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The Columbia Bank 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 may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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The Columbia Bank’s checking account options

Simply Checking

This basic checking account doesn’t bear interest and has no monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: Fulton Financial Corporation ATMs are free (also includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

While The Columbia Bank’s Simply Checking account does not earn interest, it also doesn’t charge a monthly maintenance fee, so you’ll never have to worry about maintaining a minimum balance amount. You’ll also get access to the full range of mobile and online banking services free of charge.

This account is a good option for anyone who wants to avoid monthly fees and isn’t concerned about earning interest on their checking balance. The only major downside are the ATM fees for out-of-network ATM use, which can add up and aren’t refunded.

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Interest Checking

You’ll earn interest with this account but it charges a waivable monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (also includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

The Interest Checking account is The Columbia Bank’s standard interest-earning checking account. Rates are not publicly available, but you can call the bank for the most current rates. You’ll need to maintain a sizeable minimum daily balance in order to earn interest.

This account’s monthly fee isn’t small, but as long as you maintain the $1,000 minimum daily balance (which is also the amount required to earn interest), the monthly fee can be avoided; it can also be waived with a monthly direct deposit. However, it’s best to opt for free checking accounts so you don’t have to worry about your balance falling below this requirement. Apart from earning interest, this checking account doesn’t come with any other perks that you can’t get with the bank’s free checking option, so it may not be the best option for most customers.

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Relationship Banking

A premium checking account with a monthly fee for customers with a higher balance.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: This account comes with unlimited free ATM transactions at both in-network and out-of-network ATMs. However, be aware that other institutions may impose a charge at their ATMs.
  • ATM fee refund: None
  • Overdraft fee: $39

This checking account earns tiered interest and is designed for customers who maintain high balances; you can call the bank for the most recent rates. If you’re unable to maintain a minimum daily balance of at least $2,000, you’ll be charged a monthly service fee. You’ll also need to maintain a minimum daily balance of $1,000 in order to earn interest. Because of these requirements, the Relationship Banking account isn’t our favorite checking option at this bank for most customers.

Still, it is worth noting that you get free unlimited ATM transactions with this account, which can save you a good amount of money over time. If you’re able to maintain a minimum of $15,000 in total deposits or $20,000 in deposits and consumer loan balances combined, you’ll also get occasional bonus rates on the bank’s CDs, one free order of specialty checks per year, and a discount on safe deposit boxes.

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Student Checking

A non-interest-bearing checking account for students ages 16 to 22.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: Fulton Financial Corporation ATMs are free (also includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). and The Columbia Bank. Student Checking account holders get 5 no-fee transactions per statement cycle at ATMs outside the Fulton Financial Corporation network. Each additional transaction at out-of-network ATMs will be charged a $2.50 fee.
  • ATM fee refund: None
  • Overdraft fee: $39

This checking account is available to students ages 16 to 22 with a valid student ID. It comes with no minimum account balance requirement and no monthly maintenance fee. In addition, you’ll also get your first five ATM transactions at out-of-network ATMs free each month. Although this account doesn’t come with unlimited free ATM transactions, this is still a relatively generous policy.

Along with minimal fees, you’ll also get all the online and mobile banking features of a standard checking account free of charge, including online statements, online bill pay and mobile check deposits. This account does not earn interest.

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Prime Life Interest Checking

A fee-free, interest-bearing checking account for folks 50 years of age and older.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: This account comes with unlimited free ATM transactions at both in-network and out-of-network ATMs. Be aware that other institutions may impose a charge at their ATMs.
  • ATM fee refund: None
  • Overdraft fee: $39

This account is designed for customers age 50 and older. If you qualify for this account, it is one of the bank’s best checking options — it earns interest but doesn’t come with a monthly maintenance fee. Interest rates for this account are tiered, meaning rates differ depending on the balance you maintain; to qualify to earn interest, you must maintain a minimum balance of $1,000. You can call the bank for the most recent interest rates.

In addition to earning interest, you’ll also get free online and mobile banking services and a discount on safe deposit boxes. Finally, this account comes with unlimited free ATM transactions whether at in-network or out-of-network ATMs, which is a feature we like to look for in checking accounts.

How to get The Columbia Bank’s checking accounts

You can apply for any of this bank’s checking accounts online by providing your social security number, a government-issued ID, and your opening deposit. Your account can be funded online with a checking account, savings account, debit card or credit card.

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How The Columbia Bank’s checking accounts compare

Overall, The Columbia Bank has a few checking options worth considering. While a few of their accounts charge monthly fees that we don’t think are worth it for most customers, their Student Checking, Simply Checking and Prime Life Interest Checking are all free.

The Prime Life Interest Checking is The Columbia Bank’s most competitive offer because it earns interest, charges no fees, and offers unlimited free ATMs; the rest of the bank’s checking accounts are less competitive. The best online checking accounts are not only fee-free, but they also offer unlimited free ATMs, and many of them bear interest with no minimum balance amount required.

The Columbia Bank’s savings account options

Statement Savings

This interest-bearing savings account comes with a monthly fee that can be waived.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $6, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

The Columbia Bank’s standard savings account is open to all customers; it bears interest on balances of $100 or more, though you’ll have to call the bank for the most recent rates. This account does come with a monthly maintenance fee — but while it can be waived by maintaining a minimum daily balance of at least $100, we always prefer savings accounts with no monthly fees. The monthly fee is also waived if the account holder is less than 19 years old.

Remember that Federal Reserve Regulation D limits all savings accounts up to 6 certain electronic transfers or withdrawals per month.

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Student Statement Savings

A fee-free savings account for students up to 22 years of age.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Student Checking account holders get 5 no-fee transactions per statement cycle at Non-Fulton Financial Corporation ATMs. Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

This interest-bearing savings account for students age 22 or younger has no monthly account maintenance fee, so you don’t have to worry about keeping a minimum balance. Interest rates vary, but you can call the bank for the latest rates. You’ll get access to all of The Columbia Bank’s mobile and online banking services with this account as well, including mobile check deposit, online statements, and 24/7 access to your accounts.

With a student account, you’ll also get your first 5 ATM transactions at non-Fulton Financial Corporation ATMs free each month. After that, a small fee will be charged by The Columbia Bank on out-of-network ATM transactions.

According to Federal Reserve Regulation D, because this is a savings account, you’re only allowed up to 6 certain electronic transfers or withdrawals each month.

How to get The Columbia Bank’s savings account

Applications are available online for both of The Columbia Bank’s two savings accounts. You’ll need to provide your social security number, a government-issued form of identification, and an opening deposit for your account. Your deposit can be funded online using a checking or savings account or a debit or credit card.

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How The Columbia Bank’s savings accounts compare

All of The Columbia Bank’s savings accounts earn interest, which is a plus. Keep in mind that the best online savings accounts tend to offer significantly higher APYs than traditional brick-and-mortar banks. You should call The Columbia Bank to obtain their current savings account rates and compare them to the competition.

The biggest advantage of the best online savings accounts is that many of them don’t charge any monthly fees, don’t have account minimums, and some even offer unlimited free ATMs. In comparison, The Columbia Bank’s Statement Savings account does come with a monthly fee and only earns interest if your balance stays above the minimum requirement, and they doesn’t waive ATM fees at out-of-network ATMs. If you qualify for it, the Student Statement Savings account offers a more generous ATM fee policy, but it does still charge a monthly fee.

The Columbia Bank’s CD rates

Certificates of Deposit

Certificates come in a variety of options, from variable rate CDs to no penalty CDs.
TermAPY
  3 Month0.05%
  6 Month0.05%
  9 Month No Penalty0.05%
  9 Month No Penalty Promo Relationship Banking  0.30%
12 Month0.05%
  12 Month Variable Rate0.05%
  15 Month0.20%
  18 Month Promo Relationship Banking1.45%
  2 Year0.45%
  30 Month0.45%
  3 Year0.45%
  4 Year0.80%
  5 Year Promo Relationship Banking1.81%
  72 Month0.80%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of up to 6 months, the early withdrawal penalty is equal to 7 days of interest or all interest accrued, whichever is greater. For terms of 6 months to 36 months, the early withdrawal penalty is 182 days of interest. For terms of 36 months or more, the penalty is 12 months of interest.

The Columbia Bank builds a lot of flexibility into their CD offerings. Not only can you choose from terms as short as 3 months and as long as 72 months, but they also offer no penalty certificates, variable rate certificates, and promotional CD rates.

Their 9 Month No Penalty CD allows you to withdraw your money at any time without incurring a penalty as long as you wait at least 7 days after opening. The 12 Month Variable Rate CD comes with an APY that can change at any time after account opening, while the other CD options maintain the same APY throughout the full term of the CD. Finally, the 9 Month No Penalty Promo Relationship Banking CD, 18 Month Promo Relationship Banking CD, and 5 Year Promo Relationship Banking CD offers higher promotional rates for Relationship Banking account holders who maintain a minimum at least $15,000 in total deposits or $20,000 in deposits and consumer loan balances combined.

The bank also offers promotional CD rates at times on certain certificates that offer higher rates than listed above. You can call the bank or visit their website for current promotions.

How to get The Columbia Bank’s Certificates

You can open a Certificate of Deposit by visiting any of The Columbia Bank’s branch locations and applying in person.

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How The Columbia Bank’s Certificate rates compare

You’ll find a wide range of CD options at The Columbia Bank. Their No Penalty CDs and Promo Relationship Banking CDs are unique offerings worth looking into, and you should also consider any promotional CD rates that are currently on offer. Their minimum opening deposit and minimum balance to earn APY requirements are reasonable and on par with other banks.

When compared to best CD rates, though, most of The Columbia Bank’s CDs lag behind. Some of their CDs, such as the 3 Month CD, 6 Month CD, and 9 Month No Penalty CD, have APYs so low you likely won’t even notice as interest accumulates. That being said, if you’re a Relationship Banking customer and meet the account requirements to earn Promo Relationship Banking rates, they are much higher. Keep in mind that several banks offering the best CD rates outearn even The Columbia Bank’s promotional rates, and with minimum balance requirements that are easier to meet.

The Columbia Bank’s money market account options

Money Market Account

Earn interest while maintaining easy access to your funds.
APYMinimum Balance to Earn APY
0.16%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

This money market account charges a monthly maintenance fee, although it can be waived as long as you maintain a minimum daily balance of $1,000 or more. You’ll need to maintain this balance in order to earn interest anyway.

This account gives you the opportunity to earn a small amount of interest and build your savings while still maintaining easy access to your money. But while you can access your funds immediately, money market and savings accounts are still limited to 6 certain electronic withdrawals each month according to Federal Reserve Regulation D.

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Platinum Money Market

Earn tiered interest rates with a higher minimum daily balance.
APYMinimum Balance to Earn APY
0.18%
$10,000 - $24,999
0.24%
$24,999.01 - $49,999
0.26%
$49,999.01 - $74,999
0.27%
$74,999.01 - $99,999
0.32%
$99,999.01 - $249,999
0.33%
$249,999.01 - $999,999
0.34%
$999,999.01 - $1,999,999
0.34%
$1,999,999.01 or more
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $25, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

If you’re able to commit to maintaining a large balance in your account, the Platinum Money Market account will help you earn slightly higher rates than those offered by their regular money market account. You will need to maintain a minimum daily balance of at least $10,000, or else you’ll be charged a pretty steep monthly maintenance fee. Balances below that amount won’t earn interest either.

This money market account gives you easy access to your funds, although you won’t get any ATM fee waivers if you’re withdrawing money from out-of-network ATMs. Keep in mind that you’re limited to 6 certain electronic transfers or withdrawals per month according to Federal Reserve Regulation D.

How to get The Columbia Bank’s Money Market accounts

You can open The Columbia Bank’s Money Market accounts online by filling out their online application form. It will require that you submit your social security number and a government-issued form of identification, and you can fund the account using funds from a checking or savings account or a debit or credit card.

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How The Columbia Bank’s money market accounts compare

The monthly maintenance fees charged by The Columbia Bank’s money market accounts are rather high, and although they can be waived, it’s often best to go with accounts that have low or no fees.

In terms of rates, even the Platinum Money Market account earns an APY that’s far lower than the best money market rates. Some of the best money market rates are roughly ten times higher than those offered by The Columbia Bank, and there are even a few online banks that offer higher rates with no minimum balance requirement and no monthly fees.

The Columbia Bank’s IRA account options

IRA Certificate rates

The IRA CDs earn interest and offer promotional rates for Relationship Banking customers.
TermAPY
3 Month0.05%
6 Month0.05%
12 Month0.05%
15 Month0.20%
18 Month Promo Relationship Banking1.45%
2 Year0.45%
30 Month0.45%
3 Year0.45%
4 Year0.80%
5 Year Promo Relationship Banking1.81%
72 Month0.80%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of up to 6 months, the early withdrawal penalty is equal to 7 days of interest or all interest accrued, whichever is greater. For terms of 6 months to 36 months, the early withdrawal penalty is 182 days of interest. For terms of 36 months or more, the penalty is 12 months of interest.

The Columbia Bank’s IRA CDs all have reasonable minimum opening deposit and minimum balance amount to earn APY requirements. There are no penalty free CDs available as IRA accounts, but you can access promotional APYs if you qualify for their 18 Month Promo Relationship Banking IRA CD or their 5 Year Promo Relationship Banking IRA CD. You’ll need to be a Relationship Banking customer in order to access these rates, and you’ll also have to have a minimum balance of at least $15,000 across all deposits or $20,000 across deposits and consumer loans.

How to get The Columbia Bank’s IRA CDs

You can open an IRA CD with The Columbia Bank by visiting them in person at one of their branch locations.

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How The Columbia Bank’s IRA CD rates compare

When compared to the best IRA CD rates, most of The Columbia Bank’s IRA CD rates are notably lower. The bank’s most competitive IRA CDs are those that offer promotional rates for Relationship Banking customers, but those are only available in 18-month and 5-year terms, and you have to keep a fairly high balance in your The Columbia Bank accounts in order to qualify for these rates.

IRA money market account

Earn interest with a low minimum deposit.
APYMinimum Balance to Earn APY
0.08%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: ATM cards are not available to IRA money market account holders.
  • ATM fee refund: None
  • Overdraft fee: $39

If you’re looking for a tax-advantaged retirement savings account, The Columbia Bank offers free IRA money market accounts that give you the opportunity to take advantage of changes in interest rates. Interest is compounded daily on these accounts.

Keep in mind that withdrawal options from your IRA money market account might be limited, given that it is a retirement account. Typically, any money withdrawn before you hit age 59 ½ is considered premature, and you may have to pay an early withdrawal penalty on those amounts.

How to get The Columbia Bank’s IRA accounts

Head into your local The Columbia Bank branch to talk about getting an IRA account. It’s recommended that you consult a tax professional before opening an IRA.

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Overall review of The Columbia Bank’s banking products

The Columbia Bank offers a handful of personal banking products that come with low fees, and a few of their checking accounts charge no monthly fees at all. That being said, many of the best online banks offer checking and savings accounts that are completely fee-free, regardless of the balance you maintain. You’ll also find that The Columbia Bank’s rates on all of their accounts are relatively low when compared to the competition.

This bank’s best products are those designed specifically for students and seniors, including Prime Life Interest Checking, and their Student Checking and Student Statement Savings accounts. They also offer CDs and money market accounts with premium rates for certain customers, but those rates are less than impressive when you consider the minimum account balances required to earn them.

On the whole, this bank might be worth banking with if you’re looking to build a relationship with them or prefer brick-and-mortar banks and live near one of their branches, but they’re not the best option if you’re seeking high interest rates and want to avoid fees.

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Reviews

Stock Yards Bank & Trust Company 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 may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Stock Yards Bank & Trust’s checking account options

Secure Checking

A secure checking account with a monthly fee and unlimited check writing.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

Stock Yards Bank and Trust’s Secure Checking account comes with a range of services and discounts designed to make your financial life more secure. You’ll get identity theft reimbursement coverage, credit file monitoring, a free credit report every 90 days and monitoring of your identity. You’ll also have access to up to $10,000 in accidental death and dismemberment insurance, up to $300 in cellphone protection and purchase protection with your debit card.

All of this does come with a $7 monthly fee that cannot be waived, and we tend to prefer free accounts. That being said, if you’re interested in those services, you might find them worth it. The minimum opening deposit on this account is small, and there’s no minimum balance requirement. You’ll also get unlimited check writing. This is a non-interest-bearing account.

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Basic Checking

This checking account is free if you enroll in e-statements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3, can be waived with e-statements
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

The Basic Checking account comes with a small monthly fee that’s automatically charged to the account. However, if you enroll in e-statements, you’ll receive a credit each month reimbursing you for that fee.

After your first five checks written per month, you’ll be charged $0.50 each subsequent check. You’ll also be charged $0.50 each for mobile deposits. While getting reimbursed for the monthly fee is easy, all of the extra charges associated with this account can add up.

This is a non-interest-bearing checking account with a reasonable minimum opening deposit, although it’s a bit higher than the usual. It might meet your basic needs, but it’s not hard to find a better deal.

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Student Checking

A free checking account for students with few other perks.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3, can be waived with e-statements
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: The first 4 foreign ATM transactions each month are reimbursed.
  • Overdraft fee: $35

The Student Checking account is a non-interest-bearing account with a low monthly fee that will be credited back to your account as long as you enroll in e-statements. The minimum opening deposit isn’t the lowest we’ve seen, but it’s not outrageous. You can only write five checks per month without incurring a fee; after that, you’ll be charged $0.50 for each check you write.

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Premier Interest Checking

This interest-bearing checking account has a waivable monthly fee.
APYMinimum Balance to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10, waived if certain requirements are met
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

You’ll earn interest with the Premier Interest Checking account, although the APY is low enough that it won’t make a noticeable difference on your balance. This account comes with a sizeable monthly service fee in exchange for that interest, which can only be waived by maintaining a minimum daily balance of $1,000 in your checking account or a minimum daily balance of $5,000 across all of your Stock Yards Bank and Trust accounts.

Finally, check writing is unlimited on this account, so you don’t have to worry about fees in that arena. The minimum opening deposit is also the same as that on other checking accounts at Stock Yards Bank and Trust.

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50+ Interest Checking

A tiered interest rate, lower fee and unlimited checks for customers age 50 and over.
APYMinimum Balance to Earn APY
0.01%
$0.01 - $4,999
0.03%
$5,000 - $24,999
0.03%
$25,000 - $99,999
0.05%
$100,000 and over
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $4, waived if certain requirements are met
  • ATM fee: Free unlimited ATM transactions.
  • ATM fee refund: None
  • Overdraft fee: $35

Open to customers age 50 and older, the 50+ Interest Checking account earns tiered interest at higher rates than those offered by the Premier Checking account. The monthly service fee is also lower on this account, and it can be waived if you maintain a balance of $100 in your checking account or $5,000 across all Stock Yards Bank and Trust accounts. You also get unlimited check writing.

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Platinum Checking

This account pays more in interest but requires a sky-high opening deposit.
APYMinimum Balance to Earn APY
0.00%$0.01 - $4,999
0.01%$5,000 - $24,999
0.03%$25,000 - $99,999
0.07%$100,000 - $999,998
0.10%$999,999 and over
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $15, waived if certain requirements are met
  • ATM fee: Free unlimited ATM transactions.
  • ATM fee refund: None
  • Overdraft fee: $35

You’ll need a large sum of money ready to deposit in order to open this account. This checking account is for customers who maintain higher balances and want to earn a higher interest rate. The APY on the Platinum Checking account is somewhat generous for a checking account, especially if your balance falls within one of the higher tiers.

However, this account comes with the highest monthly service fee and the highest minimum balance requirements to waive the fee. You’ll have to maintain a minimum daily balance of $10,000 in this account or $25,000 across all of your accounts in order to avoid paying the monthly fee. Alternatively, you can waive the monthly fee if you have at least $50,000 in loans with Stock Yards Bank and Trust.

How to get Stock Yards Bank & Trust’s checking accounts

You must apply for the Student Checking account in person, and you must show valid student identification in order to apply. The rest of Stock Yards Bank and Trust’s checking accounts can be opened online. The application form is brief and requires basic information like your Social Security number, address and a government-issued form of identification. You can always open an account in person or over the phone if you prefer.

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How Stock Yards Bank & Trust’s checking accounts compare

When stacked up against our list of the best online checking accounts, Stock Yards Bank and Trust falls behind. Not only do all Stock Yards Bank and Trust’s checking accounts charge monthly service fees, but several of them charge for other basic services such as check writing and mobile deposits. The bank’s ATM fee policy is less than generous unless you can afford Platinum Checking or qualify for 50+ Interest Checking.

While a couple of the accounts do earn interest, even the highest-earning account doesn’t outperform the competition, and it requires a very large minimum opening deposit. Overall, there’s little reason to go with this bank over the competition.

Stock Yards Bank & Trust’s savings account options

Statement Savings

A standard, interest-bearing savings account with no monthly fee.
APYMinimum Balance to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by non-SYB ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

While this savings account doesn’t have a monthly fee, it only allows for three free withdrawals per month. After that, you’ll have to pay a fee of $2 per withdrawal, so this isn’t a great option if you think you’ll need access to your savings more than three times per month.

There are no minimum daily balance requirements on this account, and you’ll earn interest on any balance no matter how small. That being said, the interest rate on this savings account isn’t competitive. There’s also no higher rate for customers with larger balances.

How to get Stock Yards Bank & Trust’s savings account

You can open a savings account with Stock Yards Bank and Trust Company online by filling out their application form. You’ll need to submit your Social Security number, address and a government-issued ID in order to complete the application, so have those ready.

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How Stock Yards Bank & Trust’s savings accounts compare

Stock Yards Bank and Trust only offers one savings option, and it doesn’t charge monthly service fees or have account minimums, which we like. However, the rates on this account are low enough that you’re unlikely to even notice interest accumulating.

The best online savings accounts offer rates that are significantly higher and also have no monthly fees or minimum balance requirements to open or earn APY. Some of them even offer ATM cards and free checking accounts, giving you easy access to your money.

Stock Yards Bank & Trust’s CD rates

Certificates of Deposit

These CDs include some hard-to-find term lengths and an unusual early withdrawal penalty.
TermAPY
30 - 90 days0.25%
 91 days0.25%
 6 Month0.25%
 1 Year0.40%
 15 Month1.85%
 18 Month0.45%
 23 Month2.25%
 2 Years0.50%
 3 Years0.60%
 4 Years0.65%
 5 Years0.80%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: $25 plus 3% of the amount withdrawn

The certificates of deposit at Stock Yards Bank and Trust come in a wide range of terms, including some terms we rarely see, like 30 days and 23 months. Whether you’re looking to lock up your money at a higher rate for the short term or long term, you’ll find a CD here that fits your needs.

The rates on these CDs aren’t the most competitive, with the exception of their 23 Month CD, which stands out as a fairly generous offering. The minimum opening deposit required is on par with CD offerings at other banks.

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13 Month Penalty Free Certificate

This CD pays a slightly lower rate but lets you access your money without a fee.
TermAPY
13 Month0.35%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: None

This certificate allows for additional flexibility if you’re worried you might need to access your money before the term is up, making it a great option for your emergency fund. You have to wait six days after opening the account to withdraw money, but after that, you’re able to withdraw up to the entire balance plus interest earned without incurring any penalties.

There is a significantly higher minimum opening deposit and minimum balance to earn APY on this CD as compared with their regular CDs. The interest rate is also a bit lower than what you’d earn on their regular 1 year certificate.

How to get Stock Yards Bank & Trust’s Certificates

You can apply for this bank’s 23 Month CD by filling out the online application form. This form is brief but does require that you submit a government-issued ID. The rest of their CDs must be applied for in person or over the phone.

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How Stock Yards Bank & Trust’s Certificate rates compare

Stock Yards Bank and Trust’s CDs come with a fairly low minimum opening deposit requirement, making them accessible to most customers. They also have a wide range of options, including a 30 Day CD, which can be hard to find. If you’re able to make a larger minimum opening deposit, you can even access their penalty-free 13 Month CD, which doesn’t offer rates as high as their regular CDs but does offer the flexibility of knowing you can withdraw your money at any point without paying a penalty.

Despite this variety and flexibility, the APYs offered on these CDs just can’t beat the best CD rates on the market. This is particularly true if you’re looking to make a larger minimum opening deposit. This bank’s best CD deals are certificates with shorter terms, specifically those that are less than one year.

Stock Yards Bank & Trust’s money market account options

Premier Money Market

This account has a relatively low minimum opening deposit requirement.
APYMinimum Balance to Earn APY
0.01%
$0.01 - $9,999
0.03%
$10,000 - $24,999
0.05%
$25,000 - $49,999
0.07%
$50,000 - $499,999
0.10%
$500,000 and over
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

This money market account has a fairly low minimum opening deposit with no minimum balance to earn APY requirement. It earns tiered interest based on your account balance and offers check-writing privileges.

We tend to prefer fee-free accounts, and this account does come with a monthly maintenance fee. It can be waived by meeting the balance requirement on the accounts, which is a minimum daily balance of $1,000.

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Platinum Money Market

Higher tiered interest rates for customers with a Platinum Checking account.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15, can be waived
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

The Platinum Money Market account is open to customers who also hold a Platinum Checking account. It offers tiered interest at a higher rate than the bank’s Premier Money Market account. Rates for this account are not publicly available, so you’ll have to call Stock Yards Bank and Trust to ask for current rates in your area. Note that this account isn’t available in all areas.

The monthly maintenance fee on this account is higher, and you’ll need to maintain a minimum daily balance of $10,000 to waive it. The minimum opening deposit is also steep compared with the Premier Money Market account. You’ll also get check-writing privileges with this account.

How to get Stock Yards Bank & Trust’s Money Market accounts

You can open the Premier Money Market account online by filling out a brief application form. The Platinum Money Market account cannot be opened online. You’ll want to call Stock Yards Bank and Trust to make sure that it’s available in your area, and then you can apply for the account over the phone or in person. You will need to open a Platinum Checking account first if you don’t already have one.

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How Stock Yards Bank & Trust’s money market accounts compare

We like that Stock Yards Bank and Trust offers two money market options that serve different types of customers. The Premier account comes with a minimum opening deposit that’s accessible to most people and no minimum balance to earn APY. If you’re looking to deposit more, the Platinum account will reward you with a higher rate. Both accounts come with a monthly maintenance fee, which, while waivable, isn’t ideal.

Rates for the Platinum Money Market account aren’t published, but compared with the accounts on our list of best money market rates, this bank’s Premier account doesn’t fare well. The interest rates offered by this account are significantly lower than what you could get elsewhere, and most of these alternatives don’t charge a monthly fee. That being said, a number of them aren’t as accessible as they tend to have higher minimum balance requirements.

Stock Yards Bank & Trust’s IRA account options

IRA Certificate rates

The IRA CDs have longer terms but still require a low minimum opening deposit.
TermAPY
6 Month0.25%
  1 Year0.40%
  15 Months1.85%
  18 Months0.45%
  23 Months2.25%
  2 Years0.50%
  3 Years0.60%
  4 Years0.65%
  5 Years0.80%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: $25 plus 3% of the amount withdrawn

Stock Yards Bank and Trust’s IRA CDs are similar to their standard CDs, although they don’t offer terms shorter than six months. The rate structure is the same, though, as are the minimum opening deposit and minimum balance to earn APY, both of which are low.

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How Stock Yards Bank & Trust’s IRA CD rates compare

Like this bank’s regular CDs, their IRA CDs don’t manage to stand up to the best IRA CD rates, which are a great deal higher than what’s offered here. Again, the 23 Month IRA CD offered by Stock Yards Bank and Trust does do better when compared with the competition.

IRA Money Market account

Earn a small amount of interest with a very low minimum opening deposit.
APYMinimum Balance to Earn APY
0.25%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $0
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

This IRA Money Market account comes with a very low minimum opening deposit and a low minimum balance required to earn APY, making it accessible to most customers. That being said, the interest rate currently isn’t any higher than what’s offered by this bank’s regular savings account.

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IRA Savings account

These tax-advantaged savings accounts will help you save for retirement.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

Stock Yards Bank and Trust Company offers IRAs to customers who want to contribute to their retirement in a tax-advantaged retirement account. You can choose from a traditional IRA, Roth IRA or SEP IRA. Each account has contribution limits, and withdrawing your money before age 59½ may incur penalties. You’ll need to call to find their current rates.

How to get Stock Yards Bank & Trust’s IRA accounts

You can open this bank’s IRA accounts by calling or visiting them in person. None of the IRA accounts are open to online applications.

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Overall review of Stock Yards Bank & Trust’s banking products

Few of Stock Yards Bank and Trust’s banking products stand up to the competition in terms of fees and interest rates. A few of their checking accounts earn interest, but all of them charge monthly fees. Even if these fees can be easily waived, there are plenty of checking options that don’t charge a monthly service fee at all. They do have a fairly generous ATM fee policy, although it isn’t fee-free.

Their savings and investment products offer better interest rates than larger, traditional banks, but you can still find higher APYs at other banks and credit unions. While their savings account has no fees, the money market accounts do charge sizeable monthly maintenance fees. In terms of product range, they do offer a variety of different certificates, money market and retirement accounts to meet your unique individual needs.

Stock Yards Bank and Trust has a great reputation, and their customer service representatives were pleasant and helpful when we contacted them. However, their accounts are less than ideal for customers seeking out the lowest fees and the highest returns.

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Reviews

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

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

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Signature Federal Credit Union’s checking account options

Standard Checking

A free checking account with a modest interest rate.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches, of which there are over 30,000 nationwide; Signature Federal Credit Union does not charge a fee for out-of-network ATM use, but the providers of those ATMs likely will
  • ATM fee refund: None
  • Overdraft fee: $30

This basic checking account earns interest, although the APY is minimal. But you won’t have to make a minimum opening deposit or pay any monthly fees to have this account. That it earns interest at all is generous.

You’ll also get a free order of standard checks each year and free ATM usage at a nationwide network of over 30,000 ATMs. The credit union also offers comprehensive online banking services and e-statements.

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Legacy Checking

A higher APY for members 55 and older.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; Signature Federal Credit Union does not charge a fee for out-of-network ATM use, but the providers of those ATMs likely will
  • ATM fee refund: None
  • Overdraft fee: $30

Similar to the Standard Checking account, Signature Federal Credit Union’s Legacy Checking account has no minimum opening deposit requirement and doesn’t charge monthly service fees. You’ll also get access to a network of 30,000 free ATMs and a free box of checks each year.

The only difference between these two accounts is that Legacy Checking is only open to customers who are 55 or older. You’ll earn a slightly higher APY on this account without any minimum balance requirements.

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Choice Checking

If you meet certain requirements, the Choice Checking account allows you to choose whether you prefer a high-yield APY, ATM fee reimbursements or rewards points.
High-Yield Choice CheckingMinimum Balance to Earn APY
2.00%
$0.01
2.00%
$15,000.01
ATM/Rewards Choice CheckingMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; Signature Federal Credit Union does not charge a fee for out-of-network ATM use, but the providers of those ATMs likely will
  • ATM fee refund: If you choose ATM fee reimbursements as your preferred benefit, you’ll get up to $10 in ATM fees from out-of-network ATMs reimbursed each month
  • Overdraft fee: $30

As a Choice Checking account holder, you get to choose one benefit to be added to your account. The choice is between a higher dividend rate, up to $10 a month in out-of-network ATM fee reimbursements, or debit card reward points, depending on your goals and spending habits.

Although it has no monthly fees, you do have to meet certain requirements to qualify for the Choice Checking account. You’ll need to receive monthly direct deposits into your account of at least $1,000 and enroll in e-statements. Also, if you want to qualify for the high dividends benefit, you’ll need to make at least 10 in-store or online purchases each month on your debit card. The high-yield APY option is very high for a checking account, although if your account balance surpasses a limit that’s quite high for your everyday customer, your APY will be lowered to the standard rate.

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Student Checking

A free checking account with free ATMs nationwide.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Student Checking account holders get nationwide free ATMs; charges imposed for out-of-network ATM use may apply
  • ATM fee refund: None
  • Overdraft fee: $30

This fee-free account designed for students earns interest, although the rate is so low that you’re unlikely to notice it grow. As an account holder, you’ll also get 100 free checks a year and free ATMs nationwide, which is an excellent benefit if you often find yourself having to use out-of-network ATMs.

You don’t have to maintain a minimum balance or deposit a certain amount to open this account. You’ll also get a Visa debit card that you can use worldwide.

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Youth Checking

A youth account with a higher APY to teach your kids money saving habits early.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; Signature Federal Credit Union does not charge out-of-network fees, but the providers of those ATMs likely will
  • ATM fee refund: None
  • Overdraft fee: $30

Youth Checking accounts are open to those ages 13 to 17. To open an account, you must have a qualified adult guardian who is age 18 or older as a joint account holder on your Youth Checking account. You’ll get a Visa debit card that can be used worldwide once you open the account. It doesn’t come with checks.

As a Youth Checking account holder, you’ll earn interest at a slightly higher rate than the credit union’s standard APY. You won’t have to worry about monthly fees or maintaining a minimum balance, and you’ll have access to more than 30,000 free in-network ATMs.

How to get Signature Federal Credit Union’s checking accounts

To open a checking account at Signature Federal Credit Union, you’ll need to first become a member. You can fill out a membership application online, which will ask you to select your eligibility for membership. If you’re approved, you’ll need to open a savings account and deposit $5.

After that, you can submit an application for your preferred checking account online. If you’re already a member, you don’t need to apply for a checking account. You can email or call the credit union’s member services department at 800-336-0284, ext. 684, to get your new checking account set up.

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How Signature Federal Credit Union’s checking accounts compare

This credit union offers a variety of checking account options. All of them come with no monthly fees, no opening deposit requirements and no minimum balance requirements to earn interest — and they all earn interest. You also don’t have to worry about Signature Federal Credit Union charging for ATM fees whether you’re using an in-network or out-of-network ATM.

While some of the best online checking accounts earn significantly higher interest rates, the checking account options at Signature Federal Credit Union are still excellent for the low fees and minimal account requirements. What’s more, its Choice Checking account earns a higher interest rate than almost any of the best online checking accounts if you select the high-yield APY benefit and meet certain requirements.

Signature Federal Credit Union’s savings account options

Savings

This interest-bearing account has no monthly fees and a low opening deposit.
APYMinimum Balance to Earn APY
0.25%
$100
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; Signature Federal Credit Union does not charge a fee for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

You’ll need to meet a minimum balance threshold to start earning interest on this account, but the required amount is easy to meet. The minimum balance requirement is based on your average daily balance.

If you meet the APY threshold, the interest rate is fairly low for a savings account. But there’s also a very low minimum opening deposit requirement. You won’t have to pay a monthly service fee or maintain a certain balance to have this savings account.

As per Federal Reserve Regulation D, savings and money market accounts such as this one are limited to six certain withdrawals or transfers a month.

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Youth Savings account

Children ages 17 and younger earn higher interest rates with this free savings account.
APYMinimum Balance to Earn APY
0.35%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; no fee for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

Signature Federal Credit Union’s Youth Savings account offers a higher APY to help encourage kids and teens to start saving early. Once you’re 18 years or older, you can no longer have a Youth Savings account.

To open this account, a qualified adult guardian must be added as a joint account holder. Students can participate in a rewards program that offers promotional deposits for excellent grades by submitting their report cards. You’re allowed up to six certain monthly withdrawals or transfers on this account, a requirement put in place by Regulation D.

How to get Signature Federal Credit Union’s savings accounts

Opening a savings account with a $5 deposit is the first step to joining Signature Federal Credit Union. You’ll need to first establish your membership eligibility by filling out an online membership application. The application is brief and asks you to supply your reasons for eligibility, as well as a photo of your government-issued ID.

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How Signature Federal Credit Union’s savings accounts compare

Compared to the best online savings accounts, Signature Federal Credit Union’s savings options are significantly behind in terms of rates. None of these account options offer a high-yield APY.

That being said, they also come with no monthly fees and no minimum balance requirements, and opening an account is as easy as depositing five dollars. It’s worth noting that a few online savings accounts also come with no monthly fees and low minimum opening deposits but earn far higher interest rates.

Signature Federal Credit Union’s CD rates

Share Certificates

These certificates have a low opening deposit and come in terms ranging from three months to five years.
TermAPY
3 months0.45%
  6 months0.55%
  9 months0.65%
  12 months0.90%
  18 months1.00%
  24 months1.00%
  3 years1.00%
  4 years1.00%
  5 years1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The early withdrawal penalty depends on the certificate term; you’ll pay half of the interest that would be earned throughout the full term of the certificate.

In exchange for leaving your account balance untouched for the full term, you’ll earn a significantly higher APY than you would with Signature Federal Credit Union savings accounts. Its Share Certificates come in a variety of terms, including three month and 18 month certificates, which can be harder to find. Minimum opening deposits on these certificates are fairly standard.

You can’t make additional deposits once your Share Certificate has been opened. If you withdraw your money before the term is up, a sizable penalty will be incurred. At the end of your term, you can opt to withdraw your funds or roll them into a new certificate at new rates.

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Jumbo Share Certificates

Earn a higher APY for a larger opening deposit.
TermAPY
1 year1.00%
  2 years1.10%
  3 years1.10%
  4 years1.10%
  5 years1.10%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Depends on the certificate term; you’ll pay half of the interest that would be earned throughout the full term of the certificate

Signature Federal Credit Union’s Jumbo Share Certificates are for customers who can make a large opening deposit. By maintaining a high balance, you’ll earn a slightly higher interest rate.

The Jumbo Share Certificates have fewer term options than the Share Certificates, with the shortest term option being a year. Withdrawing your money before the term is complete will result in a substantial penalty.

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EZ Save Certificate

You can open this certificate with a very low minimum deposit and add to it throughout the term.
TermAPY
1 Year2.25%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Half of the interest that would be earned throughout the full term

For customers who want some added flexibility, Signature Federal Credit Union offers the EZ Save Certificate. This certificate comes in only one term option — one year — but the minimum opening deposit and minimum balance to earn APY are far lower than what’s required for the Share Certificate. You’ll still get the same interest rate.

You can also add money to this certificate whenever you want, making it a great option for people who want to start out with a small opening deposit and add money as they earn it. You still have to pay an early withdrawal penalty if you take out your money before the term is over.

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Advantage Certificate

A limited-time promotion that offers a higher APY.
TermAPY
13 months2.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Half of the interest that would be earned throughout the full term

The Advantage Certificate is a limited-time promotion offered by Signature Federal Credit Union that gives customers a promotional rate on 13 month certificates. This rate is notably higher than the APYs on most of its Share Certificates. Apart from the special rate, this certificate is identical to the credit union’s Share Certificates.

How to get Signature Federal Credit Union’s certificates

If you’re already a member of Signature Federal Credit Union, you can open a certificate by calling or emailing its member services department. If you’re not a member, you’ll need to first fill out a membership application form, which can be found online. If you’re eligible, the credit union requires you to open a savings account and deposit $5 to initiate your membership.

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How Signature Federal Credit Union’s certificate rates compare

From better rates for higher balances to promotional certificates and certificates with low opening deposits that you can add money to as you go, Signature Federal Credit Union offers a certificate option for everyone. They come in a variety of terms with minimum balance requirements for all budgets.

But if you compare its certificates to the best CD rates, even its Jumbo Share Certificates fall short. The only options that perform well when compared to the competition are the EZ Share Certificate, for its extremely low minimum opening deposit, and the Advantage Certificate, for its promotional APY.

Signature Federal Credit Union’s money market account options

Money Market

A money market account with no opening deposit requirement and a low minimum balance to earn APY.
APYMinimum Balance to Earn APY
0.30%
$500
0.35%
$10,000
0.40%
$50,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; no out-of-network fee
  • ATM fee refund: None
  • Overdraft fee: $30

With Signature Federal Credit Union’s Money Market account, you’ll earn a rate higher than its standard savings rate. But you do have to maintain a larger minimum balance to earn interest on this account. Dividends are also tiered, which means that larger balances will earn more generous rates.

There’s no early withdrawal penalty associated with money market accounts, but you can only make six withdrawals a month. This account also comes with 50 free checks a year.

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Legacy Money Market

Earn an extra 0.10% APY if you’re age 55 or older.
APYMinimum Balance to Earn APY
0.40%
$500
0.45%
$10,000
0.50%
$50,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; no out-of-network fees
  • ATM fee refund: None
  • Overdraft fee: $30

The Legacy Money Market account has the same requirements in terms of minimum balances and opening deposits as the regular Money Market account. The differences are that it’s only open to customers 55 or older and it earns a slightly higher APY. You’re still limited to six transactions a month, and you’ll get 50 free checks a year.

How to get Signature Federal Credit Union’s Money Market account

Members of Signature Federal Credit Union can call the membership services department to open a new money market account. If you’re not a member of the credit union, you can fill out an online membership application to determine your eligibility. Once approved, you’ll need to open a savings account with a $5 deposit to become a member, and then you can open a money market account.

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How Signature Federal Credit Union’s money market accounts compare

The best money market rates outperform both of Signature Federal Credit Union’s money market accounts by a significant margin. While most of them have a higher APY requirement, several have no minimum balance requirements. Neither Signature Federal Credit Union’s money market accounts nor the best money market accounts charge monthly service fees.

Signature Federal Credit Union’s IRA account options

IRA Certificate

An IRA Certificate with a variety of terms.
TermAPY
3 months0.45%
 6 months0.55%
 9 months0.65%
 12 months0.90%
 18 months1.00%
 24 months1.00%
 3 years1.00%
 4 years1.00%
 5 years1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Half of the interest that would be earned throughout the full term of the certificate

Signature Federal Credit Union offers its Share Certificates as IRA Certificates with the same flexibility on terms and interest rates. These IRA Certificates are available for both traditional and Roth IRAs. Once you’ve opened your IRA Certificate, no additional deposits can be made.

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IRA Jumbo Certificate

Higher interest for a higher account balance.
TermAPY
1 year 1.00%
2 years1.10%
3 years1.10%
4 years1.10%
5 years1.10%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Half of the interest that would be earned throughout the full term of the certificate

Jumbo Share Certificates can be opened as either regular Share Certificates or IRA Certificates, with the same rates and term options. You’ll earn a higher interest rate for making a larger opening deposit with these certificates. You can’t add money to your IRA Jumbo Certificate once it’s been opened.

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on Signature Federal Credit Union’s secure website

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How Signature Federal Credit Union’s IRA CD rates compare

The best IRA CD rates are quite a bit higher than the rates offered by Signature Federal Credit Union’s IRA Certificates. Even when compared to IRA CDs with similar or lower minimum opening deposit requirements, Signature Federal Credit Union’s offerings fall short.

IRA Savings

Earn interest with no minimum balance requirement.
APYMinimum Balance to Earn APY
1.00%
$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: Free ATMs at CO-OP and Culiance network branches; no out-of-network fees
  • ATM fee refund: None
  • Overdraft fee: $30

Signature Federal Credit Union offers both traditional IRA and Roth IRA savings accounts. Traditional IRA accounts allow you to make tax-deferred contributions to your savings, while Roth IRA accounts allow contributions after tax. With both accounts, you’ll have to wait until you’re age 59 ½ to withdraw money if you want to avoid penalties. It’s recommended that you consult a tax advisor about opening an IRA savings account. As with any savings account regulated by Federal Reserve Regulation D, you’re only allowed six certain transfers and withdrawals per month.

How to get Signature Federal Credit Union’s IRA Savings account

You can fill out a membership application online to join Signature Federal Credit Union. To become a member, you’ll need to meet the membership eligibility requirements discussed at the beginning of this review, and you’ll need to open a savings account with a $5 opening deposit. After that, you can speak with member services about opening an IRA Savings account.

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on Signature Federal Credit Union’s secure website

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Overall review of Signature Federal Credit Union’s banking products

Signature Federal Credit Union shines when it comes to its low fees. None of this credit union’s accounts charge monthly fees or require that you maintain a minimum monthly balance, which is a huge plus. While some have minimum opening deposit requirements, they’re all quite low. Although only one account offers ATM reimbursements for fees charged by other ATM providers, the credit union itself doesn’t assess a fee for out-of-network ATM usage, and they have a large network of 30,000 ATMs for members to use.

The checking accounts offered by Signature Federal Credit Union are especially worth considering. Not only do they come with virtually no fees, but they all earn interest — and some of them come with extra perks. It might also be worth building a relationship with this credit union if you’re hoping to access some of its credit and lending services in the future.

When it comes to rates offered by its savings, money market, certificate and IRA accounts, Signature Federal Credit Union doesn’t fare as well. While its fees are still low, the APY on these accounts is rarely competitive. It does have a couple of certificates worth considering due to promotional rates and low minimum opening deposit requirements. But this credit union might not be the best place to park large sums of money.

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