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MySavingsDirect Review: Savings 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 Established1850
Total Assets$5.8B
LEARN MORE MySavingsDirect’s secure websiteMember FDIC

Even though its parent Emigrant Bank has been around since 1850, you may not have heard of MySavingsDirect, its online-only banking division. This offshoot of the New York City-based financial institution offers a somewhat limited array of financial products, namely: personal savings, CDs and precious-metal investing. For the purposes of this review we’ll focus on the online bank’s savings account and CD options.

When put to the test, MySavingsDirect’s offerings were generally solid, offering high interest rates (for certain products) paired with consumer-friendly policies.

MySavingsDirect’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.40%

Savings

MySavingsDirect MySavings Account

2.20%

Barclays Online Savings Account

on Barclays’s secure website

Member FDIC

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 months2.40%
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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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, 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 Established1928
Total Assets$3.6B
LEARN MORE Virginia Credit Union’s secure websiteNCUA Insured

Founded in 1928, Virginia Credit Union has grown into one of the 55 largest credit unions in the country with over 270,000 members and about $3.6 billion in assets. It has 18 branches within the state, 27 credit union ATMs and members have access to over 5,000 shared branches nationwide through a collective credit union partnership known as the CO-OP Network. And in addition to Virginia Credit Union ATMs, members are also entitled to use in-state ATMs at Wawa and Sheetz, fee-free.

There are many avenues to becoming a credit union member: If you live, work, study or worship in the Richmond, Petersburg, Hopewell or Fredericksburg areas, you’re able to join. Employees or retirees of Virginia state agencies, universities or political subdivisions are also eligible. Members of certain organizations are able to join, as are people related to current members. But if none of those apply, you can join the Virginia Association for Career and Technical Education (at no charge) to become eligible for membership.

If you’re over 18, and a U.S. citizen or resident alien, you can apply for membership online and open a checking and savings account at the same time, as long as you’re eligible.Virginia Credit Union offers members an array of financial products, including mortgages, insurance and free educational seminars. We’ll focus on the credit union’s checking and savings accounts, as well as money markets, CDs and IRA accounts.

Virginia Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Virginia Credit Union Savings Account

2.20%

Barclays Online Savings Account

on Barclays’s secure website

NCUA Insured

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.
APYMinimum 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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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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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.

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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.

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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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, 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 Established1934
Total Assets$4.2B
LEARN MORE Veridian Credit Union’s secure websiteNCUA Insured

Founded in 1934 in Waterloo, Iowa, Veridian Credit Union was originally known as the John Deere Employees Credit Union, before changing its name in 2006 to avoid trademark confusion. Today, the non-profit financial cooperative has 36 branches and ATMs, located throughout Iowa and in eastern Nebraska, near Omaha. It offers a wide array of financial products — this review will focus on five account types: checking, savings, money market accounts, CDs and IRAs.

In order to qualify for any of Veridian’s products, you’ll have to first to be a member. There are a few ways to qualify for membership. One is by living or working for a business located within one of the credit union’s “field of membership” counties. Those include all 99 counties in Iowa and six in Nebraska: Cass, Douglas, Lancaster, Sarpy, Saunders and Washington. You can also join if you’re related to a person who is already a member, or if you live in Iowa and have a disability, as defined by the Americans with Disabilities Act of 1990. Last, you can qualify if you are a registered user of Dwolla, a payment system that offers developers and organizations access to the Automated Clearing House.

Those who meet at least one of those standards can fill out an application. Make sure to have your proof of identity, social security number and proof of your address (if it doesn’t match your ID) on hand. And if you’re applying for a business account, you will need additional documentation and should contact the credit union to find out more. Once approved, members must deposit at least $5 into a credit union savings account, which guarantees membership for life — but keep in mind that if your account dips below that minimum, your remaining balance will be withdrawn.

Veridian Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Veridian Credit Union Member Equity Savings

2.20%

Barclays Online Savings Account

on Barclays’s secure website

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Veridian Credit Union’s checking account options

Share Drafts

Veridian Credit Union’s free checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal, after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

The Share Draft account, Veridian Credit Union’s basic checking account, is open to all credit union members — though if you’re looking for a decent return, the rate on this checking account is somewhat underwhelming, even for a checking account which traditionally carries a lower rate than a savings account.To qualify for a Share Draft account, you’ll have to meet the membership requirements, as listed at the beginning of this review, and apply. Once approved, you’ll be able to access your Share Draft account and start banking with the credit union, as confirmed by Veridian Credit Union.

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HSA Checking

A generally underwhelming checking account option.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

The HSA checking account is designed for those with a health savings account through Veridian Credit Union who want to earn interest on those funds. Like the Share Draft account, there’s isn’t a monthly fee. Unfortunately for those who are looking for a checking account that offers a decent rate, however, the HSA checking account is bound to disappoint, offering an extremely low rate.If you’re interested in an HSA, you should be aware that it does come with more requirements than the share draft account. Like the Share Draft account, detailed above, you’d have to be a credit union member and meet the associated requirements, as listed at the beginning of this review. In addition, you’ll have to qualify for and open an HSA through the credit union.

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How Veridian Credit Union’s checking accounts compare

One perk to Veridian Credit Union is its mobile banking options for both Apple and Android phones. But while Veridian Credit Union’s checking options are altogether interest-bearing accounts, those rates aren’t the highest on the market, or even close.

If you don’t mind an online-only bank, and you’re willing to do a bit of research, there are better checking account options to consider, many of which don’t have ATM fees and are open to those who don’t live in the credit union’s membership areas.

Veridian Credit Union’s savings account options

Member Equity Savings

A meager-rate account that provides entry to Veridian Credit Union.
APYMinimum Balance to Earn APY
0.15%$50
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

The member equity savings account is a basic part of membership — it’s where your membership deposit lives. If, however, you’re thinking of storing your entire savings in that account, it may be fiscally wise to look beyond the credit union’s offerings to score a higher APY and thereby make your money work harder for you. Those who get this account should also be aware that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.To get a member equity savings account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. When filling out the application, you’ll need to provide basic things like your social security number and a valid ID.

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Health Savings Account (HSA)

A pre-tax way to save for medical expenses.
APYMinimum Balance to Earn APY
0.75% $50
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $2
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

For those with high-deductible health plans, the HSA can provide a way to save for medical expenses using pre-tax funds. It also carries a relatively high rate, for a Veridian savings account. Those who get an HSA also get access to other products, like the credit union’s HSA checking account and HSA CD.However, getting an HSA is a slightly more complicated process than it is for the credit union’s other savings accounts. In addition to becoming a member and meeting the requirements as listed at the beginning of this review, you also need to qualify for an HSA by having a high-deductible health plan (HDHP). Those who are interested should contact Veridian Credit Union for more information.

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Kirby children’s savings and U.B.U. teen savings accounts

Beginner accounts for young savers.
APYMinimum Balance to Earn APY
0.15% $0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

If you’re interested in opening a savings account for someone who is under 18, these accounts are there to fill the gap. The Kirby children’s savings account is designed for those 12 and under, who have a Kirby Kangaroo membership, while the U.B.U. (“Unexpected. Bright. Undeniable.”) account is for those who are 13 to 17 years old. Kirby members are automatically rolled over to a U.B.U. account when they turn 13.The lack of requirements associated with these savings accounts make them a kid-friendly option. Still, those who get this account should also be aware that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

Only those who have a family member who is already a credit union member can get these accounts on behalf of underage savers, as confirmed by the credit union. Otherwise, interested family members or guardians will have to both meet the requirements as listed at the beginning of this review and apply for membership. Once the Kirby or U.B.U. account was opened, Veridian Credit Union confirmed, that adult would be a secondary on the account until the child’s 18th birthday.

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Holiday Club

A travel-savings account that automatically deducts from payroll.
APYMinimum Balance to Earn APY
0.15% $50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

If you’re interested in saving money for travel and holidays, but have trouble leaving that cash alone, the Holiday Club account might be a good option for you. So instead of waiting for your income to transfer to your checking account, the Holiday Club account deducts the amount you specify directly from payroll, taking it out of sight and out of mind. It’s not exactly a novel idea — automatic transfers are a common feature and easy to set up at most banks. But despite the convenience of the auto-deduction feature, the account’s rate leaves something to be desired. Those who get this account should also be aware that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal regulations.To get a Holiday Club account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. You should also be able to provide basic things like your social security number and a valid ID.

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Business Savings

A lackluster savings account for business owners.
APYMinimum Balance to Earn APY
0.15%$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

This savings account might be useful to business owners who want a local banking experience, combined with a relatively low minimum balance requirement and the ability to bank online. However, this savings account’s APY, like many of Veridian’s current offerings, is less than impressive. That’s especially true if you compare it to rates at online-only banks, which tend to have the highest rates. Those who plan to use non-Veridian ATMs should look elsewhere, as those associated fees put a sizeable dent in your account balance over time. It’s also worth noting that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D. To get a business savings account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. In addition, you should be able to demonstrate that you own a business to take advantage of the account.

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Organization Savings

An interest-free savings account designated for organizations.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

This savings account may be useful for organizations that want an account that’s specifically designated for them. However, this savings account does not earn interest, unlike some of Veridian’s other offerings. And for those who plan to rely heavily on non-Veridian ATMs, it’s best to look elsewhere, as the associated fees would steadily diminish your balance. It’s also worth noting that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

To get an organization savings account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. And, as with the business accounts, you should be able to provide documentation which demonstrates your organization’s status, as confirmed by the credit union. Interested parties should contact Veridian Credit Union for more information about this account.

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How Veridian Credit Union’s savings accounts compare

If you’re looking for a high-rate savings account that can contend with the best online savings accounts, you may want to look elsewhere. While there are a few standout options (particularly the savings account options for those under 18 who are related to an existing member) and Veridian Credit Union does provide fairly generous access to outside ATMs fee-free, the overall offerings leave something to be desired — for example, when you consider the fact that similar accounts from online-only banks offer higher rates and no minimum balance.

Veridian Credit Union’s CD rates

Add-On Certificate

A way to increase your CD investments on a regular basis.
TermAPY
12 months0.70%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

If you already have a CD with Veridian Credit Union, an Add-on could be a good way to build your money-saving habit. Unlike most CDs, which require you to leave your funds alone for months or years at a time, the add-on allows you to continue to increase your CD funds at a new fixed rate, as confirmed by Veridian Credit Union.As with most CDs, there is an early withdrawal penalty should you choose to access your funds before the term is up. There are a few exceptions: when the CD has posted interest, when it’s within the 10-day grace period following maturation or upon the owner’s death. (If you’re interested in learning more about the penalty, you should call the credit union for more information.) The add-on CD’s rate, however, is relatively low, especially when compared to CDs from online-only banks.

Getting an add-on CD with Veridian Credit Union is a simple process for members who already have a CD with the credit union, and can be done online. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, they would have to open another CD that allows for the add-on. For more information, contact the credit union.

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Bump-Up and Jumbo Bump-Up Certificates

CDs that come with a one-time interest-rate increase.
TermAPY
18 months2.65%
30 months2.65%
41 months3.05%
18 months (Jumbo)2.75%
30 months (Jumbo)2.75%
41 months (Jumbo)3.15%
  • Minimum opening deposit: $1,000 for regular bump-up CDs; or $100,000 for jumbo bump-up CDs
  • Minimum balance amount to earn APY: $1,000 for regular bump-up CDs; or $100,000 for jumbo bump-up CDs
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

The bump-up CD option, according to Veridian Credit Union, means that if at some point during your term rates increase, you can call the credit union to match that rate on your CD. That bump-up is capped at once per term. The jumbo CD is for those who want to stash and collect interest on $100,000 or more at a time. Combined, there is the potential for solid financial gains, provided you already have to have access to a hefty sum of money.It’s also worth noting that there are a few exceptions to the early withdrawal penalty, triggered when a CD owner takes out their funds prematurely. Those exceptions kick in when the CD has accrued and posted interest, is within the 10-day grace period following maturation, or upon the owner’s death.

Getting an add-on CD with Veridian is a simple process for existing members, who only need call or log into their account. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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Jumbo Certificate

Above-average returns, but only for big spenders.
TermAPY
7 months1.41%
9 months2.00%
15 months1.91%
18 months2.28%
24 months2.65%
36 months3.00%
39 months0.25%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

The jumbo certificate is designed for those in the $100,000+ club and can afford to put large sums away for months, even years, at a time. As long as you fit that description, this CD can provide access to above-average interest rates. It’s also worth noting that, as is true for all of Veridian’s CDs, there are a few exceptions to the credit union’s early withdrawal penalty. Namely: when the CD has accrued and posted interest, when it is within the 10-day grace period following maturation, or due to the owner’s death.Existing members can get a Jumbo certificate with Veridian through their online account or by visiting a local branch. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the requirements listed at the beginning of this review.

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Starter Certificate

A shorter-term CD with limited returns.
TermAPY
12 months0.35%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

If you’re looking to get into the CD-investing game, this is an option, thanks to its relatively short term and low minimum deposit requirement. Like most banks, the CD comes with an early withdrawal penalty. But there are a few exceptions to that rule: When the CD has accrued and posted interest, when it’s within the 10-day grace period following maturation, or when the owner passes away. The APY on this CD, however, is pretty dismal, especially when compared to rates from online-only banks.Getting a Starter CD with Veridian is a simple process for members, and can be done online. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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CD Special

CDs with rates that are only available for a limited time.
TermAPY
7 months1.31%
9 months1.90%
15 months1.81%
18 months2.18%
24 months2.55%
36 months2.90%
39 months2.30%
  • Minimum opening deposit: $1,000
  • Minimum amount to earn APY: $1,000
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

Veridian Credit Union’s CD specials are somewhat akin to a flash sale — the rates change more frequently than the credit union’s typical CD offerings. So if you’re accustomed to tracking rates, and have a bit of cash to spare, you can get a rate closer to that of a jumbo CD, without having to reach that $100,000 threshold.Like most CDs, there is a penalty for early withdrawals. But it’s worth noting that there are a few exceptions, like when the CD has accrued and posted interest, when it’s is within the 10-day grace period after maturation, or when the owner dies.

Getting an add-on CD with Veridian is a fast and easy process for members, and can be done online through the credit union’s “quick apply” widget. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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Kirby and U.B.U. CDs

Low bar-to-entry CDs for those who are younger than 18.
TermAPY
12 - 60 months0.70%
  • Minimum opening deposit: $100
  • Minimum amount to earn APY: $100
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

If you’re interested in opening a savings account for someone who is under 18, these accounts are there to fill the gap. The Kirby CD is meant for children 12 and under who also have a Kirby Kangaroo membership; the U.B.U. (“Unexpected. Bright. Undeniable.”) CD provides an option for those aged 13 to 17. Kirby members are automatically rolled over to a U.B.U. account when they turn 13.

As is standard for CDs, there’s a penalty fee for early withdrawals. But, there are a few exceptions, including the withdrawals made when the CD has accrued and posted interest, those which are within the 10-day grace period, or after the death of the CD owner.

To get a Kirby or U.B.U. CD, you have to have an in, as confirmed by Veridian Credit Union on November 28. In other words, only a family member who is already a credit union member can get you or your child signed up for these CDs. Otherwise, interested family members or guardians will have to meet membership requirements, as listed at the beginning of this review and apply. Once the Kirby or U.B.U. account was opened, the adult would be a secondary on the account until the child turned 18, as Veridian Credit Union confirmed.

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HSA Certificate

A way for existing HSA holders to access the majority of Veridian’s CDs.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

The HSA Certificate, rather than being a separate CD, is simply one of Veridian’s existing CDs that’s linked to the account holder’s health savings account. The one exception: you cannot get the Add-On CD for this certificate. The available terms for the CD specials are 7, 15, 25 and 39 months.

As is standard for the credit union’s other CDs, there are a few exceptions to the standard early withdrawal penalty fee: when the CD has accrued and posted interest, is within the 10-day grace period following maturation, or when the owner passes away. Note that the rates for this CD are not available online, so you’ll have to call the credit union for that information.

Getting an HSA CD with Veridian Credit Union is a simple process for members who already have a health savings account with the credit union. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, they will have to apply for an HSA and subsequently get the CD. Interested investors should contact Veridian Credit Union for more information.

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How Veridian Credit Union’s CD rates compare

Compared to the best CD rates, some of Veridian Credit Union’s CDs aren’t as appealing. But there are a few standout options, such as the CD Specials and certain Jumbo CDs. And for those who are willing to wait, the rates can be quite competitive for the industry.

Another compelling option is the Bump-up CD, which offers investors the chance to take advantage of raising rates, even after their term begins. It also has accessible accounts specifically for those under 18, which isn’t a given when looking at CD options.

Though the minimum deposit requirements are a bit higher than some CDs from other banks, these certificates are generally solid, offering a chance to make higher-than-average returns on a good chunk of money.

Veridian Credit Union’s money market account options

Traditional Money Market

Another option for those interested in a higher interest rate than their credit-union savings account can provide.
APYMinimum Balance to Earn APY
0.25% $1,000
  • Minimum opening deposit; $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

For those with a steady paycheck, earning this account’s modest interest-rate shouldn’t be too difficult. Those who have this account can make up to six transfers or withdrawals per month from your account to another one; exceeding that limit could result in a fee or account closure. And it’s worth noting that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

Getting a traditional money market account with Veridian is easy for existing members, who can do so by logging into their account or visiting their local branch. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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Premier Money Market

So-so money market options for big spenders.
APYMinimum Balance to Earn APY
0.60% $25,000
0.80%$50,000
1.10%$100,000
1.41%$250,000
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Dependent on tier — if your balance falls below the threshold, the rate will revert to the Traditional Money Market rate.
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

Money market accounts are generally best for those who aren’t satisfied with the interest rates typically found in savings accounts, as they usually have a higher APY, and are willing to keep a more substantial chunk of cash in their account. This account sticks to that script, as long as you’re only comparing the rates against Veridian’s own savings accounts.This account rewards savers with interest that increases alongside each higher balance tier. You can make up to six transfers or withdrawals per month from your account to another one. Exceeding that limit could result in a fee or account closure. It’s also worth noting that the credit union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

Getting a premier money market account with Veridian Credit Union is a simple process for members, who can do so through their online account or by visiting their local branch. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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How Veridian Credit Union’s money market accounts compare

If you’re deciding between a Veridian Credit Union savings and money market account, and you are willing and able to maintain a tidy sum in that account, the money market account offers better rates — hands down.

However, when compared to the best money market accounts, Veridian Credit Union’s offerings fall flat, both in terms of the APY and the minimum amount required to get your foot in the door. In other words, if you’re willing to consider another bank, there are better options, some of which don’t require a minimum balance to earn significantly higher rates.

Veridian Credit Union’s IRA account options

IRA CD

A lucrative way for young, wealthy investors to stash IRA funds
TermAPY
7 months (Special)1.31%
7 months (Jumbo)1.41%
9 months (Special)1.90%
9 months (Jumbo)2.00%
12 months (Starter)0.35%
15 months (Special)1.81%
15 months (Jumbo)1.91%
18 months (Special)2.18%
18 months (Jumbo)2.28%
24 months (Special)2.55%
24 months (Jumbo)2.65%
30 months (Bump-up)2.65%
30 months (Jumbo bump-up)2.75%
36 months (Special)2.90%
36 months (Jumbo)3.00%
39 months (Special)2.30%
39 months (Jumbo)2.40%
  • Minimum opening deposit: Varies, based on the term and CD
  • Minimum balance to earn APY: Varies, based on the CD
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

Those who have an IRA with Veridian Credit Union can opt to store their IRA savings in a CD through the credit union, with access to most of their CD options, including bump-ups, which would give you the option to increase your rate to meet the current rate. That option is limited to one bump-up per term, so timing is critical if you want to score the best rate. If you can afford the Jumbo CDs steep minimum balance requirement and can go without that cash for a couple years (or longer), you can get even higher APYs. Getting an IRA CD with Veridian Credit Union is an easy process for members who have an IRA through the credit union. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, they would have to open an IRA — Veridian Credit Union offers both Roth and traditional IRAs — which come with additional requirements. It’s best to consult a retirement or tax professional to find your best IRA option.

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IRA savings account

A weak retirement savings account.
APYMinimum Balance to Earn APY
0.25%$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

As is the case with the IRA CD option detailed above, those who have an IRA with Veridian can put their IRA savings in this account. And, unlike the IRA CD, you wouldn’t be tied in to a months- or years-long term. In comparison to their more basic savings accounts, it’s a more lucrative option with a relatively low minimum balance requirement — provided you qualify to open the account. Those who open this account should also be aware that, in compliance with federal regulations, the credit union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month.

Getting an IRA savings account with Veridian Credit Union is a simple process for members who have an IRA through the credit union. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, that member would have to open an IRA — Veridian Credit Union offers both Roth and traditional IRAs. It’s best to consult a retirement or tax professional to find your best IRA option.

LEARN MORE Secured

on Veridian Credit Union’s secure website

NCUA Insured

Coverdell Education savings account

A tax-free way to pay for your child’s education.
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: N/A

This account allows you to contribute up to $2,000 a year per child, up until their 18th birthday. And unlike a 529, it allows you to save for educational expenses like a tuition at a private elementary school, or books and supplies at a parochial middle school, rather than just college. Plus, all withdrawn funds are tax-free. This account does earn interest, but Veridian does not publish those publicly. Interested parties should call the credit union for current rates.Getting an Coverdell education savings account with Veridian is a simple process for members, who can apply online or get an account by visiting a branch. Others, however, will have to first apply for credit union membership, which requires a couple basic documents (including an ID and your social security number).

LEARN MORE Secured

on Veridian Credit Union’s secure website

NCUA Insured

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How Veridian Credit Union’s IRA rates compare

For those who have a lot of money and multiple years before they cross the retirement finish line, the Veridian IRA CD gives investors high APY options, even when compared to the best IRA CD options out there. But if you can’t afford a high-minimum Jumbo CD, there are better options elsewhere. And when it comes to the IRA savings account, the rate just can’t compete with those offerings, as is expected when you compare a CD and a savings account APY.

If, however, you need to be able to access to your IRA cash in fewer than three months, the IRA savings account could make more sense for you, since it doesn’t have an associated term.

The Coverdell savings account is notable in that it allows parents to save a child’s pre-college education, and withdraw the funds, tax-free. Since the credit union does not publicize the account’s rate, interested investors should contact Veridian for a rate quote.

Overall review of Veridian Credit Union’s banking products

Veridian Credit Union’s financial products are something of a mixed bag, with interest rates running the gambit from underwhelming to highly competitive. A few standout products include the credit union’s CD products and IRAs, while the checking, savings and money market accounts leave much to be desired.

Since it’s a credit union, accessing the various products requires membership, most of which rely on geographic location. Those who live or work in Iowa, as well as certain counties in eastern Nebraska, for example, can be approved with ease. Afterwards, access to most of the accounts is easily accomplished online. But again, if you’re after basic banking products like checking and savings accounts, you may wish to look elsewhere to find better rates.

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Devon Delfino
Devon Delfino |

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

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