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United States Senate Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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United States Senate Federal Credit Union’s checking account options

Senate Checking

Senate Checking is a standard free checking account with a Visa® debit card and unlimited check writing privileges.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at more than 100,000 surcharge-free ATMs worldwide; no FEES for first four out-of-network ATM transactions each month; $1 per out-of-network transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $28 per item

Senate Checking is a basic account with no minimum deposit or balance requirements. It does not earn interest, but there are no monthly fees to worry about. It comes with an ATM card and access to an extensive, free ATM network.

If you have to use a non-network ATM, United States Senate Federal Credit Union won’t assess a fee on the first four out-of-network ATM transactions each month. However, it doesn’t refund any fees that the ATM owner may charge. This checking account earns no interest.

How to get Senate Checking

To open a Senate Checking account, you must first be a member of United States Senate Federal Credit Union. You can join if you — or a member of your household — meets employer requirements. Alternatively, you can join the Virginia Chapter of the American Consumer Council (VACC), or joining the U.S. Capitol Historical Society (USCHS) to be eligible for credit union membership.

You can fill out the membership application online in about 15 minutes. You’ll need to provide a PDF or JPG digital version of your driver’s license or other identification, address verification through a paystub or utility bill, and a credit or debit card to fund the account. When you join, you’ll also need to pay the $1 credit union lifetime membership fee, and open a savings account with a deposit of at least $5. Processing the application can take two business days or longer.

If you prefer, you can also apply at a branch, call 1-800-374-2758, or send an email to [email protected] to request an application.

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Gold Source Checking

You’ll need to maintain a sizable balance just to earn the slim dividend paid by this Gold Source Checking account.
APYMinimum Balance to Earn APY
0.05%
$2,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15; waived with $2,000 minimum balance
  • ATM fee: $0 at more than 100,000 surcharge-free ATMs worldwide; no fee at out-of-network ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $28 per item

This dividend-paying checking account is best for those who typically maintain high balances and want to earn interest on their money. The yield is very high compared to the average interest-checking account, however, it’s worth noting that your earnings could be quickly wiped out by maintenance fees if your account balance dips below the $2,000 minimum just a few times.

How to get Gold Source Checking

To open a Gold Source Checking account, you must first be a member of United States Senate Federal Credit Union. You can join the credit union by meeting employer requirements, joining the Virginia Chapter of the American Consumer Council (VACC), or joining the U.S. Capitol Historical Society (USCHS).

You can fill out the membership application online in about 15 minutes. Use the same form if you’re a member wanting to open an additional account.

You can also apply at a branch, contact United States Senate Federal Credit Union by phone 1-800-374-2758 or or send an email to [email protected] to have an application sent to you.

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NCUA Insured

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How United States Senate Federal Credit Union’s checking accounts compare

Senate Checking is a free account that comes with an ATM card, a free ATM network, and not much more — there’s no opportunity to earn interest, for example. Just because you don’t want to pay a monthly fee doesn’t mean you have to settle for zero-interest checking. There are online checking accounts out there that do pay substantial APYs while charging virtually no fees.

Meanwhile, the rate on United States Senate Federal Credit Union’s dividend-paying account, Gold Source Checking, is nothing to write home about, yet the account requires you to maintain a rather high minimum balance. If you keep that much money in your checking account on a regular basis, do yourself a favor and choose an account with more robust offerings from this list of some of the best checking accounts out there.

United States Senate Federal Credit Union’s savings account options

Primary Savings

When you open this basic savings account with a deposit of at least $5, you gain lifetime membership the United States Senate Federal Credit Union and all its financial services.
APYMinimum Balance to Earn APY
0.05%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at more than 100,000 surcharge-free ATMs worldwide
  • ATM fee refund: None
  • Overdraft fee: $28 per item

Primary Savings has a low minimum balance requirement and a competitive interest rate. It comes with an ATM card and access to an extensive free ATM network. You must maintain a balance of $5 in order to remain an active member of United States Senate Federal Credit Union, with access to the credit union’s products and services.

Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Primary Savings

You’ll open a Primary Savings account as part of the process of establishing your membership to United States Senate Federal Credit Union. You can join the credit union by meeting employer requirements, joining the Virginia Chapter of the American Consumer Council (VACC), or joining the U.S. Capitol Historical Society (USCHS).

You can fill out the membership application online in about 15 minutes. You’ll need to provide a .pdf or .jpg digital version of your driver’s license or other identification, address verification through a paystub or utility bill, and a credit or debit card to fund the account. You’ll also need to pay the $1 credit union lifetime membership fee and deposit at least $5.

Processing the application can take two business days or longer. If you prefer, you can also apply at a branch, or contact United States Senate Federal Credit Union by phone 1-800-374-2758 or send an email to [email protected], to have an application sent to you.

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Holiday Savings

United States Senate Federal Credit Union members can contribute throughout the year to their Holiday Savings accounts, and the money — plus interest — will be automatically transferred to Primary Savings in plenty of time for the festive season.
APYMinimum Balance to Earn APY
0.05%
$5.00
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

Holiday Savings takes some of the financial stress out of the holidays by providing a convenient way to put away money throughout the year. The above-average interest rate helps your savings grow until it’s time to celebrate. If you want, you can set up direct deposit to make regular contributions from each paycheck. Funds are transferred to your Primary Savings account on November 1 so you’ll be ready for year-end expenses.

How to get Holiday Savings

United States Senate Federal Credit Union members can open a Holiday Savings account using the online membership application. You can also visit a branch, call 1-800-374-2758 or send an email to [email protected] to request an application.

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Youth Savings

This free account for kids at ages 18 and under teaches them about saving money and earning interest.
APYMinimum Balance to Earn APY
0.05%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

Your child can start to learn about saving money and earning interest with a Youth Savings account, free to kids up to 18 years old. There are no service fees and the account earns a competitive interest rate. The account comes with online and mobile banking.Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Youth Savings

As a member, you can open a Youth Savings account for your child using the online membership application. You can also visit a branch, call 1-800-374-2758 or or send an email to [email protected] to request an application.

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How United States Senate Federal Credit Union’s savings accounts compare

The savings accounts at United States Senate Federal Credit Union pay above average interest rates. Joining the credit union involves a little bit of hassle, but it might be worth it for the extra earnings you’ll pocket each year compared to many accounts at other institutions. However, if your goal is to earn the top rates on your money, you can find even better deals at some of the best online savings accounts out there.

United States Senate Federal Credit Union’s CD rates

Share Certificates

Share Certificates — the credit union version of CDs — offer a guaranteed return for consumers who commit to keeping their money in the account for the duration of the certificate’s term.
TermAPY
60 months and up0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
48 to 59 months0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
36 to 47 months0.65% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
24 to 35 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
12 to 23 months0.40% for $60,000 and up
0.40% for $20,000 - $59,999
0.40% for less than $20,000
6 to 11 months0.30% for $60,000 and up
0.30% for $20,000 - $59,999
0.30% for less than $20,000
3 to 5 months0.20% for $60,000 and up
0.20% for $20,000 - $59,999
0.20% for less than $20,000
  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies; ranges from 90 to 360 days of dividends on the amount withdrawn, depending on the term of the certificate.

Offering unusually strong yields, United States Senate Federal Credit Union’s CDs provide guaranteed returns for customers looking to park their cash for a period of time. There is a wide range of terms to suit your needs, ranging from three months to five years. You’ll need a minimum of $1,000 to open a share certificate/CD, and you’ll want to be very certain you won’t need the money during the term, as there are substantial penalties for early withdrawal.

How to get United States Federal Credit Union’s CDs

Members can open a CD by filling out an online application, or send an email to [email protected] to request an application, calling 800.374.2758, or visiting a branch.

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Bump Rate Share Certificates

Bump Rate Share Certificates let you lock in a guaranteed rate of return while also providing the flexibility of a one-time option to adjust the dividend rate to the current offered rate.
TermAPY
60 months 0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
48 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
36 months0.55% for $60,000 and up
0.55% for $20,000 - $59,999
0.55% for less than $20,000
  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies; ranges from 90 to 360 days of dividends on the amount withdrawn, depending on the term of the certificate

Bump rate share certificates require you to lock up your money for longer periods of time in exchange for higher yields. However, they do provide some flexibility. During the term of the certificate you have the option to request a one-time dividend increase. The dividend will then be changed to the current offered rate for the remainder of the term of the certificate.

While there is no guarantee that the rate will rise during the term of the CD, the feature does provide you with a sense of confidence that you won’t be stuck with a sub-par rate in case the market rate rises.

How to get United States Federal Credit Union’s Bump Rate Share Certificates

Members can open a Bump Rate Share Certificate by filling out an online application, or send an email to [email protected] to request an application, contact the credit union by phone at 1-800-374-2758, or visiting a branch.

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How United States Senate Federal Credit Union’s CD rates compare

Simply put, United States Senate Federal Credit Union’s CDs pay well. Especially for customers with very large balances who can commit to five-year terms, the credit union actually pays some of the top rates in the market. Depending on the amount you have to invest and how long you are willing to lock up your money, it may be worth checking out some of the best CD rates out there.

United States Senate Federal Credit Union’s money market account options

Senate Money Market

Senate Money Market provides a way for customers with balances of $2,000 and higher to earn substantially higher interest rates than they would in Primary Savings.
APYMinimum Balance to Earn APY
0.15%
$2,000
0.15%
$10,000
0.15%
$20,000
0.15%
$40,000
0.15%
$75,000
0.15%
$100,000
0.15%
$150,000
0.15%
$250,000
0.15%
$500,000 and over
  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

Senate Money Market is a free account that pays tiered interest rates on balances of $2,000 and more, with the rates going up as the balances increase. It may benefit consumers who want to earn a bit of interest on a lump sum while keeping the funds liquid.

Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Senate Money Market

As a member, you can open a Senate Money Market account using the online membership application. You can also visit a branch, call 800.374.2758 or or send an email to [email protected] to request an application.

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How United States Senate Federal Credit Union’s money market accounts compare

Senate Money Market accounts pays a higher rate of interest than the Primary Savings account. However, you do need to deposit a large sum to earn those rates. The minimum opening deposit is steeper than what many institutions require.

If earning the most you can on your money is your priority, checking some of the best money market accounts available in the market.

United States Senate Federal Credit Union’s IRA account options

IRA CD rates

United States Senate Federal Credit Union offers traditional and Roth IRAs that can be opened as share certificates — the credit union’s version of CDs — to help you save for retirement.
TermAPY
60 months and up0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
48 to 59 months0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
36 to 47 months0.65% for $60,000 and up
0.65% for $20,000 - $59,999
0.65% for less than $20,000
24 to 35 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
12 to 23 months0.40% for $60,000 and up
0.40% for $20,000 - $59,999
0.40% for less than $20,000
6 to 11 months0.30% for $60,000 and up
0.30% for $20,000 - $59,999
0.30% for less than $20,000
3 to 5 months0.20% for $60,000 and up
0.20% for $20,000 - $59,999
0.20% for less than $20,000
  • Minimum opening deposit: $5
  • Early withdrawal penalty: Varies; ranges from 90 to 360 days of dividends on the amount withdrawn, depending on the term of the certificate; no penalty for certain exceptions such as college tuition or buying a first home.

With a United States Senate Federal Credit Union traditional or Roth IRA, you can purchase share certificates with IRA funds. They allow you to lock in the same relatively high yields as the credit union’s regular share certificates. By purchasing the certificates within an IRA, you’ll enjoy tax advantages that help you save more for retirement. The minimum deposit for opening an IRA is just $5, making it easy to get started.

Contributions are limited to $5,500 per year, but those who are ages 50 and up are allowed an additional $1,000 catch-up contribution.

How to get United States Senate Federal Credit Union’s IRA CDs

For assistance choosing the right IRA CDs for your individual situation, United States Senate Federal Credit Union members can or send an email to [email protected] for more information, call 1-800-374-2758 to speak with a representative, or visit a branch in person.

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How United States Senate Federal Credit Union’s IRA CD rates compare

United States Federal Credit Union’s CDs generally pay above-market rates and, in particular, the credit union’s five-year CDs significantly outperform the national averages for five-year CDs. However, you do need to have a high balance to qualify for the top rates. Before you commit to any IRA CD, it’s best to check out all the offerings among the best IRA CD rates in the market.

Traditional and Roth IRA Savings

United States Senate Federal Credit Union offers traditional and Roth IRA savings accounts that pay a significant premium over regular savings accounts.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

If you’re looking for a safe place to park some of your retirement savings, United States Senate Federal Credit Union’s traditional and Roth IRA savings accounts pay a significantly higher interest rate than its regular savings accounts, though it’s still not a very high rate. Which type of IRA you choose depends largely on your income. Anyone with earned income who is under age 70 ½ is eligible to open a traditional IRA, and contributions are typically tax deductible. Individuals with earned income below applicable IRS limits can qualify for a Roth IRA, and contributions to such accounts are not tax deductible.

Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Traditional or Roth IRA Savings

For help choosing the appropriate retirement savings account for your individual situation, United States Senate Federal Credit Union members can send an email to [email protected] for information, call 1-800-374-2758, or visit a branch.

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Overall review of United States Senate Federal Credit Union’s banking products

While many credit unions limit membership by factors like geographical location or employer, United States Senate Federal Credit Union offers flexible membership criteria, meaning almost anyone can join.

Members get lifetime access to a variety of beneficial financial products, including access to deposit accounts that pay above-average interest rates, and CDs that earn exceptionally high yields. The credit union also offers its members home loans, retirement accounts, personal loans and credit cards.

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Reviews

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

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

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Wintrust Bank’s checking account options

Total Access Checking (Cubs or White Sox Checking)

Wintrust Bank’s Total Access Checking — also called Cubs Checking or White Sox Checking, depending on which Chicago team you back — is a free, noninterest-bearing checking account with excellent ATM access.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Unlimited in the U.S.
  • Overdraft fee: $35 per item, plus $6 per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Total Access Checking is a free account with no service fees or minimum balance requirements. It offers online and mobile banking, including bill pay and check deposit, and comes with a Mastercard debit card that can be managed on the mobile app. For example, you can disable the card if it is lost, set maximum dollar amounts for transactions and limit the geographical areas in which the card can be used.

Possibly the best thing about this account is the extensive free ATM access. You get surcharge-free access at 65,000 ATMs through the Allpoint, MoneyPass and Sum networks. You also get unlimited reimbursements of fees on U.S. ATMs. This checking account does not pay interest. In a nod to Chicago-area sports fans, customers can ask for either Cubs Checking or White Sox Checking to get the same account, but with a debit card that reflects your team affiliation.

How to get Wintrust Bank’s Total Access Checking account

You can fill out the application for Total Access Checking online. You’ll need your Social Security number, driver’s license, home address and other information. The only hitch is that you can’t order checks when you open the account online. You’ll have to call the bank and arrange to complete a signature card before you can order checks.

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Access Plus Checking

Wintrust Bank’s Access Plus Checking account pays a tiny interest rate and charges a relatively low monthly service fee that can be waived by meeting a minimum balance.
APYMinimum Balance to Earn APY
0.01%$0.01
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 unless you maintain a $1,000 minimum daily balance or $2,500 average monthly balance
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Up to five out-of-network surcharges a month
  • Overdraft fee: $35

Access Plus Checking is a good option for those who regularly maintain a high enough balance (detailed above) to avoid paying the $10 monthly service fee. It might not be the best account for customers whose bank balances sometimes run low since triggering a service fee would quickly gobble up the minimal interest.

The account has a Mastercard debit card with free access to 65,000 ATMs in the Allpoint, MoneyPass or Sum networks. For out-of-network ATMs, Wintrust Bank refunds up to five surcharges a month. Access Plus Checking comes with one free check order. It offers online and mobile banking, including bill pay and check deposit. From the mobile app, you can disable the card if it is lost, set maximum dollar amounts for transactions and limit the geographical areas in which the card can be used.

How to get Wintrust Bank’s Access Plus Checking account

You can fill out an application for an Access Plus Checking account online in a few minutes. You’ll need your Social Security number, driver’s license, home address and other information. You can’t order checks when you open the account online. You’ll have to call the bank to complete a signature card before you can order checks.

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Premier Checking

Premier Checking has tiered interest rates but requires significantly higher minimum balances to avoid service charges.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25 unless you maintain a $10,000 average daily balance or $75,000 combined average relationship balance
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Unlimited in the U.S.
  • Overdraft fee: $35 per transaction item, plus a $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Premier Checking pays tiered interest rates, but the rates are not available on Wintrust Bank’s website. The Mastercard debit card provides free access to 65,000 ATMs, along with unlimited refunds for out-of-network ATM fees in the U.S.

The account offers online and mobile banking, including bill pay and mobile check deposit. The mobile app lets you disable the card if you misplace it, set maximum dollar amounts for transactions and guard against fraud by limiting the geographical regions in which the card can be used.

The higher $25 monthly service fee means this account is best suited for those who normally maintain high balances across one or more of their Wintrust Bank accounts. Perks include free check printing, money orders and cashier’s checks. Fees are also waived for incoming wire transfers or a safety deposit box.

How to get Wintrust Bank’s Premier Checking account

To open a Premier Checking account, you’ll need to visit one of more than 150 Wintrust Bank locations in Illinois, Wisconsin or Indiana. You’ll need to provide identification and personal information such as your name, address and Social Security number. You’ll be able to order free checks when you open the account.

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Student Checking

Wintrust’s Student Checking is a free account for students who are 13 to 25.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Five out-of-network U.S. transactions a month
  • Overdraft fee: $35 per transaction item, plus a $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Student Checking is a beginner account for students ages 13 to 25. There is no minimum opening deposit, minimum balance requirement or monthly fee. Debit cards provide free access to 65,000 ATMs through the Allpoint, MoneyPass and Sum networks. Wintrust Bank also reimburses five out-of-network U.S. ATM fees a month. The account has online and mobile banking, including remote check deposit, online bill pay and e-statements.

How to get Wintrust Bank’s Student Checking account

You can open a Student Checking account online in a few minutes. If you’re younger than 18, you’ll need to open the account jointly with a parent, guardian or other adult.

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Money Smart Checking

Money Smart Checking is an account designed to help customers with damaged credit get their finances back on track.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: Up to six out-of-network ATM transactions a month
  • Overdraft fee: $35 per transaction item, plus a $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Money Smart Checking is a credit-builder account designed for customers with bad credit who are working on improving their finances. It comes with an ATM or debit card. Customers may benefit from mobile debit alerts that make it convenient to track their balances. The Dollar-A-Day Savings Service bolsters savings efforts by automatically transferring preset sums of money (such as $1 or more) from checking to savings each day.

How to get Wintrust Bank’s Money Smart Checking account

Customers on ChexSystems are eligible to open a Money Smart Checking account after completing at least one session of Wintrust Bank’s Money Smart Financial Training. Those on ChexSystems who have not completed one module of training may open a Money Smart Savings account instead.

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How Wintrust Bank’s checking accounts compare

Wintrust Bank hits the mark with free checking that lets you bank local, as long as you don’t care about earning interest. If interest is a priority, though, you can certainly find better options elsewhere. The Access Plus Checking account pays a smidge compared to some of the best online checking accounts available.

Plus, some of the bank’s accounts charge service fees. While you can avoid the fees by meeting minimum balance requirements, triggering them just one time might wipe out whatever interest you earn. Overdraft fees are hefty, too.

Wintrust Bank customers do benefit from a substantial surcharge-free ATM network and a generous reimbursement policy for out-of-network ATM fees. Several of the accounts come with unlimited ATM fee reimbursements in the U.S., although there are other checking accounts out there with expansive ATM networks that also pay significantly higher rates.

Wintrust Bank’s savings account options

Passbook Savings

This basic account pays interest but doesn’t come with an ATM or debit card.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $10 unless you maintain a $200 minimum daily balance
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Passbook Savings pays interest and has a reasonably low service charge. Wintrust Bank doesn’t advertise the rate for this account, so you’ll have to call the bank for the current rate. The $10 monthly fee is easily avoided by meeting a $200 minimum daily balance. But the account does not come with an ATM card. Overdraft fees are steep and include an additional daily fee if the account remains overdrawn. Also, you’ll have to deal with paper statements since the account does not offer e-statements.

Per the federal rule known as Regulation D, you are allowed to make up to six certain withdrawals and/or transfers per month. There is a $10 excess withdrawal fee each time you make more than 18 transactions a quarter.

How to get Wintrust Bank’s Passbook Savings account

You can open a Passbook Savings account by visiting one of Wintrust Bank’s more than 150 affiliate branches. Locate a branch by entering your ZIP code here. You’ll need to bring identification and provide personal information such as your name, address and Social Security number.

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Statement Savings

Statement Savings is a basic savings account that comes with an ATM/debit card and offers the option of e-statements.
APYMinimum Balance to Earn APY
0.10%$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $10 unless you maintain a $200 minimum daily balance
  • ATM fee: No fee through Allpoint, MoneyPass and Sum networks
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Statement Savings is an inexpensive savings account with a low service fee that is charged quarterly rather than monthly. The $200 minimum daily balance required to waive the $10 fee is also reasonably low. Obtaining an ATM card requires a linked checking account. There is no minimum to earn the modest APY. Again, overdraft fees are fairly steep.

You can make unlimited withdrawals in person or at an ATM, but you are limited to six transfers and certain withdrawals from the account a month per Regulation D. Wintrust Bank charges a fee for each transaction over 18 per quarter.

How to get Wintrust Bank’s Statement Savings account

You can open a Statement Savings account online in a few minutes. You’ll need your Social Security number, driver’s license, home address and other information.

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Money Smart Savings

Money Smart Savings is an interest-bearing credit-builder account that pairs well with the Money Smart Checking account.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: No fee through Allpoint, MoneyPass or Sum networks
  • ATM fee refund: 18 out-of-network ATM transactions per quarter
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

This “second-chance” savings account is designed for customers who are working to get back on track. This is an interest-earning account, but you’ll have to call the bank for the current rate. It comes with a debit or ATM card when linked with the Money Smart Checking account.

Per Regulation D, you are allowed to make up to six certain withdrawals and/or transfers per month. Wintrust Bank charges a fee for each transaction over 18 per quarter.

How to get Wintrust Bank’s Money Smart Savings account

You can open a Money Smart Savings account by visiting one of Wintrust Bank’s more than 150 affiliate branches. Locate a branch by entering your ZIP code here. You’ll need to provide state-issued identification such as a driver’s license and personal information including your name, address and Social Security number.

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Junior Savers

A savings account for children and young adults younger than 22, this interest-earning account comes with kid-friendly activities.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $0; $10 a quarter if the balance drops below $200 once the account holder reaches age 22
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

Wintrust Bank Junior Savers is a savings account for kids or young adults younger than 22. There is no minimum deposit, and kids earn interest on every dollar deposited. You’ll have to call the bank for the current rate. Young customers do not get an ATM card, but they do get special opportunities to build a relationship with the bank through Junior Saver events, movie days, sweepstakes and giveaways.

When you turn 22, you need to visit a branch with a guardian to change from Junior Savers to a different savings account, according to customer service on Nov. 9, 2018. If you do not, a $10 quarterly fee will apply if your balance drops below $200.

Per Regulation D, you you are allowed to make up to six certain withdrawals and/or transfers per month. There is an excess withdrawal fee for each transaction over 18 in a quarter.

How to get Wintrust Bank’s Junior Savers account

Your kid can open a Junior Savers account by visiting one of Wintrust Bank’s more than 150 affiliate branches while accompanied by a parent or guardian. The child needs to have a valid Social Security number. Locate a branch by entering your ZIP code here.

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How Wintrust Bank’s savings accounts compare

You don’t need a large sum to open a savings account at Wintrust Bank, but when it comes to earning interest, you can find much better rates elsewhere at some of the best online savings accounts out there.

While Wintrust Bank’s service charges aren’t too high and can be waived by meeting minimum balances, there are many savings accounts — including high-yield online accounts — that have no monthly fees at all. If you’re looking for digital access, Wintrust Bank does have online and mobile banking, and some accounts provide the option of e-statements.

Wintrust Bank’s CD rates

Certificates of Deposit

Wintrust offers 12-month and 18-month CDs that pay a fixed rate of return.
TermAPY
12 months0.15%
18 months0.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: 1 cent
  • Early withdrawal penalty: Varies

Wintrust Bank’s CD’s are a safe and convenient option that may be especially appealing for customers who have other Wintrust Bank accounts and want to stay within the same institution.

CDs can be rolled over at the end of their term to a new CD to keep earning interest. The minimum opening deposit is somewhat on the high side, yet the CD yields are a bit lower than the national average. There is a penalty for early withdrawal, but you’ll have to contact the bank for further details.

How to get Wintrust Bank’s CDs

The 12-month and 18-month CDs can be opened online, but you can visit a branch to have a banker help you find other long- or short-term options.

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How Wintrust Bank’s CD rates compare

Wintrust Bank offers safe and convenient standard CD options, but the interest rates paid are below average and much lower than the best CD rates paid by some online-only banks. Also, Wintrust Bank’s minimum deposit for CDs is high compared to many other financial institutions.

Wintrust Bank’s money market account option

Money Market

This Money Market account pays tiered interest rates for larger balances and requires higher minimum balances to avoid service charges.
APYMinimum Balance to Earn APY
0.05%$0.01
0.15%$10,000
0.20%$50,000
0.35%$100,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $15 unless you maintain a $2,500 minimum daily balance or $5,000 average daily balance
  • ATM fee: No fee through Allpoint, MoneyPass or Sum networks
  • ATM fee refund: N/A
  • Overdraft fee: $35 per transaction item; $6 overdraft fee per day starting on the sixth consecutive business day and every business day the account is overdrawn more than $35 for up to 20 business days

This money market account allows customers with substantial balances to earn slightly higher interest rates than they would with basic savings accounts. But customers who occasionally dip below the minimum balances and trigger service fees a few times could find that any interest earned soon gets wiped out.

Customers can make up to six certain withdrawals and/or transfers each month per Regulation D. A fee is charged for excessive transactions by the bank.

How to get Wintrust Bank’s Money Market account

You can fill out an online application for the Money Market account in a few minutes. You’ll need your Social Security number, driver’s license or other state-issued identification, home address and other information.

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How Wintrust Bank’s money market account compares

Wintrust Bank’s money market account pays above-average interest rates on larger balances, though you can find much higher yields elsewhere. The minimum deposit requirement is not high.

Still, there some high-rate money market accounts with no minimum balance requirement at all. If yield is a priority, it’s worth taking a look at some of the best money market accounts available on the market.

Overall review of Wintrust Bank’s banking products

Wintrust Bank has a solid selection of deposit accounts, including free options for basic checking and savings accounts, as well as special accounts for kids, students and people who are rebuilding their credit. One of its strongest features may be the extensive free ATM network. It’s also appealing that Wintrust Bank works to maintain strong connections with the local communities it serves.

But for those who want to earn the highest return on their money, Wintrust Bank’s rates — even on the premium accounts — tend to be lackluster. Overdraft fees are on the high side, too. Customers who care about maximizing interest and avoiding fees wherever possible are better off searching for another bank.

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Reviews

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

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OnPoint Community Credit Union’s checking account options

Basic Checking

Basic Checking is a free account with no minimum balance requirement, but online bill pay costs extra.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

If you just want a basic checking account, this one is free and comes with a Visa debit card. The account does not pay any interest.

There is an extensive free ATM network, though OnPoint Community Credit Union will charge you a small fee for using any out-of-network ATMs. If you also incur a surcharge from that ATM’s owner, the credit union does not refund any of those fees.

You will not have free access to online bill pay with this account. There is a monthly charge for that service, which kicks in after an initial three-month free trial. Overdraft fees are high as well.

How to get Basic Checking

To get Basic Checking, you must first be a member of OnPoint Community Credit Union. If you are eligible for membership, you can select the Basic Checking option when you fill out the online membership application. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or a checking account.

There is a one-time credit union membership fee of $10. To join the credit union, you’ll need to open a Regular Savings account with at least $5.

If you are already a member of OnPoint Community Credit Union and want to add a Basic Checking account, you can do so by logging into online banking and selecting “Services,” then “Add Accounts.”

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Interest Checking

This checking account doesn’t pay much interest and charges a monthly fee if your balance dips below the minimum.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$1,000
0.05%
$5,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7; waived with $500 average balance
  • ATM fee: $0
  • ATM fee refund: No refunds
  • Overdraft fee: $30

The tiny amount of interest you might earn is barely worth the effort of this Interest Checking account. Despite advertised “tiered rates,” the APY is actually the same for any balance — and really doesn’t amount to much. You do get a free first order of checks with this account.

Another concern: You’ll need to take care to maintain a high enough average balance to avoid triggering a monthly fee. The credit union’s website lists a “$0” monthly fee for Interest Checking on its checking account product page, but if you read all the way down to the footnotes, it states there actually is a fee if you dip below the minimum monthly average balance. Overdraft fees are steep, too.

Perhaps the best feature of this checking account is the Visa debit card with free access to a 60,000-plus ATM network, with no fee from the credit union for using out-of-network ATMs. However, that doesn’t mean you can get cash from any ATM for free; the credit union does not refund any fees that the ATM owner might charge.

How to get Interest Checking

To open an Interest Checking account, you must first become a member of OnPoint Community Credit Union. You can join and open the account online. You’ll need to provide information like your name, address, Social Security number and driver’s license or other identification. You’ll also need a credit or debit card or bank account, with which to fund the new account.

If you prefer, you can also print out a membership application and send it in by mail with a $15 check to cover membership fee and the minimum opening balance.

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eChecking

This eChecking account is all digital, with no paper checks — and all free.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

Designed for customers who want a purely digital account, this eChecking account doesn’t include any paper checks and has no minimum balance requirement. It does come with free online and mobile banking, including online bill pay.

The account pays no interest and charges no monthly maintenance fees. You get a Visa debit card and access to an extensive surcharge-free ATM network.

When you open an eChecking account, the credit union requires you to enroll in e-statements within 30 days, to avoid having the account converted to a Basic Checking account (which has additional fees).

How to get eChecking

To open an eChecking account, you must first be a member of OnPoint Community Credit Union. If you are eligible for membership and want to apply, you can simply select the eChecking account option when you fill out the online membership application.

If you are already a member, you can log into online banking and select “Services” then “Add Accounts,” and choose the option to add an eChecking account.

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Access Account

Access Account is a checking account that is free for members under 18 but charges a monthly fee for adults who need to reestabish a checking account with the credit union.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7; waived if under 18
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

This checking account is designed for teens or anyone who want to establish or reestablish a checking account. It does not pay any interest but comes with a Visa debit card and free access to a broad network of ATMs. There is a fee if you use out-of-network ATMs though, and OnPoint Community Credit Union does not refund surcharges from out-of-network ATMs.

There is no minimum balance requirement. For members under 18, this is a free account. For adult members, there is a monthly fee that cannot be waived.

How to get Access Account

To get Access Account, you must be first be member of OnPoint Community Credit Union. If you are eligible for membership, you can select the Access Checking option when you fill out the online membership application. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or a checking account.

If you are under 18, you must open your account at a branch office. Those under 18 will need to list a parent or legal guardian as a joint owner of the account.

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How OnPoint Community Credit Union’s checking accounts compare

OnPoint Community Credit Union offers four different checking accounts, but none that really compares with the best online checking accounts in the market. Basic Checking is a free account, but you’ll have to pay a monthly fee to use online bill pay. The eChecking option has no monthly fee and includes free online bill pay, but it doesn’t pay interest or refund you for any out-of-network ATM fees. And Interest Checking barely pays any interest while requiring a fairly high minimum balance. All the accounts charge high overdraft fees.

You can find much better checking account options elsewhere. Other institutions offer free online checking accounts that let you earn more significant interest on your money while providing truly free ATM access, even if you use ATMs outside their network. There are many good ones to choose from on this list of the best online checking accounts.

OnPoint Community Credit Union’s savings account options

Regular Savings

To join OnPoint Community Credit Union, you’ll need to open and fund a Regular Savings account.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

The Regular Savings account establishes your status as a member of the credit union. The account pays a below-average interest rate, but it does come with an ATM card, online banking and customer service by phone.

In accordance with the federal Regulation D, you can make unlimited withdrawals/transfers in person at a branch or ATM, but are restricted to six automatic, online or preauthorized transfers per month without penalty imposed by the credit union. The credit union can refuse or reverse any excess transactions.

How to get Basic Savings

You’ll get a Basic Savings account as part of the process of signing up for membership to the credit union, in person or online. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or checking account.

There is a one-time membership fee of $10 and a minimum deposit of $5 to establish the savings account.

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Bundle Reward Savings

Your APY on savings deposits goes up considerably when you sign up for multiple credit union services.
APYMinimum Balance to Earn APY
0.40%
$0.01
0.45%
$50,000
0.50%
$100,000
0.60%
$250,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

Members who have at least four financial products with the credit union — which can include a credit card, auto loan, mortgage or other services — qualify for this account, which earns them privileges including these better interest rates on savings. The interest rates are tiered and go up as your balance increases.

In accordance with the federal Regulation D, you can make unlimited withdrawals/transfers in person at a branch or ATM, but are restricted to six automatic, online or preauthorized transfers per month without penalty from the credit union. The credit union can refuse or reverse excess transactions.

How to get Bundle Reward Savings

Credit union members can upgrade their basic savings account to a Bundle Reward Savings through online banking, by visiting a branch or by calling customer service at 800-527-3932.

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How OnPoint Community Credit Union’s savings accounts compare

This credit union’s savings accounts are far from the best when it comes to earning interest on your money. Regular Savings is a very low-yielding account, though its main benefit seems to be to let you establish credit union membership.

The reward savings account pays significantly more in interest, but you won’t earn the top rate on Bundle Reward Savings without a six-figure balance. Even the top-tier rate isn’t that impressive, especially compared with the much higher rates paid by some of the best online savings accounts offered by other institutions.

OnPoint Community Credit Union’s CD rates

Certificates of Deposit

OnPoint Community Credit Union’s CD rates are definitely better than average, but they’re far from the highest available in the market.
TermAPYAmount
3 months
0.50%
$1,000
0.50%
$50,000+
6 months0.50%
$1,000
0.50%
$50,000
12 months0.50%
$1,000
0.50%
$50,000
18 months0.60%
$1,000
0.60%
$50,000
24 months0.60%
$1,000
0.60%
$50,000
36 months0.60%
$1,000
0.60%
$50,000
48 months0.65%
$1,000
0.65%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: The penalty ranges from 90 to 270 days’ worth of interest depending on the term of the CD, as detailed below:
    • 3 to 14 month CDs: 90 days’ of interest
    • 15 to 24 month CDs: 180 days’ of interest
    • 25 to 60 month CDs: 270 days’ of interest

The credit union’s CDs pay interest rates that are well above national averages — about triple the average rates, in fact, for some of the short-term CDs. Members that have multiple credit union products (like credit cards, mortgages or car loans) are entitled to a higher Bundle Rewards APY, which works out to an additional quarter of a point in interest on all CDs.

You may add more money to some of the CDs during the term. If you have a CD with a term of 3, 6, 12, 18 or 24 months, you can make subsequent deposits, with a $100 minimum.

OnPoint Community Credit Union members under the age of 18 are exempt from the high opening deposit requirement. Kids can open CDs with a minimum deposit of just $100, and are allowed to make subsequent deposits of $100 minimum each.

How to get OnPoint Community Credit Union’s CDs

To open a CD, you must first be a member of OnPoint Community Credit Union. Members can open a CD through online banking. After logging in, select “Services,” then “Add Accounts” to establish a new CD.

You can also open a CD by visiting a branch or calling customer service at 800-527-3932.

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Annual Withdrawal CD

Typical CDs require you to lock up your money for the entire term, but this one permits one penalty-free withdrawal per year.
TermAPYMinimum Amount to Earn APY
60 months0.70%
$1,000
0.70%
$50,000
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: Penalty may be imposed if you make a withdrawal of any amount during the first year, or a withdrawal in excess of 20% of the original principal after the first year
    • The penalty is equal to 270 days’ worth of interest.

OnPoint Community Credit Union’s Annual Withdrawal CDs have a 5 year term and pay interest rates that are well above the national averages. Members with multiple credit union products are entitled to the higher Bundle Rewards APY, which pay an additional quarter of a point in interest.

This CD allows a bit of flexibility when it comes to accessing your money. After the first year, you are allowed to make one penalty-free withdrawal from the CD per year. You can withdraw up to 20% of the original amount of the CD.

How to get OnPoint Community Credit Union’s CDs

To open an Annual Withdrawal CD, you must first be a member of OnPoint Community Credit Union. Members can open a CD through online banking. After logging in, select “Services,” then “Add Accounts” to establish a new Annual Withdrawal CD.

You can also open the special CD by visiting a branch or calling customer service at 800-527-3932.

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How OnPoint Community Credit Union’s CD rates compare

The CD offerings are better than average, especially if you’re a member who already has, say, a mortgage and a car loan through OnPoint Community Credit Union and can qualify for the interest rate boost.

But even with the special relationship rate, these CDs are still far from the best ones available. Many internet banks offer CDs that pay much higher rates, and don’t have minimum deposit requirements. To get the most for your money, considering choosing from this list of the best CD rates in the market.

OnPoint Community Credit Union’s money market account options

FlexSmart Money Market Account

Even with a six-figure balance, the interest paid by this money market account really doesn’t amount to much.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$5,000
0.10%
$10,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

This money market account pays a tiered interest rate that steps up slightly as your balance goes up. However, it’s almost not worth the bother since even high balances earn relatively little.

The account does come with an ATM card and access to a substantial surcharge-free ATM network. However, there is a fee if you go outside the network, and OnPoint Community Credit Union doesn’t offer refunds on any fees charged by other ATM owners.

Per Regulation D, you can make unlimited withdrawals/transfers from the account in person or at an ATM, but are limited to only six automatic, online, mobile or phone transfers per month without penalty from the credit union. The credit union may refuse or reverse transfers that are in excess of that limit.

How to get FlexSmart Money Market Account

To open a FlexSmart Money Market account, you must first be a member of OnPoint Community Credit Union. Members can open a money market account by logging into online banking, selecting “Services” and clicking on “Add Accounts” to select the account they want to open.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

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How OnPoint Community Credit Union’s money market accounts compare

FlexSmart Money Market does pay a little more interest than Regular Savings, but if you’re serious about earning interest, this account doesn’t amount to much. You can get much better rates elsewhere.

If you really want your nest egg to earn meaningful interest, you would be better off searching for a high-yield account at an online bank. You can check this list of the best money market accounts to see some better-paying options.

OnPoint Community Credit Union’s IRA account options

Traditional and Roth IRA Certificates of Deposit

These CDs pay better-than-average interest rates for your retirement savings.
TermAPYMinimum Amount to Earn APY
3 months0.50%
$1,000
0.50%
$50,000
6 months0.50%
$1,000
0.50%
$50,000
12 months1.00%
$1,000
1.00%
$50,000
18 months0.60%
$1,000
0.60%
$50,000
24 months0.60%
$1,000
0.60%
$50,000
36 months0.95%
$1,000
1.20%
$50,000
48 months0.65%
$1,000
0.65%
$50,000
60 months0.70%
$1,000
0.70%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Penalty ranges from 90 to 270 days’ worth of interest depending on the term of the CD, as detailed below:
    • For 3 to 14 month CDs: Penalty of 90 days’ of interest
    • For 15 to 24 month CDs: Penalty of 180 days’ of interest
    • For 25 to 60 month CDs: 270 days’ of interest
    • Exceptions to the penalty apply, including normal distributions taken by an IRA owner who is age 59 1/2 or older.

OnPoint Community Credit Union’s traditional and Roth IRA Certificates of Deposit pay virtually the same interest rates as the regular CDs, but there are some small differences between them. For one thing, the 5 year IRA CDs do not offer the annual withdrawal privilege. Also, there are no limits on subsequent deposits for IRA CDs.

The IRA CD rates generally are well above national averages, but the 12, 18 and 24 month IRA CDs also come with a special “Booster Rate” feature. They allow you to elect to adjust your rate to the credit union’s current offered rate, one time during the term of the CD. This option can work to your advantage if market rates happen to rise while your money is tied up in the CD.

Members that also have credit cards, car loans, mortgages or other products from OnPoint Community Credit Union may qualify for the higher Bundle Rewards rate, which is a quarter of a percentage point higher than the normal rate.

How to get OnPoint Community Credit Union’s IRA CDs

To open IRA CDs you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options, including the pros and cons of Roth IRAs and traditional IRAs using the credit union’s Retirement Central planning tools.

You can open IRA CDs online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

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How OnPoint Community Credit Union’s IRA CD rates compare

OnPoint Community Credit Union’s IRA CDs pay interest rates that are well above national averages, especially for members that use several credit union products and qualify for the higher Bundle Rewards APY. However, the CD rates are far from the best available in the market. You can find much better offerings on this list of the best IRA CD rates, many with significantly lower minimum deposit requirements to boot.

IRA savings

This basic IRA savings account pays just a miniscule amount of interest.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

IRA Savings has no minimum balance requirement, and it’s free. However, it offers just a tiny amount of interest, so it’s probably not the best choice for your retirement money long term. It may make sense for some customers to use as a holding account for funds that are going to be invested elsewhere within a short time frame.

Per Regulation D, you are limited up to six certain withdrawals/transfers per month from the account without penalty from the credit union. OnPoint Community Credit Union may refuse or reverse transfers that are in excess of that limit.

How to get IRA Savings

To open IRA Savings, you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options using the credit union’s Retirement Central planning tools.

Then, when you’re ready, you can open an IRA Savings account online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

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Money Market IRA

Even at the highest balances, this Money Market IRA pays a fairly low interest rate.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$10,000
0.10%
$25,000
0.15%
$50,000
0.20%
$100,000
0.25%
$250,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

This Money Market IRA offers a tiered interest rate that steps up with your account balance, but even at the highest tier, the interest rate doesn’t amount to much. This account might benefit someone who has all their accounts in OnPoint Community Credit Union and needs to park some retirement funds for a short period before investing it elsewhere.

As with the credit union’s other savings accounts, there are transaction limits per federal Regulation D. You are limited up to six certain withdrawals/transfers per month without penalty from the credit union, and OnPoint Community Credit Union may refuse or reverse transfers that are in excess of that limit.

How to get a Money Market IRA

To open Money Market IRA you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options using the credit union’s Retirement Central planning tools.

Then, you can open a Money Market IRA account online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

SEE DETAILS Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Overall review of OnPoint Community Credit Union’s banking products

OnPoint Community Credit Union offers membership only to residents of selected counties in Oregon and Washington, or people who have family members in eligible counties. If you happen to live near a branch, it might be a convenient choice for you, but the accounts and features aren’t especially attractive.

OnPoint Community Credit Union offers a wide variety of deposit accounts, though the checking and savings account options aren’t the best. If you just want a free digital checking account with online bill pay, the eChecking account might do just fine, but the checking accounts in general don’t stand out. The overdraft fees do stand out, however, for being fairly steep.

The savings accounts pay low interest rates. Even with a six-figure balance, you won’t earn that much interest, especially compared with other internet banks in the market.

Possibly the credit union’s best offerings are its CDs, which pay interest rates that are higher than at many other institutions, and some of the CDs have extras like an annual penalty-free withdrawal option. However, they are still not the best rates you can find in the market.

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