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Associated Bank Review: Checking, Savings, CD and Money Market Accounts

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

Associated Bank’s checking account options

Associated Checking

The bank’s basic, non-interest bearing checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $11; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account does not have the ability to earn interest. It is, however, fairly easy to avoid its monthly fee; you can do so by having direct deposits of at least $500 total per statement cycle, maintaining a $1,000 minimum daily balance, maintaining a combined balance of at least $2,500 in your deposit accounts within the same statement cycle (or have an HSA or investment account) or if you’re under the age of 24 and opt for eStatements instead of paper. This account also offers cash back rewards with certain purchases, mobile and online banking and bill pay services and a free debit Mastercard. Lastly, since the bank charges account holders various fees for using out-of-network ATMs, you may want to contact customer service to clarify what they are if this is a concern.

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Elite Checking

This account allows you to earn interest on high balances.
Minimum Balance to Earn APYAPY (Standard)APY (Preferred)
$0.01N/A0.01%
$25,000N/A0.06%
$250,000N/A0.10%
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25; can be waived if you maintain a combined balance of $10,000 in deposit accounts within the same statement cycle, or have either an HSA or investment account
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account allows holders to earn interest on balances of at least $10,000 — however, you’ll have to contact the bank to find out what standard rates are available in your area. This account also comes with mobile and online banking and bill pay services, a free debit Mastercard, free personal and traveler’s checks and cash back rewards on certain purchases.

How to get Associated Bank’s checking accounts

Both of Associated Bank’s checking accounts can be opened online or in person. To do so, you’ll need to be prepared to provide your Social Security number and a government-issued I.D. (e.g. a driver’s license, state I.D. or passport). Account holders under age 18 must have a parent open the account with them as a joint owner.

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How Associated Bank’s checking accounts compare

At first glance, these two accounts don’t beat out those on our list of the best online checking accounts. For starters, one doesn’t earn interest, while the other doesn’t even have its rate readily available — and both have pretty high monthly fees. Neither of these accounts make it particularly easy to avoid the fees, as even $1,000 might be challenging for some people to maintain on the basic checking account. It’s difficult to compare the Elite Checking account to those on our list without knowing the rate you’ll be getting, but the high balance needed to earn it might be a drawback to some.

Associated Bank’s savings account options

Associated Savings

A basic savings account earning a small amount of interest.
Minimum Balance to Earn APYAPY (Standard)APY (Preferred)
$0.010.03%0.05%
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

The monthly fee on this account can be waived with a $300 minimum daily balance or at least $25 per month in recurring direct deposits or online banking transfers, or if you are under age 18. This account also comes with free online banking services. Additionally, since the bank charges various fees for using out-of-network ATMs, you may want to contact customer service to clarify what they are if this could be an issue. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain types of withdrawals and transfers to six per month.

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on Associated Bank, NA’s secure website

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Zero Interest Savings

As the name suggests, this account earns absolutely no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account has a lot of the same requirements as the bank’s other savings account, though it earns absolutely no interest. Its monthly fee can be waived with a minimum daily balance of $300 or at least $25 per month in recurring direct deposits or online banking transfers, or if you are under age 18. As with the bank’s other accounts, Associated Bank charges various ATM fees when you use an out-of-network ATM, so you may want to contact the bank to clarify what they are before using one. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which allows certain types of limits withdrawals and transfers to six per month.

How to get Associated Bank’s savings accounts

Both of the bank’s savings accounts can be opened online or in person. To do so, you’ll need to provide your government-issued ID and Social Security number. Account holders under age 18 must have a parent open the account with them as a joint owner.

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on Associated Bank, NA’s secure website

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How Associated Bank’s savings accounts compare

Based on interest rates alone, Associated Bank’s savings accounts lose hard to those on our list of the best online savings accounts. Not only that, but these two bare-bones accounts don’t offer anything in the way of perks and additional services. Plus, the only difference between the two accounts appears to be the fact that you can earn interest (albeit a very small amount) on the Associated Savings account, so we don’t know why anyone would opt for the Zero Interest Savings, given the choice. Do yourself a favor and shop around, or consider one of the accounts on our list instead.

Associated Bank’s CD rates

Regular Term CDs

The bank’s standard CDs, requiring a $1,000 opening deposit in exchange for pretty dismal rates.
TermAPY (Standard)APY (Preferred)
3 months0.10%0.10%
6 months0.10%0.10%
9 months0.10%0.10%
12 months0.10%0.15%
18 months0.10%0.26%
24 months0.10%0.28%
30 months1.05%1.30%
36 months0.10%0.35%
48 months0.15%0.40%
60 months0.35%0.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms less than 12 months, it’s 90 days’ worth of interest; for terms greater than or equal to 12 months but less than 24 months, it’s 181 days’ worth of interest; for terms greater than or equal to 24 months but less than 36 months, it’s 270 days’ worth of interest; for terms 36 months and longer, it’s 365 days’ worth of interest
The bank’s regular CDs are available in a wide range of terms with a relatively low deposit requirement. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty; otherwise, the CD term will be automatically renewed.

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on Associated Bank, NA’s secure website

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Fixed-Rate Add-On CDs

This CD is meant to give you a bit more flexibility.
TermAPY (Standard)APY (Preferred)
12 months0.10%0.15%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 181 days’ worth of interest
This fixed-rate CD requires a lower minimum deposit compared to the bank’s other offerings, and comes with the flexibility of making additional deposits throughout your term. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty. Otherwise, the CD term will be automatically renewed.

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on Associated Bank, NA’s secure website

Member FDIC

Special Term CDs

Promotional CDs with a $5,000 minimum opening deposit.
TermAPY (Standard)APY (Preferred)
7 monthsN/A1.70%
13 monthsN/A1.80%
26 monthsN/A1.85%
42 monthsN/A1.90%
61 monthsN/A1.95%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: For terms less than 12 months, it’s 90 days’ worth of interest; for terms greater than or equal to 12 months but less than 24 months, it’s 181 days’ worth of interest; for terms greater than or equal to 24 months but less than 36 months, it’s 270 days’ worth of interest; for terms 36 months and longer, it’s 365 days’ worth of interest

These CDs are available in term lengths of 7, 13, 26, 42 or 61 months; however, you’ll need to contact the bank to find out the rates for these promotional CDs. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty; otherwise, the CD term will be renewed as follows:

  • the 7 month CD will renew to a 6 month CD
  • the 13 month CD will renew to a 12 month CD
  • the 26 month will renew to a 24 month CD
  • the 42 month will renew to a 36 month CD
  • the 61 month will renew to a 60 month CD

How to get Associated Bank’s CDs

All of Associated Bank’s available CD accounts can be opened in person or online. To do so, you’ll need to be ready to provide your Social Security number and a government-issued ID.

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on Associated Bank, NA’s secure website

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How Associated Bank’s CD rates compare

Although Associated Bank’s CDs come with a good range of terms and deposit requirements, the rates just don’t stack up against those on our list of the best CD rates. Do your due diligence and shop around for the best product to get the biggest bang for your buck.

Associated Bank’s money market account option

Money Market account

The bank’s money market account offers a less-than-impressive rate.
Minimum Balance to Earn APYAPY (Preffered)APY (Standard)
$0.010.03%0.03%
$10,0000.05%0.05%
$25,0000.07%0.07%
$50,0000.10%0.10%
$150,0000.20%0.10%
$250,0000.40%0.10%
$1,000,0000.13%0.10%
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $16; can be waived if minimum balance of $1,000 is maintained
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This money market account has a pretty high monthly fee, but it can be avoided if you keep the balance at or above the minimum opening deposit. The account also comes with free online banking services, and interest is compounded monthly. Additionally, you may also have the chance to earn a higher rate if you combine this account with an Associated Bank checking account; you’ll have to talk to a bank representative to find out more information.

Since Associated Bank charges various fees for out-of-network ATM usage, you may want to contact customer service to find out what they are before using one. Plus, as a savings account, this one is subject to Federal Reserve Regulation D — allows certain types of withdrawals and transfers up to six per month.

How to get Associated Bank’s money market account

Customers can open Associated Bank’s money market account in person or online. You’ll need to have your Social Security number and government-issued ID on hand to do so.

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on Associated Bank, NA’s secure website

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How Associated Bank’s money market account compares

There are many money market accounts that offer pretty mediocre rates when compared to the competition — and this one is no exception. Not only that, but it doesn’t really come with any perks or features. Consider one of the accounts on our list of the best money market rates instead.

Overall review of Associated Bank’s banking products

Not surprisingly, between sub-par rates and fees aplenty, we wouldn’t rate any of Associated Bank’s personal accounts as must-have products. Take the time to shop around for an account that will earn you a decent interest rate, will let you easily avoid fees, and possibly offer other perks.

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.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

Provident Bank Review: Checking, Savings, CD and IRA Accounts

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

Provident Bank’s checking account options

Smart Checking

A free interest-bearing checking account.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.50%
$15,000
0.15%
$25,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATM transactions when monthly account requirements are met (see below)
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account does have the ability to earn interest, though the rate goes down drastically once you exceed a balance of $15,000. To earn the rates listed above and to have all domestic ATM fees refunded, you must fulfill the following requirements:

  • Make and sign for 10 point-of-sale purchases with your Provident debit Mastercard that post and clear your account
  • Receive one direct deposit or process one automatic Automated Clearing House (ACH) debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

Even if you don’t meet these requirements in a given month, you can still have the free account and will be eligible for the rate and ATM fee refunds in the next statement period.

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Cash Back Checking

Another free checking account offering cashback rewards on qualifying transactions.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATMs when qualifying requirements are met
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

While this account does not earn interest, it offers the chance to earn domestic ATM fee refunds and 0.25% cash back, which is credited to your account when the following qualification requirements are met:

  • Make 10 point-of-sale transactions with your Provident debit Mastercard
  • Have one direct deposit or automatic ACH debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

If you fall short of these requirements in a given month, you are still eligible to earn the cashback rewards and ATM fee refunds during the following statement period. Besides having no monthly balance requirements or service fees, this account also has no limits on the amount of cash back given each month.

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on The Provident Bank’s secure website

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Platinum Checking

A tiered-interest checking account that has a monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 if combined account balance of $10,000 is not maintained
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

To avoid its high monthly fee, account holders need to maintain a combined account balance of $10,000, which can include deposit accounts, mortgages and certain consumer loans and credit lines. Additionally, you must keep a minimum of $50 in this account to earn interest.

You’ll have to contact the bank, though, to find out the rates it offers. This account also allows you to earn a 0.25% APY bonus on CDs. Other perks include unlimited ATM refunds, free direct deposit, free basic checks, online banking and bill pay, and unlimited check-writing.

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Basic Checking

Provident Bank’s no-frills checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2 if you choose to receive paper statements
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This free checking account does not earn interest. But it does offer your first six checks free each month (additional checks will incur a 50-cent fee), free direct deposit, a debit Mastercard, online and mobile banking and bill pay, e-statements, unlimited ATM transactions and no minimum balance requirements. It also offers you the chance to link another account to help avoid overdraft fees.

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NJ Consumer Checking

A first checking account option for New Jersey and Pennsylvania residents.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account is an option for New Jersey and Pennsylvania residents opening their first checking account. While it does not earn interest, it does give you eight free checks each month before charging 50 cents per additional check, as well as free direct deposit, a debit Mastercard and e-statements.

This account does not have any minimum balance requirements, and it does offer you the chance to add funding from a linked account to avoid overdraft fees.

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on The Provident Bank’s secure website

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Green Checking

Provident Bank’s free online checking account with no fees or balance requirements.
APYMinimum Balance to Earn APY
1.00%
$50
0.15%
$1,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs
  • ATM fee refund: Up to $10 per statement period
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account allows you to earn a small APY on your first $1,000, then a smaller APY on anything over $1000. Besides having no monthly fees or service charges, it allows you to earn some ATM refunds each month. It comes with free online and mobile banking and bill pay services, a debit Mastercard and e-statements.

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How to get Provident Bank’s checking accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Green Checking, Cash Back Checking and Smart Checking Accounts online.All other checking accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s checking accounts compare

According to our review of the best available online checking accounts, the best products out there will offer the ability to earn interest, have no monthly or ATM fees, provide the chance to earn ATM fee refunds and have a strong mobile and online user interface.

There’s good news here: The accounts listed here that do earn interest offer competitive rates on certain balance amounts, and the ones that offer less or none at all still win on the no-fees and balance requirements front.

Still, we encourage you to do your research. If you manage to find something with even better rates and all the aforementioned check boxes, it’s likely in your best interest to go with that.

Provident Bank’s savings account options

Power Savings

A free online savings account with no fees.
APYMinimum Balance to Earn APY
0.05%
$50
0.75%
$10,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account allows members to earn the listed rates when they meet their corresponding balance requirements, as well as create and establish a ProvidentConnect online banking relationship and choose to receive their statements electronically.

This free account comes with no monthly fees. It offers online and mobile banking and bill pay, a free debit card and no funding fees on transfers to other Provident Bank deposit accounts. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Statement Savings

A no-frills account with minimal requirements.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 is not maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This no-frills savings account offers the ability to earn interest on a balance of just $50, though you’ll have to contact the bank to find out the rate.

It charges a modest monthly fee if a balance of $250 is not maintained. It comes with a Provident Bank ATM card, free direct deposit and a detailed monthly statement. Since it is a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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on The Provident Bank’s secure website

Member FDIC

Passbooks Savings

A simple and reliable savings account option.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 isn’t maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

Advertised as “probably the most popular savings account in the history of New Jersey” for its simplicity and reliability, this account comes with a passbook for withdrawals and deposits and offers free direct deposit.

Its balance requirements to earn interest and avoid its modest monthly fee are also very minimal. While this account earns interest, you’ll have to contact the bank to find out the rate. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

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Young Saver

An account meant to teach kids and teens how to save.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account is a great option for parents wanting to teach their children financial responsibility, as well as for teens younger than 18 looking to stash their funds from a part-time job.

As a bonus, it does earn interest, though you’ll need to contact the bank to learn the rate. It also comes with your choice of a Passbook or Statement savings account, as well as no monthly fees or balance requirements. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

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on The Provident Bank’s secure website

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Holiday Club

This account allows holders to focus on saving for the holidays or a vacation.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for the holidays in name only, as it can also be used for vacation or special occasion savings. It offers the same interest rate as the Statement Savings account, though you’ll need to contact the bank to find out the rate.

With this account, you can enable an automatic deduction from a Provident Bank Statement Savings account or the personal checking accounts, with the flexibility of making your transfers (which can be in any amount) on a weekly, biweekly or monthly basis. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

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on The Provident Bank’s secure website

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Platinum Money Manager

Provident Bank’s high-interest savings account.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $5,000 on combined balances
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside fees may apply
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account requires you to open a Platinum Checking account and maintain a combined minimum balance of $5,000 to earn interest on this account. But you’ll need to contact the bank to find out the rate.

This account also provides a free monthly combined statement, free direct deposit and online banking. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s savings accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Power Savings account online. Otherwise, all other savings accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s savings accounts compare

While most of the fees and deposit and balance requirements are minimal, the rates provided on some of these accounts — the ones in which rates are available online — just don’t stack up to those on our list of the best online savings accounts.

You’re most likely better off choosing one of those accounts instead. If you are still interested in opening one of Provident Bank’s savings accounts, you’ll want to contact the bank to find out the rates so you can comparison shop.

Provident Bank’s CD rates

Certificates of Deposit

Standard CDs with a $500 minimum deposit.
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of nine months or less; 180 days’ interest on 12- and 18-month terms; 365 days’ interest on terms of 24 to 60 months

Provident Bank offers CDs in the following terms: 91 days and six, nine, 12, 18, 24, 30, 36 or 60 months. The terms, deposit requirements and early withdrawal penalties are fairly standard. But you’ll need to contact the bank to find out the rates.

LEARN MORE Secured

on The Provident Bank’s secure website

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How to get Provident Bank’s CDs

All of the bank’s CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license and a previous home address if you’ve been at your current address for less than two years. You’ll also need a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s CD rates compare

As mentioned above, the basic details of these CDs are comparable to what’s out there. But you’ll want to contact the bank to find out the rates to determine if they stack up against those on our list of the best CD rates — or if you might be better off shopping around.

Provident Bank’s IRA options

IRA CD rates

IRA CDs and savings account offerings may vary by region. For that reason, you will need to contact the bank for details such as term lengths, rates and early withdrawal penalties. Once you have that information, you can compare them to those on our list of the best IRA CD rates.

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How to get Provident Bank’s IRA CDs

All of Provident Bank’s IRA CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

Overall review of Provident Bank’s banking products

Of the accounts Provident Bank offers that do have posted rates, it’s several of its checking accounts that can compete with those on our best-of list.

The rest fall short. If you’re interested in one of its other products without posted rates, you’ll want to reach out to the bank to find out what they are. Then you can see if they could be the best accounts for you — or if it’s in your best interest to keep looking.

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.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

Advertiser Disclosure

Reviews

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

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

American Southwest Credit Union’s checking account options

Classic Checking

A free, noninterest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on American Southwest Credit Union and Allpoint network ATMs
  • ATM fee refund: None
  • Overdraft fee: None on amounts of $10 or less; $25 on amounts from $10.01 to $100; $28 on amounts of $100.01 or more

This no-frills, fee-free checking account does not earn interest. While there aren’t any true bonuses or perks that come with this account, that convenience alone might be enough to customers looking for a headache-free way to manage their money. This account also offers low-cost duplicate checks, a Visa® debit card, overdraft protection from your savings account and for checks, Automated Clearing House (ACH) transfers and recurring debit card transactions, and free online banking and bill pay.

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Prestige Checking

Another noninterest-earning checking account with slightly stricter requirements.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None on American Southwest Credit Union and Allpoint network ATMs
  • ATM fee refund: None
  • Overdraft fee: None on amounts of $10 or less; $25 on amounts from $10.01 to $100; $28 on amounts of $100.01 or more

Despite what its name suggests, this checking account doesn’t offer much more than the basic checking account, except for a $10 monthly fee and a somewhat high $2,000 balance requirement to be able to waive it. This account also doesn’t earn interest, minimizing its appeal. But it does offer free credit union checks, a Visa® debit card, overdraft protection from your savings account and for checks, ACH transfers and recurring debit card transactions, and free online banking and bill pay.

How to get American Southwest Credit Union’s checking accounts

If you meet the requirements to become a member and open a Share Savings account with a minimum deposit of $5, you can open either of American Southwest Credit Union’s checking accounts online. To do so, you’ll need to provide your Social Security number and a form of government-issued ID, such as a driver’s license.

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How American Southwest Credit Union’s checking accounts compare

As we mention in our roundup of the best online checking accounts, the best products will earn interest, as well as have no account and ATM fees and a user-friendly online interface. These two checking accounts win on a couple of these fronts, but not enough to make them must-have accounts. We say consider one of the accounts on our list to be able to earn interest on your funds without any added hassle.

American Southwest Credit Union’s savings account options

Share Savings

This account is required to become a member of American Southwest Credit Union.
APYMinimum Balance to Earn APY
0.10%
$50
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on American Southwest Credit Union or Allpoint network ATMs
  • ATM fee refund: None
  • Overdraft fee: None on amounts of $10 or less; $25 on amounts from $10.01 to $100; $28 on amounts of $100.01 or more

This account is a requirement for anyone interested in joining American Southwest Credit Union and wanting to open any other personal banking products. It earns a very small amount of interest on amounts over $50. It also comes with a Visa® debit card and online banking. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

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Savings Safari Club for Young Savers

A simple savings account for children younger than 13.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is designed to help kids learn how to save. It doesn’t earn interest, nor does it have ATM access. Account holders will receive a special gift when they open the account and have the chance to win a $10 deposit to their account every month. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals up to six a month. A parent or guardian must be an existing American Southwest Credit Union member for a child to open this account. Once the account holder turns 13, this account will turn into a regular Share Savings account.

How to get American Southwest Credit Union’s savings accounts

If you qualify to be a member of American Southwest Credit Union, you’ll have to open the Share Savings account with a minimum deposit of $5 before opening any other products. You’ll need your Social Security number and a valid form of ID to do so. To open the Safari Club account, you’ll need to visit the credit union to open it with a parent or legal guardian.

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How American Southwest Credit Union’s savings accounts compare

Although American Southwest Credit Union’s Share Savings account earns dividends, it’s not competitive compared to those on our list of the best online savings accounts. Sure, it has a very low deposit requirement and no monthly fees, but it offers virtually nothing in the way of additional perks. If you’re not ultimately after one of the credit union’s other products that require you to open this account, we wouldn’t recommend seeking this account alone. The Safari Club is a nice bonus for parents who are members and want to teach their kids about savings, but it also isn’t a must or a reason to seek out American Southwest Credit Union specifically.

American Southwest Credit Union’s CD rates

Term Share Certificates

CDs offering two tier levels with mediocre rates.
TermAPY
6 months1.40% with a minimum deposit of $500; 1.65% with a minimum deposit of $10,000
12 months1.60% with a minimum deposit of $500; 1.85% with a minimum deposit of $10,000
18 months1.70% with a minimum deposit of $500; 1.95% with a minimum deposit of $10,000
24 months1.85% with a minimum deposit of $500; 2.05% with a minimum deposit of $10,000
30 months2.05% with a minimum deposit of $500; 2.25% with a minimum deposit of $10,000
36 months2.20% with a minimum deposit of $500; 2.40% with a minimum deposit of $10,000
48 months2.25% with a minimum deposit of $500; 2.45% with a minimum deposit of $10,000
60 months2.50% with a minimum deposit of $500; 2.70% with a minimum deposit of $10,000
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: It depends on how long the certificate has been opened and the amount that it’s worth. Contact American Southwest Credit Union for specific details.

Aside from the second tier having a high minimum deposit requirement, these are run-of-the-mill CDs. They come in term options ranging from six months to five years, with no monthly service charges and the ability to have their monthly dividends compounded or transferred to one of your share accounts with the credit union.

There is a potential added perk in that American Southwest Credit Union offers the opportunity for relationship pricing, in which you can earn an additional 0.05% APY if you have a checking account with the credit union and have a direct deposit or otherwise regularly recurring deposit set up with it. A credit union representative can provide more information on this potential perk.

How to get American Southwest Credit Union’s CDs

As with American Southwest Credit Union’s other personal accounts, these CDs can be opened online once you’ve verified that you qualify to become a member and open your Share Savings account. You’ll need to be sure you have your Social Security number and government-issued ID on hand to do so.

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How American Southwest Credit Union’s CD rates compare

Despite American Southwest Credit Union boasting of offering competitive rates on its certificates, these CD rates don’t stack up against those on our list of the best CD rates. Not only that, but the minimum deposit amount on the higher tier is astronomical compared to the rate it offers. We say give these CDs a hard pass and take the time to find something that will provide you with a bigger bang for your buck.

American Southwest Credit Union’s money market account option

Money Market

A basic, tiered account offering subpar rates.
APYMinimum Balance to Earn APY
1.10%
$2,000
1.20%
$20,000
1.30%
$50,000
1.40%
$100,000
  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: $2,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to earn interest at four tiers. Interest earned with this account comes only from credit union funds. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six a month.

How to get American Southwest Credit Union’s Money Market account

After establishing membership and opening a Share Savings account, customers can open American Southwest Credit Union’s Money Market account online. You’ll need a valid government-issued ID such as a driver’s license and your Social Security number to do so.

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How American Southwest Credit Union’s money market account compares

Many banks and credit unions these days are offering very low rates on money market accounts, and American Southwest Credit Union is no exception. You can earn about double these rates on some of the accounts on our list of the best money market rates, with virtually the same or better requirements. We’d advise you to strongly consider one of those instead.

American Southwest Credit Union’s IRA options

IRA CD rates

IRA Term Share Certificates

The credit unions CDs, available to open within an IRA.
TermAPY
6 months1.40% with a minimum deposit of $500; 1.65% with a minimum deposit of $10,000
12 months1.60% with a minimum deposit of $500; 1.85% with a minimum deposit of $10,000
18 months1.70% with a minimum deposit of $500; 1.95% with a minimum deposit of $10,000
24 months1.85% with a minimum deposit of $500; 2.05% with a minimum deposit of $10,000
30 months2.05% with a minimum deposit of $500; 2.25% with a minimum deposit of $10,000
36 months2.20% with a minimum deposit of $500; 2.40% with a minimum deposit of $10,000
48 months2.25% with a minimum deposit of $500; 2.45% with a minimum deposit of $10,000
60 months2.50% with a minimum deposit of $500; 2.70% with a minimum deposit of $10,000
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: It depends on how long the certificate has been opened and the amount that it’s worth. Contact American Southwest Credit Union for specific details.

These are virtually the same as the Term Share Certificates, just with the ability to open within an IRA. They come in term options ranging from six months to five years, with no monthly service charges and the ability to have their monthly dividends compounded or transferred to one of your share accounts with the credit union. But one bonus is that American Southwest Credit Union offers the opportunity for relationship pricing, in which you can earn an additional 0.05% APY if you have a checking account with the credit union and have a direct deposit or otherwise regularly recurring deposit set up with it. A credit union representative can provide more information on this potential perk.

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How American Southwest Credit Union’s IRA CD rates compare

As with the regular certificates, the rates on American Southwest Credit Union’s IRA CDs don’t compare to those on our list of the best IRA CD rates, even with the potential bonus. When you’re saving for retirement, you want to make sure you’re giving your funds the best possible opportunity to grow. We urge you to do your research to find the best IRA product, which could include one on our list.

Regular IRA Shares

This account can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
1.10%
$50
    Minimum opening deposit: $5

  • Minimum balance to earn APY: $50
  • Annual account maintenance fee: $10
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a basic IRA savings account, which can be opened as a traditional or Roth IRA. It also allows you to earn a bit of interest on all amounts over $50. While it doesn’t have a monthly maintenance fee, there is a $10 annual fee on this account. Like with all savings accounts, this IRA is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

How to get American Southwest Credit Union’s IRA products

Just like with all of American Southwest Credit Union’s other personal products, you can open one of its IRAs online after becoming a member and opening a Share Savings account. You’ll need to be sure to have your government-issued ID and Social Security number ready to get started.

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Overall review of American Southwest Credit Union’s banking products

Not surprisingly, none of American Southwest Credit Union’s personal banking products is a standout. While any associated fees and requirements are on the low end, the rates don’t come close to many of the better offerings out there. If you’re on the hunt for a product that will help you to grow your funds, take the time to do your research to find the best one to suit your needs. It likely isn’t one offered at American Southwest Credit Union.

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Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here