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Reviews

earn.bank Review: Money Market and CD Rates

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

Year Established1988
Total Assets$2.2B
LEARN MORE earn.bank’s secure websiteMember FDIC

A digital-focused company, earn.bank does not have any physical branches. Instead, they manage everything online, over the phone or by email. The bank says that by committing to technology, they can cut costs and offer higher rates to their customers than the average bank.

The enterprise earn.bank is an online division of Silvergate Bank, which is based out of San Diego. Silvergate Bank also specializes in digital financial services, including handling banking for fintechs and businesses working with cryptocurrencies. It makes sense that they would develop an online platform like earn.bank.

Deposit products from earn.bank are available everywhere in the United States, though they do not have traditional checking or savings accounts. You can apply for their accounts from home using their online application. We have gone over their deposit accounts to cover their fees, enrollment process and to see how they compare against the best competition so you can decide whether they’re the right fit for your money.

earn.bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.41%

Savings

earn.bank Money Market Account

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

earn.bank’s CD rates

Certificates of Deposit (CD)

These CDs offer solid rates, but you’ll need to make a massive deposit to open them.
TermAPY
1 year2.30%
2 years2.30%
  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: For a one year term, the penalty is six months interest on the amount withdrawn. For a two year term, the penalty is 12 months interest on the amount withdrawn.

Right now, earn.bank has two types of CDs: a one-year term and a two-year term. You need to deposit at least $25,000 to open either CD and keep this much in the account to earn the APY. If you can do that, though, earn.bank’s CD rates are well above average.

At the end of your CD term, you have 10 days to withdraw money without owing penalty. Otherwise, earn.bank will automatically renew the account for the same term and at whatever rate they are paying at that time.

How to get an earn.bank CD

You can apply for earn.bank CDs online. The application will ask you for your contact information, your Social Security number and a form of government-issued ID like a driver’s license or passport. You will also need to make your deposit. earn.bank accepts deposits by bank transfer, check or credit card.

LEARN MORE Secured

on earn.bank’s secure website

Member FDIC

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How earn.bank’s CD rates compare

The CD rates at earn.bank are quite good. They are miles ahead of what you’d receive at a large national bank. However, considering that you need to make a deposit of at least $25,000, we’d expect even higher rates, and earn.bank is not at the top level nationally.

Further, earn.bank does not have much variety. They only had two terms as of this writing. It’s fine to focus on only two offers if that lets a lender deliver the best rates, but earn.bank does not.

If you’re going to make the type of big money deposit they’re asking for, you should be receiving an extremely competitive return. While earn.bank’s CD rates aren’t bad, you can earn much more from something on this list of the best CDs in the country.

earn.bank money market account options

Money Market Account

One of the best money market accounts in the country, thanks to its sky-high interest rate.
APYMinimum Balance Amount to Earn APY
2.41%$0.01
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10, waived if you keep an minimum average daily balance of $10,000.
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $20

You can open the earn.bank Money Market Account for a deposit of just $100. However, you are incentivized to keep a minimum average daily balance of at least $10,000. If you don’t, this account charges a fairly steep $10 monthly maintenance fee.

After you open, you have three months to enroll in e-statements instead of paper statements. If you haven’t enrolled after three months, earn.bank will start charging a steep $25 per month paper statement fee.

This account does not allow withdrawals by checks, debit cards or bill payments. You can request withdrawals by transferring to accounts linked to your online banking or by sending an email earn.bank’s customer service department.

Government regulations limit certain transactions to only six per month without penalty by the bank, including pre-authorized transfers, phone transfers and through online banking. If you make more than six, earn.bank will charge $15 for each excessive transaction and could close your account if it happens too often.

If you’d like an earn.bank Money Market Account, you can apply online through their website. The application will ask for your contact information, Social Security number and a form of government-issued ID. You can make your opening deposit by check, credit card, ACH transfer or wire transfer.

LEARN MORE Secured

on earn.bank’s secure website

Member FDIC

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How earn.bank’s money market accounts compare

The earn.bank money market account made it to our list of the best money market accounts in the country and with good reason. It pays one of the highest rates you can find for a money market account, better even than most CDs. But unlike a CD, you can take money out without owing an early withdrawal penalty.

There are a couple small downsides you should be aware of. First, you should switch to e-statements as soon as you open to avoid the $25 paper statement fee. earn.bank really doesn’t want customers to use paper statements. In addition, you should maintain an average balance of at least $10,000 to avoid the $10 monthly fee.

But these are just minor issues. The only time this money market account wouldn’t be a great fit is if you don’t plan on keeping at least $10,000 in your account. Then, you should use our list of highest-earning money market accounts to find one with a smaller balance requirement. But if you can make the balance limit, earn.bank is a fantastic choice for growing your savings.

Overall review of earn.bank’s banking products

As of December 2018, earn.bank was only offering two types of banking products: CDs and a money market account. With their money market account, they hit a home run. The rate is phenomenal and there’s no monthly fee, so long as you keep a $10,000 average balance and use e-statements.

Their CDs were less impressive. While the rates are good, they aren’t nearly as competitive as the money market, especially considering that you need to make at least a $25,000 deposit to open a CD. You can make just as much with earn.bank’s Money Market Account but then you don’t have to worry about possible early withdrawal penalties.

If you’re looking for a money market account, earn.bank should be at the top of your list. We would skip their CDs until they start paying more generous rates. For any other type of banking product, you’ll need to go elsewhere because checking accounts, savings accounts and IRA CDs are not available at earn.bank.

As a final note, earn.bank’s tech-focused approach may be an issue for customer service. When we tried calling their support line, no one answered. We were told to leave a voicemail or send an email. Keep this in-mind if you value being able to reach a live person on the phone for your banking concerns and needs.

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

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

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

Year Established1948
Total Assets$0.5B
LEARN MORE Greenwood Credit Union’s secure websiteNCUA Insured

Seventy-year-old Greenwood Credit Union is a single-location institution in Warwick, R.I. However, its deposit accounts can be opened online from anywhere in the country.

Also, thanks to its membership in the CO-OP Shared Branching network, the credit union’s members have access to more than 5,000 shared branches nationwide. You can visit one of these shared branches and handle your banking just as if you were at the Greenwood Credit Union branch.

Joining Greenwood Credit Union is simple. Its only requirement is to open a Share Savings account with a $5 deposit to become a member. So opening a Greenwood Credit Union account is definitely an option for your savings, but is it the right option? We’ve reviewed its deposit accounts, using the latest rate information on its website, so you can decide.

Greenwood Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

Savings

Greenwood Credit Union Share 1 Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.25%

CD Rates

Greenwood Credit Union 12 Month CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.25%

CD Rates

Greenwood Credit Union 36 Month CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Greenwood Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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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 months2.25%
13 months0.80%
15 months2.35%
18 months0.90%
24 months3.00%
30 months3.00%
36 months2.25%
48 months2.35%
60 months3.00%
  • 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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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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 months2.25%
13 months0.80%
15 months2.35%
18 months0.90%
24 months3.00%
30 months3.00%
36 months2.25%
48 months2.35%
60 months3.00%
  • 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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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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

TAGS:

Advertiser Disclosure

Reviews

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

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

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

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

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

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

United Bank (CT)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

United Bank (CT) Simpl•e Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.55%

CD Rates

United Bank (CT) 12 Month CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.01%

CD Rates

United Bank (CT) 36 Month CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.31%

CD Rates

United Bank (CT) 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

United Bank checking account options

Simpl-e Checking

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

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

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

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

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

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Benefits Checking

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

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

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

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

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

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on United Bank (CT)’s secure website

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Premier Checking

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

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

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

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

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

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

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on United Bank (CT)’s secure website

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Generations Checking

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

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

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

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

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on United Bank (CT)’s secure website

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How United Bank’s checking accounts compare

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

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

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

United Bank savings account options

Simpl-e Savings

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

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

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

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

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

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

LEARN MORE Secured

on United Bank (CT)’s secure website

Member FDIC

Benefits Savings

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

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

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

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

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

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

LEARN MORE Secured

on United Bank (CT)’s secure website

Member FDIC

Premier Savings

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

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

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

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

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

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

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on United Bank (CT)’s secure website

Member FDIC

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How United Bank’s savings accounts compare

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

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

United Bank CD rates

United Bank Regular CDs

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

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

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

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

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

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

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on United Bank (CT)’s secure website

Member FDIC

United Bank Special CDs

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

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

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

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

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

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

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on United Bank (CT)’s secure website

Member FDIC

Flex Up CDs

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

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

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

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

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

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

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on United Bank (CT)’s secure website

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How United Bank’s CD rates compare

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

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

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

United Bank money market account options

Prime Money Market

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

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

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

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

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

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

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on United Bank (CT)’s secure website

Member FDIC

Prime Money Market Special

A solid promotional money market rate. Unfortunately, it only lasts for 180 days.
APYMinimum Balance Amount to Earn APY
1.90%
$1
1.90%
$25,000
1.90%
$50,000
1.90%
$100,000
1.90%
$250,000
1.90%
$500,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

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

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

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

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

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

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

LEARN MORE Secured

on United Bank (CT)’s secure website

Member FDIC

Advantage Money Market

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

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

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

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

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

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

LEARN MORE Secured

on United Bank (CT)’s secure website

Member FDIC

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How United Bank’s money market accounts compare

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

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

United Bank IRA CD rates

IRA CDs

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

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

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

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

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

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

LEARN MORE Secured

on United Bank (CT)’s secure website

Member FDIC

Variable Rate IRA

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

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

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

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

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How United Bank’s IRA CD rates compare

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

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

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

Overall review of United Bank’s banking products

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

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

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

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

David Rodeck
David Rodeck |

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

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