Advertiser Disclosure

Reviews

Latino Community Credit Union Review: Checking, Savings, CDs and Money Market Accounts

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

Written By

Latino Community Credit Union’s checking account options

Regular Checking

This is Latino Community Credit Union’s basic checking account, which requires no minimum opening deposit.
APYMinimum Balance Amount to Earn APY
0.10%
$250
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 when minimum balance of $250 is maintained; if not maintained, monthly fee is $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

Anyone who is looking for a low-cost checking account and can maintain the minimum balance requirement may enjoy this account. The $250 balance requirement is pretty low compared to other banks. If the balance is not met, a $2 monthly fee is charged. This account earns interest, which is an added benefit.

This account comes with a Visa debit card for ATM access and purchases. There is an option to receive e-statements for this account, which comes with online banking access. Consumers can clear 50 checks for free each month on this account. After that, a $1 fee applies per check.

How to get Latino Community Credit Union’s Regular Checking

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

CashPoints Global

This checking account is designed for those who send money abroad or travel frequently.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign multicurrency transactions, 1% fee. Single currency transactions, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: Debit transactions are limited to the amount in the account, so overdraft fees cannot be incurred.

Individuals who travel frequently or need to send money abroad will be best suited for the CashPoints Global checking account. This account is also marketed by Latino Community Credit Union as suitable for anyone who shops online.

This account requires no minimum balance, which is nice, but it’s noninterest-bearing. It comes with a Visa debit card and ATM access. There is an unavoidable $2 monthly maintenance fee.

This account comes with an option to receive e-statements. Account holders may designate authorized users on the account such as a student or family member in another country through the CashPoints Global feature.

How to get Latino Community Credit Union’s CashPoints Global

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

Youth Checking

The Youth Checking account is a starter checking account targeted toward teens ages 13 to 19.
APYMinimum Balance Amount to Earn APY
0.10%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: No fee
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month. Transactions beyond this amount will be charged a $30 fee.

The Youth Checking account is intended as an account to help teens “get a head start on life.”

Teens will earn interest on their account balance, which offers a nice incentive. They can receive e-statements on the account, access the account via online banking, access ATMs via a Visa debit card and basically have all the same privileges that come with the Regular Checking account for adults.

This account is best for teens who want to start learning about money and earn some interest on their checking account balance.

How to get Latino Community Credit Union’s Youth Checking

Apply to become a credit union member. You must be ages 13 to 19. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s checking accounts compare

While the institution advertises its checking account interest rates as being above average, they are not the best available when compared to the best online checking accounts.

Better checking account interest rates can be found elsewhere. The CashPoints Global and Youth Checking accounts do not require a minimum balance, which is on par with some of the best accounts available. They are enticing for consumers who want an account with no balance requirement.

Latino Community Credit Union’s savings account options

Regular Savings

Regular Savings is Latino Community Credit Union’s basic deposit account. It comes with a low initial deposit requirement, allowing almost anyone to begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

The Regular Savings account at Latino Community Credit Union allows individuals to open a savings account and begin saving with a very low opening deposit. This account would be good for anyone who wants to start saving but is intimidated by opening and minimum balance requirements.

There is a $2 monthly maintenance fee on this account, but only if balance drops below the $10 opening balance requirement. This account does earn interest — twice the rate on Latino Community Credit Union’s Regular Checking account.

Account holders can opt to receive e-statements and can access their account via ATMs. This account is opened as part of the new credit union membership process.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Regular Savings

This account is automatically opened for new credit union members.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

Holiday Savings

This unique account offers a savings vehicle with one caveat: You cannot access your money until the end of October.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: N/A (withdrawals are not permitted from this account)
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for someone who wants to save but may lack the necessary discipline. This account is touted as a Holiday Savings account to help consumers save money for holiday expenses. While deposits can be made into this account throughout the year, none of the money is available until the end of October, when the entire account balance is transferred to an account chosen by the member.

While this account is intended for holiday saving, it could be used for any savings milestone.

This account would not be good for anyone who plans to make withdrawals from their savings account or needs access to their money prior to Oct. 31 of each year.

This account earns interest and comes with other basics, such as e-statements, access to ATMs and online banking.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Holiday Savings

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Savings

The Youth Savings account is a starter savings account for teens that requires a minimal opening deposit.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for anyone ages 13 to 19 who wants to open a savings account with specific goals — a car, college or something else.

The $10 minimum initial deposit requirement is low, which could help encourage teens to begin saving. If that balance is maintained, there is no monthly maintenance fee. This account does earn interest.

It also comes with the basics such as the option to receive e-statements, online banking and ATM access. There is no overdraft protection on this account. To be a member of Latino Community Credit Union, this account must be opened if you’re ages 13 to 19.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Youth Savings

Visit a local branch to open this account. All account holders must be credit union members first — and must be ages 13 to 19.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

Children Savings

The Children Savings account is for those 12 and younger, and is intended to help them learn about money and begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

According to Latino Community Credit Union, this account will help teach children about the value of money and encourage saving. The account requires a low opening deposit amount and a low minimum balance. The Children Savings account comes with membership to Tita’s Savings Club, a savings program for youth.

The account must be jointly opened and held with a parent, grandparent or other adult. There is no monthly maintenance fee on this account, which is nice. This account earns interest.

Once the account holder reaches age 13, their account will be converted to a Youth Savings account. All account holders for this account must first be a member of Latino Community Credit Union. Checks cannot be written on this account, and Automated Clearing House debits are not allowed on the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Children Savings

Visit a local branch to open this account. All account holders must be credit union members first and must be 12 or younger.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s savings accounts compare

Each account offers different features or is geared toward a specific age group.

But when compared to the best online savings accounts, the APY on the accounts that provide interest are nowhere near the highest rate available. Consumers looking for a high interest rate on savings accounts should look elsewhere.

Latino Community Credit Union’s CD rates

Regular Certificates of Deposit

These are the bank’s regular CD products, available in varying terms. Rates may change at any time.
TermAPY
6 months0.60%
12 months0.75%
18 months0.75%
24 months0.80%
36 months0.90%
48 months0.95%
60 months0.95%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months

These CDs would be best for anyone who does not need access to their money for six to 60 months and would like to earn interest.

The CDs require a $500 minimum initial deposit, with rates fixed by duration.

Latino Community Credit Union’s CDs come with an option to receive e-statements and online access to the account. Interest on these CDs accrues daily but is not compounded.

How to get Latino Community Credit Union’s Regular CDs

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

Cash Back Certificates of Deposit

These CDs provide cash back when they’re opened.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This CD would be good for anyone who can meet the $5,000 opening balance requirement and would like to receive a little extra incentive for their investment via the cashback perk.

The bonus is 1% of the total deposit amount rounded to the nearest cent. This bonus comes in addition to interest earned on the CD. The CD must be kept for at least one year from the date of opening; otherwise, the bonus amount will be forfeited.

These CDs come with online banking and an option to receive e-statements. Organizational members cannot open these CDs. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Cash Back CDs

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

Good Homes Vibrant Communities CD

These CDs are intended to support the goal of first-time homeownership.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for a first-time homebuyer with the minimum $500 opening deposit amount who can agree to the reasonable terms.

Latino Community Credit Union sees homeownership as a key way for families to build and transfer wealth across generations.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Good Homes Vibrant Communities CDs

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

Next Generation CD

These CDs are intended to support an investment in the future by supporting children.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 month duration; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for anyone who can meet the $500 minimum opening deposit amount, can agree to the minimum terms and would like to support their family’s next generation.

According to Latino Community Credit Union, money invested in this CD will “circulate in” and “benefit your community,” namely in the form of helping local families who want to invest in their children’s future. Basically, the bank will use this money to offer loans to families with children.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Next Generation CDs

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

magnifying glass

How Latino Community Credit Union’s CD rates compare

The rates for the Regular CDs are OK, but not the best available when compared to the best CD rates. A careful examination of the duration of a CD product — along with the interest rate — would be best before investing. The higher-term CDs offered by Latino Community Credit Union come close but may have a higher term than other CDs with the same interest rate.

Latino Community Credit Union’s money market account option

Money Market

Latino Community Credit Union says its Money Market account will offer a “better” return on a “bigger” balance.
APYMinimum Balance Amount to Earn APY
0.75%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: No fee if minimum balance is maintained; otherwise, $5 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: N/A
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

This Money Market account would be best for someone looking for more interest than the standard savings accounts offered by Latino Community Credit Union. This account does require a $500 minimum balance amount to earn APY and to avoid monthly fees.

This account earns interest and comes with the basics: an option for e-statements, online banking and ATM access.

The Money Market account would not be well-suited for anyone who wouldn’t be able to keep the minimum balance in the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Money Market account

Apply to become a credit union member. Once a member, the account can be opened online.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s money market account compares

When compared on an interest rate basis, this account just barely is on par with the best money market rates available. But many of the accounts with the best rates do not require much of a minimum balance, which the Latino Community Credit Union Money Market account does.

Overall review of Latino Community Credit Union’s banking products

Latino Community Credit Union offers some nice niche products. It has products to encourage saving for those younger than 18, and for teens to learn how to use a checking account. This is better than most institutions, which either offer nothing or just one youth savings account — and forget about checking.

For those who want to invest in a “cause,” the CD products that are closely connected to Latino Community Credit Union’s loan products are worth a look.

The adult checking, savings and money market accounts cover the basics and are nothing special. They do not offer the best interest rates available.

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.

Advertiser Disclosure

Reviews

Wings Financial Credit Union Review of Checking, Savings, CD, Money Market, and IRA Rates

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

Written By

Wings Financial Credit Union’s checking account options

First Class Checking

The credit union provides one checking account option and its a basic, with no frills account.
APYMinimum Balance Amount
0.05%
$0
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: No fee
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

First Class Checking is the credit union’s basic, and only, checking account. It’s a simple account with no monthly service charge and a low minimum opening deposit amount.

What’s nice is this account does earn interest, as many checking accounts offered today do not. The account comes with a few other perks, such as free bill pay service, free first box of checks and no minimum balance requirement once the account is opened.

This account would be good for anyone that lives in the credit union’s geographic area and would like open a checking account that earns interest.

How to get Wings Financial Credit Union’s First Class Checking

Current members can open this account online through their credit union online portal. Interested members must apply to join Wings Financial Credit Union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

magnifying glass

How Wings Financial Credit Union’s checking account compares

While Wings Financial Credit Union’s checking account might be a nice option if you are local to the credit union’s hub in Minnesota or other locations, it’s not going to be the best option in terms of interest rate when compared to the best online checking accounts. Higher interest rates can be found elsewhere, and most of those alternatives require a similar low or no balance minimum to Wings Financial Credit Union.

Wings Financial Credit Union’s savings account options

Share Savings

This is an interest-bearing savings account with a low opening deposit requirement and no monthly fees.
APYMinimum Balance Amount
0.15%
$0
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2.50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

The Share Savings is the credit union’s basic foundational savings account. The account offers a “competitive yield” according to the institution.

This account earns interest without being tied to a specific term, making it good for someone who wants to earn a little interest on their nest egg, but doesn’t want to commit to a longer-term product such as a CD.

Money in this savings account can be accessed anytime via online banking, ATM or in person at a Wings Financial Credit Union branch. Wings Financial Credit Union also offers phone banking.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, institutions may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s Share Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

Money Manager Savings

This savings account is interest bearing and intended to be a savings vehicle for future expenses.
APYMinimum Balance Amount
0.15%
$0
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2.50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

The Money Manager savings account is an option with a few added perks, including direct deposit or payroll deduction.

This savings account would be best for anyone currently working and seeking a savings account. They may wish to opt in for the direct deposit feature as a means to save.

Outside of those features, this savings account isn’t much different than the Share Savings, including offering the same interest rate. The credit union touts this account as a high-yield, no- risk investment.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s Money Manager Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

IRA Share Savings

This is an IRA savings account that allows the account holder to defer taxes on contribution earnings.
APYMinimum Balance Amount
0.15%
$0
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2.50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

This account is essentially an IRA version of the Share Savings account — with the same interest rate — and would be best for someone looking to defer taxes on the earnings on account contributions until they are withdrawn. In short, someone preparing for retirement.

This savings account also has no opening deposit requirement and there is also no monthly account maintenance fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s IRA Share Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

High-Yield Savings & IRA High-Yield Savings

These are tiered-yield accounts with interest rates based on balances.
APYMinimum Balance Amount
0.10%
$0 to $9,999.99
0.50%
$10,000 to $49,999.99
0.60%
$50,000+
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

Those who are serious about saving should look into the High-Yield Savings account at Wings Financial Credit Union. This account also has an IRA version for those who want to defer taxes on the earnings on contributions to the account until they are withdrawn.

This account would be best for someone with a larger nest egg, and who can reach and maintain at least the second balance/APY tier, where they will earn a much-higher interest rate.

This account would be good for someone who has a sizeable nest egg and does not expect to touch it anytime soon.

While the yield bump from Tier 1 to Tier 2 is sizeable, getting to Tier 3 doesn’t offer as much of a reward. Someone with a very large nest egg may not find this account yields much interest when compared to other options elsewhere.

Wings Financial Credit Union says this account is best for anyone looking to grow their savings. This account also has no minimum balance requirement.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s High-Yield Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

Jr. JetSavers

The Jr. JetSavers account is a savings account program for children ages 12 and younger.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: No minimum
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Jr. JetSavers program is a child-centric savings account and program. Let’s just talk about the account itself. It’s a savings account for children up to age 12 that seeks to teach good savings habits.

The program perks include a newsletter and annual birthday card. Once a saver has $150 or more in their account they will receive a special prize as well, according to Wings Financial Credit Union.

Once they turn 13, kids can participate in Wings Financial Credit Union’s SOAR program, which offers free financial education classes designed to teach them how to make smart financial choices.

As with other Wings Financial Credit Union savings accounts, Jr. JetSavers falls under the withdrawal restrictions of Federal Reserve Regulation D.

How to get Wings Financial Credit Union’s Jr. JetSavers

Call or visit a Wings Financial Credit Union branch in person to sign up a child for this account.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

magnifying glass

How Wings Financial Credit Union’s savings accounts compare

In terms of interest rate alone, when compared to the best online savings accounts, the High-Yield Savings account at Wings Financial Credit Union is really the only account to consider — and only if the account holder’s balance would be high enough to reach the Tier 2 interest rate. The other savings account at the credit union provide a much lower interest rate.

So, if there is a child who is interested in learning to save, the Jr. JetSavers is worth checking out for the fun prizes, which could be just the incentive a child needs.

Wings Financial Credit Union’s CD rates

Share/IRA Certificates

These CDs come in varying terms and can be used to save build a nest egg or as an IRA certificate.
APYTerm
3 months
1.00%
$500-$9,999.99
1.05%
$10,000- $89,999.99
1.10%
$90,000+
6 months
0.50%
$500-$9,999.99
0.55%
$10,000- $89,999.99
0.55%
$90,000+
1 year
0.90%
$500-$9,999.99
0.95%
$10,000- $89,999.99
0.95%
$90,000+
18-month special
2.27%
$5,000+ (New Deposits Only)
2 Year
1.05%
$500-$9,999.99
1.10%
$10,000- $89,999.99
1.10%
$90,000+
3 Year
1.16%
$500-$9,999.99
1.21%
$10,000- $89,999.99
1.21%
$90,000+
4 Year
1.26%
$500-$9,999.99
1.31%
$10,000- $89,999.99
1.31%
$90,000+
5 Year
1.36%
$500-$9,999.99
1.41%
$10,000- $89,999.99
1.41%
$90,000+
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Early withdrawal penalties apply.

The Share/IRA Certificates available through Wings Financial Credit Union offer a variety of interest rates and terms, ranging from a few months to several years. All of the CDs have the same $500 minimum balance requirement, which is modest.

CDs can be opened online via the credit union’s online portal or at any branch location. Wings Financial Credit Union touts their CDs to have high competitive rates, so competitive they rank with the nation’s best CD products.

The CDs are a good option for anyone who is OK with investing their money for a few months up to a few years and/or anyone looking for an IRA CD option for retirement planning.

How to get Wings Financial Credit Union’s Share/IRA Certificates

Open an account in person at any Wings Financial Credit Union branch.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

5 Year Step-Up Certificate

Holders of this CD can increase their interest rate when they add to their balance.
TermAPY
$500-$9,999.992.53%
$10,000- $89,999.992.58%
$90,000+2.63%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Early withdrawal penalties apply.

The 5 Year Step-Up Certificate is a CD product that allows the account holder to “step up” their interest rate if their balance increases. When this is done, the CD will adjust to the new rate for the remainder of the term.

Here’s the catch: the rate can only be increased once during the term of the CD. The CD offers three tiers of interest rates based on the CD balance.

This product is best for someone who can commit to investing their money for five years, and who expects to be saving and adding to that money during the same time period.

How to get Wings Financial Credit Union’s 5-Year Step Up Certificate

Open an account in person at any Wings Financial Credit Union branch.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

magnifying glass

How Wings Financial Credit Union’s CD rates compare

When comparing the Wings Financial Credit Union CD products to the best CD rates, a few of the Wings Financial Credit Union products should be considered. The interest rates offered on the 5 Year Step-Up Certificate along with the regular certificates in terms of four or five years are comparable with the best rates. The promotional CD is as well.

Wings Financial Credit Union’s money market account options

World Class Money Market Account

This money market account offers tiered levels with increasingly higher interest rates, along with check writing privileges.
APYMinimum Balance Amount
0.15%
$0 to $4,999.99
0.20%
$5,000 to $14,999.99
0.25%
$15,000 to $24,999.99
0.30%
$50,000+
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $10 per month if balance falls below $5,000
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

The World Class Money Market Account offers tiered interest rates: The more money you deposit, the better the rate. There is a sizeable, $5,000 minimum deposit required to open this account.

This account includes check-writing privileges and funds are accessible at any time, according to the credit union. This money market can also be used as overdraft protection for a First Class Checking Account.

This account would be best for someone who has a large balance for a savings account and wants to earn interest on that money.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s World Class Money Market Account

Stop into a branch location in person to open this account or call the credit union’s customer service line.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

Investment Money Market account & IRA Investment Money Market account

This money market account is “liquid” according to the credit union, offering access to your money at any time.
APYMinimum Balance Amount
0.35%
$5,000 to $49,999.99
0.40%
$50,000 to $99,999
0.45%
$100,000+
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

Wings Financial Credit Union’s Investment Money Market account, which is also available as an IRA, offers higher interest rates than their other money market product. This account also requires a $5,000 minimum opening and maintaining balance.

This account comes with no monthly fees or service charges. It does include two free withdrawals per month. The IRA version of the account is the same as the money market but includes the benefits of an IRA.

Because no interest can be accrued unless the minimum account balance is maintained, this account would be best for someone who plans to keep that minimum balance.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s Wings Investment Money Market Account

Stop into a branch location in person to open this account or call the credit union.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

magnifying glass

How Wings Financial Credit Union’s money market accounts compare

While the Wings Financial Credit Union money market accounts pay a higher interest than the credit union’s savings accounts, the money market’s interest rates do not compare with the best money market rates.

Overall review of Wings Financial Credit Union’s banking products

Overall, Wings Financial Credit Union offers a few products worth checking out — namely a few of their CDs and the Jr. JetSavers account, which is a nice reward-based savings account for children. Also, of note, the checking account which does actually offer interest unlike many checking accounts available today. The other products offered by Wings Financial Credit Union are nothing out of the ordinary.

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.

Advertiser Disclosure

Reviews

The Federal Savings Bank Reviews: Checking, Savings, CD, and Money Market Accounts

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

Written By

The Federal Savings Bank’s checking account options

Interest Checking

This account does earn interest — but sadly, not much.

APY

Minimum Balance Amount

0.10%

$100

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $9.99 if you don’t have a direct deposit into your account.
  • ATM fee: None
  • ATM fee refund: Your first two out-of-network ATM surcharge fees are reimbursed each month.
  • Overdraft fee: $25 per item.

If you’d rather earn interest on the money just sitting around in your checking account, The Federal Savings Bank will offer you a tiny amount of interest. We don’t recommend signing up for this account, however, if you can’t make at least one direct deposit into the account each month. Otherwise, you’ll pay a steep $9.99 monthly service fee.

Your debit card usage comes with the same limits as the Value Checking account. You can only use your card to make purchases up to $1,500 at a time, or withdraw up to $1,000 in cash from an ATM per day. If you want a paper statement for this account, you’ll also be charged a $3 monthly fee. Otherwise, you can always get the 18 months’ worth of statements online for free.

How to get The Federal Savings Bank’s Interest Checking account

If you have a U.S. mailing address and are at least 18 years old, you can open an account online in just a few minutes. You’ll need to provide a copy of your state-issued ID and your Social Security number, among other details.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

Member FDIC

ValueChecking

This basic checking account doesn’t offer any interest, but has no monthly fees either.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None.
  • ATM fee refund: Your first two out-of-network ATM surcharge fees are reimbursed each month.
  • Overdraft fee: $25 per item.

If all you need is the ability to write checks and you don’t want to worry about any fancy schmancy rewards or hoops to jump through to earn interest or avoid fees each month, this account will do the trick. You can get statements online for free with this account. If you prefer paper statements instead, be prepared to shell out $3 per month for the privilege.

This account comes with a debit card, but it does have some limitations. For example, you can’t make any purchases over $1,500 in a single transaction with it. You also can’t withdraw more than $1,000 in cash per day from an ATM using your card.

How to get The Federal Savings Bank’s Value Checking account

It’s pretty easy to open an account online in just a few minutes as long as you have a U.S. mailing address and are at least 18 years old. You’ll need to provide your Social Security number and a copy of your state-issued ID.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

magnifying glass

How The Federal Savings Bank’s checking accounts compare

We do like the fact that you can earn interest with The Federal Savings Bank’s Interest Checking account. Oftentimes people let their money sit in a checking account while earning zero interest, which isn’t ideal.

However, the interest rate that The Federal Savings Bank offers is pretty poor. It is possible to find high-yielding checking accounts — such as these online checking accounts — that are also free. We recommend looking for a higher-earning account instead.

The Federal Savings Bank’s savings account

Savings Account

Don’t expect to get rich off of this account with its poor interest rate.

APY

Minimum Balance Amount

0.25%

$25

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Your first two out-of-network ATM surcharge fees are reimbursed each month.
  • Overdraft fee: $25 per item.

Most banks tally up and credit interest payments to your account each month. This account, however, only does this quarterly, so don’t be worried if you don’t see any interest deposited into your account for two months in a row.

You also cannot make more than six transfers per month with this account, due to federal Regulation D guidelines. If you go over that limit, The Federal Savings Bank will charge you a $15 per-transaction fee.

How to get The Federal Savings Bank’s Savings Account

If you’re interested in opening this account, you can do so online if you’re at least 18 years old and have a U.S. mailing address. You’ll also need to provide your Social Security number and a state-issued ID as a part of the application process.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

Member FDIC

magnifying glass

How The Federal Savings Bank’s savings account compares

You’d expect The Federal Savings Bank to have a decent savings account available. Unfortunately, that’s not the case. The interest rate offered on this account is very, very low. There are many better options out there for earning a much higher interest rate, starting with these top online savings accounts. We would recommend these accounts any day of the week over The Federal Savings Bank’s own savings account.

The Federal Savings Bank’s CD rates

Promotional CDs

These CDs are only available if you’re depositing “new” money into the account.
New Rates

Term

APY

14 months

1.60%

2 years

2.45%

4 years

2.75%

5 years

2.05%

Renewal Rates (after the CDs above have matured)

Term

APY

14 months

1.50%

2 years

2.35%

4 years

2.65%

5 years

1.95%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: Seven days’ worth of interest, but only if you withdraw the money within the first six days after the CD is opened. After that, it depends on your CD’s term length:
    • For the 14-month CD, you’ll pay 180 days’ worth of interest.
    • For all the other CDs, you’ll pay 365 days’ worth of interest.

If you’ve got deep pockets and that money isn’t currently held at The Federal Savings Bank, you can take advantage of this opportunity to open a new CD. This offer is only available to “new money,” so if you already keep that cash in a bank account with The Federal Savings bank, you’re not eligible for this offer.

You can receive your interest in one of three ways. You can have it rolled back into the account each month to earn compounding interest, or you can have the interest paid out via check or deposited into your primary account at The Federal Savings Bank each month. However, if you opt for monthly interest payments, you may earn less than the actual APY stated above.

When these CDs mature, they’ll automatically renew at the “renewal rates” listed above. If you’d instead prefer to withdraw the money or deposit it into a different CD, you do get a 10-day grace period to withdraw the money penalty-free.

How to get The Federal Savings Bank’s Promotional CDs

You can apply for these CDs online. As a part of the application process, you’ll need to provide a copy of your state-issued ID and your Social Security number.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

Member FDIC

CDs

The Federal Savings Bank doesn’t offer many options for CD term lengths.

Term

APY

6 months

0.35%

18 months

0.75%

3 years

0.90%

5 years

1.35%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make an early withdrawal within the first six days, you’ll pay a penalty of seven days’ worth of interest. After that, it’ll depend on the CD’s original term length:
    • For the 6 month CD, you’ll pay 90 days’ worth of interest.
    • For the 18 month CD, you’ll pay 180 days’ worth of interest.
    • For the 3 and 5 year CDs, you’ll pay 365 days’ worth of interest.

One of the nice things about these CDs is that you get a choice in how interest payments are handled. The default mode is having them rolled back into the account, and you’ll earn the most interest this way. However, you can also choose to receive monthly interest payments deposited into your primary The Federal Savings Bank account, or via check. However, if you opt for monthly interest payouts, you won’t earn the full APY rate stated above.

When your CD matures, it’ll automatically be rolled over into another CD of the same term length. If you’d instead prefer to withdraw the money, you do have a 10-day grace period after the CD has renewed to make any changes.

How to get The Federal Savings Bank’s CDs

If these CDs catch your fancy, you can open them online in as little as 10 minutes assuming you’re at least 18 years old and have a mailing address in the U.S. You’ll need to provide a copy of your state-issued ID and your Social Security number in the application.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

Member FDIC

Jumbo CDs

You get more term length options for these CDs, but it’ll actually pay you a smaller interest rate.

Term

APY

3 months

0.25%

6 months

0.40%

1 year

0.70%

18 months

0.80%

2 years

0.85%

3 years

0.95%

4 years

1.10%

5 years

1.40%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: You’ll pay seven days’ worth of interest on any CD, regardless of term length, if you withdraw it within the first six days. After that, your penalty will depend on your term length:
    • For the 3 month CD, you’ll pay 30 days’ worth of interest
    • For the 6 month CD, you’ll pay 90 days’ worth of interest
    • For the 1 year CD, you’ll pay 180 days’ worth of interest
    • All other CD terms will charge 365 days’ worth of interest

These CDs work in the same way as The Federal Savings Bank’s regular CDs, except for two things. You need a larger deposit size, and unfortunately, you are penalized with a smaller rate for a larger deposit. This is very odd — typically, banks offer a higher interest rate for a jumbo CD, but that’s not the case here.

But if you decide to plug ahead, you can expect a few options for dealing with interest payments. You can have interest re-deposited into the CD, deposited into your primary account at The Federal Savings Bank, or sent to you via check each month. A word of caution, though: the APY stated above assumes you leave the interest on deposit, so withdrawing it means you’ll actually earn less.

Your CD automatically renews as another jumbo CD once it matures. You do get a 10-day grace period to make any changes to the CD or withdraw the money.

How to get The Federal Savings Bank’s Jumbo CDs

You can open these CDs online in just 10 minutes if you’re at least 18 years old. You’ll need to provide some identifying details as a part of the application process, such as your Social Security number and a copy of your state-issued ID.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

Member FDIC

magnifying glass

How The Federal Savings Bank’s CD rates compare

The only CDs worth a sniff at The Federal Savings Bank are its Promotional CDs. Even then, we’d hesitate to open a CD account here, because you can still earn much better CD rates elsewhere.

We also don’t like the fact that there aren’t many different term lengths offered unless you commit to a Jumbo CD. If you have a deposit that large, you’d really want to max out the interest rate you earn, and these CDs just aren’t the way to do it.

The Federal Savings Bank’s money market account

Money Market account

This is The Federal Savings Bank’s highest-yielding liquid account, but it still doesn’t offer a great rate.

APY

Minimum Balance Amount

0.15%

$1,000-$9,999.99

0.20%

$10,000-$24,999.99

0.30%

$25,0000-$49,999.99

0.40%

$50,000-$99,999.99

0.60%

Over $100,000

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 if your account balance drops below $1,000
  • Overdraft fee: $25 per item.

If The Federal Savings Bank’s savings account didn’t pique your interest, this money market account offers higher rates. Unfortunately, you do need a larger deposit to open this account — at least $1,000 in order to establish the account, earn interest, and avoid the monthly fee.

This account does not come with an ATM card, but you can write checks from this account as long as you pay to order them after your first box of free checks (the cost will depend on the design of the checks you select).

You can only make six transfers per month with this account. Anything else past that will be charged a $15 “excess per item fee.” Finally, if you want paper copies of your account statement, you’ll have to pay a $3 monthly fee.

How to get The Federal Savings Bank’s Money Market account

If you’re interested in this account, you can apply for it online. It’ll only take a few minutes, and you’ll need to provide your Social Security number and a state-issued ID, among other details.

SEE DETAILS Secured

on The Federal Savings Bank’s secure website

Member FDIC

magnifying glass

How The Federal Savings Bank’s money market account compares

Unfortunately, The Federal Savings Bank misses the mark again with its money market account. While it’s nice that you can earn a higher interest rate for a larger deposit amount, even the highest tier doesn’t come close to the current highest-yielding money market accounts. We suggest skipping this account as well in favor of one that earns a better interest rate.

Overall review of The Federal Savings Bank’s banking products

The Federal Savings Bank does have some products that might interest you — namely, its promotional CDs. But even these highest-earning accounts don’t compare all that well with the top performers in each of these account’s classes.

We also aren’t a fan of its checking or savings account because the interest rates are so low that you’ll hardly earn anything. Instead, we recommend skipping The Federal Savings Bank in favor of other banks with better terms and higher interest rates. Unfortunately, The Federal Savings Bank would probably do better as The Federal Home Loan Bank than its currently-named iteration.

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.