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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.

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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.

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.

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Reviews

MidFirst Direct Review: Savings and CD 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.

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MidFirst Direct’s savings account option

High Yield Online Savings

The interest rate on this free savings account is well above average but by no means the best you can find from an internet bank.
APYMinimum Balance to Earn APY
1.25% All balances
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: No minimum
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $34 per item; maximum of five fees per day; $25 extended overdraft fee if overdrawn for seven days; overdraft protection available with $12.50 transfer fee

High Yield Online Savings is a basic account that is fine if your main concerns are avoiding monthly fees and earning a bit of interest, although the minimum deposit required to open the account is steep. The interest rate offered is decent, though far from the best in the market. The human customer service is a nice touch. Per the federal rule known as Regulation D, you can make up to six certain withdrawals/transfers per month. You’ll be charged an $8 fee for each additional withdrawal after that by the bank. Note there is no ATM card available.

How to get MidFirst Direct’s High Yield Online Savings

You can open a High Yield Online Savings account by filling out a brief application online. You’ll need to provide your Social Security number, driver’s license information, address and other personal details. If you want to transfer money from another bank, you’ll also need the account number, name of the financial institution and the routing number from your checks.

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How MidFirst Direct’s savings account compares

You’ll need at least a grand to open a high-yield online savings account at MidFirst Direct, a fairly steep minimum opening requirement compared with a lot of internet savings accounts. MidFirst Direct does pay an interest rate that is well above the national average, but it’s not the top rate in the market.

If your priority is to park some cash in an account where it can earn as much interest as possible, you should choose another account from this list of some of the best online savings account offerings out there.

MidFirst Direct’s CD rates

MidFirst Direct High Yield Online CD

MidFirst Direct CDs pay above-average rates and come in a wide range of terms.
TermMinimum Balance to Earn APYAPY
91 Days$1,0000.15%
182 Days$1,0000.25%
9 Month (Special)$5,0002.50%
12 Month$1,0000.30%
15 Month (Special)$5,0002.00%
18 Month$1,0000.35%
24 Month$1,0000.40%
36 Month$1,0000.50%
48 Month$1,0000.55%
60 Month$1,0000.65%
84 Month$1,0000.75%
120 Month$1,0000.85%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000; $5,000 for special CDs.
  • Early withdrawal penalty: 7-31 days all interest earned; 32 days-12 months 1% of the amount, greater than 12 months 3% of the amount.

MidFirst Direct’s CDs pay decent interest rates for terms ranging from three months to 10 years, with many options in between. The CDs provide a guaranteed and relatively high rate of return for those who want a safe place to stash their money, though deposits are capped at $250,000 per CD. Interest is compounded daily. There are two “special” options, a 9 month CD and a 15 month CD, that require deposits of at least $5,000. The 9 month option pays a premium over the 182 day option. However, contrary to what you’d expect, the 15 month CD actually currently pays a lower rate than the 12 month one.

Before you commit to any CD, be absolutely certain you won’t want to access the money until end of the term. If you need to withdraw it early, you may incur a penalty — seven to 31 days all of the interest earned on the amount being withdrawn; 32 days to 12 months 1% of the amount, plus a $25 fee; and greater than 12 months 3% of the amount withdrawn, plus a $25 fee.

How to get MidFirst Direct’s CDs

You can open a CD online by selecting the term you want and filling out the application. You’ll need to provide your Social Security number, driver’s license information, address and other information. To transfer money from an account at another institution, you’ll also need to provide the bank name, account number and routing number.

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How MidFirst Direct’s CD rates compare

MidFirst Direct’s CDs are convenient to open and offer a wide choice of terms ranging from a few months to a decade. They pay guaranteed interest rates that are well above the national average. However, the minimum deposits required are much higher than at other institutions, while the rates offered are not the absolute best. Before you lock your money away, it’s best to research other options for maximizing your earnings among the best CD rates in the market.

Overall review of MidFirst Direct banking products

MidFirst Direct has a simple menu of offerings: a high-yield online savings account and a range of high-yield CDs. Both are solid enough choices, but not the best, and the minimum opening deposits may present a barrier for some customers.

It’s convenient that you can open and manage the accounts through online and mobile banking, while still having the option of accessing customer service by phone seven days a week. If you’re nervous about online-only banks, you might like the fact that MidFirst Direct is backed by a well-established, brick-and-mortar parent, MidFirst Bank.

However, the bottom line is that there are many other institutions offering better rates. To really put your money to work, you’ll do better with another bank.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

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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on United States Senate Federal Credit Union’s secure website

NCUA Insured

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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

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
0.10%
$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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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
0.10%
$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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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
0.10%
$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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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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 up0.85% for $60,000 and up
0.85% for $20,000 - $59,999
0.85% for less than $20,000
48 to 59 months0.80% for $60,000 and up
0.80% for $20,000 - $59,999
0.80% for less than $20,000
36 to 47 months0.75% for $60,000 and up
0.75% for $20,000 - $59,999
0.75% for less than $20,000
24 to 35 months0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
12 to 23 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
6 to 11 months0.40% for $60,000 and up
0.40% for $20,000 - $59,999
0.40% for less than $20,000
3 to 5 months0.30% for $60,000 and up
0.30% for $20,000 - $59,999
0.30% 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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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 0.75% for $60,000 and up
0.75% for $20,000 - $59,999
0.75% for less than $20,000
48 months0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
36 months0.65% for $60,000 and up
0.65% for $20,000 - $59,999
0.65% 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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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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
0.25%
$2,000
0.25%
$10,000
0.25%
$20,000
0.25%
$40,000
0.25%
$75,000
0.25%
$100,000
0.25%
$150,000
0.25%
$250,000
0.25%
$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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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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 up0.85% for $60,000 and up
0.85% for $20,000 - $59,999
0.85% for less than $20,000
48 to 59 months0.80% for $60,000 and up
0.80% for $20,000 - $59,999
0.80% for less than $20,000
36 to 47 months0.75% for $60,000 and up
0.75% for $20,000 - $59,999
0.75% for less than $20,000
24 to 35 months0.70% for $60,000 and up
0.70% for $20,000 - $59,999
0.70% for less than $20,000
12 to 23 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
6 to 11 months0.40% for $60,000 and up
0.40% for $20,000 - $59,999
0.40% for less than $20,000
3 to 5 months0.30% for $60,000 and up
0.30% for $20,000 - $59,999
0.30% 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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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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
0.10%
$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.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

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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