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NEFCU Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Year Established1938
Total Assets$3.0B
LEARN MORE on NEFCU’s secure websiteNCUA Insured

NEFCU was established in 1938 when a group of school employees joined together to form the Valley Stream Teachers Federal Credit Union, pooling their savings and borrowing from one another to meet their financial needs. The Westbury, N.Y.-based credit union adopted its current name in 1981, and has since grown to more than 350 employees and nearly 200,000 members.

Membership at NEFCU is open to customers who who live, work, or attend school in Nassau or Suffolk counties, with the exception of the Villages of East Hampton, Southampton and the Town of Shelter Island. To establish membership and open any other personal deposit accounts, customers must open a Share Savings account with a minimum deposit of $5.The credit union currently offers checking, savings, CD, IRA and money market accounts for its personal banking products. Read on to determine if one of these products could be the right account for you.

NEFCU’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

NEFCU Share Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

NEFCU 1 Year Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.00%

CD Rates

NEFCU 3 Year Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.75%

CD Rates

NEFCU 5 Year Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

NEFCU’s checking account option

Go Green Checking account

This account pays a decent bit of interest at three different tiers.
APYMinimum Balance to Earn APY
1.00%$0.01 (rate drops to 0.50% on balances above $25,000)
2.00%$0.01 (rate drops to 0.50% on balances above $25,000)
3.00%$0.01 (rate drops to 0.50% on balances above $25,000)
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None at Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each
  • ATM fee refund: Up to $15 per month on non-NEFCU ATMs
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

This account allows you to earn a decent amount of interest at three different tier levels on any amount up to $25,000. The tier level you qualify for depends on your overall relationship with the credit union. You’ll need a deposit and loan balance of more than $25,000 to get the 2% APR, and the loan balance itself needs to be more than $25,000 to get the 3% rate. This free account also comes with online and mobile banking services, Voice Banking with Amazon and Google devices and a Visa debit card. As an added bonus, you can get up to $15 per month in ATM fee refunds.

How to get NEFCU’s checking account

Once you’ve proven how you qualify for membership and applied to open your Share Savings account with a minimum deposit of $5, you can open this checking account online or in person. To do so, you’ll need to have your government-issued ID and Social Security number handy.

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How NEFCU’s checking account compares

If you’ve determined you qualify for the second or third rate tiers on this account, it’s definitely worth your while. Between that and the lack of fees and balance requirements, easy-to-navigate online interface and the ability to get ATM fee refunds, you’ve really got a winner here that easily stacks up against those on our list of the best online checking accounts.

NEFCU’s savings account option

Share Savings account

This account is required to open any of the credit union’s other personal accounts.
APYMinimum Balance to Earn APY
0.30% $20.28
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: None on Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

This savings account is your gateway to opening any other NEFCU personal accounts, as your deposit of $5 represents your share in the credit union. Other than an OK rate and access to mobile and online banking products, this savings account doesn’t offer much else. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. Transactions beyond that will face a $10 fee.

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Holiday, Camp or Vacation account

This account allows you to save and designate funds for a special occasion.
APYMinimum Balance to Earn APY
0.30%$20.28
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This sub-savings account is a great way to sock away funds for a special purchase or occasion, earning interest all the while. The fact that it doesn’t come with ATM access makes it easy to avoid touching this money before you intend to. As a savings account, this is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. Additional transactions will include a $10 fee.

LEARN MORE Secured

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Tuition Builder

This higher-yielding account is designed to put money away for your education.
APYMinimum Balance to Earn APY
1.19% $100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-bearing account is meant to serve as a savings fund for expenses such as college tuition and room and board. It comes with a low opening deposit requirement, as well as mobile and online banking capabilities. It can only be accessed from June 1-20 and Dec. 1-30 without otherwise incurring a penalty. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. More than that, and you’ll pay a $10 fee per transaction.

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Dollar Dog Kids account

This account can be opened for a child at any age up to 10 years old, after which it will convert into an Elements Teen Club account.
APYMinimum Balance to Earn APY
1.00%$20.28
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-bearing youth account allows young customers easy access to their money at branch locations, as well as through the credit union’s online and mobile banking platforms. It comes with a free membership card, a complimentary gift at opening and with every subsequent deposit and a fun, an age-appropriate quarterly newsletter. As a savings account, this is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. More than that, and you’ll pay a $10 fee.

LEARN MORE Secured

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Elements Teen Club account

This account can be opened for children ages 11 to 17, after which it will turn into a Share Savings account.
APYMinimum Balance to Earn APY
1.00% $20.28
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: If account holder also has a Go Green Checking account with a debit card, no fees on Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

The credit union’s teen account is very similar to the kids’ account as far as its requirements, interest rates and perks are concerned. In addition to the characteristics listed above, the teen account also comes with the ability to open a Go Green Checking account with a debit card. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. After that, there’s a $10 fee.

How to get NEFCU’s savings accounts

NEFCU’s Share Savings account can be opened online or in person once you’ve established that you qualify for membership; the Holiday, Camp and Vacation accounts can only be opened over the phone or at a branch location. You’ll just need to provide your Social Security number and government-issued ID. The youth accounts and Tuition Builder must be opened in person with those documents from a parent or guardian, who must serve as a joint owner on the Dollar Dog account, or on the Go Green Checking account with debit card for kids under age 17.

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How NEFCU’s savings accounts compare

Rates-wise, none of these accounts really stand up to those on our list of the best online savings accounts. While it wouldn’t hurt you to open any of them if you’ve become a member of the credit union for one of its other products, we wouldn’t seek out NEFCU for any of these products alone. Consider one of the accounts on our list instead to get the most bang for your buck.

NEFCU’s CD rates

Certificates

The credit union’s CDs offer decent rates on its longer term lengths.
TermAPY
3 months0.30%
6 months1.25%
7 months2.00%
1 year2.00%
18 month penalty-free2.45%
2 years2.15%
3 years3.00%
4 years2.30%
5 years2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On maturities of less than 1 year at account opening or account renewal, it’s 90 days’ worth of dividends on the amount withdrawn; on maturities of one year to less than three years at account opening or account renewal, it’s 180 days’ worth of dividends on the amount withdrawn; on maturities of 3 years or more at account opening or account renewal, it’s 270 days’ worth of dividends on the amount withdrawn.

These CDs are pretty run-of-the-mill as far as their opening deposit requirements and early withdrawal penalties are concerned. They renew automatically once the term is completed, but please note that the 7 month term will renew to only 6 months.

How to get NEFCU’s CDs

Once you’ve determined that you qualify to become a member and have opened a Share Savings account with a minimum deposit of $5, you can open a CD online or in person. You’ll need your Social Security number and valid government-issued ID to do so.

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How NEFCU’s CD rates compare

Compared to the CDs on our list of the best available CD rates, NEFCU’s rates are pretty mediocre. You can easily find CDs with the same requirements and penalties that offer a much more competitive rate. Shop around or consider one on our list instead.

NEFCU’s money market account option

Money Market account

The credit union’s money market account allows account holders to earn interest at five different tier levels.
APYMinimum Balance to Earn APY
0.40%$2,500
0.45%$25,000
1.65%$50,000
1.85%$100,000
2.00%$250,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

NEFCU’s money market account allows you to earn a small amount of interest at five different tier levels, while offering the same online and mobile banking capabilities as its other products. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. After that, you’ll pay a $10 fee per transaction.

How to get NEFCU’S money market account

As with most of the credit union’s other personal banking products, you can open its money market account online after proving you qualify to become a member and opening its Share Savings account with a minimum deposit of $5. To do so, you’ll need to provide your government-issued ID and Social Security number, as well as other personal details.

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How NEFCU’s money market account compares

When comparing the rates on this account to those on our list of the best money market account rates, NEFCU’s account doesn’t even come close. NEFCU also requires a sky-high minimum balance requirement to earn the highest rate tier. Some of the accounts on our list offer twice these rates on much lower balance amounts, so we strongly advise considering one of those instead.

NEFCU’s IRA options

IRA CD rates

IRA certificates

The same CDs are available to open within an IRA with a lower opening deposit.
TermAPY
3 months0.30%
6 months1.25%
7 months2.00%
1 year2.00%
18 month penalty-free2.45%
2 years2.15%
3 years3.00%
4 years2.30%
5 years2.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: On maturities of less than 1 year at account opening or account renewal, it’s 90 days’ worth of dividends on the amount withdrawn; on maturities of one year to less than three years at account opening or account renewal, it’s 180 days’ worth of dividends on the amount withdrawn; on maturities of 3 years or more at account opening or account renewal, it’s 270 days’ worth of dividends on the amount withdrawn.

These IRA CDs are virtually the same as the regular CDs, with the exception of the fact they require a lower opening deposit ($500). This, along with the early withdrawal penalty, are pretty standard as far as IRA CDs are concerned. If you open a 1 year certificate, you’ll have the opportunity to bump up the rate if it increases at one point during your term.

How to get NEFCU’s IRA CDs

Once you’ve determined that you qualify to become a credit union member and have opened your Share Savings account with a minimum deposit of $5, you can open an IRA CD online through the IRA Service Center. Just be sure to have your Social Security number and government-issued ID handy to be able to do so.

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How NEFCU’s IRA CD rates compare

The opening deposit requirements and early withdrawal penalties fare pretty similarly in comparison to the accounts on our list of the best IRA CD rates, but that’s where the similarities end — NEFCU’s IRA CD rates don’t even come close. You’ll want to do your due diligence and take your time shopping around when it comes to saving for your retirement, so consider one of the CDs on our list instead.

Liquid Savers IRA

This savings account is available to opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
1.50% $4.09
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $4.09
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is NEFCU’s IRA savings account, which can be opened as a traditional or Roth IRA. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month. After that, there’s a $10 fee.

How to get NEFCU’s IRA savings account

Just like with the IRA CDs, once you’ve determined that you qualify to become an NEFCU member and have opened your Share Savings account with a minimum deposit of $5, you can open an IRA CD online through the IRA Service Center. You’ll need your government-issued ID and Social Security number to do so.

LEARN MORE Secured

on NEFCU’s secure website

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Overall review of NEFCU’s banking products

NEFCU’s checking account pays competitive rates, but beyond that, this credit union’s deposit accounts don’t come close to beating out the competition. But even with the checking account, you’ll want to make sure you qualify for those special relationship-based rates after becoming a member. If it turns out that you don’t, it’s safe to say we give all of these accounts a hard pass.

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

Knoxville TVA Employees Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Year Established1934
Total Assets$2.0B
LEARN MORE on Knoxville TVA Employees Credit Union’s secure websiteNCUA Insured

Knoxville TVA Employees Credit Union is the fourth-largest credit union in Tennessee and is headquartered, not surprisingly, in Knoxville. Established in 1934, it has since grown to 23 locations and nearly 200,000 members.

Membership is available to anyone who lives, works, worships, attends school, owns a business or has eligible family members in Johnson City and the following Tennessee counties: Hamblen, Jefferson, Knox, Sevier, Blount, Loudon, Sullivan and Roane. In order to become a member and open any other products at the credit union, customers must first open a Regular Savings account with a minimum deposit of $5. Accounts with ATM access are able to access over 55,000 surcharge-free ATMs worldwide.

Read on to learn more about the checking, savings, CD, money market and IRA products offered at Knoxville TVA Employees Credit Union to determine if one of these may be the right account for you.

Knoxville TVA Employees Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Knoxville TVA Employees Credit Union Regular Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.20%

CD Rates

Knoxville TVA Employees Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.70%

CD Rates

Knoxville TVA Employees Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.00%

CD Rates

Knoxville TVA Employees Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Knoxville TVA Employees Credit Union’s checking account option

Regular Checking account

A basic, non-interest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None if you choose to receive e-statements; otherwise $2 with paper statements
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This no-frills checking account does not have the ability to earn interest. It does however have no minimum balance requirements and makes it easy to avoid its already very low monthly fee.

In addition to mobile and online banking, mobile check deposit, free Visa debit card, bill pay and checks, this account comes with uChoose Rewards®, which allows you to earn points that can be redeemed for cash. All you have to do is be sure to sign for purchases as credit when you use your debit card.

You can opt into overdraft protection by linking one of the bank’s savings accounts to this one in the event that you overdraw your checking account and would like to avoid that fee.

How to get Knoxville TVA Employees Credit Union’s checking account

Knoxville TVA Employees Credit Union allows eligible customers to open its checking account in person or online. All you have to do is first open a Regular Savings account with a minimum deposit of $5. You’ll need to have your Social Security number and government-issued ID on hand.

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How Knoxville TVA Employees Credit Union’s checking account compares

As we outline in our review of the best online checking accounts, you’ll want to do your best to seek out a checking account with no monthly fees, the ability to earn interest, no ATM fees, reimbursement of outside ATM fees and a strong mobile and online banking user interface.

While this checking account off most of those boxes, its lack of interest is a big one that will probably have you leaning toward choosing a product that has that and more. Consider one on our list instead.

Knoxville TVA Employees Credit Union’s savings account options

Regular Savings account

This account is required to establish membership at the credit union.
APYMinimum Balance Amount to Earn APY
0.15%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None if you choose to receive e-statements; $2 with paper statements
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account is Knoxville TVA Employees Credit Union’s base membership account, which is required to open any other products. Although requirements are minimal, so is the interest rate. With this account, dividends are accrued daily and compounded quarterly. This savings account earns a small amount of interest. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six per month.

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Centsible Savings Program

This account collects the spare change from your checking account, earning interest all the while.
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is basically a “set-it-and-forget-it” account that allows you to stash away some savings from your checking account that can quickly add up and earn interest with regular debit card use. Each purchase on your debit card is rounded to the nearest dollar, and your “change” is then transferred to this account. Contact the bank for rate information. There’s no minimum balance requirement and the account does allow withdrawals. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Member’s Special/U-Name-It account

This account is virtually the same as the Christmas and Vacation accounts; it just allows you to name it for whatever savings goal you have (e.g. “new car,” “college fund,” etc.)
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to save for whatever special goal you’ve got on your horizon. It does have the ability to earn interest, but you’ll have to contact the bank to find out the rate, as this information is not published online.

This account also does not have ATM access, which makes it even easier to avoid touching your funds or overdrawing your account. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Christmas account

A savings account that allows you to save specifically for the holidays.
APYMinimum Balance Amount to Earn APY
0.10%
$0.00
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.00
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

As the name implies, this fee-free savings account is intended specifically for saving for the holiday season. If you know of a certain amount of cash you’d like to stash aside, this account is a great option to do so while earning a small amount of interest on it.

This account doesn’t have ATM access, which makes it easy to avoid overdrawing it (or touching your funds at all before you hit your goal).

On Oct. 1, all funds will be transferred to the checking or savings account of your choosing, though there is no penalty for withdrawing these funds early (assuming you don’t go over the maximum six certain withdrawals or transfers per month, per Federal Reserve Regulation D).

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Vacation account

A special savings account to save for an upcoming trip.
APYMinimum Balance Amount to Earn APY
0.10%
$0.00
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.00
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is virtually the same as the Christmas and U-Name-It accounts; the only difference is that it’s specifically designated for vacation savings funds that can earn a bit of interest. It doesn’t have ATM access, which allows you to avoid overdrawing the account. As a savings account, this one is subject to Federal Reserve Regulation D, which allows you to make a maximum of six certain withdrawals or transfers per month.

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Health Savings account

A health savings account with the ability to earn interest.
APYMinimum Balance Amount to Earn APY
0.75%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account is intended specifically for health care-related purchases, and as such, it does come with a debit card and ATM access. The fact that it earns interest, albeit a fairly small amount, is a nice touch. As a savings account, it’s subject to Federal Reserve Regulation D, which limits you up to six certain debits per month.

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Jump Start Savings account

This account allows you to initially earn a higher rate than the Regular Savings account.
APYMinimum Balance Amount to Earn APY
3.00%
$5-$500
0.15%
$500.01+
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account doesn’t differ much from the bank’s Regular Savings account. The only true difference is that you can earn a much higher rate on up to your first $500 deposited into the account, but then the rate goes down to match that of the Regular Savings account. Otherwise, this is pretty much another no-frills account with minimal fees and requirements, but no real perks either.

As a savings account, this one abides by Federal Reserve Regulation D, a rule that limits certain withdrawals and transfers up to six per month.

How to get Knoxville TVA Employees Credit Union’s savings accounts

Qualified customers can open one of the credit union’s savings accounts either online or in person. They’ll just have to be sure to open a Regular Savings account with a minimum deposit of $5 to start. To open an account, you’ll need your Social Security number and a government ID, such as a driver’s license.

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How Knoxville TVA Employees Credit Union’s savings accounts compare

Save for the rate on the first $500 on the Jump Start Savings account, the rates on the rest of Knoxville TVA Employees Credit Union’s savings accounts are really nothing to get excited about. Not only that, but none of these accounts really offer anything in the way of perks.

That said, don’t seek out Knoxville TVA Employees Credit Union for its savings accounts alone. Instead, we recommend shopping around and possibly going with one of the offerings on our list of the best online savings accounts.

Knoxville TVA Employees Credit Union’s CD rates

Certificates

These are standard, run-of-the-mill certificate products.
TermAPYMinimum Balance Requirement to Earn APY
6 months0.50%
$2,500
12 months1.20%
$2,500
18 months1.25%
$500
24 months1.60%
$500
30 months1.65%
$500
36 months1.70%
$500
42 months1.75%
$500
48 months1.80%
$500
60 months2.00%
$500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These accounts are pretty typical as far as CDs go. Most of the minimum balance requirements are fairly low, with the exception of the 6 and 12 month certificates, which don’t offer higher rates to match them. Dividends are compounded monthly, and if you open a certificate with an initial minimum of $100,000, you can earn 0.10 more on the dividend rate. If you open one with an initial minimum of $250,000, you may add 0.20 to the dividend rate.

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Certificate Specials

These CDs give you the option to deposit half the funds as new money in order to earn a slightly higher rate.
TermAPYMinimum Balance Requirement to Earn APY
12 months2.00% or 2.10%$1,000
18 months2.60% or 2.70%$1,000
36 months2.90% or 3.00%$2,500
60 months3.40% or 3.50%$2,500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These CDs require higher deposits to open than the regular CDs, with the option to earn an even higher rate if at least half of your deposit is new money. In either case, these CD rates are definitely more competitive than Knoxville TVA Employees Credit Union’s regular certificates. Dividends are compounded monthly on these certificates.

How to get Knoxville TVA Employees Credit Union’s CDs

As with most of Knoxville TVA Employees Credit Union’s personal banking products, eligible members can open these CDs in person or online after also opening a Regular Savings account with a minimum deposit of $5. To open a CD, you’ll need to provide your Social Security number and a government ID, such as a driver’s license.

LEARN MORE Secured

on Knoxville TVA Employees Credit Union’s secure website

NCUA Insured

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How Knoxville TVA Employees Credit Union’s CD rates compare

If you’re going to go with one of Knoxville TVA Employees Credit Union’s CDs, the ones on special are the way to go. The deposit requirements are higher than the regular products, but the competitive rates are a definite trade-off, and they are in line with those on our list of the best CD rates available.

Knoxville TVA Employees Credit Union’s money market account option

Member-Managed Funds account

This is Knoxville TVA Employees Credit Union’s only money market account, which offers four tier levels.
APYMinimum Balance to Earn APY
0.25%
$2,500
0.30%
$25,000
0.40%
$50,000
0.50%
$100,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

While this account doesn’t have a set amount required to open it, you will need to put away a decent amount to be able to earn interest. If you open this account as a checking account, you can get unlimited withdrawals with this account. If you open it as a savings account, this money market account is subject to Federal Reserve Regulation D, which means certain withdrawals and transfers are limited up to six per month.

How to get Knoxville TVA Employees Credit Union’s money market account

Eligible Knoxville TVA Employees Credit Union members can open this account at a branch location or online after also opening a Regular Savings account. You’ll need to be sure to be prepared with your Social Security number and a government ID.

LEARN MORE Secured

on Knoxville TVA Employees Credit Union’s secure website

NCUA Insured

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How Knoxville TVA Employees Credit Union’s money market account compares

While the rates offered on this account aren’t really anything to write home about, this account would be a better option than the bank’s Regular Checking account for the fact that you can earn interest on it at all, especially since there aren’t any fees associated with it. On the whole, though, this account’s rates can’t compete with those on our list of the best money market rates.

Knoxville TVA Employees Credit Union’s IRA account options

IRA Certificates

Knoxville TVA Employees Credit Union’s CDs are available to be opened within an IRA.
TermAPYMinimum Balance Requirement to Earn APY
6 months0.50%
$2,500
12 months1.20%
$2,500
18 months1.25%
$500
24 months1.60%
$500
30 months1.65%
$500
36 months1.70%
$500
42 months1.75%
$500
48 months1.80%
$500
60 months2.00%
$500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These certificates are virtually the same as Knoxville TVA Employees Credit Union’s regular certificate accounts; the only differences are that these can be opened within an IRA, and IRA CD holders are able to earn 0.10 more on the rate. Dividends are compounded monthly on these IRA CDs.

How to get Knoxville TVA Employees Credit Union’s IRA CDs

Knoxville TVA Employees Credit Union members can open this account after opening a Regular Savings account with a minimum deposit of $5. However, unlike with the rest of the bank’s products, you’ll have to open the IRA in person at a branch.

LEARN MORE Secured

on Knoxville TVA Employees Credit Union’s secure website

NCUA Insured

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How Knoxville TVA Employees Credit Union’s IRA CD rates compare

Unfortunately, these IRA CD rates don’t compete with those on our list of the best IRA CD rates. Unlike with the regular certificates, the bank doesn’t offer IRA CD specials with higher rates. We say give these IRA CDs a hard pass and do your research to find one that will give you a better return on your investment.

IRA savings account

An IRA savings account offering four tier levels.
APYMinimum Balance Amount to Earn APY
0.30%
$5,000
0.35%
$25,000
0.45%
$50,000
0.50%
$100,000
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a typical IRA savings account, which allows you to earn a small amount of interest at four different tier levels. It doesn’t have any monthly fees or balance requirements, however. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

LEARN MORE Secured

on Knoxville TVA Employees Credit Union’s secure website

NCUA Insured

Accumulation IRA

This IRA has a low opening deposit and balance requirement to earn the rate.
APYMinimum Balance Amount to Earn APY
0.30%
$25
  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA doesn’t differ much from the IRA Savings account, save for the fact that it has very low opening deposit and balance requirements to earn the rate, which happens to be the same as the lowest tier rate on the other account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month.

How to get Knoxville TVA Employees Credit Union’s IRA savings accounts

Knoxville TVA Employees Credit Union members can open this account after opening a Regular Savings account with a minimum deposit of $5. As with the IRA CDs, however, you’ll have to open the IRA in person at a branch.

LEARN MORE Secured

on Knoxville TVA Employees Credit Union’s secure website

NCUA Insured

Overall review of Knoxville TVA Employees Credit Union’s banking products

Overall, most of Knoxville TVA Employees Credit Union’s personal banking products aren’t anything to write home about, especially when you take a close look at their mediocre rates and lack of perks. The CD specials are definitely impressive, but who knows how long those will actually remain available. If that’s the product you’re after, call the bank to find out more details before committing to opening any of its other products.

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

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

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

Year Established1899
Total Assets$31.3B
LEARN MORE on Frost Bank’s secure websiteMember FDIC

Frost Bank is a pioneer-era institution that has grown into the third-largest bank in Texas. It was first established in 1868 in San Antonio to help Texans obtain the materials they needed to succeed in the frontier. After surviving hardships like the Great Depression, the bank has grown to about 4,300 employees more than 140 locations.

Frost Bank currently offers checking, savings, money market and CDs for its personal banking customers. To open any of these accounts, you’ll need to have proof of a Texas address, though you will still be able to keep your account open if you move out of state. Here we’ll break down each product to help you determine if one of them could be the right account for you.

Frost Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Frost Bank Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.55%

CD Rates

Frost Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.25%

CD Rates

Frost Bank 30 Day CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.25%

CD Rates

Frost Bank 60 Day CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Frost Bank checking account options

Personal Checking

Frost Bank’s lone checking account option offers a miniscule amount of interest for a pretty high minimum balance amount.
APYMinimum Balance to Earn APY
0.05%
$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8 ($4 for students under age 25); can be waived with a monthly direct deposit of at least $100, by maintaining a $1,000 balance, or by maintaining a combined balance of $5,000 among all Frost Bank personal accounts
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: Frost Bank occasionally refunds ATM fees for out-of-state customers; contact the bank for further details
  • Overdraft fee: $34 on amounts over $5, up to a maximum of $170 per day

This account earns a small amount of interest on balances of $5,000 or more, which is compounded monthly. And while the monthly fee is fairly easy to avoid as a working adult, it could prove to be more challenging for students — so the lowered fee for students is a nice touch for those who may not be able to afford it. The account also offers:

  • Mobile banking access via an iPhone or Android app
  • Mobile check deposit of up to $25,000 daily
  • Free overdraft protection by linking the account to another Frost Bank account to cover overdraft amounts
  • Unlimited transactions and check writing
  • Unlimited online and mobile bill pay
  • Unlimited online and mobile transfers to other financial institutions
  • Frost Bank debit card
  • Online statement delivery

How to get Frost Bank’s checking account

Texas residents can open an account either online, via the app, or in person. To do so, you’ll need a Texas state address, a government-issued ID such as a driver’s license, as well as your Social Security number.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s checking account compares

With such a low interest rate and high minimum balance to even earn it, we give this account a big “Why bother?” Its monthly fees are fairly easy to avoid, so we’ll give Frost Bank that, but there are so many truly free accounts out there that offer the ability to earn better rates on much lower balances, along with other perks like no ATM fees from their end, and ATM fee refunds to boot. We urge you to shop around, possibly considering those on our list of the best online checking accounts.

Frost Bank’s savings account options

Personal Savings account

The bank’s savings account offers a low interest rate on all balances.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3.50; can be waived if a minimum monthly balance of $500 is maintained
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: Frost Bank occasionally refunds ATM fees for out-of-state customers; contact the bank for further details
  • Overdraft fee: $34 on amounts over $5, up to a maximum of $170 per day

This account earns a small amount of interest on all balances, which is paid quarterly. As with the checking account, its low monthly service fee is fairly easy to avoid with a small minimum monthly balance requirement. You can make online transfers into and out of the account with ease, and it can be used as overdraft protection to cover your checking account at no charge. Federal Reserve Regulation D normally limits certain transfers and withdrawals up to six per month, but make note of the fact that this account only permits you to make two free ones per month.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

Health Savings account

This savings account is intended to solely cover medical expenses.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3 without imaged checks or $5 with imaged checks; can be waived if a minimum monthly balance of $3,000 is maintained
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This health savings account allows you to earn a small amount of interest on all money you put in it. You may be eligible to open this account if you fit all of the following criteria:

  • You’re covered under a high-deductible health plan (minimum of $1,300 if you’re single, and $2,600 for a family)
  • You are not covered by any other health plan
  • You are not entitled to Medicare benefits
  • You are not a dependent on another person’s tax return.

While its monthly fee is fairly low, the minimum balance to be able to waive it is on the higher end. Contributions to this account could be tax deductible, though you should consult a tax advisor or the IRS to make sure. You can contribute up to $3,400 annually if you’re single, or $6,750 for a family. Although Federal Reserve Regulation D normally limits certain withdrawals and transfers up to six per month on savings account, this account permits three free check withdrawals every month, then charges $5 on each one thereafter. Unused balances on this account automatically carry over from year to year, and transfers made from your checking account are counted toward your current year contribution limits.

How to get Frost Bank’s savings accounts

To open one of Frost Bank’s savings accounts, you can call the bank at 866-376-7889 or visit a bank location in person. Be sure you’re prepared with your minimum opening deposit, proof of a Texas state address, government-issued ID and Social Security number.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s savings accounts compare

You can look at the interest rates of these accounts alone to give them a hard pass. Their monthly fees, and the requirements to waive them, make them lose points as well. While the bank does have easy-to-navigate online and mobile banking platforms, that just isn’t enough to make these accounts stack up against better offerings out there. Consider one of the free accounts on our list of the best online savings accounts, many of which offer higher rates and no fees whatsoever.

Frost Bank’s CD rates

Personal CDs

Frost Bank’s CDs are available in fairly short term lengths with pretty mediocre rates.
TermAPYMinimum Opening Deposit
14 days0.25%
$100,000
30 days0.25%
$100,000
60 days0.25%
$100,000
90 days1.21%
$1,000
90 days1.31%
$100,000
180 days1.46%
$1,000
180 days1.56%
$100,000
12 months1.55%
$1,000
12 months1.65%
$100,000
24 months2.13%
$1,000
24 months2.32%
$100,000
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For certificates issued for less than 30 days, it’s the interest that the withdrawn portion has earned, but no less than seven days of interest; for certificates with terms in length from 30 days to 1 year, it’s 30 days’ interest; for certificates issued for more than 1 year, it’s 90 days’ interest

A $1,000 minimum opening deposit is pretty standard as far as CDs go, but the jump to $100,000 is pretty drastic, especially since the rate increase doesn’t exactly match that jump. While most of these rates do beat out national averages, there are still better offerings out there offering higher rates for lower amounts on deposit.

How to get Frost Bank’s CDs

To be able to open a Frost Bank CD, you’ll need to call the bank at 866-376-7889, or visit a bank location in person. Be sure to be prepared to begin by having your opening deposit, government-issued ID, proof of Texas state address and Social Security number handy.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s CD rates compare

While the rates on these CDs can be described as competitive, there are definitely better rates to be had out there, many of which can be applied to much lower balances than $100,000. We urge you to shop around and possibly consider one of the products on our list of the best CD rates to ensure you truly get the best bang for your buck.

Frost Bank’s money market account options

Frost Bank’s money market allows you to earn interest at several different tiers.
APYMinimum Balance to Earn APY
0.40%
$0.01
0.40%
$10,000
0.45%
$25,000
0.50%
$50,000
0.85%
$100,000
1.21%
$250,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $15; can be waived if minimum monthly balance of $15,000 is maintained
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: Frost Bank occasionally refunds ATM fees for out-of-state customers; contact the bank for further details
  • Overdraft fee: $34 on amounts over $5, up to a maximum of $170 per day

Although this account offers a pretty low opening deposit requirement, the balance requirement to avoid the monthly fee is rather hefty. You can earn interest on any amount (paid monthly on this account), but the rates don’t really start to even slightly creep up until your balance reaches six figures. The account comes with free imaged checks, and it’s available to be used as overdraft protection to cover your checking account. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

How to get Frost Bank’s money market account

As with the savings accounts and CDs, you’ll have to either call the bank at 866-376-7889 or visit a bank location in person to be able to open a money market account. For either method, be sure you’re ready with your opening deposit, proof of Texas state address, government-issued ID and Social Security number.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s money market account compares

The bank boasts competitive rates on its accounts, but they really don’t even come close to the ones on our list of the best money market rates. Not only that, but the highest rates it offers only apply to balances of over $100,000, and you have to be able to maintain a large monthly balance to be able to avoid the monthly fee. Needless to say, this account isn’t worth your while; do your due diligence in shopping around, possibly considering one of the accounts on our list instead.

Overall review of Frost Bank’s banking products

Give most of Frost Bank’s personal accounts a pass. With the exception of some of its CDs, all of the accounts seem to come with some sort of catch — primarily high minimum balance requirements to avoid the monthly fees — for what are mostly mediocre rates. Not only that, but the fact that you can’t open accounts other than the checking account online is likely to be an inconvenience for people who don’t live near a branch.

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

TAGS:

Advertiser Disclosure

Reviews

IncredibleBank Review: Checking, Savings and CD Accounts

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

Year Established1967
Total Assets$1.3B
LEARN MORE on Incredible Bank’s secure websiteMember FDIC

IncredibleBank is an online bank and division of River Valley Bank. River Valley Bank has been around since 1967, but IncredibleBank opened in 2009 at the beginning of the internet-only bank era. Its goal is to offer high interest rates, secure banking services and top-notch customer service. Although all banking actions must take place online, IncredibleBank prides itself on the fact that it has live customer service representatives to assist customers on the phone during extended business hours, as you would with most standard banks.

Prospective customers can easily apply for any of IncredibleBank’s personal banking products online, all of which are Federal Deposit Insurance Corp.-insured for up to $250,000. Here, we’ll review what each of these products — a checking account, savings account and three CD options — have to offer.

Incredible Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.21%

Savings

Incredible Bank Incredible Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.27%

CD Rates

Incredible Bank 12 Month IB CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.52%

CD Rates

Incredible Bank 24 Month IB CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.63%

CD Rates

Incredible Bank 36 Month IB CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

IncredibleBank’s checking account option

Free Incredible Checking

A free checking account that doesn’t earn interest.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fee: None on MoneyPass network ATMs; out-of-network ATM owners may charge a fee
  • ATM fee refund: Unlimited on domestic out-of-network ATM fees
  • Overdraft fee: $10 per item; maximum of $100 a day

This is a basic checking account that doesn’t come with any monthly fees or the ability to earn interest. Its minimum opening deposit is high compared to most other free no-frills checking accounts. Other than that, this account doesn’t have any strict fees or rules.

Free Incredible Checking comes with easy-to-navigate online and mobile banking capabilities, as well as free online bill pay. The biggest plus of this account, however, is the fact that it charges no fees to use in-network ATMs, and it provides unlimited automatic ATM refunds on domestic out-of-network ATMs. So if you need to withdraw cash from anywhere in the U.S., you really can’t lose.

LEARN MORE Secured

on Incredible Bank’s secure website

Member FDIC

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How IncredibleBank’s checking account compares

As we mention in our list of the best online checking accounts out there, the best options come with:

  • No monthly fees
  • An easy-to-navigate mobile and online platform
  • No ATM fees and refunds offered
  • The ability to earn interest

IncredibleBank’s checking account gets points for the first three items on that list, but the fact that it can’t earn interest is a drawback. Many of the accounts on our list have much lower minimum opening deposit requirements, too, so we say consider opening one of those instead.

IncredibleBank’s savings account option

High Yield Savings

This account offers just an OK rate on a sky-high balance requirement.
APYMinimum Balance to Earn APY
1.21%$0.01
2.02%$25,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • Overdraft fee: $10 per item; maximum of $100 a day

Although it has a much higher minimum opening deposit requirement than the checking account, the High Yield Saving account is a much better option because it can earn interest at two ties.

As with the checking account, IncredibleBank’s savings account comes with online and mobile banking capabilities. But IncredibleBank does not issue ATM cards for this account, and users are not able to make any ATM transactions.

Additionally, since it’s a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month. If you exceed this limit, IncredibleBank will charge you a $10 fee per transaction.

Keep in mind: There is a $5 fee if you choose to receive paper statements instead of electronic ones.

LEARN MORE Secured

on Incredible Bank’s secure website

Member FDIC

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How IncredibleBank’s savings account compares

The rate on IncredibleBank’s higher tier for this savings account can compete with the accounts on our list of the best online savings accounts out there. But that tier can be hard to qualify for, and most of the accounts on our list don’t have such high balance requirements to earn the APY. Some don’t have minimum balance requirements at all and even offer rates higher than IncredibleBank’s lower tier.

IncredibleBank’s CD rates

Certificates of deposit

These CDs have decent rates, but they only come in three term options.
TermAPYMinimum Balance to Earn APY
12 months2.27%$1,000
24 months2.52%$1,000
36 months2.63%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Six months worth of interest for the 12- and 24-month terms; nine months worth of interest for the 36-month term

IncredibleBank’s CDs are offered for one, two and three years, and their rates are pretty standard compared to the competition. As with the checking and savings account, these CDs have free mobile and online banking capabilities.

LEARN MORE Secured

on Incredible Bank’s secure website

Member FDIC

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How IncredibleBank’s CD rates compare

These CD rates are in line with those found on our list of the best available CD rates. But there are several on our list that offer higher rates with a lower or even no minimum deposit requirement, so we suggest considering one of those to get the most bang for your buck.

How to get IncredibleBank’s personal banking products

Customers can easily open IncredibleBank’s checking and savings accounts or CDs online.All you have to do is take a picture of your driver’s license or government-issued ID on a smartphone camera, and then IncredibleBank website’s auto-fill feature will capture the rest of your application details for you. You’ll also need your Social Security number handy, as well as a bank account and routing number to fund your new account.

Overall review of IncredibleBank’s personal banking products

We’ll be honest with you: None of IncredibleBank’s personal banking products are standouts. But the fact that you can easily apply for its products online and navigate its online and mobile interface are a plus.

The checking account’s unlimited ATM refunds are another strong suit for IncredibleBank. Unfortunately, you won’t earn interest on your balance, which is something you could find at another financial institution.

As for the savings account and CDs, the rates don’t beat out the many better options out there. But IncredibleBank does offer some solid rates on the few term lengths it offers. We still recommend that you do your research before settling on a banking product from this bank.

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

TAGS:

Advertiser Disclosure

Reviews

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

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

Year Established1953
Total Assets$0.1B
LEARN MORE NCUA Insured

Market USA Federal Credit Union was originally founded in Washington, D.C. as Giant Food Department Stores Federal Credit Union. It has since merged with four other credit unions to become Market USA Federal Credit Union, headquartered in Laurel, Md.

Membership in Market USA Federal Credit Union is currently open to anyone who joins the Market USA Cares Foundation (with a minimum donation of $5), regardless of residency status. Without this donation, any resident of Maryland, Georgia, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, and Washington D.C. is eligible for membership, as are employees of Giant Food, BILO, C&S Wholesale and other select employer groups. Prospective members join the credit union by also opening a Membership Savings account with a minimum $5 opening deposit, and are then able to open any other deposit account. Accounts are federally insured to at least $250,000 by the National Credit Union Share Insurance Fund.

In this review, we’ll give you the details on Market USA Federal Credit Union’s checking, savings, CD, IRA and money market accounts. Read on to see how they stack up to the competition and to determine if any of these accounts are right for you.

Market USA Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Market USA Federal Credit Union Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.41%

CD Rates

Market USA Federal Credit Union 12 Month Preferred CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.65%

CD Rates

Market USA Federal Credit Union 36 Month Preferred CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.01%

CD Rates

Market USA Federal Credit Union 60 Month Preferred CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Market USA Federal Credit Union checking account options

VIP Checking

This checking account earns you a generous APY at two different tier levels
APYMinimum Balance to Earn APY
3.01% (Platinum tier)$0.01
2.01% (Gold tier)$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on outside ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional out-of-network bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This account offers the opportunity to earn generous interest rates at two tier levels. In order to earn the rates above, account holders must enroll in e-statements, set up a monthly direct deposit of at least $250, and make 12 Visa debit card purchases per month at a minimum of $5 each.

In order to earn the Platinum Tier-level APY, account holders must additionally make three bill payments of at least $20 each per month through Market USA Federal Credit Union’s bill pay service.

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on Market USA Federal Credit Union’s secure website

NCUA Insured

Regular Checking

This basic checking account offers a mediocre rate with a high balance requirement to earn it.
APYMinimum Balance to Earn APY
0.05%
$1,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on outside ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional out-of-network bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

As far as the rate is concerned, this account is far less impressive than the VIP Checking account. With a relatively high balance requirement to even earn this abysmal rate, this account might as well not even offer any interest. The only positives are the absence of deposit and balance requirements — this account also comes with a free Visa debit card, mobile check deposit and no per-check charges.

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Direct Deposit Checking

A non-interest-earning checking account meant for depositing all or part of your pay.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on out-of-network ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

Balances in this account don’t earn interest. You’ll get a free initial order of checks, but that’s about it.

LEARN MORE Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Fresh Start Checking

Designed to help those with past checking difficulties rebuild a positive checking history.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on out-of-network ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This checking account is designed to give those with a bad banking history a second chance to rebuild their checking reputation. Once this account has been open for six months, it will be upgraded to a Direct Deposit Checking account, with eligibility for mobile check deposit and Privilege Pay to cover overdrafts. One thing that sets this account apart from similar second-chance accounts at other banks is that it has no balance requirements or monthly fees. This account does, however, require that you set up a direct deposit to open it. If you don’t have access to direct deposit, you can contact the bank to see if you qualify for a Provisional Checking account.

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Minor Checking

This account offers kids and teens an opportunity to build good financial habits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on out-of-network ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This free checking account is a great option for parents or guardians who want to teach financial responsibility to their kids and teenagers. Account holders under 18 must open the account with their parent or guardian as a joint owner. This account has no minimum balance requirements or monthly fees, and account holders also get a Visa Check Card in their name, though their parent or guardian must agree to be responsible for the card’s use. Account holders are also eligible for Privilege Pay, a courtesy pay service for overdrafts.

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on Market USA Federal Credit Union’s secure website

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How Market USA Federal Credit Union’s checking accounts compare

When you take a look at rates (if the account even offers them), the only true standout at Market Federal Credit Union is its VIP Checking account, which offers an APY that’s even more generous than those on our list of the best online checking accounts. The catch, however, is that you have to qualify for its two tier programs to be able to earn it.

If you can’t meet the requirements outlined above, we say consider one of the accounts on our list instead. The only other Market USA product that offers the chance to earn interest, the Regular Checking account, offers a sub-par rate with a high balance requirement to even earn it. The Fresh Start Checking account is a nice touch: it allows people the chance to rebuild a bad checking history with minimal requirements, even if it doesn’t offer the chance to earn interest.

Market USA Federal Credit Union savings account options

Membership Savings Account

This account is a requirement for anyone wishing to join the credit union.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$2,000
0.15%
$5,000
0.25%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. With a direct deposit of $500 per month in their Membership Savings account, members receive eight free out-of-network ATM transactions per month. Then it’s $1 per outside ATM transaction. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This is a typical savings account that’s usually a requirement to join a credit union, with a small joining fee of $5. Other than that requirement, this account offers holders the chance to earn interest at four different tier levels, though the rates aren’t very high. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limit certain transfers and withdrawals to six per month.

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Sub-Savings account

This account can be opened within the Membership Savings Account in order to save for a special occasion or purchase.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$2,000
0.15%
$5,000
0.25%
$25,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. With a direct deposit of $500 per month in their Membership Savings account, members receive eight free out-of-network ATM transactions per month. Then it’s $1 per outside ATM transaction. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This account, opened within your main savings account, allows you to earn the same rates while saving for a specific goal like a vacation, college fund or a down payment for a new car. This account has no balance requirements, so simply transfer funds as often as you like, in whatever amount. However, since it’s still a savings account, the Sub-Savings account is also subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month.

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on Market USA Federal Credit Union’s secure website

NCUA Insured

Holiday Club account

This account allows you to set aside funds specifically for the holidays.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $29

This account allows you to easily save for the holidays by setting aside funds to be automatically transferred into the Market USA Federal Credit Union account of your choice each fall, unless you choose to simply withdraw them. Like all savings accounts, this account is subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month.

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Vacation Club account

Similar to the Holiday and Sub-Savings accounts, this account allows you to sock away cash specifically for a vacation.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $29

This account is similar to the Holiday Club account, in that it offers the same rate and requirements, save for the one about dipping into the account’s savings in the fall. With this account, you can save for a vacation by setting up a direct deposit to transfer a set amount to the account each pay period. This account also has no monthly fee or minimum balance requirement. Since it’s a savings account, it’s subject to Federal Reserve Regulation D requirements, which limit account holders to six withdrawals and transfers per month.

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How Market USA Federal Credit Union’s savings accounts compare

While the Membership Savings account allows account holders to earn interest at four different tiers, even the highest rate doesn’t compare to the accounts on our roundup of the best online savings accounts.

Still, this account is a requirement for joining the credit union, and while it can’t hurt to have it if you’re interested in one of Market USA Federal Credit Union’s other products, we wouldn’t recommend seeking the credit union out for this account alone.

Market USA Federal Credit Union CD rates

Certificates

A variety of CD term lengths, mostly with “just okay” rates.
TermAPYMinimum Opening Deposit
3 months1.00%
$500
6 months1.50%
$500
12 months2.41%
$500
12 month Accumulator1.01%
$100
18 months2.46%
$500
20 months3.00%
$500
24 months2.51%
$500
36 months2.65%
$500
48 months2.71%
$500
60 months3.01%
$500
  • Minimum opening deposit: Varies (see above)
  • Minimum balance amount to earn APY: Varies (see above)
  • Early withdrawal penalty: If the certificate has an original maturity of 1 year or less, it’s 90 days’ dividends on the amount withdrawn. If the certificate has an original maturity of more than 1 year, it’s 180 days’ dividends on the amount.

Market USA Federal Credit Union offers a wide range of certificate terms. A nice bonus on these certificates, however, is that the rates include a 0.35% premium added to the standard rates if account holders have set up a monthly direct deposit and e-statements.

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How Market USA Federal Credit Union’s CD rates compare

Even with the additional premium added to these CD rates, none of them really compare to those on our list of the best CD rates, save for the 20-month promotional special. Even though the deposit requirements are on the lower end, we would still recommend considering one of the CDs on our list instead.

Market USA Federal Credit Union money market account option

Money Market account

A run-of-the-mill money market account with less-than-stellar rates.
APYMinimum Balance to Earn APY
0.10%
$0.01
0.35%
$2,000
0.45%
$10,000
0.80%
$50,000
  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: $2.50 if minimum balance of $2,000 is not maintained<
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $29

This run-of-the-mill money market rate, similar to that of the credit union’s main savings account, allows account holders to earn interest at four different tier levels, though none of the rates are particularly impressive. Its low monthly maintenance fee is easy to avoid if you maintain a minimum balance of the $2,000 required to open it. Like all savings accounts, this money market account is subject to Federal Reserve Regulation D restrictions, which limit certain transfers and withdrawals to six per month, including three made by check.

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How Market USA Federal Credit Union’s money market account compares

Even the highest tier’s rate on this account doesn’t compare to any on our list of the best money market account rates. Some of the accounts on our list offer rates more than twice as high, with minimum balance requirements that are much lower than what Market USA Federal Credit Union requires. We strongly urge you to consider one of those instead.

Market USA Federal Credit Union IRA options

IRA CD rates

IRA Certificates

The same products as the regular certificates, but opened within an IRA.
TermAPYMinimum Opening Deposit
3 months1.00%
$500
6 months1.50%
$500
12 months2.41%
$500
12 month Accumulator1.01%
$100
18 months2.46%
$500
20 months3.00%
$500
24 months2.51%
$500
36 months2.65%
$500
48 months2.71%
$500
60 months3.01%
$500
  • Minimum opening deposit: Varies (see above)
  • Minimum balance amount to earn APY: Varies (see above)
  • Early withdrawal penalty: If the certificate has an original maturity of 1 year or less, it’s 90 days’ dividends on the amount withdrawn. If the certificate has an original maturity of more than 1 year, it’s 180 days’ dividends on the amount.

These CDs are virtually the same products as the regular certificates, and come with an additional 0.35% premium added to the rates if you enroll in direct deposit or e-statements.

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How Market USA Federal Credit Union’s IRA CD rates compare

Just like the regular certificates, these IRA certificates just don’t stack up to the ones on our list of the best IRA CDs available. If you’re saving for retirement, take the time to do your research to make sure you’re really getting the most out of the money you’re socking away. Consider one of the CDs on our list instead.

IRA savings account

APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a standard IRA savings account, with a less-than-impressive interest rate. Like all savings accounts, this one’s subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

How to get Market USA Federal Credit Union’s deposit accounts

To open any of Market USA Federal Credit Union’s accounts, customers must first open a Membership Savings account with a minimum deposit of $5, and $5 charity donation. Then, they can open any of its checking, savings, money market or certificate accounts online, over the phone, or in person at a branch.

The credit union’s IRAs can be opened online with the IRA Service Center, or over the phone or at a branch. You’ll need to provide information such as your address, phone, driver’s license and Social Security number.

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Overall review of Market USA Federal Credit Union’s banking products

We’ll be honest with you: the only real standout product at Market USA Federal Credit Union is its VIP Checking account, and that’s only if you qualify for the rewards tiers to earn its generous rates. Otherwise, none of its personal banking products have rates that stack up to or beat out the competition, even if they do have minimal monthly fees and balance requirements going for them.

These accounts aren’t the worst out there, but they’re not the best, either. Take the time to do your research to be able to reap the most benefits from the funds you’re putting away.

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

Sterling Bank & Trust Review: Checking, Savings, CD, Money Market, and IRA Accounts

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

Year Established1984
Total Assets$3.2B
LEARN MORE on Sterling Bank And Trust, FSB’s secure websiteMember FDIC

Sterling Bank & Trust was first established in 1984 and is currently headquartered in Southfield, Mich. It has since grown to include locations in the New York, Los Angeles, San Francisco and Seattle metro area. Prospective customers must live in one of those regions, as the only way to open an account is in person at one of its branches.

In addition to offering a wide range of personal banking products, the bank also has business banking and mortgage loan services. As an added bonus, deposit account holders may qualify for the bank’s Premier Club and Ambassador Club, which allows them to earn slightly higher rates on a few of its products, as well as free checks and special gifts.

In this review, we’ll compare the rates and offerings of its checking, savings, money market, CDs and IRA products. Rates vary by region; the rates shown below are for the region closest to its Michigan headquarters.

Sterling Bank and Trust, FSB’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.40%

Savings

Sterling Bank and Trust, FSB Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.00%

CD Rates

Sterling Bank and Trust, FSB 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.00%

CD Rates

Sterling Bank and Trust, FSB 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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3.00%

CD Rates

Sterling Bank and Trust, FSB 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC


Sterling Bank & Trust checking account options

Sterling Eagle Checking account

An interest-earning checking account with killer ATM privileges.
APYMinimum Balance to Earn APY
0.10%$0.01 - $500
0.20% (with direct deposit; 0.10% without)$500 - $1 million
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (can be waived if a minimum balance of $500 is maintained, or with a regularly recurring direct deposit)
  • ATM fee: No fee at U.S. ATMs
  • ATM fee refund: Unlimited refunds on any fees from other banks
  • Overdraft fee: $32

The biggest pluses for this account are the fact that it earns interest, has no ATM fees and refunds all ATM fees from outside banks. It also comes with unlimited check writing, free bill pay, online and phone banking, a free debit card, direct deposit capability and e-statements.

Account holders age 55 and older qualify for Sterling Club membership, which comes with the chance to earn a slightly higher rate on money market, savings and CD accounts, free checks and invitations to social events with fellow club members.

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Sterling Freedom Checking account

This checking account comes with less bells and whistles than the bank’s other option.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: No fees at Sterling Bank ATMs; $3-$3.50 at outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

Unlike the bank’s other checking account option, this account does not have the ability to earn interest.

It does, however, come with unlimited check writing, free bill pay, online and phone banking, a free debit card, direct deposit capability and e-statements. Finally, this account doesn’t have any minimum opening deposit or balance requirements. There is no monthly fee, either, so if you’re simply looking for the peace of mind of not having to keep track of things like that, this account may be for you.

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How Sterling Bank & Trust’s checking accounts compare

As we say in our comparison of the best online checking accounts, the best products come with the ability to earn interest, ATM fee refunds, and a strong online and mobile interface. The Sterling Eagle Checking account does get check marks for all of those areas, and its higher rate tier just barely squeaks in to compete with the accounts on our list. However, the fact that it doesn’t come with any domestic ATM fees and will refund any outside bank’s ATM fees is a huge draw. If you can be sure that the rate in your area stacks up to the competition, we say give that account a fair shot.

Sterling Bank & Trust savings account option

Statement Savings

This account’s APY isn’t anything to write home about.
APYMinimum Balance to Earn APY
0.40%$0.01
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (can be waived if minimum balance of $100 is maintained)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $32

This account comes with the ability to earn interest. It also comes with an ATM card, direct deposit capabilities, 24/7 online and phone banking and e-statements.

If you are over age 55 and have opened a Sterling Eagle Checking account, you’re eligible for the Sterling Club rewards programs — it offers a slightly higher rate on this account, free checks and invitations to social events with other members. Like all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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How Sterling Bank & Trust’s savings account compares

This account does earn interest, but the rate is much lower than all of the accounts on our roundup of the best online savings accounts. Unless you qualify for one of the rewards programs, there aren’t really any perks that come with this account. It pretty much just comes with the basics you would expect of any bank account.

Sterling Bank & Trust CD rates

Certificates of Deposit

These CDs offer less-than-impressive rates.
TermAPY
1 month0.05%
3 months0.20%
6 months0.40%
12 months2.00%
18 months0.80%
24 months2.88%
30 months3.00%
36 months3.00%
48 months3.00%
60 months3.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 6 months’ interest on terms of 1 year or less; 12 months’ interests on terms over 1 year

Sterling Bank & Trust’s CDs come in a wide range of term lengths, ranging from three months to five years — but its best rate is on its promotional 30-month CD.

If you are over age 55 and have opened a Sterling Eagle Checking account, you can sign up for the Sterling Club rewards programs. Sterling Club membership offers a slightly higher rate on these CDs and other perks, such as invitations to social events with other members.

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How Sterling Bank & Trust’s CD rates compare

While Sterling Bank & Trust boasts about competitive rates on its CDs, they simply don’t beat out or come close the competition on our list of the best CD rates — not even the promotional 30-month CD, which offers the highest rate of the bank’s 10 term lengths. Its minimum deposit requirements are on the low end, though, and fairly standard compared to others. Still, we suggest shopping around and finding a higher rate that’s truly worth your while and allow your savings to grow.

Sterling Bank & Trust money market account options

Money Market account

A run-of-the-mill money market account with a less-than-stellar rate.
APYMinimum Balance to Earn APY
0.90%$0.01
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (can be waived if minimum balance of $500 is maintained)
  • ATM fee: No fee at U.S. ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This interest-earning account comes with no minimum balance requirement to earn the rate, which is compounded quarterly. However, you are required to maintain a balance of at least $500 in the account to avoid its monthly fee. This account also comes with free ATM withdrawals at any domestic ATM, bill pay, mobile and online banking, and e-statements.

Additionally, if you are over age 55 and have opened a Sterling Eagle Checking account, you can sign up for the Sterling Club rewards program, which offers a slightly higher rate on this account and other perks like free checks and invitations to social events with other members.

Because this is a savings account, it’s subject to Federal Reserve Regulation D, which limits withdrawals and transfers up to six per month.

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How Sterling Bank & Trust’s money market account compares

Although the minimum deposit and balance requirements for this account are minimal and easy to maintain compared to others, the APY on Sterling Bank & Trust’s money market doesn’t even come close to comparing to most of the accounts on our list of the best available money market accounts. There are definitely better rates to be had out there on accounts that likely offer the same low requirements, so do your research to make sure you’re getting the best bang for your buck to increase your savings.

Sterling Bank & Trust IRA options

IRA CD rates

The same products as the regular CDs but available within an IRA.
TermAPY
1 month0.05%
3 months0.20%
6 months0.40%
12 months2.00%
18 months0.80%
24 months2.88%
30 months3.00%
36 months3.00%
48 months3.00%
60 months3.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 6 months’ interest on terms of 1 year or less; 12 months’ interests on terms over 1 year

Sterling Bank & Trust IRA CDs are virtually the same products as the regular CDs — the only difference is that you can open them within an IRA. The deposit, balance and early withdrawal restrictions are on par with many other accounts out there.

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How Sterling Bank & Trust’s IRA CD rates compare

Just like with the regular CDs, the rates on Sterling Bank’s IRA CDs for the most part don’t stack up against the offerings on our list of the best IRA CDs. If you’re saving for retirement, you want to make sure you’re giving your funds the best chance to grow, so we urge you to take the time to find a product with a higher rate.

IRA savings account

A standard IRA savings account that can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.40%$0.01
  • Minimum opening deposit: $300
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-earning IRA can be opened as either a traditional or Roth IRA. It requires a low minimum deposit to open, and can earn the rate on any balance amount, though that rate is lower than those offered on the bank’s IRA CD accounts. As a savings account, it’s also subject to Federal Reserve Regulation D, which limits withdrawals and transfers up to six per month.

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How to get Sterling Bank & Trust’s deposit accounts

In order to open any of the bank’s aforementioned accounts, you’ll have to visit one of Sterling Bank & Trust’s branch locations if you’re a resident of one of the four regions the bank serves. Visit the website to enter your ZIP code to see if there’s one near you.

Overall review of Sterling Bank & Trust’s deposit accounts

For the most part, none of Sterling Bank & Trust’s personal banking products are really anything to write home about. Most of the rates offered just don’t stack up against the competition, even if you qualify for any of the rewards programs that allow you to earn higher rates.

Even though there are a few perks here and there (e.g. the lack of ATM fees and unlimited ATM fee refunds on the Sterling Eagle Checking account), they just don’t make up for where the bank’s products fall short. Further, even if you do live near one of the few areas the bank serves in California, Michigan, New York and Washington, the fact that you can only open an account in person may be problematic.

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

TAGS:

Advertiser Disclosure

Reviews

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

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

Year Established1957
Total Assets$3.4B
LEARN MORE on Service Credit Union’s secure websiteNCUA Insured

Service Credit Union was first established in 1957 as Portsmouth Air Force Base Federal Credit Union, with the purpose of assisting the New Hampshire base’s military personnel and their families with their finances. It has since grown to a member base of more than 230,000 and has over $3.4 billion in assets, with 50 branch locations in New Hampshire, North Dakota, Massachusetts and Germany.

Eligibility for membership includes living or working in New Hampshire or in or near Falmouth, Mass. Additionally, anyone who currently or formerly has worked for the Department of Defense (including active duty military), veterans and their families are also eligible for membership. Prospective members can apply online, and upon meeting one of the eligibility requirements, open a Share Savings account with a minimum deposit of $5, along with other banking products.

Service Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Service Credit Union Share Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.25%

CD Rates

Service Credit Union 1 Year Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.75%

CD Rates

Service Credit Union 3 Year Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.25%

CD Rates

Service Credit Union 5 Year Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Service Credit Union’s checking account options

Basic Service Checking

A noninterest-bearing checking account with minimal fees.
  • Minimum opening deposit: None
  • MMonthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: No overdraft protection; transactions are denied if the funds aren’t available

This is a no-frills checking account that doesn’t earn interest. On the plus side, it has no monthly maintenance fees or overdraft fees; it won’t let you proceed with a transaction if you don’t have the funds available in your account to cover it. It also allows you to be paid up to two days early if you have payroll direct deposit. Terms apply. This account also requires you to receive statements and account communications electronically. You also can’t write paper checks.

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Classic Service Checking

An account similar to the Basic Service Checking account that offers check-writing and overdraft capabilities.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Like the Basic Service Checking account, this account has no monthly maintenance fee or minimum balance requirement. It also comes with Courtesy Pay, which, for a fee of $30 every time it’s utilized, covers checks that would normally be returned unpaid. The account also comes with free online bill pay, mobile apps with remote check deposit, international online bill pay, unlimited check writing and the ability to get paid up to two days early with direct deposit.

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Five Star Service Checking

This checking account offers the opportunity to earn interest at two different tiers.
APYMinimum Balance to Earn APY
0.05%
$1,500
0.10%
$5,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10, unless a minimum balance of $1,500 is maintained
  • ATM fee: None on in-network ATMs. First five non-Service Credit Union/non-CO-OP withdrawals are free; after that, it’s $2 per transaction
  • ATM fee refund: Up to $20 per month
  • Overdraft fee: $30 per item

The Five Star Service Checking account offers the opportunity to earn interest at two different tiers once you have a balance above $1,500. While it does have a monthly maintenance fee, it can easily be waived if you maintain that balance requirement.

This account also comes with Courtesy Pay for a fee of $30 every time it’s utilized, which will cover any checks that would normally be returned, along with international online bill pay, free mobile apps with remote check deposit, unlimited check writing and the ability to get paid up to two days early with direct deposit.

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Student Checking

A basic, noninterest-bearing checking account for students ages 13 to 25.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs. First four non-Service Credit Union/non-CO-OP ATM withdrawals are free; after that, it’s $2 per transaction
  • ATM fee refund: None
  • Overdraft fee: $10 Courtesy Pay fee on each overdraft

This account is a great option for students who want to keep track of their funds without any hassles and, especially, without any fees. This account has no minimum balance requirements, comes with online banking services and mobile apps with remote check deposit, offers unlimited check writing and the ability to get paid up to two days early with direct deposit (Terms Apply). Once account holders turn 26, the account will convert into a Basic Service Checking account.

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How Service Credit Union’s checking accounts compare

The best checking accounts out there will feature no monthly fees and ATM fees, as well as provide ATM fee refunds. Most of Service Credit Union’s checking accounts get a gold star for one or more of these features.

But another feature that makes a checking account stand out is if it offers interest on deposited funds. The Five Star Service Checking account does have this going for it, but the rates are still fairly low and you have to maintain a balance of at least $1,500 to earn them. That requirement isn’t all that high, but there are still better checking account options that will get you higher rates. We suggest digging around and looking elsewhere.

Service Credit Union’s savings account options

Share Savings

All new members of Service Credit Union must open this account.
APYMinimum Balance to Earn APY
0.20%
$50
0.25%
$5,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

A Shared Savings account is the entry point to join Service Credit Union and to any other products. That’s not necessarily a bad thing, though, as there’s just a $5 minimum deposit to open it, and it earns higher interest than the checking accounts. Like all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month. E-statements are also available with this account.

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Christmas/Holiday Club account

Set aside money for holiday or special event spending, to withdraw once a year.
APYMinimum Balance to Earn APY
3.00%
$0.01-$3,000
0.25%
$3,000.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

This account is designed for putting funds aside to save up for holiday-related expenses, or any special event. The APY drops when your daily balance goes above $3,000.

Your funds can be transferred automatically online, through a payroll deduction, at a branch or by mail. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

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Youth Club/Smart Savers Program

A kids savings option with some creative extras thrown in.
APYMinimum Balance to Earn APY
0.20%
$50-$5,000
0.25%
$5,000

The Youth Club Program is pretty much a standard young savers account, but with activities and information targeted to specific age groups — for the younger crowd, there’s Money Mammals, while the Cha-Ching program provides financial services and resources for teens.

Also, once a child has made 12 visits to a branch, making a deposit of $10 or more each time, they’ll earn an additional $5 in their account. The APY is paid on daily balances of $50 or more, compounded and paid monthly. Kids with balances of $5,000 or more can get an even better rate.

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How Service Credit Union’s savings accounts compare

While the Share Savings account has its minimal balance and deposit requirements going for it, it really doesn’t have much else, and its rates really can’t compete with some of the best online savings accounts. This account won’t be a hassle to maintain if you’re opening it because you’re after one of the credit union’s other products, but we wouldn’t seek out Service Credit Union for this account alone.

The real standout among Service Credit Union’s savings accounts is the Youth Club account, with its dividend and program extras. The higher rates on the Christmas/Holiday Savings account are definitely more enticing and worth taking advantage of if you typically work to put aside funds for the holidays or other special occasions.

Service Credit Union’s CD rates

Share Certificates

Standard CDs with lackluster rates.
TermAPYMinimum Balance to Earn APY
3 months0.75%
$1,000
6 months1.50%
$1,000
9 months2.50%
$1,000
12 months2.25%
$1,000
15 months2.75%
$1,000
24 months2.50%
$1,000
36 months2.75%
$1,000
48 months3.00%
$1,000
60 months3.25%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the date and the amount withdrawn; contact the credit union for specific details

Service Credit Union offers share certificates in terms ranging from three months to five years, all with higher minimum deposit requirements than most offerings out there. Its rates, for the most part, are not very competitive.

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How Service Credit Union’s CD rates compare

Let’s be clear: Service Credit Union’s CD rates don’t really compete with the best offerings out there. In fact, they don’t even come close until you get to some of the longer terms, and, even then, they still don’t beat them. They also come with higher minimum opening deposit requirements than many with better rates. We say consider one of the CDs on our list of the best CD rates instead.

Service Credit Union’s money market account option

Money Market account

An account that lets you earn slightly higher interest rates with a higher deposit.
APYMinimum Balance to Earn APY
0.75%
$2,500
1.00%
$25,000
1.25%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $5
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Service Credit Union’s Money Market account allows you to earn interest on balances of $2,500 or more, with rates increasing across two upper tiers. This account allows you to earn more interest than the regular Share Savings account, and also allows you to write up to six checks per month. Since it is a savings account itself, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions each month.

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How Service Credit Union’s money market account compares

As with many traditional banks, Service Credit Union is paying very low rates on its money market account. None of the rates on the balance tiers’ compete with those on our list of the best money market rates available, many of which come with much lower minimum balance requirements to earn said rates. We say look elsewhere before opting for this account.

Service Credit Union’s IRA options

IRA CD rates

IRA Share Certificates

These are the same as the regular share certificates, just opened within an IRA.
TermAPYMinimum Balance to Earn APY
3 months0.75%
$1,000
6 months1.50%
$1,000
9 months2.50%
$1,000
12 months2.25%
$1,000
15 months2.75%
$1,000
24 months2.50%
$1,000
36 months2.75%
$1,000
48 months3.00%
$1,000
60 months3.25%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the date and amount withdrawn; contact the credit union for further details

These IRA share certificates are virtually the same as the regular certificates; the only difference is that they can be opened within an IRA. As with the regular accounts, though, their rates are pretty lackluster as well and come with somewhat high minimum deposit requirements.

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How Service Credit Union’s IRA CD rates compare

As with the regular share certificates, the rates on the IRA share certificates really don’t stack up against the competition, and their minimum deposit requirements are higher than most as well. We recommend checking out one of the top IRA CDs on our list, many of which offer higher rates and lower deposit requirements.

IRA savings account

This account can be opened as a Traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.60%
$50
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to build tax-deferred savings for your retirement. In some cases, you may be eligible for a tax deduction of up to $2,000 as an individual, or $4,000 for a couple (a tax adviser can provide complete details). Like a traditional savings account, this IRA is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month, as well as IRS penalties for early withdrawals.

How to get Service Credit Union’s banking products

Customers can open Service Credit Union’s checking, savings money market and certificate accounts online in about 10 minutes, by calling the bank at 800-936-7730 or by visiting a branch in person. You’ll need information such as your address and Social Security number, as well as a government-issued ID, such as a driver’s license, and a credit, debit or U.S. bank account to fund your account.

For the Student Checking and Youth Club accounts, prospective account holders younger than 17 will need to visit a branch with a parent or guardian to open the account.

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Overall review of Service Credit Union’s banking products

On the whole, none of Service Credit Union’s products is particularly impressive. The absence of fees and minimal balance requirements are a plus, but we would always recommend shopping around for accounts that not only also have these characteristics but offer better rates.

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

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

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

Year Established1949
Total Assets$2.4B
LEARN MORE on NASA Federal Credit Union’s secure websiteNCUA Insured

NASA Federal Credit Union was established in 1949, when seven NASA employees received approval to charter the credit union for all employees. The credit union is currently headquartered in Upper Marlboro, Mass., and operates out of 12 physical locations in Maryland, Virginia and Washington, D.C. It serves more than 140,000 memberships.

Membership is open to employees or retirees of NASA headquarters, any NASA center or facility or the National Academy of Sciences. Members of any of NASA Federal Credit Union’s 900 partner companies or associations (visit the website to view a complete list) and relatives or household members of existing credit union members are also eligible. If none of those requirements apply to you, the credit union will provide you with a complimentary membership to the National Space Society to grant you full membership benefits and eligibility.

NASA Federal Credit Union is a part of the CO-OP Network, which is a nationwide network of credit unions that share 30,000 ATMs and over 5,000 branches. Members can bank without incurring a fee if they stay within that network. In order to become a member and open any other NASA Federal Credit Union products, you must open a Share Savings account, which requires a monthly balance requirement of just $5 and comes with no monthly maintenance fee.

NASA Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

NASA Federal Credit Union Prime Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.25%

CD Rates

NASA Federal Credit Union 12 Months Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.55%

CD Rates

NASA Federal Credit Union 36 Months Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.95%

CD Rates

NASA Federal Credit Union 60 Months Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

NASA Federal Credit Union checking account options

Premier Checking account

A basic noninterest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $7, which can be waived if you maintain a combined balance of $2,500 in your NASA Federal Credit Union accounts
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

This checking account does not offer the ability to earn interest. The monthly maintenance fee isn’t a large one, but if you’re not able to meet that requirement to waive it, you could easily find other checking accounts that won’t charge a fee and without a catch. As noted above, there are various rewards programs that allow you to get a handful of (or even unlimited) ATM fee refunds. Please note that to qualify to Silver rewards, you must meet one of the following criteria:

  • You are a primary credit union members that is age 23 or under;
  • You are a primary credit union members age 62 or older;
  • You are a new member during the first 90 days of membership;
  • You are a household member of a credit union member who already qualifies for Silver Rewards

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Premier eChecking account

Another noninterest-bearing checking account with slightly more perks.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8, which can be waived with a recurring direct deposit or if you use Active Bill Pay, which requires paying three bills per month with the credit union’s online bill pay service.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the criteria mentioned earlier), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

As with the Premier Checking account, this account also doesn’t earn any interest and also has a small monthly maintenance fee that can be waived. The main difference between the two accounts are the requirements to waive the monthly fee, and that this one has a couple of additional perks such as free online bill pay and one free box of checks per year.

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Premier Preferred Checking account

A checking account that allows you to earn a small amount of interest.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $9, which can be waived if you maintain an average daily balance of at least $2,500.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 or qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

The biggest difference between this checking account and the others offered by NASA Federal Credit Union is that this one has the ability to earn interest, albeit at a very low rate.

Like the other accounts, it has a monthly fee that isn’t all that high, but if you aren’t able to meet the minimum balance requirement to waive it, you might be better off opening a checking account elsewhere that will offer you a higher rate without any monthly fees or hoops to jump through to waive them. This account also comes with a free box of checks every year.

How to get NASA Federal Credit Union’s checking accounts

You can open all of NASA Federal Credit Union’s Premier Checking and Premier eChecking accounts online after establishing membership by opening a Share Savings Account. You’ll need to be a U.S. citizen or permanent resident and have your Social Security number and a government-issued ID on hand to apply for membership and open an account.

For the Premier Preferred Checking account, interested individuals can put in a request to open the account online, after which a credit union representative will contact them to move forward with the process. Or, they can contact the credit union by phone or visit a local branch.

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How NASA Federal Credit Union’s checking accounts compare

As we mention in our list of the best online checking accounts out there, the greatest accounts are those that allow account holders to earn interest, have no monthly fees and offer ATM fee refunds. NASA Federal Credit Union’s checking accounts lose points on all these fronts, with the exception of the Premier Preferred Checking account, which earns a very small amount of interest.

These accounts do come with some perks, however, including early payroll access, cashback rewards on debit card purchases and one forgiven overdraft fee each year. But you may be better off researching checking accounts that offer higher interest rates.

NASA Federal Credit Union savings account options

Share Savings account

This account is required to establish membership with the credit union.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999), or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and meet one of its other qualifying factors), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

If you’re interested in opening any other products at NASA Federal Credit Union, you’re required to also open this account beforehand or at the same time. Luckily, it has a very small opening deposit requirement and no monthly maintenance fee, so having this account open on the side won’t hurt you or be a pain to manage.

As an added bonus, the account earns interest — albeit a very small amount. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

How to get NASA Federal Credit Union’s Share Savings account

You can easily open this account online, by phone or in person at a branch. You’ll need to be a U.S. citizen or permanent resident to apply for membership, and provide a Social Security number and a government-issued ID to open an account.

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Holiday Club account

This account allows you to put funds away specifically for holiday savings.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account easily lets you sock away cash for holiday purchases and expenses, while earning a small amount of interest. In November, your funds will be moved to your checking or savings account (whichever you choose) so you can start getting ready for the holidays. Since this is a savings account, it’s subject to Federal Regulation D, which limits you to making six certain withdrawals/transfers per month.

How to get NASA Federal Credit Union’s Holiday Club Savings account

You can open this account online at the same time that you open your Share Savings Account. You can also open this account by phone or in person by visiting a branch. In addition to being a U.S. citizen or permanent resident, you’ll need your Social Security number and a government-issued ID to apply for membership and open an account.

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Sub-Savings accounts

A savings account that allows you to put away funds for a specific purpose, like a vacation or new car.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. This account is not accessible through out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $32

Once you’ve become a member and opened a Share Savings account with a minimum deposit of $5, you can open one or more savings accounts and label them as you’d like. They will then appear right under your main savings account in eBranch, the credit union’s online banking portal, and you can set it up to make automatic transfers from your main savings account.

The only requirement for this account is that you maintain a minimum balance of $5 in your Share Savings account, which also serves as your membership dues. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

How to get NASA Federal Credit Union’s Sub Savings account

Existing NASA Federal Credit Union members can open this account through eBranch — the credit union’s online banking platform — over the phone, or in person at a local branch.

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Education Savings account

A savings account that allows you to put away funds specifically for a child, grandchild or other family member’s education.
APYMinimum Balance to Earn APY
0.15%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

As the name suggests, this account allows you to save funds for family members’ future educational expenses. You can deposit up to $2,000 per year for each child under age 18, who can use the funds for educational purposes until age 30. These funds are eligible for tax breaks, though the credit union recommends consulting a tax adviser for further information.

Like other savings accounts, this account is subject to Federal Reserve Regulation D, meaning you’re limited to six certain withdrawals or transactions per month.

How to get NASA Federal Credit Union’s Education Savings account

Once you’re an established member of NASA Federal Credit Union, you can open the account online, over the phone or in person at a local branch.

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How NASA Federal Credit Union’s savings accounts compare

NASA Federal Credit Union’s savings accounts have their lack of monthly fees and balance requirements going for them, but the rates really can’t compare to some of the best savings accounts options on our list.

While you need to open its basic Share Savings account to be able to open any other product at the credit union, we wouldn’t recommend establishing membership for this product alone.

NASA Federal Credit Union CD rates

Share Certificates

Standard CDs with mostly mediocre rates.
TermAPYMinimum balance requirement
6 months1.20%$1,000
12 months1.25%$1,000
15 months2.75%
$5,000
24 months1.35%$1,000
36 months1.55%$1,000
48 months1.70%$1,000
49 months3.00%$5,000
60 months1.95%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD to save for your child’s educational expenses.
TermAPYMinimum balance requirement
12 months1.25%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This certificate is intended to be saved for your child’s educational future if he or she is 23 years old or younger. (After he or she turns 24, it will roll into a standard 12 month certificate term.) It can be opened with as little as $50, and additional contributions can be made throughout its 12 month term.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 months1.15%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This CD is a great option for those who are looking for a way to build their savings but don’t have a lot to deposit right away. The biggest advantage of this 12 month CD is that you can make additional deposits of up to $2,500 per month throughout its short term.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Premier Bump-Rate certificates

Share certificates that allow you to increase your rate one time during your term.
TermAPYMinimum balance requirement
24 months1.30%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s Bump-Rate certificates are a good option for those who are hesitant to put funds away in a long-term account, as these offer the flexibility of increasing to a better rate if you see rates go up at some point.

How to get NASA Federal Credit Union’s certificates

Individuals interested in opening one of NASA Federal Credit Union’s certificates can do so easily online as long as they commit to also opening the Share Savings account required to establish membership.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

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How NASA Federal Credit Union’s certificate rates compare

NASA Federal Credit Union offers a wide range of share certificates, from six months to five years. While some of them have significant advantages like low opening deposit requirements and the ability to make several additional deposits during their short terms, most of their rates really don’t compare with the best CD offerings out there — in fact, many of them fall below the national average. We recommend doing your research and going for a certificate that offers a rate that will really give you the most bang for your buck.>

NASA Federal Credit Union money market account options

Premier Money Market account

This account allows you to earn a higher rate than a basic savings account, with no monthly fees to boot.
APYMinimum Balance to Earn APY
0.80% $10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account’s rate, while low compared with others out there, is higher than the national average. Its minimum balance requirement is comparable to the competition, and the lack of a monthly maintenance fee is a definite plus. Like other savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Premier Advantage Money Market account

This tiered account has higher balance requirements but not much higher rates than the credit union’s other money market accounts.
APYMinimum Balance to Earn APY
0.65%$0-$49,999.99
0.85%$50,000-$99,999.99
0.95%$100,000+
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Varies
  • Monthly account maintenance fee: $10 if balance falls below $25,000 in a given month
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While this money market account has a higher opening deposit requirement than the Premier Money Market account, it allows you to earn a higher rate at different tiers (though these rates are still lower than the competition).

It does have a monthly maintenance fee that can easily be avoided so long as you don’t let your balance dip below the minimum deposit amount. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Premier Plus Money Money Market account

This account has a much bigger minimum deposit requirement to open than the credit union’s other money market accounts, but not a much higher rate.
APYMinimum Balance to Earn APY
0.85% $40,000
  • Minimum opening deposit: $40,000
  • Minimum balance to earn APY: $40,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While it has the lack of a monthly fee going for it, this account still offers a subpar rate compared to the competition, and in order to get it, you must meet its minimum balance requirement, which is a bit steep compared with other accounts. Since it’s a savings account, it’s also subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s money market accounts

Existing NASA Federal Credit Union members have the ability to open a money market account through eBranch, the credit union’s online banking platform. They can also do so over the phone or in person at a local branch.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

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How NASA Federal Credit Union’s money market accounts compare

As we mentioned above, all of NASA Federal Credit Union’s accounts fall short when it comes to their rates. You can earn much higher rates on the money market accounts on our list, many of which have significantly lower opening deposit and minimum balance requirements. You can’t even open these accounts without being an existing member, so we wouldn’t recommend seeking out NASA Federal Credit Union specifically for these accounts.

NASA Federal Credit Union IRA options

IRA certificates with the same rates as the regular certificate options.

TermAPYMinimum balance requirement
6 months1.20%$1,000
12 months1.25%
$1,000
15 months2.75%
$5,000
24 months1.35%
$1,000
36 months1.55%$1,000
48 months1.70%$1,000
49 months3.00%$5,000
60 months1.95%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Early Savers certificates

A CD for your child’s educational expenses.
TermAPYMinimum Balance Requirement
12 months1.25%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular share certificate, this meant to be put toward your child’s educational future if he or she is 23 years old or under. (After he or she turns 24, it will roll into a standard 12 month certificate term.) With as little as $50 deposited at opening, additional contributions can be made throughout the certificate’s 12 month term.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 month1.15%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular certificate, this IRA share certificate option could be beneficial for individuals wanting to grow their savings but don’t have a lot to deposit right away. This 12 month CD allows you to make additional deposits of up to $2,500 per month throughout its short term. At the end of its term, this certificate will roll over into a regular 12 month certificate.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Premier Bump-Rate certificates

IRA certificates that allow you to increase your rate one time.
TermAPYMinimum balance requirement
24 months1.30%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s IRA Bump-Rate certificates are a good option for those who want to save for retirement but are hesitant to put funds away in a long-term account. These certificates offer members the chance to a higher rate if they see rates go up at some point during their term. Once your term ends, your funds will roll over into a regular IRA share certificate of the same term length.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

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How NASA Federal Credit Union’s IRA CD rates compare

NASA Federal Credit Union’s IRA share certificates are all virtually the same as its regular share certificates; the only difference is that these are designated as retirement savings and must be opened within the credit union’s online IRA Service Center. Unfortunately, the similarities line up right down to the rates, which really don’t compare to the best IRA CD rates out there, despite their flexible terms and deposit requirements. We say look elsewhere if you really want to see your retirement savings grow.

IRA savings account

You can open this account either as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.15% None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

NASA Federal Credit Union’s IRAs, which can be opened either in Roth or traditional versions, are pretty standard as far as these accounts go. Although the interest rate is pretty low, the low opening deposit requirement is a plus for those seeking flexibility on this front. Like all savings accounts, these are subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s IRAs and IRA certificates

Existing NASA Federal Credit Union members can open its IRAs and IRA certificates through the online IRA Service Center within the eBranch online banking platform. They can also do so over the phone or in person at a local branch.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Overall review of NASA Federal Credit Union’s banking products

We hate to say it, but most of NASA Federal Credit Union’s products fall short when it comes to their rates, which is often one of the most important things customers prioritize when growing savings funds. The flexibility that comes with many of its share certificates is a definite plus, but overall, shop around to ensure that you’re getting the most worthwhile account to build your funds.

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

Self-Help Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Year Established1983
Total Assets$1.0B
LEARN MORE on Self-Help Credit Union’s secure websiteNCUA Insured

Self-Help Credit Union first opened in 1980 as the Center for Community Self-Help, with its first “office” being out of one of the owner’s VW Bug.

The credit union initially worked to help rural North Carolina farm workers buy local factories that were closing. Since opening its headquarters in downtown Durham, Self-Help Credit Union has grown to operate 47 branches and lending offices around the country. From its initial focus on helping small businesses, it has expanded to lending to larger businesses and nonprofits.

Self-Help Credit Union membership is open to anyone who joins the nonprofit Center for Community Self-Help, which requires a $5 membership fee. It’s also open to individuals who live, work, worship or attend school in one of several counties in North Carolina and Florida, with a minimum deposit of $5.

Membership is also available to immediate family members of an existing member, or those who work at one of Self-Help Credit Union’s approved employers. You can visit the credit union’s website to see if you qualify.

The account opening process is the same for all of Self-Help Credit Union’s personal banking products: Once you have established membership with the credit union either online, in person or by mail, you can visit a branch location or fill out the mail-in form to open an account. You’ll need to provide a government-issued ID, your Social Security number and other personal details.

Self-Help Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Self-Help Credit Union Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.87%

CD Rates

Self-Help Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.38%

CD Rates

Self-Help Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.63%

CD Rates

Self-Help Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Self-Help Credit Union checking account option

Personal Checking account

A basic checking account that earns a small amount of interest.
APYMinimum Balance to Earn APY
0.10%
None
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5, which can be waived if:
    • You are 65 or older, or 24 or younger;
    • Have monthly combined direct deposits of $500 or more into one or more Self-Help Credit Union accounts; or,
    • Maintain an average daily balance of $2,500 or more across all your accounts with Self-Help Credit Union.
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; $75 maximum per day

Although the monthly fee is comparatively low, if you’re not able to meet the requirements to waive it, you might be better off finding a checking account elsewhere with a better rate and no fees.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s checking account compares

As we state in our roundup of the best online checking accounts, the greatest picks are those with no monthly fees and a decent interest rate. While it’s possible to waive the fee on this account, the requirements might be limiting for some people. And while this account does earn interest, the rate falls well below many of these better options.

Self-Help Credit Union’s savings account options

Basic Savings account

An interest-bearing savings account with no monthly fee or minimum balance requirement.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks or ATM owners may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account is a much better option than the checking account as it offers a higher rate and has no hoops for you to jump through to avoid a monthly fee. It also offers online and mobile banking services to allow you to manage your funds with ease. This account is subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month. Additional fees apply if you exceed this amount.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

Holiday Club and Custom Club accounts

Savings accounts that let you withdraw special funds at designated times.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

These accounts allow you to save for a specific purpose or occasion, earn interest and then withdraw the money without penalty. If you designate it as a Holiday Club account, you will have access to your funds from Nov. 1 to Dec. 31 of each year to put toward holiday expenses. There is a $10 early withdrawal penalty on the Holiday Club account if you choose to withdraw funds before this designated period. Otherwise, you can withdraw them at a time you determine when opening the Custom Club account, which is typically used to save for things like a vacation or a new car.

As with the regular savings account, these accounts also have online and mobile banking capabilities. Since they are savings accounts, they are subject to Federal Reserve Regulation D, which limits certain transactions to six per month.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s savings accounts compare

While Self-Help Credit Union’s savings account rates aren’t the highest compared with the best savings accounts out there, we can appreciate that they have no monthly fees or other hassles, and that the special savings accounts allow you to earn interest on money you’re socking away for occasions like the holidays. Still, we wouldn’t seek out Self-Help Credit Union specifically for a general savings account and advise that you hunt around for the best rate and better perks.

Self-Help Credit Union certificate rates

Term Certificates

Standard certificates in lengths from three months to five years.
TermAPYMinimum balance requirement
3 months0.25%
$500
6 months0.25%
$500
12 months1.87%
$500
18 months1.92%
$500
24 months2.12%
$500
36 months2.38%
$500
48 months2.48%
$500
60 months2.63%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months.

While these CDs don’t offer the highest rates out there, their minimum opening deposit is lower than many others. The early withdrawal penalty is pretty standard compared with others as well.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s CD rates compare

Although the lower opening deposit requirement might appeal to some people, these rates really don’t compare with the best CDs available. We say consider some of the more competitive offerings on our best CDs list.

Self-Help Credit Union’s money market account option

Money Market account

An interest-bearing money market account with minimal requirements.
APYMinimum Balance to Earn APY
1.78%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None if minimum balance of $500 is maintained
  • ATM fee: $1 if you exceed six withdrawals per month
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account also has minimal requirements and fees as you can easily avoid the monthly fee if you don’t withdraw funds and let your balance dip below the initial minimum deposit. It also comes with online and mobile banking capabilities and no additional fees on in-network ATMs. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per months. The credit union will impose a fee if you exceed that amount.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s money market account compares

Self-Help Credit Union’s money market account is more than decent — it even made our list of the best money market rates available. Although it falls on the lower end of that roster, its lower minimum deposit requirement could still be a draw for many people.

Self-Help Credit Union IRAs

IRA CD rates

IRA Term Certificates

IRA certificates offering decent rates for terms ranging from one to five years.
TermAPYMinimum balance requirement
12 months1.87%
$500
18 months1.92%
$500
24 months2.12%
$500
36 months2.38%
$500
48 months2.48%
$500
60 months2.63%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months

Self-Help Credit Union’s IRA CDs allow members to put away funds for retirement in a low-risk certificate while earning a decent interest rate. These certificates also have a lower minimum deposit requirement than many other options available.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s IRA CD rates compare

There’s no way around it: Self-Help Credit Union’s IRA CD rates are much lower than some of the best IRA CD rates out there. Even others with the same low deposit requirement still offer much better rates. We’d advise you to research other accounts to make sure you truly get the most out of your retirement savings.

IRA savings account

An interest-bearing IRA with a low minimum deposit.
APYMinimum Balance to Earn APY
1.87%
None
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re on the hunt for a basic IRA savings account that allows you to earn interest, this could be a good option since it doesn’t have a monthly fee or any strict balance requirements. It’s available in both traditional and Roth versions, with the differences being their tax advantages. Since this is a savings account, it’s subject to Federal Regulation D, which limits certain withdrawals and transfers to six per month.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

Overall review of Self-Help Credit Union’s banking products

Self-Help Credit Union’s Money Market account is its standout personal banking product, as it even made our best-of list for money market accounts. But on the whole, most of Self-Help Credit Union’s rates don’t beat out the competition. Many of the credit union’s products do have both minimal requirements and fees, so if you stand behind its mission of helping people and small businesses, and you meet one of the credit union’s eligibility requirements, you probably won’t regret becoming a member and supporting Self-Help Credit Union’s mission and causes.

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

Bank5 Connect Review: Checking, Savings, and CD Rates

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

Year Established1855
Total Assets$1.0B
LEARN MORE on Bank5 Connect’s secure websiteMember FDIC

Bank5 Connect is an online-only division of BankFive, the Fall River, Massachusetts institution that has been in business for more than 160 years.

Following its 2013 debut, Bank5 Connect offers a checking and savings account, as well as six CDs for its personal banking products, all of which offer competitive rates and come with online and mobile banking capabilities and electronic statements. All deposits are insured by FDIC for up to $250,000 and by the Massachusetts-based Depositors Insurance Fund (DIF) for balances above the FDIC limit.

With the proper documentation, anyone in the U.S. can easily open one of these products online.

Bank5 Connect’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.05%

Savings

Bank5 Connect Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

Bank5 Connect’s checking account option

High-Interest Checking

True to its name, this is a high-interest earning checking account with minimal fees and requirements.
APYMinimum Balance to Earn APY
0.76%
$100
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 per statement cycle
  • Overdraft fee: $15

It’s not often you find a low-cost checking account with such a high interest rate and such a low balance requirement to earn it. This account also offers a free first order of basic checks, as well as free mobile banking, online banking and bill-pay capabilities. There is a $1 fee if you opt for paper over free electronic statements.

LEARN MORE 

Member FDIC

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How Bank5 Connect’s checking account compares

This account’s interest rate is more than four times the national average and you can earn that rate on a balance as low as $100, which definitely makes it stand out against some of the best checking account options out there. Its lack of fees, user-friendly interface, and generous ATM refund policy don’t hurt, either.

Bank5 Connect’s savings account option

High-Interest Savings

This account offers an even more impressive rate than the checking account.
APYMinimum Balance to Earn APY
2.05%
$100
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $100
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $15

This account’s rate is even better than the impressive one offered on the bank’s checking account, and it offers the ability to earn that interest on a balance as low as $100. Like the checking account, this account charges a $1 monthly fee if you choose to receive paper statements. Since this is a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month. If you exceed this limit, there is a $10 fee on each additional withdrawal and the bank can opt to convert your savings account into a checking account if you go over the limit too many times.

LEARN MORE 

Member FDIC

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How Bank5 Connect’s savings account compares

The rate on Bank5 Connect’s savings account is definitely on par with those of some of the best online savings account options available. It even beats some of these out with its low deposit and balance requirements. The bank’s easy-to-navigate online and mobile banking services earn it some extra points as well.

Bank5 Connect’s CD rates

Connect CDs

Both the bank’s promotional and standard CDs offer competitive rates with reasonable requirements.
TermAPYMinimum Balance Requirement
6 months1.45%
$500
12 months2.55%
$500
18 months1.75%
$500
21 month CD Special2.40%
$500
24 month Investment CD2.70%
$500
36 months2.90%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 3 months’ worth of interest on terms less than 1 year and 6 months’ worth of interest on terms longer than one year.

Bank5 Connect offers CD maturities in terms from 6 months to 3 years, with a low $500 minimum opening deposit and no monthly maintenance fees. In addition to the more standard Connect CDs, the bank’s Investment CD and 21 Month CD Special offer very high promotional rates.

When your CD matures, you’ll have the chance to add additional funds to it and roll it over to begin a new term. Also, Bank5 Connect will not charge a fee for you to move money between your Bank5 Connect accounts and accounts at other financial institutions.

LEARN MORE 

Member FDIC

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How Bank5 Connect’s CD rates compare

All of Bank5 Connect’s CD rates rank higher or on par with those on our list of the best CD rates available, and with a smaller required opening deposit than most. They’re also all higher than the national average for their term lengths, which is definitely another selling point.

How to open Bank5 Connect’s banking products

Bank5 Connect’s checking and savings accounts and CDs are easily opened online for anyone who is 18 and older and a U.S. citizen or U.S. resident alien. Information that you’ll need includes your Social Security number, a valid government-issued ID, your previous home address (if you’ve lived at your current home address less than two years), and something to fund your new account, such as a credit card, debit card, checking account or savings account.

Overall review of Bank5 Connect’s banking products

All of Bank5 Connect’s personal banking products offer competitive rates and minimal fees and requirements, which make them easily stand out against the competition. That, along with the fact that you can easily open them online and easily perform most banking tasks there as well, makes them a no-brainer if you’re on the hunt for a high-interest-earning banking product.

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

TAGS: