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New York Community Bank Reviews: Checking, Savings, CD, and Money Market 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.

New York Community Bank checking account options

My Community Free Checking account

A free, online checking account which doesn’t earn any interest. You can open one up with just a $1 deposit.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATM; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

It only takes a deposit of $1 to open a My Community Free Checking account. In addition, this account also does not have a minimum balance requirement and will not charge a monthly fee. However, this checking account won’t earn interest.

The My Community Free Checking account is an online-only account. You must accept electronic delivery of your statements to keep this account open.

This account comes with a debit card. You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network domestic ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Free Checking account at a bank branch; New York Community Bank does not allow you to apply for this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Basic Checking account

A standard checking account that offers paper statements. It doesn’t earn interest and there is no way to avoid the $2 monthly fee.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $2
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The Basic Checking account only requires an initial deposit of $1 to open. And while this account does not have a minimum balance requirement, it does charge a $2 monthly fee; there is no way to avoid the fee.

The main difference between this account and the My Community Free Checking account is that you can receive paper statements, rather than handling everything online. This account does not earn interest, but provides basic checking services like a debit card and the ability to write checks.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a Basic Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Interest Checking account

Although NYCB calls this an interest checking account, but you’ll have to call the bank for the current rate.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The NYCB My Community Interest Checking account requires an opening deposit of at least $100. This account earns interest provided you keep a daily balance of at least $100.

You will be charged a $6 monthly maintenance fee unless you keep a daily balance of at least $500.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs ($3.00 for foreign ATMs). They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Interest Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community 50+ Checking account

A checking account for customers who are 50 and older. This account earns  interest, but has a large balance requirement.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5/waived with daily balance of $1000.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

You can only open a My Community 50+ Checking account if you are 50 and older. This account requires an opening deposit of at least $100. This account will also charge a $5 monthly fee unless you keep a daily balance of at least $1,000.

My Community 50+ Checking earns interest, but you’ll need to have a daily balance of at least $1,000 in the account. You’ll have to call the bank for the rate of this account.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community 50+ Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Military Checking account

A checking account only available to military service members and veterans. It comes with a few free bank perks but doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATMs. Six free out-of-network ATM transactions per statement cycle — then $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

New York Community Bank offers a checking account exclusively for military service members and veterans. While this account does not earn interest, it does offer a few extra benefits not available on the other checking accounts.

This account comes with a free safety deposit box, free wire transfers, free money orders, and a box of free checks per year. When you have this account, you are eligible for an additional 0.10% rate bonus for eligible CDs. Finally, you can make up to six out-of-network ATM withdrawals and NYCB will not charge a fee. However, they will not refund the fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a Military Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Student Checking account

A free checking account for college students. It only offers the basics and doesn’t earn interest.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at NYCB ATMs
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

To open the NYCD Student Checking account, you must be a college student. This account requires an opening deposit of just $1, and there is no minimum balance requirement or monthly fee.

This account does not earn interest, but it does provide online banking and a debit card. With this account, you can receive both paper and online statements for free.

You can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

If you make purchases on the debit card, you can earn rewards. Each purchase earns points with New York Community Bank — 2,000 points are worth $20 in cash back.

You can only open a My Community Student Checking account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s checking accounts compare

You have all kinds of checking accounts to choose from at New York Community Bank. They offer a range of options that target different markets, including military servicemembers and students. But despite that variety, all these checking accounts share similar problems.

Most of the accounts don’t earn anything, and the ones that do pay interest require you to call the bank to learn the current rate. It’s also a shame that none of the accounts refund out-of-network ATM fees. In fact, NYCB charges a fee for out-of-network ATM use on every account but Military Checking. If you don’t live close to a NYCM ATM, those fees could add up quickly.

A quality checking account would not have these downsides. We recommend reviewing the top online checking accounts instead — they earn high interest rates and provide ATM fee refunds, so you can access your account without wasting money.

New York Community Bank saving account options

My Community Savings account

This savings account has a $500 balance requirement and earns interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5/waived with daily balance of $500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs (domestic)/$3.00 at out-of-network ATMs (international).
  • ATM fee refunds: None
  • Overdraft fees: $36. They will not charge a fee if the account is overdrawn by $10 or less.

You must deposit at least $100 to open the My Community Savings account. However, this account charges a $5 monthly fee unless you keep a minimum balance of at least $500.

The My Community Savings account earns interest so long as you have a balance of at least $200. Similar to the checking accounts, you’ll have to call the bank for the current rate.

With the account debit card, you can make free withdrawals from New York Community Bank ATMs but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

Since this is a savings account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a My Community Savings account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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My Community Super Savings account

This account earns interest but be warned: It also comes with a costly monthly maintenance fee.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10/waived with daily balance of $500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $36. They will not charge a fee if the account is overdrawn by $10 or less.

The My Community Super Savings account requires a larger opening deposit than the regular Savings account. You must deposit at least $500 to open this account. If you don’t keep a daily balance of at least $500, this account charges a costly $10 monthly fee.

The Super Savings account earns interest, so long as you have a daily balance of at least $100. The interest rate increases for larger balances, but you’ll have to call the bank for the current rates.

With the account debit card, you can make free withdrawals from New York Community Bank ATMs, but they will charge a $2.50 fee for transactions at out-of-network ATMs. They also will not refund any fees from the ATM owner.

Since this is a savings account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed to make up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a My Community Super Savings account at a bank branch. New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s savings accounts compare

In our opinion, the New York Community Bank savings accounts offer less than we hoped. Both will charge a monthly fee if your balance falls below $500, which could wipe out any of your interest earnings.

If we had to pick one, Super Savings is a little better. However, you have to be careful to never let your balance drop below $500 or else you’ll get whacked with a $10 monthly fee.

Consider one of these online savings accounts instead. Not only will you earn a competitive rate, you’ll also be able to avoid the costly monthly fees charged by New York Community Bank.

New York Community Bank CD rates

Spectacular rates for short-term CDs. One of your best options for CDs that last up to two years.
TermAPY
7 months2.15%
12 months2.00%
14 months2.00%
18 months2.70%
24 months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: New York Community Bank calculates the penalty at the time of your withdrawal. You will owe more for larger withdrawals and for withdrawals from longer term CDs. The exact penalty depends on the bank’s calculation.

New York Community Bank offers CD which range from seven months up to two years. The rates for all their CD terms are excellent. You must deposit at least $500 to set up a CD and keep at least this much in the account to earn the APY.

If you take money out before the CD maturity date, New York Community Bank will charge a penalty. When you request to take out money, the bank will calculate your penalty based on your CD term and the amount you’re taking out. The more you take out, the larger the penalty; in addition, they charge more when you take money out of longer term CDs.

You can open the New York Community Bank CDs online or by visiting a bank branch. You will need to provide your name, address, Social Security number, and a form of government ID to open the account. You will also need to provide your opening deposit along with the application.

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How New York Community Bank’s CD rates compare

If you are looking for a short-term CD that lasts two years or less, New York Community Bank should be on your list of contenders. They currently do not offer anything lasting more than two years, which is why they aren’t an ideal match for long-term savers. But for a short-term savings goal, these CDs are an excellent choice.

New York Community Bank also makes it easy to sign up for their CDs. They only require a $500 deposit, which is lower than many other banks, and you can apply online.

To see how these CDs match up against the competition and why they are so good, check out our list of the other best CDs on the market today.

New York Community Bank money market account options

Gold Money Market Checking account

This money market account earns interest on all tiers, but you’ll have to call the bank for current rates.
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15/waived with daily balance of $2500.
  • ATM fees: Free at NYCB ATMs; $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $36, max of four per day. They will not charge a fee if the account is overdrawn by $10 or less.

The Gold Money Market Checking account is not meant for small balances; you must deposit at least $2,500 to open an account. After that, you must keep a daily balance of at least $2,500 or else this account charges a $15 monthly fee.

The Gold Money Market Checking account earns interest so long as your daily balance is above $2,500.

Since this is a money market account, it limits how often you can take money out due to a government rule, Regulation D. While you can make unlimited ATM and bank withdrawals, you are allowed to make up to six of the following each statement cycle: debit purchases, checks, account transfers, and bill payments. If you make more than six, New York Community Bank will charge a $20 fee on each transaction over the limit.

You can only open a Gold Money Market Checking account at a bank branch; New York Community Bank does not allow you to open this account online or over the phone. When you apply, you will need to provide your address, Social Security number, a form of government ID, and your initial deposit.

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How New York Community Bank’s money market accounts compare

The New York Community Bank money market account is not an attractive option due to its monthly fee requirements. The account has a high $2,500 minimum balance requirement or else it charges a $15 monthly fee.

If you want a money market account, check out these money market options instead. They pay competitive interest rates and you can open some of them up for a much smaller deposit.

Overall review of New York Community Bank’s deposit accounts

When it comes to the New York Community Bank deposit accounts, you’ve got two levels of quality: the CDs and everything else. The NYCB CD rates are competitive with the best options on the market and you can open an account for a low deposit of just $500.

However, the rest of the New York Community Bank deposit accounts are weaker. They offer interest, but have high balance requirements and fees, and do not provide other common bank benefits like ATM refunds.

As a result, the CDs are the only real competitive option and New York Community Bank seems to realize this. The CDs are the only personal deposit account that you can open online. NYCB hasn’t set up online applications for their other accounts, perhaps because of a lack of interest.

If you go with New York Community Bank, stick with the CDs and open other accounts 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

Review of Banco do Brasil Americas’ 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.

Banco do Brasil checking account options

Banco do Brasil Americas Classic Checking account

A basic checking account with a high balance requirement and maintenance fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Classic Checking account only requires a starting deposit of $100. However, it will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas’ charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also lets you make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Classic Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

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Banco do Brasil Americas Gold Checking account

A free order of checks is nice, but not enough to make up for the massive balance requirement to avoid the monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Gold Checking account only requires a starting deposit of $100. However, it will charge a costly $15 monthly maintenance fee unless you meet one of the following requirements:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

This account offers the same features as the Classic Checking account and includes a free first order of checks. The Gold Checking account increases your debit card limits so you can spend up to $5,000 per day and withdraw up to $1,000 per day in cash.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. As with the bank’s other checking accounts, this one allows you to make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Gold Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

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Banco do Brasil Americas e-Classic Checking account

Mostly the same as the Classic Checking account, except it can be opened anywhere, anytime online.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil e-Classic Checking account offers the same features as Classic Checking except you open it online rather than at a Banco do Brasil Americas’ branch. This account does require a larger opening deposit of at least $1,000. It will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. One unique benefit from Banco do Brasil checking accounts is that they allow you to make free transfers to people in Brazil.

You can open a Banco do Brasil e-Classic Checking account through its online application. You will need to provide a U.S. driver’s license, a U.S. address, a Social Security number and a U.S. bank account routing number and account number to fund the account. This account is only available for someone with a Social Security number and a U.S. address.

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Banco do Brasil Americas International Checking account

A U.S. checking account for international applicants who don’t have a Social Security number and U.S. address.
  • Minimum opening deposit: $3,000 when opened at bank branch, $3,000 when opened online by CAPES/CNPq Scholars and $10,000 when opened online by other existing BB S.A. customers.
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

For customers who want a U.S. bank account but don’t have a Social Security number and U.S. address, Banco do Brasil Americas offers its International Checking account. This account has very high initial deposit requirements. It’s $3,000 if you open the account at a bank branch or if you open the account online and are a CAPES/CNPq Scholar. It’s $10,000 if you open online in other situations.

This account also charges a sizable $15 per month maintenance fee that can only be avoided if:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

In exchange, this account offers basic checking services like a debit card, online banking and a free first order of checks. It allows up to $5,000 per day in debit purchases and up to $1,000 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also allows you to make free transfers to people in Brazil.

You can open this account at a Banco do Brasil Americas bank branch or online through its website. If you open this account online, you must be an existing Banco do Brasil S. A. customer or be a CAPES/CNPq Scholars with a prepaid card. The online application is Portuguese and will ask for your existing Banco do Brasil account information.

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How Banco do Brasil Americas’ checking accounts compare

For the average U.S. customer, Banco do Brasil Americas’ checking accounts do not offer much. They all require large deposits to avoid the costly monthly maintenance fee. None of them pay interest and they only offer basic checking services. The national ATM access through Presto and Allpoint is convenient for a regional bank but is a feature available with many other banks.

For international customers and people with ties to Brazil, these accounts offer a bit more. The free transfers to Brazil could be a huge benefit for someone who needs this feature and want to save on transfer fees. In addition, visitors and new immigrants from Brazil might find the international account useful because it can be opened without a U.S. address or Social Security number.

However, for people who can qualify for a regular U.S. checking account, there are better checking account options with lower fees and more perks, including the ability to earn interest.

Banco do Brasil savings account options

Banco do Brasil Savings account

Pays interest, but not enough for all the rules, withdrawal restrictions and potential fees.

APY

Minimum Balance Amount to earn APY

0.25%

$1,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $35 per transaction

The Banco do Brasil Americas Savings account can be opened with a deposit of only $100 but you will need to deposit more to make this account worthwhile. This account charges a $5 monthly maintenance fee whenever your balance falls below $300. Also, the account only earns interest when your balance stays above $1,000 for the month.

This account makes it extremely difficult to access your money. First, you can only take money out either by visiting a Banco do Brasil Americas branch, which are only in Florida, or by scheduling a wire transfer, which costs $30 for a domestic transfer and $45 for an international transfer.

In addition, if you make more than six transactions or withdrawals per month, Banco do Brasil Americas will charge an extra $20 penalty for each excess transaction.

You can only open a Banco do Brasil Americas savings account by visiting one of its bank branches. It cannot be opened online or over the phone. You will need to bring your ID and deposit to fund the account. This account is available for international clients who do not have a Social Security number or U.S. address.

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How Banco do Brasil Americas’ savings account compares

The benefits from the Banco do Brasil Americas Savings account are not enough to make up for all the potential fees and restrictions. This account makes it far too difficult to access your money since you can only take money out through expensive wire transfers or by visiting a bank branch.

While the interest rate is better than large national banks, it’s still far from a competitive rate and you need to keep a minimum balance of at least $1,000 to earn anything. At the same time, the account charges a monthly maintenance fee if you don’t keep at least $300 in the account. It’s not expensive and it’s easy to avoid, but plenty of savings accounts do not have this fee.

Since this account can only be opened at a Banco do Brasil Americas branch in Florida, it won’t be an option for many readers anyway. Even if you could open this savings account, you’d be better off choosing from this list of savings accounts, as they have lower fees, fewer restrictions and higher interest rates.

Banco do Brasil Americas CD rates

Banco do Brasil Americas CDs

Better rates than those at the large national banks, but still not that great.

Term

APY (CD < $100 million)

APY (CD > $100 million)

6 months

0.35%

0.60%

1 year

0.90%

1.25%

2 years

1.15%

1.45%

3 years

1.30%

1.50%

4 years

1.40%

1.60%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas offers CD terms that range from 6 months up to 5 years. It’s a decent variety, but unfortunately the interest rates aren’t that impressive. Banco do Brasil Americas does not increase the rate unless you deposit more than $100 million, in which case it does give you a bump.

These CDs charge a sizable early withdrawal penalty. It’s worth 90 days of interest for CD terms up to 12 months and a whopping 180 days of interest for terms over 12 months. At the maturity date, these CDs automatically renew for the same term. You have a 10-day grace period after the maturity date to stop the auto-renewal.

These CDs can only be opened at a Banco do Brasil Americas branch. International applicants can also open these accounts. The only requirement is you have the funds to set up the account, as well as your ID.

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Banco do Brasil e-CDs

A few of the regular Banco do Brasil Americas CDs can be opened online.

Term

APY (CD < $100 million)

APY (CD > $100 million)

2 years

1.15%

1.45%

3 years

1.30%

1.50%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

Three of the Banco do Brasil Americas CDs can be opened online: the 2 year term, 3 year term and 5 year term. The e-CDs currently have the minimum deposit requirements, earn the same interest rates and charge the same penalty for early withdrawals as their normal CDs.

You can only set up e-CDs with funds that aren’t currently part of a Banco do Brasil Americas deposit account. It’s a little bizarre because banks typically have this requirement when they offer a promotional CD, with a higher than usual interest rate. But the e-CDs still pay exactly the same rates as the normal CDs.

You can open a Banco do Brasil Americas e-CD using its online application. You will need to submit your Social Security number, driver’s license and a proof of U.S. address to open the account. International applicants without this information can open an e-CD online only if they are a BB S.A Client or CAPES/CNPq Prepaid Card Scholar.

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How Banco do Brasil Americas’ CDs compare

Banco do Brasil Americas’ CDs are not horrible, but they don’t blow us away either. Its interest rates are better than the non-existent rates at the national banks but they don’t compare well versus the best CDs on the market. The bank’s early withdrawal penalties are also severe.

We find it a little strange that this bank has two categories of rates: Under $100 million and over $100 million, but nothing in between. Even if you do deposit $100 million, you still are nowhere near earning the best possible interest rate on your CD.

If you want to earn high interest rates, these CDs will pay you more and you don’t even need to deposit $100 million.

Banco do Brasil Americas’ money market account option

Banco do Brasil Money Market account

Not a bad money market account, especially for larger deposits.

APY

Minimum Balance Amount to earn APY

0.25%

$0.01

0.40%

$10,000

0.70%

$100,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (avoided so long as balance stays above $1,000)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

It only takes a minimum deposit of $100 to open a Banco do Brasil Americas Money Market account. This account also earns interest even if you only have a penny in your account. However, with this account you should always try to keep at least $1,000 in your account because if the balance ever falls below $1,000, Banco do Brasil Americas charges a $20 monthly maintenance fee.

Since this is a money market account, Banco do Brasil Americas limits how often you can access funds. You can only make six transfers or withdrawals out of the account per month. This includes debit purchases, checks, and online or phone transfers. If you make more than six transactions in a statement cycle, Banco do Brasil Americas will charge you a $20 per transaction penalty.

The good news is this account lets you make unlimited ATM withdrawals and these withdrawals do not count toward your monthly limit. You can make free withdrawals out of Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto or Allpoint networks.

You can open the Banco do Brasil Americas Money Market account at one of the bank’s branches in Florida. Banco do Brasil Americas also offers an online version of this account, called the e-Money Market account, which is exactly the same, except you can open it through the bank’s website.

To open the e-Money Market account online, you will need your driver’s license, Social Security number, proof of a U.S. address and an existing bank account to fund the account. International customers without this information can also open this account if they are an existing Banco do Brasil S.A. customer or a CAPES/CNPq Prepaid Card Scholar.

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How Banco do Brasil Americas’ money market account compares

Out of all the Banco do Brasil Americas deposit accounts, its money market account is the one we like best. It’s free so long as you have at least $1,000 in your account and Banco do Brasil Americas pays interest on all deposits. It also offers a decent rate, especially for balances over $100,000.

We also like that this account gives you unlimited, free ATM withdrawals. You can earn a solid interest rate while still having flexible access to your savings. Finally, you can open an account easily online with its e-Money Market account.

Still, this Money Market account does have some downsides. It charges a $20 monthly fee as soon as your balance falls below $1,000. There are also accounts that pay a much higher interest rate, even compared to Banco do Brasil Americas’ highest category. While its money market account is OK, these alternative money market options could be even better for your savings.

Banco do Brasil Americas’ IRA options

Banco do Brasil IRA CD rates

The same average rates from Banco do Brasil Americas’ CDs but set up through an IRA.

Term

APY (CD < $100 million)

APY (CD > $100 million)

1 year

0.90%

1.25%

2 years

1.15%

1.45%

3 years

1.30%

1.50%

4 years

1.40%

1.60%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas’ CDs can be set up through an IRA. All the terms are available for the IRA CDs except for 6 months. The IRA CDs earn exactly the same interest rates and have the same early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

You can only set up a Banco do Brasil Americas IRA CD if you are a domestic client with a Social Security number. International clients cannot set up an IRA since it’s an American retirement account. You can set up a Banco do Brasil Americas IRA by visiting one of its bank branches. According to a Customer Service Representative, you can also email [email protected] and they will provide you with further instructions within 48 hours. You will need to provide your Social Security number, driver’s license, proof of a U.S. address and a way to fund the account.

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How Banco do Brasil Americas’ IRA CDs compare

Banco do Brasil Americas’ IRA CDs are just as unexciting as its regular CDs. It makes sense since they are mostly the same deposit accounts.

Its interest rates are only OK. They also stay the same for deposits ranging from $1,000 all the way up to $100 million. If you deposit $100 million, you do get a rate bump, but chances are that won’t apply to too many readers. We don’t also don’t like the steep early withdrawal penalties on the IRA CDs.

If you want to earn the best interest rates on your retirement savings, these other IRA CDs could be a better option than Banco do Brasil Americas.

Overall review of Banco do Brasil Americas’ banking products

If all you need is a regular deposit account, Banco do Brasil Americas is probably not the place for you. Out of all of its accounts, the money market account looks best. It offers decent interest rates and free unlimited ATM withdrawals at Banco do Brail owned ATMs, a feature not seen on every money market account. But even that account doesn’t match up well against the top choices on the market.

Its checking accounts, CDs and IRA CDs are serviceable but far from excellent. Its savings account is not worth using at all because it pays less interest while having more withdrawal restrictions than the Banco do Brasil Americas’ money market account.

Having said all that, Banco do Brasil Americas could be worth using for international customers, especially those from Brazil. Many of the Banco do Brasil accounts can be opened without a Social Security number or permanent U.S. address. It also offers full customer service in Portuguese, something you won’t find at just any American bank. And if you plan on transferring money to Brazil, you can do this for free with a Banco do Brasil Americas checking account.

Someone with a strong connection to Brazil might want to work with Banco do Brasil Americas. Someone who only wants regular U.S. deposit account 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
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David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

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

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

Greenwood Credit Union checking account options

Absolutely Free Checking

Like the name says, this checking account is always free and doesn’t charge a monthly fee. It only comes with the basics and doesn’t earn interest.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Absolutely Free Checking is Greenwood Credit Union’s most basic account. You only need to deposit $5 to open this account and after that, there is no balance requirement. This account also does not charge a monthly fee. The credit union advises that this is a promotional account and may not always be available.

Absolutely Free Checking balances do not earn interest. The account only provides a debit card, online banking and one free order of checks. You can use the debit card to make free withdrawals from ATMs owned by Greenwood Credit Union as well as any credit union in its partnership network. If you use an out-of-network ATM, Greenwood Credit Union will not charge anything, but it does not refund fees from out-of-network ATM owners.

You can sign up for an Absolutely Free Checking account online or by visiting the Greenwood Credit Union headquarters in Rhode Island. You will need to provide your Social Security number, a government-issued ID, your address information and your deposit to fund the account. The credit union accepts deposit by credit card, debit card or transfer from another bank.

When you sign up, you will also need to become a Greenwood Credit Union member at the same time by opening a standard credit union Share Savings account. You only need to deposit $5 in this account to become a member.

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Traditional Checking

This account only offers the basics but will charge a monthly fee unless you meet the deposit/balance requirements. Not a great deal.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

You can open a Greenwood Credit Union Traditional Checking account with a deposit of only $5. However, this account charges a $5 monthly maintenance fee unless you either:

  • Always keep your balance at least $400 during the month, or
  • Set up a direct deposit for any amount

This account does not earn interest. It only offers the basics like a debit card, online banking and one free order of checks. You can use the debit card to make free withdrawals from ATMs owned by Greenwood Credit Union as well as any credit union in its partnership network. If you use an out-of-network ATM, you will not be charged anything but the credit union does not refund fees from out-of-network ATM owners.

You can sign up for the Traditional Checking account online or by visiting the sole Greenwood Credit Union office. You will need your Social Security number, a government-issued ID, proof of your address and your deposit to fund the account. Greenwood Credit Union accepts deposits by credit card, debit card or transfer from another bank.

When you sign up, you will also need to become a Greenwood Credit Union member at the same time by opening a Share Savings account. You only need to deposit $5 in this account to join.

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Interest Checking

Earns interest at a rate better than at most large national banks. It’s not high enough, though, to justify the $1,000 balance requirement.
APYMinimum Balance Amount to Earn APY
0.25%
$1,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $7 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Greenwood Credit Union’s Interest Checking account requires an opening deposit of just $5 but, realistically, you’ll need to keep much more in this account to gain much benefit. This account charges a $7 monthly fee if your balance falls below $1,000 at any point during the month.

The interest rate is above average for a checking account, but you only earn it if you keep a minimum balance of $1,000. This account also offers a debit card, online banking and a free first order of checks.

You can use the debit card to make free withdrawals from ATMs owned by Greenwood Credit Union as well as any other credit union in its partnership network. If you use an out-of-network ATM, you won’t incur a charge, but the credit union does not refund fees from out-of-network ATM owners.

You can sign up for the Interest Checking account online or at the credit union’s Rhode Island location. You’ll need your Social Security number, a form of official ID, your address information and your deposit to fund the account, which can by credit card, debit card or transfer from another bank.

Credit union membership is required to sign up for this account; you can join by opening a Share Savings account with as little as $5 in this account.

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How Greenwood Credit Union’s checking accounts compare

Greenwood Credit Union’s checking accounts do not offer enough to make up for the extra effort of joining a credit union. Interest Checking is the only one that earns interest. While the rate is okay, it’s still well below what the top online checking accounts offer. It’s also annoying that you need to keep at least $1,000 in the account or else you’ll be hit with a $7 monthly fee and won’t earn interest.

The other accounts only offer the bare minimum for checking services. Finally, it’s disappointing that the Greenwood Credit Union checking accounts do not refund out-of-network ATM fees. This could be a costly inconvenience if you don’t live close to one of its partner ATMs. Chances are you would be better off with these online checking accounts instead.

Greenwood Credit Union savings account options

Share Savings

You need to open this account to join the Greenwood Credit Union. It has a low balance requirement and earns an above-average interest rate. Not bad for a mandatory account.
APYMinimum Balance Amount to Earn APY
0.50%
$25
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Anyone who wants to join Greenwood Credit Union must open a Share Savings account. You can open this account alone or in tandem with another Greenwood Credit Union account.

This account requires a minimum opening deposit of $5. There is no minimum balance requirement and no monthly fee. The Share Savings account earns interest but only if you keep a minimum balance of $25. The interest rate is respectable for a no-frills savings account.

As a savings account, it limits withdrawals and transfers per Federal Reserve Regulation D. You are allowed to make up to six of the following transfers/withdrawals per statement cycle: checks, account transfers, ATM point-of-sale withdrawals and electronic debits. If you try make more than six, Greenwood Credit Union will deny the transaction. However, you can make unlimited ATM and bank withdrawals.

You can sign up for the Share Savings account online or by visiting the Greenwood Credit Union in Rhode Island. You will need to provide your Social Security number, a form of government ID, your address information and your deposit to fund the account. Greenwood Credit Union accepts deposits by credit card, debit card or transfer from another bank.

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Deposit Savings

Earns less than the mandatory Share Savings account, so there’s no real incentive to open this alternative.
APYMinimum Balance Amount to Earn APY
0.25%
$1
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

You can open a Greenwood Credit Union Deposit Savings account with a deposit of only $5. After that, there is no minimum balance requirement and this account does not charge a monthly fee. It will earn interest so long as you have at least $1 in the account, though the rate is lower than what you earn through a Share Savings account.

Since this is a savings account, you’re limited in your withdrawals and transfers because of a government rule, Federal Reserve Regulation D. You are allowed to make up to six of the following transfers/withdrawals per statement cycle: checks, account transfers, ATM point-of-sale withdrawals and electronic debits. If you try make more than six, Greenwood Credit Union will deny the transaction. However, you can make unlimited ATM and bank withdrawals.

You can sign up for the Deposit Savings account online or by visiting the Greenwood Credit Union in Rhode Island. You will need to provide your Social Security number, a government-issued ID, your address information and your deposit to fund the account. Greenwood Credit Union accepts deposits by credit card, debit card or transfer from another bank.

When you sign up, you will also need to become a Greenwood Credit Union member at the same time by opening a Share Savings account. You only need to deposit $5 in that account to join the credit union.

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Club accounts

Put money aside for a specific goal like Christmas or a vacation.
APYMinimum Balance Amount to Earn APY
0.25%
$1
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Greenwood Credit Union offers Club accounts designed to help you save for future goals. It has one for Christmas and another designed for vacations. When you start the account, you pick a target date in the future, like the holidays at the end of the year.

You can add money to the account whenever you want and it will earn interest, so long as you have a balance of at least $1. When you reach your target date, Greenwood Credit Union will pay out all your Club account savings to another account where you can withdraw and spend. You can take money out before your goal without incurring a fee.

Since these are savings accounts, there’s a limit on how often you can make withdrawals and transfers because of a government rule, Federal Reserve Regulation D. Try to make more than six and Greenwood Credit Union will both deny the transaction and possibly charge a fee. There’s no limit, though, on ATM and in-bank withdrawals.

You can sign up for the Club accounts online or by visiting the Greenwood Credit Union in Rhode Island. The credit union’s standard documentation is required: Social Security number, government-issued ID, address information and the deposit to fund the account, which can be by credit card, debit card or transfer from another bank.

Also standard is the membership requirement, which is accomplished at the same time by opening a Share Savings account. You only need to deposit $5 in this account to join Greenwood Credit Union.

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How Greenwood Credit Union’s savings accounts compare

As with all credit unions, joining Greenwood Credit Union means you’ll need to sign up at least for its Share Savings account. That’s the good news since the account is by far its best savings account, paying a high interest rate, avoiding a monthly fee and requiring a balance of only $25 to earn interest.

The credit union’s other savings accounts earn a much lower interest rate, so we don’t see the value of opening any of the other accounts when you could just deposit more in your Share Savings account.

Finally, while Share Savings may be the best account Greenwood Credit Union has to offer, there are other online savings accounts which pay much more. Be sure to check them out before making a decision.

Greenwood Credit Union CD rates

Certificates of Deposit

Some exceptional deals mixed in with other run-of-the-mill CDs. Pay attention when you sign up.
TermAPY
3 months0.50%
6 months0.50%
12 months2.00%
13 months0.80%
15 months2.35%
18 months2.10%
24 months2.25%
30 months2.50%
36 months2.50%
48 months2.55%
60 months2.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Six months’ worth of interest on the amount withdrawn.

Greenwood Credit Union offers CDs with terms ranging from 3 months all the way up to 60 months (five years.) You need to deposit at least $1,000 to open these CDs and earn the APY.

If you take out money before the maturity date, these CDs charge a hefty penalty: the equivalent of six months’ worth of interest on the amount taken out. That penalty is the same regardless of the CD length.

You cannot add more money to the CD during the term. After it matures, you have seven days — three days less than most — to decide whether to withdraw or deposit money before the CD automatically renews.

You can open all the CDs online or by visiting Greenwood Credit Union in Rhode Island. You will need to provide your Social Security number, a government-issued ID, your address information and your deposit to fund the account. The credit union accepts deposits by credit card, debit card or transfer from another bank.

When you sign up, you’ll also need to become a Greenwood Credit Union member at the same time by opening a Share Savings account, which requires only a $5 deposit to join the credit union.

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How Greenwood Credit Union’s CD rates compare

Greenwood Credit Union has a few exceptional deals with its CDs. The current rates on 15, 24 and 30 month CDs are competitive with the very best CDs on the market today. The rest of Greenwood Credit Union’s CDs are not as generous.

Pay close attention to rates when you sign up; a longer term won’t necessarily have a better rate. For example, the 15 month CD currently pays nearly triple the rate of the 18 month CD.

Also, you need to be careful with early withdrawals, especially from the short-term CDs. These charge the same penalty of 6 months’ worth of interest, regardless of the CD term. Other companies adjust the penalty based on CD length. This flat penalty hurts a lot more on a 3 month CD than with a 60 month CD.

With a little planning, you can find an excellent CD at Greenwood Credit Union, but if you want more options to compare, we’ve listed the best CD rates here.

Greenwood Credit Union money market account option

Money Market account

This money market account earns an OK interest rate, but has high balance requirements. Watch out because if your balance falls below $2,500, Greenwood Credit Union will close your account.
APYMinimum Balance Amount to Earn APY
0.50%
$2,500
1.00%
$50,000
1.50%
$150,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Greenwood Credit Union’s Money Market account requires an opening deposit of at least $2,500. This account does not charge a monthly fee. However, if your balance falls below $2,500, the credit union will close your account.

This account earns interest on all balances $2,500 and over. The rate increases as you deposit more, before maxing out at a balance of $100,000.

Since this is a money market account, Federal Reserve Regulation D limits your monthly transactions up to six of the following: checks, account transfers, ATM point-of-sale withdrawals and electronic debits. Try and make more than six, and Greenwood Credit Union will deny the transaction and could charge a fee. However, you can make unlimited ATM and in-bank withdrawals.

You can sign up for the Money Market account online or by visiting Greenwood Credit Union’s Warwick, R.I. office. You will need to provide your Social Security number, a government-issued ID, your address information and your funding deposit, which can be made by credit card, debit card or transfer from another bank.

You’re required to become a Greenwood Credit Union member to open this account, which is accomplished by opening a Share Savings account and requiring a $5 deposit.

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How Greenwood Credit Union’s money market account compares

Greenwood Credit Union pays a moderate interest rate on its money market account but we don’t think it’s enough for the high balance requirement. You don’t start earning more than the regular Share Savings account unless you have a balance of $50,000. It will also close your account if your balance falls below $2,500.

If you keep at least $100,000 in the account, it starts to pay out a competitive interest rate but that’s quite a high threshold. For a better option, these money market accounts pay even more than Greenwood Credit Union’s top rate and won’t require a six-figure deposit to make it happen.

Greenwood Credit Union IRA options

IRA Certificates

A mix of excellent, OK and mediocre IRA CD rates, depending on the term. Pay attention to the rates when you sign up.
TermAPY
3 months0.50%
6 months0.50%
12 months2.00%
13 months0.80%
15 months2.35%
18 months2.10%
24 months2.25%
30 months2.50%
36 months2.50%
48 months2.55%
60 months2.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Six months’ worth of interest on the amount withdrawn

All of Greenwood Credit Union’s CDs can be opened through an IRA. The terms range from 3 months up to 60 months, and require a deposit of at least $1,000 to open the IRA CD and earn the APY.

If you take out money before the maturity date, these CDs charge a penalty of six months’ worth of interest on the amount taken out. The penalty is the same regardless of the CD length.

You cannot open Greenwood Credit Union’s IRA CDs online. The credit union requires that you either visit its bank branch or contact the credit union by phone or email to get the paperwork started. You will need to provide your Social Security number, a form of government ID, your name and address information and your deposit to fund the account.

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Day to Day IRA Savings account

This IRA savings account only requires a deposit of $100 and you can take out money anytime. However, it earns a lower interest rate than the typical IRA CD.
APYMinimum Balance Amount to Earn APY
0.50%
$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

The Day to Day IRA Savings account earns a flat interest rate regardless of how much you deposit. You must deposit at least $100 to open the account and earn the APY.

This account is not a CD, so you have the flexibility to take money out without owing an early withdrawal penalty. However, you cannot earn a higher rate by depositing a larger amount of money.

Also, you can’t open Greenwood Credit Union’s Day to Day IRA Savings account online. The credit union requests that you either visit the bank branch or contact the credit union by phone or email to get the paperwork started. You will need to provide your Social Security number, a form of government-issued ID, your name and address information and your deposit to fund the account.

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How Greenwood Credit Union’s IRA CD rates compare

Greenwood Credit Union’s IRA CDs are a bit of a mixed bag. You’ve got some that are below average, some that are decent and a few that pay exceptional rates. It’s important to study the rates before signing up because there’s not a clear pattern of which will pay the most. The longest terms are not necessarily the ones that pay the highest amount.

Its best IRA CDs currently are the 15, 24 and 30 month terms, with some of the highest rates you will find for these terms. The other Greenwood Credit Union IRA CDs are just okay and you could do better elsewhere.

Greenwood Credit Union also offers a Savings IRA, which you can open for just $100. The interest rate is not as high as what you’d receive on an IRA CD, though, so you’re giving up some earning power for the flexibility.

We recommend using higher-earning IRA CDs at Greenwood Credit Union over the Savings IRA. Or if you can’t find a term that matches your goals, check out this list of the best IRA CDs for every length of time.

Overall review of Greenwood Credit Union’s banking products

When you sign up for a small credit union, it takes a little more effort than a regular bank because you need to become a member first. Fortunately, Greenwood Credit Union keeps it simple: The only requirement is to open a Shared Savings account for $5.

In our opinion, its top CD and IRA CD deals are well worth this effort. Greenwood Credit Union currently offers a few terms that pay just as much — if not more — than the best options out there. Just be warned that not all of its CDs pay competitive rates. You need to review the numbers to find the best rates.

Other than those, we would not recommend Greenwood Credit Union’s products. The checking accounts offer very little, while the money market product has a large balance requirement and doesn’t earn enough interest. The mandatory Shared Savings account is actually the best account outside of the CDs and IRA CDs because it earns an above-average interest rate. It’s nice that Greenwood doesn’t force new members to open a mediocre account.

Still, when it comes to Greenwood Credit Union, your best bet is to keep as little as possible in Shared Savings so you can focus on the top-performing CDs and IRA CDs.

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