive course on different types of financial planning (if they do not already hold another designation, such as Certified Public Accountant (CPA), CFA or ChFC) and pass an exam to qualify.

In terms of the CFP vs. financial advisor comparison, another difference is that a CFP must adhere to the fiduciary standard, meaning they must put a client’s interests ahead of their own when recommending investments. Financial advisors and non-CFP financial planners do not need to meet this standard, and can recommend products that are suitable, but not necessarily the very best for a client: For example, they can recommend a slightly worse product that pays them a higher commission.

Fees for a financial planner vs. a financial advisor

Fees are another key difference between financial planning and investment management. A financial planner is more likely to charge for their time than a financial advisor. They could charge you by the hour for financial planning advice, or charge you a flat fee to put together a plan.

On the other hand, a financial advisor is more likely to charge an asset-based fee, which is based on a percentage of the amount of assets you have under their management. This fee is then deducted from your portfolio each year. If an advisor charges a 1% fee and you invested $100,000, they will deduct $1,000 a year from your portfolio. Additionally, an advisor might make commissions when you purchase investments.

However, these rules are not set in stone, as you could see planners charging asset-based fees for ongoing services and advisors charging for their time. Some firms also charge a single fee for a program that includes both investment management and financial planning.

Before working with a financial advisor or financial planner, it’s important to ask questions and make sure you clearly understand their fee model as well as what services are included under that fee.

When should you get a financial planner vs. financial advisor?

Whether you should work with a financial planner or a financial advisor depends on your goals. The major function of financial planning is to create a list of your major long-term goals, while figuring out the steps you can follow to meet them. In other words, financial planning provides a more holistic view of your entire situation.

So how can a financial advisor help differently? A financial advisor is likely going to be more focused on your investments and will only touch on other parts of your financial plan. If you’re primarily looking for investment advice, an advisor could be a better choice. Since this is their specialty, they could do a better job in this one area, versus a generalist financial planner.

When it comes to titles, though, keep in mind that these aren’t always two distinct professionals. Financial planners are a type of financial advisor, whereas some financial advisors can also offer financial planning. You will also see some advisory firms offer programs that combine investment/portfolio management and financial planning. Still, if you’re looking for a specific service, the job titles can give you an idea what someone specializes in.

How to choose a financial planner or financial advisor

Whether you want to work with a financial planner or a financial advisor, there are a few tips you can follow to find the right match.

Know where to start your search. The organizations in charge of issuing credentials like the CFP or CFA have member databases where you can search for professionals near you. You could also search for local planners and advisors through Google, or by using a review website like MagnifyMoney or asking friends for recommendations.

Do your research. If an advisor looks promising, you can do a quick check on their background. With FINRA’s BrokerCheck system, you can see whether an organization has run into any trouble with past clients by pulling up their Form ADV; this paperwork will also provide more details on the services offered and the firm’s fee schedule. For individual advisors and planners, you can use the SEC’s Action Lookup tool to find more information.

Don’t hesitate to ask questions. When you schedule a meeting with an advisor, ask plenty of questions. How long have they been in business? What are their specialties? What type of clients do they typically work with? Check out this list for more questions you could ask.

Make sure you understand the costs involved. Advisor and planner fee schedules can be complicated. Ask them for a clear breakdown, so you understand exactly how they would be compensated. You should also ask them about any potential conflicts of interest, like whether they earn commissions from recommending certain products over others.

Request client referrals. If you’re impressed with your first meeting, see whether they can give you testimonials from other clients. If an advisor or planner is doing a good job, they should have other clients willing to say so.

Compare your options. Finding a good financial advisor or financial planner is a bit like dating. Ideally, you connect with someone for a long-term financial relationship. Don’t rush the process and sign on with the first person you meet. Take the time for a few meetings so you can make an informed comparison and find the best fit for the management of your money and your investments.

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Reviews

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

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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
2.00%
$0.01 (qualifying transactions met)
0.01%
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
0.01%
$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)
1.25%
$0.01 (after 12 months)
0.01%
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 months0.05%
0.15%
6 months0.25%
0.35%
11 months (new money special)2.60%
2.60%
12 months0.55%
0.65%
24 months0.55%
0.80%
30 months (special)2.50%
2.75%
36 months0.65%
0.90%
48 months 0.70%
0.95%
60 months0.75%
1.00%
65 months (special)2.75%
3.00%
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
0.05%
$1,000
0.10%
$25,000
0.15%
$100,000
0.30%
$250,000
0.40%
$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
0.75%
$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 months0.55%
0.65%
24 months0.55%
0.80%
30 months (special) 2.50%
2.75%
36 months0.65%
0.90%
48 months0.70%
0.95%
60 months0.75%
1.00%
65 months (special)2.90%
0.65%
  • 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
0.85%
$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.

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Reviews

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

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

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Sharonview Federal Credit Union’s checking account options

Free Anywhere Checking

With this checking account, there’s never a monthly fee. It earns rewards on debit card purchases and refunds up to $10 a month for out-of-network ATM withdrawals. The only downside is it doesn’t earn interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $10 a month for ATMs in the United States; no refunds for international ATM use
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Free Anywhere Checking account doesn’t have an opening deposit requirement. You can set this up with a deposit of any amount, or even without adding money at first. This account also does not have a minimum balance requirement or monthly maintenance fee.

But the Free Anywhere Checking account does not earn interest. If you spend on the account’s debit card, you’ll earn reward points that can be used for all kinds of rewards such as travel, merchandise, cash and discounts on loans at Sharonview Federal Credit Union.

If you use an out-of-network ATM, Sharonview Federal Credit Union does not charge a fee. It will also refund up to $10 a month in fees charged by other ATM owners. To qualify for the refund, you must be enrolled in online and mobile banking. Each month, you also need to make at least one purchase on the debit card and have one direct deposit come into your account. The refund only applies to withdrawals in the U.S. International transactions do not qualify.

Before you can open the Free Anywhere Checking account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You can apply for Sharonview Federal Credit Union’s Free Anywhere Checking account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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How Sharonview Federal Credit Union’s checking account compares

For a free checking account, Sharonview Federal Credit Union’s Free Anywhere Checking does a nice job handling regular banking needs. It offers a respectable up to $10 refund for out-of-network ATM use per month, the debit card earns rewards on your purchases and there’s no minimum balance requirement, so you never have to worry about how much money is in your account.

At a time when some banks are slashing quality and raising fees on their checking accounts, Sharonview Federal Credit Union looks pretty good. But if you were hoping to earn interest, you’ll have to look elsewhere. The credit union does not offer an interest-earning checking account.

This isn’t a sacrifice you have to make. There are free checking accounts out there that pay spectacular interest rates. While Sharonview Federal Credit Union’s checking account is decent, with a little research you can find something even better.

Sharonview Federal Credit Union’s savings account options

Regular Share

Anyone who joins Sharonview Federal Credit Union must open this savings account. Its interest rate is quite low, so we don’t see many customers depositing more than the minimum.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

When you apply to join Sharonview Federal Credit Union, you need to open one of its Regular Share accounts to complete the process. This account requires an opening deposit of $5.

This account does not charge a monthly maintenance fee, so there’s never a cost for keeping your account open. The Regular Share account pays interest on all balances, but the rate is low. It always stays the same and does not increase when you deposit more.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without a fee.

If you have a specific savings goal in mind, you can set up a separate account called a Special Share. There’s no minimum deposit to open this side account, and it earns the same interest rate as Regular Share.

Before you can open the Regular Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You will also need to make your $5 minimum deposit. At this point, you could open other Sharonview Federal Credit Union deposit accounts.

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Holiday Share

The Holiday Share savings account is like the Regular Share account, except it comes with an extra fee for withdrawals. That’s a downgrade we wouldn’t accept.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union also offers a Holiday Share savings account. It’s nearly identical to the Regular Share account. There’s no monthly fee and it earns the same interest rate. This account also does not have a minimum opening deposit requirement, so you can set things up for any amount.

The main difference with this account is it’s designed to motivate you to save for the holidays. You are only supposed to make withdrawals during the holiday season from Oct. 15 to Jan. 31. If you make a withdrawal outside this period, Sharonview Federal Credit Union charges a $5 penalty for each transaction.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without owing the bank fee.

Before you can open the Holiday Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for Sharonview Federal Credit Union’s Holiday Share account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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How Sharonview Federal Credit Union’s savings accounts compare

Sharonview Federal Credit Union’s savings accounts are disappointing. The problem is they pay the same low interest rate. Every Sharonview Federal Credit Union member needs to open a Regular Share account for $5. Our guess is people set these up with the bare minimum deposit for membership and then move on to other products.

Its Holiday Share savings account is even worse because it keeps the same rate while adding an extra penalty for taking out money.

If you’re going to hit your savings goal, you need a real interest rate, and that won’t happen with the options at Sharonview Federal Credit Union. But if you use one of these top online savings accounts, you’ll be pleasantly surprised how quickly your money grows with a respectable rate.

Sharonview Federal Credit Union’s CD rates

Share Certificates

Sharonview Federal Credit Union’s short-term Share Certificate rates are just OK. For longer commitments, the credit union is much more generous. It also offers some lengthy terms, which you don’t see at the average lender.
TermAPY
12 months0.55%
24 months0.60%
36 months0.65%
48 months0.75%
60 months1.00%
72 months2.75%
84 months3.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Sharonview Federal Credit Union offers eight types of Share Certificates, which range from seven months to 84 months (seven years). You must deposit $500 to open a Share Certificate and keep at least this much in your account to earn the APY.

Sharonview Federal Credit Union’s short-term rates are average, but it pays more generous amounts for longer terms, especially once you get to 60 months or longer.

If you take any of your deposit out of the Share Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your Share Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open a Share Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

Once you’re a member, you can set up a Share Certificate. These accounts cannot be opened online. You can apply at a branch or by mailing in the new account forms to the credit union. You can make your initial deposit by transferring money from another Sharonview Federal Credit Union account or by sending in a check.

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How Sharonview Federal Credit Union’s CD rates compare

If you want a long-term CD that lasts five years or longer, Sharonview Federal Credit Union has some appealing offers. Its long-term rates are very competitive. It also offers terms as long as 84 months, an option you don’t see with every lender.

For short-term CDs, Sharonview Federal Credit Union’s rates are not quite as impressive. They’re OK, but you can find better deals elsewhere.

If you want a more generous short-term CD or to check out some other quality options, we’ve tracked down the best CD rates for every timeline. By comparing here, you can decide whether you’re best off with Sharonview Federal Credit Union or somewhere else.

Sharonview Federal Credit’s Union money market account options

Money Market

Sharonview Federal Credit Union’s main money market account has a lot of quality features: no monthly fee, a low deposit requirement and a decent interest rate. But it doesn’t pay quite enough be rated a top-tier account.
APYMinimum Balance Amount to Earn APY
0.50%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Money Market account does not have a minimum opening deposit requirement. You can open one up for any amount — you can even start an account without making a deposit.

After you open, this account does not charge a monthly fee, regardless of your balance. If your balance stays above $500, you earn a rate that is above average.

Since this is a money market account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open a Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for the Money Market account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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on Sharonview Federal Credit Union’s secure website

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Investor Money Market

After you become a Sharonview Federal Credit Union customer and develop a relationship with an investment adviser, you could be eligible for this higher-paying money market account.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.75%$5,000
  • Minimum opening deposit: Determined by your Sharonview Financial Services investment adviser
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

If you plan on keeping a balance of $5,000, Sharonview Federal Credit Union offers an Investor Money Market account with a higher rate. This account is only available after you open a Sharonview Financial Services investment account and develop a relationship with one of its advisers. The adviser needs to refer you to this account and will set your opening deposit.

To qualify for the money market rate, you must have a balance of $5,000 or more. If your balance falls below $5,000, you earn the Regular Share rate instead. This account does not charge a monthly fee, even if you fall below the balance requirement.

Since this is a money market account, there’s a limit to how often you can take out money because of Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open an Investor Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You also need to have an investment account with Sharonview Financial Services before you can open the Investor Money Market account. After you meet these requirements, you can apply at a branch by meeting with your investment adviser. This account is not available online.

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How Sharonview Federal Credit Union’s money market accounts compare

Sharonview Federal Credit Union’s money market accounts are both respectable. Money market accounts typically come with high balance requirements and monthly fees, but the credit union keeps both its options free.

You can open its regular Money Market account and qualify for the better rate with a balance of just $500, which is also low for these types of deposit accounts. If you plan on making a larger deposit, you could receive a rate upgrade with its Investor Money Market account. Keep in mind that you’ll also need a Sharonview Financial Services investment adviser to qualify for the higher-paying money market rate.

But while Sharonview Federal Credit Union’s money market accounts are decent, we’ve found others that pay even more. These top money market accounts pay nearly twice as much as Sharonview Federal Credit Union’s best offer — and they won’t require you to sign up with an investment adviser.

Sharonview Federal Credit Union’s IRA account options

IRA Certificates

All the Sharonview Federal Credit Union Share Certificates can be used for an IRA. Its short-term IRA CD rates are average, but the long-term rates are excellent.
TermAPY
12 months0.55%
24 months0.60%
36 months0.65%
48 months0.75%
60 months1.00%
72 months2.75%
84 months3.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

You can open any of Sharonview Federal Credit Union’s Share Certificates as part of an IRA. It offers terms that range from seven months up to 84 months (seven years).

You must deposit $500 to open Sharonview Federal Credit Union’s IRA Certificate and keep this much in your account to earn the APY. The credit union’s IRA CD rates are just OK for its short-term options, but they are very competitive for terms of 60 months or longer.

If you take any of your deposit out of the IRA Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your IRA Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open an IRA Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Certificate. You can open these accounts online or by visiting a Sharonview Federal Credit Union branch. You will need to make your deposit of $500 along with your application.

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IRA Savings

With an IRA Savings account, you earn less in exchange for more access to your money. Sharonview Federal Credit Union still offers an excellent rate for this type of account.
APYMinimum Balance Amount to Earn APY
1.00%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Sharonview Federal Credit Union also offers an IRA Savings account to go along with its IRA Certificates. With an IRA Savings account, there isn’t a set timeline for depositing your money. You can take funds out without owing Sharonview Federal Credit Union an early withdrawal penalty.

In exchange, these accounts pay less interest than IRA CDs. But Sharonview Federal Credit Union pays an excellent rate for this type of IRA account.

Sharonview Federal Credit Union’s IRA Savings account does not have a minimum opening deposit requirement. You can start one with any amount. But if your balance is below $500, you only earn the lower savings account rate. To earn the higher rate, your balance must stay above $500, but there’s no fee if you fall below.

Before you can open an IRA Savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Savings account. You can open these accounts online or by visiting a Sharonview Federal Credit Union bank branch.

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How Sharonview Federal Credit Union’s IRA CD rates compare

If you’d like to grow your retirement nest egg, Sharonview Federal Credit Union has some attractive products. Its long-term IRA CDs, lasting 60 months or longer, are particularly impressive. Not only are the rates extremely competitive, but Sharonview Federal Credit Union offers some terms you don’t see that often with IRA CDs, such as 72 or 84 months. Sharonview Federal Credit Union’s short-term IRA CD rates are not quite as strong. They’re OK, but we’ve seen better deals elsewhere.

The credit union also has an excellent IRA Savings account. It offers one of the highest rates we’ve seen for these types of accounts. While an IRA Savings account will not earn as much as an IRA CD, Sharonview Federal Credit Union is a good choice if access to your money is a priority.

Overall, we are quite pleased with Sharonview Federal Credit Union’s IRA CD rates and believe it could be a good choice for an IRA. But if you want a second opinion to make sure it’s the right place for your retirement plan, these are some of the other best IRA CDs on the market today.

Overall review of Sharonview Federal Credit Union’s banking products

Sharonview Federal Credit Union does a nice job with all its banking products. In our opinion, its best accounts are its Share and IRA Certificates because they offer the most competitive rates, especially for long-term deposits of 60 months or longer.

Sharonview Federal Credit Union’s checking and money market accounts are also respectable. Both accounts are free. The checking account has a generous ATM refund program, while the money market account has an above-average interest rate.

The only account we didn’t like was the mandatory savings account because of its mediocre rate. If you want to join the credit union, you’ll need to open one for $5, but we wouldn’t contribute more than the bare minimum.

Besides this one weak account, the rest of Sharonview Federal Credit Union’s products are excellent. It definitely earned its rating from Forbes as the best credit union in South Carolina in 2018.

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.