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Personal Loans

Peerform Personal Loan Review

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.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

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Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months
  • APR range: 5.99% to 29.99%
  • Loan amounts: $4,000 to $25,000
  • Time to funding: Up to 14 days
  • Origination fee: 1.00% - 5.00%, depending on the “grade” Peerform gives your application. The fee is subtracted from the loan total. For example, if you request a loan of $2,000 with a 5% origination fee, you’d pay $100.
  • Prepayment fee: None
  • Late payment fee: After 15 days, you’ll be charged 5% of the monthly installment or $15, whichever is greater.
  • Other fees: If you pay by check, Peerform charges a $15 fee per payment. A returned payment also incurs a fee of up to $15, depending on state laws.

Many people like the idea of bypassing traditional banks by choosing a peer-to-peer loan. Borrowers use the money for things like debt consolidation, unexpected home repairs or personal expenses or to fund a relocation. But these loans are not for everyone — and a loan through Peerform can’t be used for certain expenses.

For example, borrowers are prohibited from using personal loans to pay for college tuition or other education-related expenses, or to refinance student loans. Loans acquired through Peerform cannot be used to fund any “illegal activity” either.

Eligibility requirements

Even though Peerform allows borrowers with subprime credit to use its platform, applicants will need to show that their debt-to-income ratio is below 40% and show proof of having (or having had) one revolving account such as a credit card. Credit history must not contain any current delinquencies or a recent bankruptcy, court judgments, tax liens or non-medical-based collections opened in the past 12 months.

Applicants must be at least 18 years old (19 if you’re a resident of Nebraska or Alabama), and a U.S. citizen or permanent resident. Other requirements include a Social Security number, a valid email address and an open bank account.

Applying for a personal loan through Peerform

The online-only process is straightforward: Register at Peerform with your name, contact information and salary. To verify your identity, you’ll need to provide some form of photo identification: driver’s license, passport or state or federal ID. In some cases, additional paperwork – Social Security card, utility bills, credit cards or bank statements – may be requested.

You also have to show proof of employment by uploading or sending two pay stubs via email. Those who are self-employed will need to show a recent tax return plus two recent bank statements.

The Loan Analyzer then determines whether you’re eligible for a loan, and at which rates and terms. Once you select the best loan match, potential investors have up to 14 days to review it.

Peerform cannot guarantee that your loan will be completely funded by the end of the two-week period. If investors provide less than 60% but at least $4,000 of your requested amount within that time frame, you can decline this partially-funded loan. However, if at least $4,000 and more than 60% of your request is approved, then the loan is considered funded.

Once the request is funded and the loan completed with the lender, Cross River Bank, the money will arrive in your bank account via direct deposit.

Pros and cons of using Peerform for a personal loan

Pros:

Cons:

  • Minimum 600 credit score: A low minimum credit score requirement means borrowers with less-than-stellar credit may still qualify for a loan.
  • Flexible repayment: If cash flow is a problem, you can delay a payment for up to 14 days without paying a late fee.
  • Return your loan perk: You can opt to accept or decline a partially-funded loan.
  • No prepayment penalty: With no prepayment penalty, you can pay off your loan early without fees.
  • A low score means a more expensive loan: Those with lower Peerform Loan Analyzer scores face APRs up to 29.99% and high origination fees.
  • Limited repayment terms: The only available terms are for 36 or 60 months, and the latter may have limited availability.
  • No joint applications or cosigners: For borrowers having trouble qualifying, being unable to have a joint applicant or cosigner could be a notable downside.
  • Slow decision turnaround: It could take up to two weeks to find out whether you get the money, and another three days after final approval to get the cash, which is a problem if you need the cash right away.

Who’s the best fit for Peerform?

Those with lower credit scores who have been rejected elsewhere may still qualify at Peerform. Those with good credit scores may find solid interest rates, with an APR as low as 5.99%.

Borrowers who are able to pay off their loans relatively quickly should find the three-year term manageable. Those who are cash-strapped may prefer the longer, five-year terms offered by some competitors.

Peerform personal loan consumer reviews

Peerform has an A rating from the Better Business Bureau, though it is not accredited by the organization.

Peerform personal loan FAQ

No. Your credit score will only be impacted if your loan application is successful and you attract “sufficient investors.”

All loans obtained through Peerform come with a fixed interest rate.

Personal loans in general are pretty flexible in how you can spend them. Common uses include: credit card consolidation, life event funding, and house or auto repairs. Keep in mind, however, that you can’t use a consolidation loan obtained through Peerform to pay for educational expenses, like college tuition and fees, or to refinance an existing student loan.

For most people, income is verified by uploading two recent pay stubs. Those have to include the following information to be considered valid: Your name, your employer, and they must be dated within the last three months.

Within one to two business days after you provide your bank account details, Peerform will deposit a small amount (less than $1) and auto-withdraw that amount from your account. After that, you’d need to log back into your account and select “Verify your bank account,” listed under your To Do list.

In the event that your loan isn’t funded for at least $4,000, the application will automatically end and your credit will not be impacted, freeing you up to look for other loans without a ding to your score.

Once approved, you’d be set up on a regular monthly repayment system, with schedules that never change over the course of the loan. You can either opt for direct debit, or for a $15 fee, you could also pay via check.

You’ll have up to 14 days before your account would get hit with a late fee (5% of the monthly installment or $15, whichever is greater). Keep in mind that late payments and “other acts of default” are regularly reported to credit bureaus, so missing payments can negatively impact your credit score.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

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LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Using the peer-to-peer lending platform LendingClub, borrowers can find loans for between $1,000 and $40,000 with 36 or 60 month terms. The platform accepts applicants with credit scores as low as 600. The APR range is 6.95% to 35.89%. LendingClub is not available to borrowers in Iowa.

Prosper

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

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Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Prosper is another pee-to-peer lending platform. Borrowers can find loans from $2,000 to $40,000 for 36 or 60 months. APRs range from 6.95% to 35.99%.

Prosper requires a minimum credit score of 640. The service does not operate in Alabama, Arizona, Arkansas, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Vermont and West Virginia.

OneMain Financial

APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

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If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial is a traditional lender that offers personal loans with rates from 16.05% to 35.99%. You can borrow between $1,500 and $30,000. OneMain Financial does not operate in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island or Vermont.

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.

Devon Delfino
Devon Delfino |

Devon Delfino is a writer at MagnifyMoney. You can email Devon here

Donna Freedman
Donna Freedman |

Donna Freedman is a writer at MagnifyMoney. You can email Donna here

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Reviews

MySavingsDirect Review: Savings and CD Rates

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.

MySavingsDirect’s savings account

High-interest savings account

A high-yield, fee-free account for those looking to higher returns on their savings.
APYMinimum Balance to Earn APY
2.40%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • Other fees: None

If you’re looking for a beginner-friendly way to start saving money, MySavingsDirect’s online-only savings account is a great option. Once you have an account and make your first deposit, funds won’t be available for transfer or withdrawal for five business days. (You can also make your initial deposit by check, but that can take up to 10 days to credit to your account.) It usually takes between two and four business days to have your money transferred into your associated checking account, via ACH. Those time-buffers can be useful if you’ve found yourself dipping into savings on a whim in the past, but less so if you’re looking for quick access to your cash in an emergency. Interest is compounded daily and credited to your account monthly. This account limits you up to six certain transfers and withdrawals per month, as per Federal Regulation D. If you exceed that limit, your account may be closed. All of those features, plus the recurring transfer option, make this a solid set-it-and-forget-it account for new savers.

How to get MySavingsDirect savings account

To apply for and get a MySavingsDirect savings account, you must be at least 18 years old and have a valid tax identification number, a legal address and a checking account at a U.S. bank.

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How MySavingsDirect’s savings account compares

This bank’s account is on par with the top savings accounts out there. Its combination of a high APR, low minimum deposit and lack of fees make it a great option for those who want to continually grow their savings — provided you don’t need the quick access often available to a savings account that’s directly linked to your checking account through the same bank. The MySavingsDirect savings account also doesn’t come with ATM access — so if you’re a fan of the convenience of brick-and-mortar banking, you should look elsewhere.

MySavingsDirect’s CD rates

MyTerm CDs

An above-average option for those interested in a short-term CD.
TermAPY
6 months2.15%
30 months1.30%
60 to 120 months1.65%
  • Minimum opening deposit: $1,000, regardless of term length
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty for accounts under a year: up to 90 days of interest (whether earned or not)
  • Early withdrawal penalty for accounts equal to or more than one year: up to 180 days of interest (whether earned or not)

MyTerm CDs run the gambit from six-month sprints to 10-year marathons, with the APY falling into a few time-dependent buckets. Should you choose one of these CDs, you’ll first need to have a MySavingsDirect savings account. After that, you’re able to get a CD from which you can withdraw accrued interest at any time via your MySavingsDirect savings account. You’ll be notified at least 14 days before your CD matures. Upon maturation, there’s a 10-calendar-day grace period during which you can close your account without penalty; otherwise, the CD will automatically renew.

It’s probably best to go for the 6-month term — even if you’re looking for a hands-off investing option — since that will give you the highest APR. Plus, you’ll preserve the option to have access to your funds at shorter intervals than you would with a longer-term CD, should you need to use your initial deposit for something else.

How to get a MySavingsDirect CD

If you already have a MySavingsDirect savings account, you only need to click the “open account” tab to get the bank’s CD. Otherwise, you’ll first need to apply for a savings account, which carries its own requirements and may take a few days for approval, as detailed above.

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How MySavingsDirect’s CD rates compare

Unlike many CDs, MySavingsDirect offers the best APY for its shortest term account option. This makes it ideal for people who can spare $1,000 for the immediate future, but also want the flexibility of being able to access their cash at shorter intervals. However, this CD also has fewer interest-rate options than many banks with similar terms. And if you’re willing to wait longer than six months at a time, there are higher-rate CD options out there — some of which have even lower minimum deposit requirements.

Overall review of MySavingsDirect’s banking products

MySavingsDirect doesn’t break the mold as far as its product features are concerned. But for new and digitally-savvy investors, its policies do provide a balance of structure and flexibility that can be hard to find.

If you’re looking to start saving beyond an emergency fund, the savings account is a great option. And although their CD options are a bit limited — and come with a higher bar to entry than other CDs — they could be a good option for those who already have a MySavingsDirect savings account.

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.

Devon Delfino
Devon Delfino |

Devon Delfino is a writer at MagnifyMoney. You can email Devon here

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

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

Virginia Credit Union’s checking account options

Regular Checking

A basic checking account with no real points of interest.
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: None
  • ATM fee: $2 once you’ve exceeded 4 withdrawals from non-VACU owned ATMs per month; the fee is not applicable at ATMs at Wawa and Sheetz in Virginia
  • ATM fee refund: Yes, up to $8 per month, if you meet certain requirements
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to 6 days if your account remains overdrawn

Since the regular checking account doesn’t earn any interest, this account seems to be more of a placeholder than a lucrative or beneficial checking account. It does the job without charging a monthly fee (which works for people interested in a no-frills account). But it also doesn’t reward you like checking accounts from online-only banks might, so it isn’t a great option for those who want to maximize their banking dividends. Those who get this account should be aware that you can save money on the costlier overdraft fees by signing up for overdraft protection. The ATM fee refund can be useful if you plan on using out-of-union ATMs on occasion.

How to get Virginia Credit Union’s regular checking account

For members, opening a regular checking account can be accomplished online. Others, however, will have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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Extra Credit Checking

An option for young and underage bankers.
APYMinimum Balance to Earn APY
0.05%
$1
0.40%
$5,000
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: None
  • ATM fee: $2 once you’ve exceeded 4 withdrawals from non-VACU owned ATMs per month; the fee is not applicable at ATMs at Wawa and Sheetz
  • ATM fee refund: Yes, up to $8 per month, if you meet certain requirements
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

The extra credit checking account is designated for people ages 13 to 22. The custodian, or parent, would designate when the account would transfer to the child (either at 18 or 21), and would be the one who is empowered to withdraw money, make deposits or close the account.

Though it carries the same low minimum opening balance requirement as the credit union’s other personal checking accounts, the rate leaves something to be desired when compared with rates from online banks. That’s especially true for people who don’t yet have $5,000 to spare. As with the other accounts, extra credit checking account holders can save money on the costlier overdraft fees by signing up for overdraft protection.

It’s worth noting, however, that the custodial option is also available for other accounts: Regular savings, money market savings, CDs, regular checking, checking plus and enhanced benefit checking. So people who are interested should compare rates and requirements of those accounts as well to ensure they select the right account for them and their child.

How to get Virginia Credit Union’s extra credit checking account:

For members, opening an extra credit checking account is easily accomplished online. (Applicants under 15 must have a joint owner on this account.) Others, however, will have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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Checking Plus

A minor upgrade on the basic account.
APYMinimum Balance to Earn APY
0.05%
$1
0.40%
$5,000
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fee: $2 once you’ve exceeded 4 withdrawals from non-VACU owned ATMs per month; the fee is not applicable at ATMs at Wawa and Sheetz in Virginia
  • ATM fee refund: Yes, up to $8 per month, if you meet certain requirements
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

Compared with the credit union’s regular checking account, the checking plus has one obvious draw: It earns interest, making it a better option for people interested in rewards-based banking. That benefit, however, isn’t particularly enticing when compared with rates from online-only banks, and it does come with a price (in the form of a monthly fee). Those who can maintain a minimum daily balance of at least $1,000, however, can avoid that monthly fee, making the account slightly more appealing. And, as is true of the credit union’s other accounts, you can save money on the costlier overdraft fees by signing up for overdraft protection.

How to get Virginia Credit Union’s checking plus account:

For members, opening a checking plus account can be done online. Others, however, will have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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Enhanced Benefit Checking

Checking Plus with a monthly fee and few extra benefits.
APYMinimum Balance to Earn APY
0.05%
$1
0.40%
$5,000
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $2 once you’ve exceeded 4 withdrawals from non-VACU owned ATMs per month; the fee is not applicable at ATMs at Wawa and Sheetz
  • ATM fee refund: Yes, up to $8 per month, if you meet certain requirements
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

In many ways, this account is the same as the Checking Plus option: It earns the same interest for the same balance tiers, comes with ATM fee refunds on qualified transactions and has a low minimum opening deposit. Plus, as is true of the credit union’s other checking accounts, you can save money on the costlier overdraft fees by signing up for overdraft protection. This account, however, also requires you to maintain a steep minimum monthly average combined deposits total of $25,000 or more to avoid the monthly fee, which isn’t substantial but could easily be avoided by looking at accounts elsewhere.

How to get Virginia Credit Union’s enhanced checking account:

Unlike the regular or checking plus accounts, the enhanced checking account cannot be opened online. Instead, members will have to apply by visiting a local branch. Non-members will also have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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Encore Checking

An zero-interest account for people in financial-rebuilding mode.
  • Minimum opening deposit: $20
  • Monthly account maintenance fee: $9.95
  • ATM fee: $2 once you’ve exceeded 4 withdrawals from non-VACU owned ATMs per month; the fee is not applicable at ATMs at Wawa and Sheetz in Virginia
  • ATM fee refund: Yes, up to $8 per month, if you meet certain requirements
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

Since account approval is at the credit union’s discretion, people who can’t get approved for a free checking option are able to use the Encore account to access checking services, regain good standing and get back on track. However, that privilege will cost you: The monthly fee is unavoidable, and the account does not earn interest. As with the credit union’s other checking accounts, you can, however, save money on the costlier overdraft fees by signing up for overdraft protection.

How to get Virginia Credit Union’s encore checking account:

Unlike the regular or checking plus accounts, the encore checking account cannot be opened online. Instead, members will have to apply by visiting a local branch. Non-members will also have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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How Virginia Credit Union’s checking accounts compare

Overall, Virginia Credit Union’s checking account options are somewhat lacking. The personal accounts offer members low returns, especially when compared with some of the best checking accounts out there. For people who plan on frequently using non-Virginia Credit Union ATMs, the fees can add up fast, though there are refunds available for qualified transactions. In general, though, there are better options which also provide that perk while delivering better rates.

Virginia Credit Union’s savings account options

Regular Savings

A low-rate option with minimal perks.
APY Minimum Balance to Earn APY
0.05%
$100
0.30%
$500
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 from non-VACU owned ATMs; the fee is not applicable at ATMs at Wawa and Sheetz
  • ATM fee refund: No
  • Overdraft fee: $20 for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

For people who want to gain entry into Virginia Credit Union and start saving money, this account is one option. The interest tiers are generously close, offering a comparatively substantial rate hike for those who can build up to $500. For savers under 23, there is no minimum to earn the first APY tier. There’s also no monthly fee associated and a very low minimum required to open this account. Even so, the rates are relatively low when compared with savings accounts from other banks. You’ll also need to open another account (within a year), and be sure to have at least $100 saved, to avoid the $5 savings-only fee. As per federal Regulation D, this account may be subject to a fee imposed by the credit union, closure or conversion to checking account in the event of excess withdrawals of six per month.

How to get Virginia Credit Union’s regular savings account:

For members, opening a regular savings account is easily accomplished online. Others will have to first apply for membership with Virginia Credit Union, which comes with the requirements listed at the beginning of this review. Those who are interested should contact the credit union for more information about this account.

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Health Savings Account (HSA)

A somewhat lacking account designed to help pay for medical expenses.
APYMinimum Balance to Earn APY
0.50%
$100
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 from non-VACU owned ATMs; the fee is not applicable at ATMs at Wawa and Sheetz in Virginia
  • ATM fee refund: No
  • Overdraft fee: $20 for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

For people with a high insurance deductible and anticipated medical costs, an HSA can be a great option since earnings on those are tax-deferred and tax-free when used to pay for qualified medical expenses. The Virginia Credit Union HSA comes as two accounts: an HSA savings account and an HSA checking account. So when you write a check to use some of your HSA funds, that amount is automatically transferred from your savings to the HSA checking account. There is, however, an annual service fee of $25 for this account. You can save money on the costlier overdraft fees associated with this account by signing up for overdraft protection. In accordance with federal Regulation D, this account may be subject to a fee from the credit union, closure or conversion to checking account in the event of excess withdrawals of six per month.

How to get Virginia Credit Union’s health savings account:

To be eligible for a health savings account, you have to be covered, exclusively, by a high deductible health plan (HDHP) and you can’t be enrolled in Medicare or be claimed as a dependent on someone’s tax return. Unlike the regular savings account, the health savings account cannot be opened online. Instead, qualified members should apply by visiting a local branch. Non-members will also have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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How Virginia Credit Union’s savings accounts compare

Compared with the best online savings accounts, Virginia Credit Union’s offerings leave much to be desired. Part of that is due to the minimum balance requirement, which, although pretty low, could be avoided by opening an account elsewhere. But the primary failing in these accounts is the low rates, which seem to echo the paltry offerings of savings accounts from five or ten years ago than living up to the best rates available now — and those rates oftentimes don’t come with the membership requirement that you’ll find in a credit union.

Virginia Credit Union’s CD rates

Savings Certificate

A so-so option for long-term savers with a lot of cash to stash.
Term APY Minimum opening deposit
 6 months1.30%
 $500
6 months1.30%
 $25,000
6 months1.45%
 $50,000
12 months1.85%
 $500
12 months1.85%
 $25,000
12 months2.01%
 $50,000
24 months2.05%
 $500
24 months2.05%
 $25,000
24 months2.21%
 $50,000
36 months2.20%
 $500
36 months2.20%
 $25,000
36 months2.36%
 $50,000
48 months2.40%
 $500
48 months2.41%
 $25,000
48 months2.56%
 $50,000
60 months2.65%
 $500
60 months2.66%
 $25,000
60 months2.81%
 $50,000
  • Minimum opening deposit: The lowest tier option is $500
  • Minimum balance amount to earn APY: Depends on the tier, which starts at $500
  • Early withdrawal penalty: Either half of the dividends that would have been earned for the days remaining on your CD, or $20, whichever is greater.

Like most CDs, the rates associated with Virginia Credit Union’s CDs tend to favor those who can afford to invest their money for a longer term and who have more money to save. There is, however, the option to get in for just $500, which is not that easy to find. These CDs come with a 10-day grace period following maturity, during which the account holder has the option to either cash out without penalty or automatically renew their CD. For those with a 6 or 12 month CD at Virginia Credit Union of at least $25,000, there is an add-on option to the original CD.

How to get Virginia Credit Union’s CDs:

For members, opening a CD can be done online. Others will have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information about this account.

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How Virginia Credit Union’s CD rates compare

For people who can afford to save large sums of money for five years, the rates for Virginia Credit Union CDs are fairly decent. However, for people who are willing to look elsewhere for a better CD, there are more options with higher rates and with fewer barriers to entry.

Virginia Credit Union’s money market account options

Premier Money Market Savings

A slight advantage for people with a small nest egg to build up.
APYMinimum Balance to Earn APY
0.05%
$100
0.70%
$10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: N/A
  • ATM fee: $1 from non-VACU owned ATMs; the fee is not applicable at ATMs at Wawa and Sheetz in Virginia
  • ATM fee refund: No
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

As is true for most money market accounts, there is a higher minimum opening deposit requirement than you might find with a savings account. In exchange for that, savers can snag a slightly higher interest rate than they would with the credit union’s regular savings account. Unlike those accounts, the Premier Money Market account comes with automatic overdraft protection as well. But this isn’t a good option for people who plan on using their cash any time soon, or who think they might dip below the $10,000 mark, since that would drop them to a significantly lower rate-tier. In accordance with federal Regulation D, this account may be subject to a fee from the credit union, closure or conversion to checking account in the event of excess withdrawals of six per month.

How to get Virginia Credit Union’s premier money market account:

For members, opening a premier money market account is easily accomplished online. Others, however, will have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information.

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on Virginia Credit Union’s secure website

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Premier Plus Money Market Savings

Subpar interest rates for big-time savers.
APYMinimum Balance to Earn APY
0.05%
$100
1.00%
$25,000
1.05%
$50,000
1.25%
$100,000
1.50%
$250,000
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Depends on the tier
  • Monthly account maintenance fee: N/A
  • ATM fee: $1 from non-VACU owned ATMs; the fee is not applicable at ATMs at Wawa and Sheetz in Virginia
  • ATM fee refund: No
  • Overdraft fee: For accounts overdrawn by more than $5, there’s a $20 fee for the first item of the year, then $35 for each additional occurrence and $5 a day for up to six days if your account remains overdrawn

Like the credit union’s basic money market account, this account provides somewhat established savers with the chance to earn higher rates than they would with the regular savings account. But the premium version comes with more tiers, and higher potentials for dividends. Most of the rate tiers require double the minimum of the previous tier, meaning it’s increasingly more difficult to earn a higher rate if you’re starting at or near the bottom. So it’s really best for those who can afford to begin with a very substantial lump sum. This account also comes with automatic overdraft protection for checking. In accordance with federal Regulation D, this account may be subject to a fee imposed by the credit union, closure or conversion to checking account in the event of excess withdrawals of six per month.

How to get Virginia Credit Union’s premier plus money market account:

Members can open a premier plus money market account online. Others will have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact Virginia Credit Union for more information.

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on Virginia Credit Union’s secure website

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How Virginia Credit Union’s money market accounts compare

Like many other money market accounts, the best rates are available for those who can afford to maintain a high minimum balance. Although Virginia Credit Union does offer a few options for money market accounts, when compared with the best money market rates, these rates are well below the offerings available from other banks. They’re not rock bottom, but they are close to it.

Virginia Credit Union’s IRA account options

IRA CD rates

Individual Retirement Account CD
A decent option with a low barrier to entry for IRA investors.
TermAPYMinimum Opening Deposit
 12 month1.85%
$100
12 month1.85%
$25,000
12 month2.01%
$50,000
18 month (variable)1.80%
$100
18 month (variable)1.80%
$25,000
18 month (variable)1.85%
$50,000
24 month2.05%
$100
24 month2.05%
$25,000
24 month2.21%
$50,000
36 month2.20%
$100
36 month2.20%
$25,000
36 month2.36%
$50,000
48 month2.40%
$100
48 month2.41%
$25,000
48 month2.56%
$50,000
60 month2.65%
$100
60 month2.66%
$25,000
60 month2.81%
$50,000
  • Minimum opening deposit: $100, $25,000 or $50,000, depending on the tier
  • Minimum balance amount to earn APY: $100, $25,000 or $50,000, depending on the tier
  • Early withdrawal penalty: Either half of the dividends that would have been earned for the days remaining on your CD, or $20, whichever is greater, plus penalties assessed by the IRS

For people who can afford to invest in one of the longest-term, top-tier IRA CDs, the rates on these certificates can be above average. The low introductory tier means that even beginning investors can build a CD ladder, thereby creating a steady stream of returns on a shorter term while taking advantage of those higher rates.

But the steep difference in minimum-deposit tiers, plus the tendency for lower rates for short-term options, can be tricky for those who plan on retiring soon and who don’t yet have a hefty, established nest egg to invest. Customers who opt for the 18 month IRA CD should be aware that the rate is variable, so it will change with the market. That’s useful if rates increase, but could harm you if the market declines. IRA CDs, like the traditional CDs, come with a 10-day grace period following maturing, during which the account holder has the option to either cash out without penalty or automatically renew their CD.

How to get Virginia Credit Union’s IRA CDs

To get an IRA CD, you must also open an IRA (Virginia Credit Union offers both Roth and traditional IRAs). Unlike the credit union’s regular CDs, members cannot open an IRA CD online. Instead, they will have to call or visit a local branch for assistance. Non-members will also have to first apply for membership, which comes with the requirements listed at the beginning of this review. Those who are interested should contact the credit union for more information.

LEARN MORE Secured

on Virginia Credit Union’s secure website

NCUA Insured

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How Virginia Credit Union’s IRA CD rates compare

For people who are willing to invest a large sum and still have many years before retirement, Virginia Credit Union’s offerings are almost on par with the best IRA CD offerings out there, though they do have slightly lower rates and higher minimum-deposit requirements to earn the top rates than you might find elsewhere. If you’re interested in shorter-term options, are nearing retirement or you want to maximize your earnings, you might be better served by looking outside of the credit union for savings certificates.

Overall review of Virginia Credit Union’s banking products

For people who qualify for membership, Virginia Credit Union offers a wide array of banking products. But overall, the accounts are underwhelming, with a few exceptions. The money market, checking and savings accounts, for example, have subpar rates and somewhat restricting requirements. But for those who are looking for a long-term investment option and have a lot of money to invest, the IRA CDs and regular CDs can be quite decent when compared with the best options.

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Devon Delfino
Devon Delfino |

Devon Delfino is a writer at MagnifyMoney. You can email Devon here