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BB&T 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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

BB&T checking account options

BB&T Fundamentals

This is a basic checking account with a fixed monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $36 for each item BB&T pays.

The BB&T Fundamentals checking account is intended to simplify consumer budgeting (because it has a predictable monthly fee). It also offers a fixed monthly fee and there is a low opening deposit requirement. After that, there is no minimum balance requirement — but also no interest on this account.

This checking account is best for those who are worried about the direct deposit requirements or minimum balance requirements of other checking accounts.

This account could work well for someone who does not have direct deposit through their employer, or receives irregular or little income. This account simply offers the basics, at a small monthly fee for those basics.

But while this account is simple, the fee could add up over time for very little benefit because there is no added interest or any additional perks.

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Bright Banking

Bright Banking allows the consumer to avoid a monthly fee if requirements are met.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $36 for each item BB&T pays.

The Bright Banking checking account offers a low opening deposit amount, but a higher monthly fee. The fee can be avoided if either of the following requirements are met by the consumer:

  • Combined ACH direct deposits totaling $500 or more per statement cycle
  • $1,500 average checking balance per statement cycle.

This account is touted by BB&T as their most popular checking account and one that works well for “everyday banking needs.” While Bright Banking does not offer interest, it does offer overdraft protection and debit card personalization. Direct deposit can also be set up with this account.

This account would be good for anyone who wants a basic checking account and has a moderate average daily balance — such as from a weekly paycheck. However, this account offers little more than the BB&T Fundamentals account — but with a higher monthly fee.

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Student Checking

The Student Checking account is intended for those up to age 24.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Use of BB&T ATMs come with no fees. $3 fee for use of non-BB&T ATM plus any fees charged by that bank. Account comes with two no-BB&T fee, non-BB&T ATM transactions per statement cycle.
  • Overdraft fee: $36 for each item BB&T pays.

Student Checking is a checking account made for students. It is available for account holders up to age 24. The account is intended to make personal banking less stressful for younger customers.

This account has no monthly maintenance fee, no minimum balance requirement, no direct deposit requirement, no fee for online statements and provides two fee-free ATM transactions per month.

With the age maximum, this account is ideally suited for a teenager or college student. This account has few fees associated with it, making banking easy and almost penalty-free for younger customers. Additionally, there is no interest with this account.

This account could help a young person gain a better understanding of banking and money management. The only downside to this account is that once the account holder reaches their 24th birthday, they are no longer eligible for this account.

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Senior Checking

BB&T’s Senior Checking is a personal checking account for those 55 and older.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • Overdraft fee: $36 for each item BB&T pays.

If you are age 55 or older, Senior Checking is the checking account to have at BB&T. While this account doesn’t earn interest, it does allow the consumer to avoid the monthly account fee by meeting one of the following requirements:

  • Having combined ACH direct deposits totaling $500 or more per statement cycle
  • $1,000 average checking balance per statement cycle.

This account would be a good option to consider if you have a part-time job that comes with a modest direct deposit amount. You’ll get all of the perks of a conventional checking account, along with mobile banking.

The downsides to this account are the age minimum and that it does not pay interest on balances.

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Elite Gold

The Elite Gold checking account is the only checking account offered by BB&T with interest.

APY

Minimum Balance Amount

0.01%

$0 to $2,499

0.01%

$2,500-$24,999

0.01%

$25,000 and up

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $30 (can be waived)
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner. Four no fee from BB&T non-BB&T ATM transactions per statement cycle.
  • Overdraft fee: $36 for each item BB&T pays.

Elite Gold is the top of the line checking account offered by BB&T. It’s also the only BB&T checking account that offers interest. This account comes with a hefty monthly fee and it can be avoided by meeting certain — but stringent — requirements.

The interest provided on this account is better than nothing but is not tiered and remains the same even if the account holder’s balance increases. This account is going to be best for anyone who can maintain the high balance requirement (to avoid the monthly fee) and would like to earn interest on their checking account balance.

A main drawback to this account is its $30 monthly fee, which can be avoided by either of the following:

  • Maintaining $25,000 combined personal deposit or investment balance
  • Holding a BB&T personal mortgage with an original loan amount of at least $150,000

Other benefits that come with this account include bonus rates on CDs and IRA products, overdraft protection for two transactions per month and a waiver on four non-BB&T ATM transactions per month.

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How to get BB&T’s checking accounts

Applications for all of BB&T’s checking accounts described above can be completed online in 10 minutes or less, according to the bank. You will need your Social Security number, date of birth and address, a driver’s license or government-issued ID and a current bank account number, debit card information or a check to deposit money into your new account.

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How BB&T’s checking accounts compare

If you are seeking a high interest rate, don’t even consider BB&T when you are looking for the best online checking accounts. The “competitive” interest rate on BB&T’s only interest-bearing checking account pales in comparison with the best rates available.

That said, both the student account and older adult accounts should be considered if you are in either of those age groups and you’re looking for a checking account with minimal fees, but willing to forego interest.

BB&T savings account options

eSavings

The eSavings is a basic savings account and can be opened online.

APY

Minimum Balance Amount

0.03%

$0.01

  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • Overdraft fee: $36 for each item BB&T pays.

The eSavings is BB&T’s most-popular savings account, according to the bank. It comes with no minimum balance requirements, no monthly fees and no minimum opening deposit.

This savings account is best for someone who is looking for an option with no monthly fees and easy access to funds; this account comes with a debit card and access to ATMs. It also has overdraft protection.

This account does offer interest, albeit at a low rate. Overall this account covers the basics most are looking for in a savings account, no more, no less.

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Young Savers

The Young Savers is a savings account for those under age 18.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for use of BB&T ATMs. $3 fee for use of other bank ATMs plus any fees charged by that ATM’s owner.
  • Overdraft fee: $36 for each item BB&T pays.

The Young Savers account is designed for children under age 18 to help them learn the importance of budgeting and saving money. The Young Savers account has no monthly maintenance fees, no minimum balance requirements and no minimum opening deposit.

This account is interest bearing and also comes with ATM access and online banking, so children can learn about using those tools as well. You’ll have to call the bank for the current rate on this product. A nice bonus with this account is there is no inactivity fee — so if the child doesn’t use the account or make any transactions, they are not penalized.

Apply for a Young Savers account in person at a BB&T branch.

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How to get BB&T’s savings accounts

Applications for all of BB&T’s savings accounts described below can be completed online in 10 minutes or less, according to the bank. You will need your Social Security number, date of birth and address, a driver’s license or government-issued ID and a current bank account number, debit card information or a check to deposit money into your new account.

Also, note that Federal Reserve Regulation D 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. If specified for the particular account, the fee is included in the following account descriptions.

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How BB&T’s savings accounts compare

BB&T’s savings accounts cover the basics. There is one for adults and one for children. Both offer interest; however, the rates are quite low when compared to the best online savings accounts. That being said, the bank’s accounts also do not require minimum balances — whereas some of the best online savings accounts do.

BB&T certificate of deposit rates

7 day to 60 month

This is a personal CD product with a guaranteed rate of return.

Term

APY

180 Days

0.05%

270 Days

0.10%

360 Days

0.10%

18 months

0.15%

24 months

0.20%

36 months

0.30%

48 months

0.30%

60 months

0.30%

  • Minimum opening deposit: $1,000 and up depending on CD
  • Minimum balance amount to earn APY: Available directly from bank
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

In short, this CD offers predictability. These certificates of deposit are available at increasing rates at longer terms up to 5 years in duration. The rates are fixed once a term is selected. There are minimum deposit amounts, and they vary depending on the term of the CD.

With its fixed rate, this CD could be a good option for someone who has a specific amount of money to invest for a specific time.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Can’t Lose

This CD product is intended to protect the consumer’s investment even if rates rise or fall.

Term

APY

30 months

0.25%

  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

With a catchy name, the Can’t Lose CD is intended to “protect your investment whether rates rise or fall,” according to the bank. It comes with a modest opening deposit requirement and while an additional deposit can be made into this account after the first 12 months — there is a cap on that deposit amount.

This CD also allows one penalty-free withdrawal within the first 12 months of the term. This would be a good option for someone who wants to invest in a CD but is concerned they may need some of their money during the CD’s term.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Stepped Rate

The Stepped Rate CD offers interest rates which are guaranteed by the bank to increase every year at least once a year.

Term

APY

48 months

Rates for this CD and annual percentage yield for all 4 years of the term are disclosed by the bank when the account is opened.

  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

For investors looking for a CD that offers rising rates, the Stepped Rate CD is the product to check out at BB&T. However, this product is also a little cryptic in that the rates are not disclosed until the consumer opens the CD.

The bank says the rate on this CD will rise once a year, every year. This CD has a minimum opening deposit requirement and an additional deposit up to $10,000 can be added once a year.

This CD would be a good option if the consumer is satisfied with the opening APY. This account also comes with penalty-free withdrawals 24 months after initial deposit, so there is some access to the money — if needed.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Add-On

BB&T calls this CD a flexible product that allows the customer to add funds to the CD at any time.

Term

APY

12 months

Available directly from bank

  • Minimum opening deposit: $100
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

With its clever name, the Add-On CD allows account holders to add extra funds to the balance whenever they choose. BB&T describes this as a “flexible” CD.

This certificate of deposit requires only a $100 opening deposit. However, the catch is it also requires a $50 minimum automatic monthly deposit from a bank checking or savings account.

The minimum amount is modest, however, so this CD would not be good for anyone not willing or able to commit to that monthly investment. This CD could be good for anyone living on a budget who wants to experiment with CDs. The term of this CD is shorter, so it may be less intimidating for a new investor.

None of the CDs offered by BB&T have monthly fees; they are automatically renewed, come with “guaranteed rates,” according to the bank, and are FDIC-insured.

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Home Saver

The Home Saver CD is intended to help a consumer save for their home.

Term

APY

36 Months

Available directly from bank

  • Minimum opening deposit: $100
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

The Home Saver CD is pretty straightforward: It’s for someone saving to buy a home. This CD has a modest minimum opening deposit requirement. There is also a minimum monthly automatic deposit amount — to encourage saving for that home, of course.

There is a maximum balance on this CD. This CD would be good for anyone saving to buy a home in the next few years. However, if the person saving thinks they would surpass the $100,000 maximum balance within the 36-month term, they may want to look into a different product.

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College Saver

The College Saver CD helps customers save for college costs by allowing monthly automatic deposit into the CD.

Term

APY

36 Months

Available directly from bank

48 Months

Available directly from bank

60 Months

Available directly from bank

  • Minimum opening deposit: $100
  • Early withdrawal penalty: Up to four withdrawals a year to pay for school costs. Beyond those, penalty varies depending on duration of each CD term; penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

The College Saver CD offers varying terms. It is intended to help save for or pay for higher education for a student. There is a $100 minimum opening deposit requirement and a $50 minimum monthly deposit requirement. There is also a maximum account balance of $100,000.

This CD would be good for anyone who needs a secure place to put their college money. A perk is that four withdrawals are allowed per year to pay for school costs.

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Treasury

Funds can be deposited into this CD at any time and funds can also be withdrawn once a month without penalty.

Term

APY

6 Months

Variable interest rate tied to the US Treasury Bill

  • Minimum opening deposit: $5,000
  • Early withdrawal penalty: One penalty-free withdrawal per month. Beyond that, varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

The Treasury CD offers sort of a flexible option. There is a $5,000 minimum opening deposit requirement for this CD and it allows deposits of at least $100 at any time. In addition, funds can be withdrawn once a month without penalty.

This CD would be good for anyone seeking a short-term CD with flexibility. However, the sizes of the minimum opening deposit and additional contributions may be too much for some customers.

The rate paid on these certificates of deposit vary based on the U.S. Treasury Bill.

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CDARS (Certificate of Deposit Account Registry Service)

This CD was designed to let the consumer “relax” while earning interest.
  • Minimum opening deposit: Available directly from bank
  • Early withdrawal penalty: Varies depending on duration of each CD term, penalty typically includes some or all interest that would have been earned or $25, whichever is the greater amount.

CDARS are a way for depositors to combine the security of access to FDIC insurance above $250,000 with the convenience of working directly with just one financial institution. In this case, BB&T advertises this CD as an option to allow the investor to relax while the bank does the work… managing the principal and interest. You’ll have to get the rate directly from the bank as it’s not advertised on BB&T’s website.

The CDARS option could be an attractive option for someone with a lot of money to invest but doesn’t have the time or desire to oversee their own investment.

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How to get BB&T’s CDs

Applications for all of BB&T’s line of certificates of deposit can only be opened in person at a bank branch. These CDs don’t have monthly fees, are automatically renewed, come with “guaranteed rates” according to the bank and are FDIC-insured.

Some of the account information in the following product reviews — including selected APY and account minimums — is available only directly from the bank and is noted accordingly.

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How BB&T’s CD rates compare

In terms of pure yield, it’s a little difficult to compare the many products offered by BB&T to the best CD rates available. If we look at their basic promotional CD, even the highest APY offered is nothing in comparison to the best rates online.

However, if the consumer is looking for a CD as an investment vehicle to save for a specific need — first home, college education, etc. — then BB&T’s unique products are worth a look.

BB&T money market account options

High Performance Money Market Account

This money market account offers tiered rates and check-writing ability.

APY

Minimum Balance Amount

0.01%

$0 to $999

0.05%

$1,000 to $9,999

0.25%

$10,000 to $49,999

0.50%

$50,000 to $99,999

0.60%

$100,000 to $249,999

1.00%

$250,000 to $99,999,999,999

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fee: Use of BB&T ATMs come with no fees. $3 fee for use of non-BB&T ATM plus any fees charged by that bank.
  • Overdraft fee: $36 for each item BB&T pays.

The High Performance Money Market Account provides tiered money market rates. This account can be opened in conjunction with a BB&T checking account.

The account does have a $1,000 minimum balance requirement in order to avoid the $12 monthly maintenance fee. This account comes with check-writing ability, deposits and withdrawals at ATMs — all the basics for a money market account.

Because this account requires a checking account with BB&T, this option would be best for anyone who wants or already has a checking account with the bank. It’s also intended for someone who usually keeps a “higher balance” in their savings account.

This account includes a few other perks such as overdraft protection and check-writing ability. The account offers interest at tiered rates which increase as the consumer’s balance in the account increases. For example, by boosting a balance above $9,999, a customer can double the rate paid on their money. However, increasing balances to even-higher tiers will only gain more-modestly higher rates.

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Investor’s Deposit Account

This account allows the customer with a high savings balance to earn interest.

APY

Minimum Balance Amount

0.01%

$0 to $9,999

0.02%

$10,000 - $24,999

0.02%

$25,000 - $49,999

0.02%

$50,000 - $99,999

0.02%

$100,000 - $999,999

0.02%

$1,000,000 - $99,999,999,999

  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $15
  • ATM fee: Use of BB&T ATMs come with no fees. $3 fee for use of non-BB&T ATM plus any fees charged by that bank.
  • Overdraft fee: $36 for each item BB&T pays.

The Investor’s Deposit Account is a tiered money market account with a high minimum balance requirement. This account is going to be best for someone looking to earn interest and keep their money sitting a bit — it could be a rainy day fund that won’t likely ever be touched.

That said, this account also comes with check writing ability and the basics such as ATM access.

While the bank’s website lists six balance tiers for this account, the rate on the top five is the same, and only a few percentage points above the lowest level. All the more curious is that the bank’s High Performance Money Market Account offers better rates with similar benefits to the Investor’s Deposit Account.

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How to get BB&T’s money market accounts

All of BB&T’s money market accounts described below can be applied for online in 10 minutes or less, according to the bank. You will need your Social Security number, date of birth and address, a driver’s license or government-issued ID and a current bank account number, debit card information or a check to deposit money into your new account.

Also, note that Federal Reserve Regulation D 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. If specified for the particular account, the fee is included in the following account descriptions.

Some of the account information in the following product reviews — including selected APY and account minimums — is available only directly from the bank and is noted accordingly.

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How BB&T’s money market accounts compare

Of BB&T’s money market accounts, only the High Performance Money Market Account is worth considering. As with all account consideration, you should compare these account with the best money market rates and other accounts’ balance requirements.

Overall review of BB&T’s banking products

The range of this bank’s personal banking products can be confusing. To be sure, BB&T is worth consideration if you want a specific product, e.g., a student account, college CD, or over-55 checking account. However, for basic accounts — savings and checking — the accounts are just that, basic.

Because this institution prefers face-to-face interaction and likes to offer rates to consumers in person at a branch, it could be a good option for someone who also values a personal banking relationship and lives in a BB&T branch state.

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.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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.

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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.

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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.

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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

1.80%

2 years

2.45%

4 years

2.75%

5 years

2.00%

Renewal Rates (after the CDs above have matured)

Term

APY

14 months

1.70%

2 years

2.35%

4 years

2.65%

5 years

1.90%

  • 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.

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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.

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on The Federal Savings Bank’s secure website

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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.

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on The Federal Savings Bank’s secure website

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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.

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on The Federal Savings Bank’s secure website

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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.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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.

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on Wings Financial Credit Union’s secure website

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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.

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on Wings Financial Credit Union’s secure website

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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.

LEARN MORE Secured

on Wings Financial Credit Union’s secure website

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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.

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on Wings Financial Credit Union’s secure website

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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
1.11%
$10,000 to $49,999.99
1.21%
$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.

LEARN MORE 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.

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on Wings Financial Credit Union’s secure website

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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
0.95%
$500-$9,999.99
1.00%
$10,000- $89,999.99
1.00%
$90,000+
1 year
1.66%
$500-$9,999.99
1.71%
$10,000- $89,999.99
1.71%
$90,000+
18-month special
2.27%
$5,000+ (New Deposits Only)
2 Year
1.81%
$500-$9,999.99
1.86%
$10,000- $89,999.99
1.86%
$90,000+
3 Year
1.91%
$500-$9,999.99
1.96%
$10,000- $89,999.99
1.96%
$90,000+
4 Year
2.32%
$500-$9,999.99
2.37%
$10,000- $89,999.99
2.37%
$90,000+
5 Year
2.58%
$500-$9,999.99
2.63%
$10,000- $89,999.99
2.63%
$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.

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on Wings Financial Credit Union’s secure website

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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.

LEARN MORE Secured

on Wings Financial Credit Union’s secure website

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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.

LEARN MORE Secured

on Wings Financial Credit Union’s secure website

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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.

LEARN MORE Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

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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.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here