Personal Loans

SoFi Personal Loan Review

Monday, February 17, 2020

John Csiszar

APR

5.99%
To
21.16%^*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More

Fixed rates from 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020, and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including credit score, credit usage, and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

Pros and cons of SoFi personal loans

Pros:	Cons:
No fees: No origination, prepayment or late fees. High maximum borrowing amount: Qualifying customers can borrow up to $100,000. Few competitors can match that. Unemployment protection: If you lose your job and can’t make your payments, SoFi will suspend them for you and provide career assistance.	High credit requirements: Without a steady job and decent income, you won’t qualify. Online-only experience: You can’t visit a loan officer in person, as SoFi has no physical branches. Slow funding process: SoFi can take a few business days to fund a personal loan, unlike some competitors.

SoFi personal loans are inexpensive: interest rates for qualifying borrowers can be low, and there are no fees associated with these loans. You can manage or even apply for a SoFi personal loan from the SoFi app, which hosts the entire SoFi experience, from investments to savings. SoFi also offers unemployment protection, which makes your loan payments if you lose your job.

But funding can be slow. SoFi also has high qualification standards for its personal loans. Without a solid income and a good credit history, you won’t likely qualify for a personal loan.

How your SoFi personal loan can be used

You can only use SoFi personal loans for personal, family or household expenses. Using SoFi for debt consolidation can help you repay high-interest debt, assuming you qualify for a competitively low interest rate. You might also use funds to cover medical expenses, relocation costs or home improvements.

The lender’s personal loan cannot be used for: post-secondary education costs, short-term bridge financing, real estate, investments or other business purposes.

However, you can take out other types of SoFi loans for some of these purposes. The lender offers:

Private student loans
Student loan refinancing
Mortgages
Investing via its app

Who qualifies

SoFi’s minimum credit score requirement is 680. As part of the application process, the lender will evaluate your:

Monthly income versus expenses
Professional experience
Credit history

You’ll also have to meet basic eligibility requirements, which include being a U.S. citizen, permanent resident or visa holder and at least 18 years old.

For permanent residents, you must have at least two years before your status expires to qualify, unless you’ve filed an extension.
For visa holders, you must have the same two or more years before your status expires to qualify, unless you’ve filed for permanent residency or for a renewal.

SoFi personal loan reviews from borrowers

Out of 88 SoFi personal loan reviews on LendingTree, the lender has an average rating of 4.4 out of 5 stars among borrowers. Average reviews are graded excellent for SoFi rates, fees and customer service. However, borrower reviews are generally either very positive or very negative; of the 88 reviews, 74 are five stars, while 13 are one star.

Brandi from Greenbrier, Ark., gave SoFi a 5-star review, emphasizing the “super easy process” involved in getting a loan. Brandi said she completed her application online and had to verify her information over the phone before receiving her funding in less than three days.

However, Judy from Marysville, Calif., had an entirely different experience, advising others to “never use this lender.” Judy received repeated requests for additional verification of her employment and received vague answers after asking when her loan might be funded. She eventually pulled out and got funded by an alternate lender within 24 hours, according to her review.

How SoFi compares to competitors

LightStream

(318 Reviews)

APR

4.99%
To
16.79%^*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144^*

months

Origination Fee

No origination fee

SEE OFFERS

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream is a tough competitor for SoFi. Its minimum personal loan APR beats the lowest available APR from SoFi for well-qualified lenders. LightStream’s APRs range from 4.99% to 16.79% with autopay. However, invoiced loans, as opposed to autopay loans, pay an additional 0.50% – that’s higher than the additional 0.25% charged by SoFi for borrowers who don’t set up autopay.

LightStream personal loans can be funded as rapidly as the same business day, as opposed to the few business days typically required by SoFi.

LendingClub

(4977 Reviews)

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

Unlike SoFi, which is a lender, LendingClub is a peer-to-peer lending marketplace. Although the application process is relatively similar, LendingClub requires at least four business days to fund loans, which is slower than with SoFi. Personal loans are limited to $40,000, which is far below SoFi’s maximum loan amount.

For many borrowers, the key factor in the SoFi vs. LendingClub debate will be the interest rates offered. SoFi is a clear winner here, as LendingClub’s personal loan APRs range between 6.95% and 35.89%. Additionally, LendingClub tacks on a 1.00% - 6.00% origination fee to all loans and has a late payment fee of 5% of the unpaid amount or $15, whichever is greater. SoFi has no origination or late fees at all.

How to apply for a SoFi personal loan

You can see the APR you may qualify for within minutes on the SoFi website with a soft credit check, which won’t affect your credit. From there, you can decide whether you want to continue with a full application for a SoFi loan.

Here’s an overview of SoFi’s application process:

Provide your name, state, email address and create a password.
Read and consent to SoFi’s ESIGN act consent, privacy policy, terms of use and arbitration agreement.
Enter the amount you’d like to borrow, between $5,000 and $100,000.
Select how you’re planning to use the funds. The available options listed are credit card payoff, loan consolidation, home improvement, major purchase, moving expenses and other.
Enter the amount of your preferred monthly payment, between $80 and $260.
Provide your date of birth and citizenship status.
Provide your contact information, including your address and mobile phone number.
Describe your current living situation — renting, homeowner or living with family or friends.
Provide your total annual base income, pre-taxes.
Indicate whether this is a personal or joint application.
Click to check your rate.
Proceed with application if you approve of the offered terms.

If you accept a loan offer with SoFi, you can expect your loan to be funded in a matter of a few days.

SEE OFFERS

on LendingTree’s secure website

Advertiser Disclosure

By clicking “See Offers”, you may or may not be matched with the lender you clicked on or any lender below. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

FAQ on SoFi

Is SoFi legit, or a scam?

SoFi is not a scam. The lender’s investment arm is registered with the Financial Industry Regulatory Authority (FINRA) and its partner banks are FDIC-insured up to $1.5 million.

What other products does SoFi offer?

SoFi offers a variety of lending, investment, banking and insurance products. It has a basic checking and savings account, an investment option for stocks, ETFs and cryptocurrency, as well as renters, homeowners, auto and life insurance. Its loan division offers student loans, personal loans and home loans.

Is there a SoFi app?

Yes. The entire SoFi experience is based around mobile compatibility. The SoFi app integrates the lender’s products and offers features such as loan application, bill pay, money transfer and mobile check deposit.

What is Mohela, and how are they related to SoFi?

Mohela services SoFi private education loans.

How is a SoFi personal loan different than a personal line of credit?

A personal loan has a fixed repayment term and payments. A line of credit is like a credit card in the sense that you won’t owe any interest or payments until you draw down the line.

Does applying for a SoFi personal loan affect my credit?

You can check your rate on the SoFi website without any effect on your credit whatsoever. However, if you decide to proceed with your full loan application, SoFi will do a hard check of your credit, which is standard practice when you apply for a loan. A hard credit check will show up in your credit history and may trim a few points off your score temporarily.

Is a SoFi personal loan an alternative to a secured credit card?

In short, no it is not. A secured credit card requires a cash deposit, and that amount becomes your collateral for any amount you “borrow” on the card. A personal loan is an unsecured loan that has no collateral. Typically, a secured card is used by customers that can’t qualify for an unsecured personal loan.

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.

Personal Loans AD

LendingTree
Disclaimer
Advertiser Disclosure

As low as 3.99% APR

VIEW OFFERS
SoFi
Advertiser Disclosure

5.99% To 21.16%^* APR

SEE OFFERS
Marcus by Goldman Sachs^®
Advertiser Disclosure

6.99% To 28.99% APR

SEE OFFERS
LightStream
Advertiser Disclosure

4.99% To 16.79%^* APR

SEE OFFERS

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Best of

The Best Kasasa Checking Accounts in 2020

Thursday, February 6, 2020

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.

John Csiszar

James Ellis

A Kasasa checking account is a special type of banking product that is only available at certain credit unions and community banks. Kasasa checking accounts are free and offer various rewards, such as cash back or online shopping credits. Additionally, Kasasa checking accounts offer nationwide refunds on ATM withdrawal fees.

What is Kasasa checking account?

Developed by the Kasasa Corporation, a Texas-based financial services and marketing organization, Kasasa accounts help smaller banks compete against larger rivals by providing special features desired by consumers. In exchange for providing rewards and other benefits, Kasasa accounts require qualification. Typically, customers must enroll in online banking and/or electronic statements and undertake a certain number of monthly transactions, such as 12 debit card purchases and one or more ACH transactions.

While every Kasasa checking account comes with no monthly maintenance fees and national ATM fee rebates, the particulars of each individual bank or credit union’s account can differ. As banking is a competitive landscape, even among institutions that offer Kasasa accounts, rates and benefits will vary.

Here’s a look at the top Kasasa checking accounts, including both regionally available accounts and nationally available accounts. To select the best, we looked for Kasasa accounts that offered the highest APYs and generous rewards.

Top regionally available Kasasa checking accounts

Institution	Availability	APY
Pelican State Credit Union	Arkansas, Louisiana, Mississippi, and Texas	5.01%
Chief Financial Credit Union	Michigan	5.00%
Kalsee Credit Union	Michigan	4.25%
First Financial Bank	Arkansas and Mississippi	4.07%
Peoples Bank	Louisiana	4.01%

Pelican State Credit Union Kasasa Cash Account

5.01% APY
$0 minimum
$7,500 maximum
Available in Arkansas, Louisiana, Mississippi, and Texas

Headquartered in Baton Rouge, La., Pelican State Credit Union serves the local community with a full menu of financial products. Pelican’s Kasasa Cash checking account earns 5.01% APY, the highest available rate we’ve found in our research.

To get this rate, you’ll have to sign up for electronic account statements and every monthly cycle make 15 debit purchases per month, log on to your online account at least once, and receive at least one direct deposit or other automatic payment, or make one online bill payment. If qualifications aren’t met in any given month, your balance earns 0.05% APY. Best of all, Pelican offers unlimited refunds of third-party ATM fees incurred nationwide.

Membership in Pelican State Credit Union is open to residents of Arkansas, Louisiana, Mississippi, and Texas who join one of four local charitable organizations. Membership also extends to anyone working for the institution’s employer partners.

Chief Financial Credit Union Free Kasasa Cash Checking

5.00% APY
$0 minimum
$5,000 maximum
Available in the Kalamazoo, MI region

Chief Financial Credit Union serves the greater Detroit metro region. Chief’s Free Kasasa Cash Checking account pays you 5.00% on balances up to a maximum of $5,000, and an APY of 0.39% on the balance over this threshold. Chief will also refund up to $25 in third-party ATM fees every month.

To get the highest rate, you must receive electronic bank statements, and every month make at least 12 debit card purchases that post and settle, and log into you online banking account. Membership in Chief Financial is open to residents of the greater Detroit metro region, and selected other communities in the State of Michigan.

Kalsee Credit Union Kasasa Cash+ Account

4.25% APY
$0 minimum
$25,000 maximum
Available in the Kalamazoo, MI region

Kalsee Credit Union serves the Kalamazoo, MI region with a full menu of financial products. Kalsee offers four Kasasa accounts: Kasasa Cash+, Kasasa Cash, Kasasa Cash Back and Kasasa Saver. The credit union’s Kasasa Cash+ checking account earns 4.25% APY.

To get the highest rate, you’ll have to open a Kasasa checking account, make 24 debit purchases per month, sign up for electronic account statements, log on to your account at least once per month, and receive direct deposits totaling at least $1,000 per month. You can earn the 4.25% APY on balances up to $25,000, while balances above this threshold earn 0.35% APY. In addition, Kalsee will refund up to $25 in ATM fees incurred at domestic ATMs.

Membership in Kalsee Credit Union is open to anyone who lives, works, or attends school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren.

First Financial Bank Kasasa Cash Account

4.07% APY
$50 minimum
$15,000 maximum
Available in Arkansas and Mississippi

First Financial Bank is an Arkansas-based, community bank that serves local markets in Arkansas and Mississippi. The bank currently offers three types of Kasasa accounts: Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. These accounts all have minimum opening deposits of $50, no monthly service fees, and unlimited rebates of ATM fees nationwide.

Kasasa Cash currently pays a 4.07% APY on balances of up to $15,000, with the rate dropping to 4.07% APY on balances above $15,000. You must be enrolled in and log in to online banking, accept electronic statements and make at least 12 debit card purchases monthly or else your rate on your entire balance will drop to 0.05% APY and you won’t earn your ATM fee rebates.

Kasasa Cash Back eschews the high interest rate and instead rewards customers with a 3% rebate on debit card purchases of up to $250 per month, as long as you meet the same qualifications outlined above. Kasasa Tunes provides rebates of up to $7.50 each month in iTunes, Amazon or Google Play purchases, with a one-time sign-up bonus of $10 in rebates.

Peoples Bank Free Kasasa Cash Account

4.01% APY
$100 minimum
$15,000 maximum
Available in Louisiana

Peoples Bank is a Louisiana-based bank offering a number of checking accounts, but its Free Kasasa Cash account is the real star of the show. This account offers a generous APY of 4.01% on balances up to $15,000, with the portion of any balances over $15,000 earning 0.31% APY.

Other attractive features of this account include up to $20 in nationwide ATM fees refunded per month, no minimum balance required to earn rewards and no monthly service fee.
There is a $100 minimum opening deposit required for this account.

As is common with Kasasa accounts, in order to earn the 4.01% APY, you’re required to meet the following qualifications for each monthly qualification cycle: Have at least 15 check card purchases post and settle, be enrolled in eStatements, be enrolled and log into online banking and have at least 1 ACH debit or credit post and settle. If you don’t meet the qualifications for that cycle, you’ll earn 0.08% APY.

Established in 1980, Peoples Bank currently boasts four branch locations throughout Louisiana.

Top nationally available Kasasa checking accounts

Institution	Availability	APY
TAB Bank	Nationwide	4.00%
One American Bank	Nationwide	3.50%
Dover Federal Credit Union	Nationwide	3.25%
Main Street Bank	Nationwide	3.00%
First National Bank of Jeanerette	Nationwide	3.00%

TAB Bank Kasasa Cash Checking Account

4.00% APY
$0 minimum
$50,000 maximum
Available nationwide

TAB Bank, based in Ogden, UT, offers the best nationwide rate available on a Kasasa checking rewards account. The account pays 4.00% APY on balances up to $50,000, which is far beyond most of the other accounts on this listing. In addition, as a regular bank there are no credit union membership requirements needed to get the account.

To earn your Kasasa reward APY, you must receive electronic banking statements, and for each monthly qualification cycle make at least 15 debit card purchases of at least $5.00, and have at least one direct deposit in your account or make at least one bill pay transaction.

One American Bank Kasasa Cash Account

3.50% APY
$50 minimum
$10,000 maximum
Available nationwide

Based in Sioux Falls, SD, One American Bank was founded 135 years ago, before South Dakota had achieved statehood. Today this small regional bank packs a big punch, offering a nationally available Kasasa Cash checking account that earns a decent 3.50% APY on balances up to $10,000.

To earn your Kasasa reward APY, for each monthly qualification cycle simply do the following: Make at least 12 debit card purchase transactions of at least $5.00 each that post and settle to your account; receive electronic bank statements, account notices and disclosures; and log in to online banking at least one time.

Dover Federal Credit Union Free Kasasa Cash Account

3.25% APY
$0 minimum
$30,000 maximum
Available nationwide

Headquartered in Dover, DE, Dover Federal Credit Union is the second largest credit union in the State of Delaware and serves banking customers nationwide. Dover FCU’s Kasasa Cash checking account pays a 3.25% APY on balances up to $30,000 as long as customers receive electronic statements, log in to online banking and settle at least 12 debit card purchases monthly. This accounts also rebates up to $25 per month in nationwide ATM withdrawal fees.

Membership in Dover FCU is open to anyone who joins the Friends of Bombay Hook association. You may also join if you are an active duty member of the U.S military with duty locations in Delaware; a civilian employee of the federal government working in Kent County or Sussex County, Delaware; or a member of the Delaware National Guard. Employees of over 400 partner companies are also eligible for membership.

Main Street Bank Kasasa Checking

3.00% APY
$50 minimum opening deposit
$15,000 maxmium
Available nationwide

Main Street Bank is headquartered in Michigan, but its services are available online, nationwide. Its Kasasa Checking account boasts an impressive APY of 3.00% on balances up to $15,000. This account also stands out thanks to its $12 monthly ATM refunds, no monthly service fee, no minimum balance needed to earn rewards and a low minimum opening deposit of just $50.

In order to receive the 3.00% APY, you need to meet the following qualifications: Have at least 12 debit card transactions post and settle, receive e-statements, and be enrolled and login to online banking.

First National Bank of Jeanerette Free Kasasa Cash Checking

3.00% APY
$100 minimum
$10,000 maximum
Available nationwide

The First National Bank of Jeanerette is a small community bank located in Louisiana, but they’ll let anybody open a free Kasasa Cash Checking account with them. Paying a decent 3.00% APY on balances up to $10,000, the bank will also refund up to $25 in third-party ATM fees. All you need is to agree to receive electronic banking statements, and every month make at least 12 debit card purchases and complete at least one ACH deposit or bill pay transaction.

The bottom line: Are Kasasa checking accounts worth it?

Kasasa accounts can offer great benefits to customers who qualify. If you’re already making the required transactions, such as 12 debit card purchases per month, Kasasa accounts are something of a no-brainer, as they offer rewards, carry no monthly fees and reimburse domestic ATM withdrawals.

However, for those who might have to stretch to qualify for a Kasasa account, it might pay to shop around, as there are plenty of competitor accounts that also charge no monthly fees. Each individual customer will have to weigh out the benefits of a high interest rate – or one of the other Kasasa rewards – against the transaction requirements.

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Reviews

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

Saturday, February 1, 2020

John Csiszar

Mountain America Credit Union’s checking account options

MyFree Checking

MyFree Checking is Mountain America Credit Union’s entry in the low-fee, no-frills checking account category.

Minimum opening deposit: $0
Monthly account maintenance fee: $0
ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
ATM fee refund: none
Overdraft fee: up to $25

Mountain America Credit Union’s MyFree Checking tries to live up to its moniker by offering an account with no monthly maintenance fees, minimum balance requirements or restrictions. The account also carries a number of free benefits, including:

Online and mobile banking
Unlimited check-writing privileges
Bill pay
Mountain America Visa® debit cards
eStatements
Free access to FICO® credit scores

This account does not pay any interest. Customers choosing to receive paper statements will be assessed a $2 monthly fee, and non-MACU ATM withdrawals also trigger a fee.

MyStyle Checking

MyStyle Checking, Mountain America Credit Union’s rewards checking account, has a small but avoidable fee.

Minimum opening deposit: $0
Monthly account maintenance fee: $4; $0 with either $1,000+ in direct deposits each month, 10+ credit and/or debit card transactions each month, or an average daily checking balance of $2,500+ for the month, as well as for members who are less than 25 years old or at least 60 years old
ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
ATM fee refund: none
Overdraft fee: up to $25

Mountain America Credit Union’s MyStyle Checking offers an extensive rewards program with no minimum deposit requirement and a small monthly fee that can be waived in a number of ways. You receive awards points based on various account activities, ranging from using online bill pay or making a mobile deposit, to making a loan payment or using a Visa® Rewards credit card. Points can then be redeemed for hundreds of options, such as gift cards, cash back, travel rewards or event tickets.

The account offers most of the same free benefits as the MyFree Checking account, including online and mobile banking, a Visa® debit card and free access to your FICO® credit scores. An additional benefit not offered with Mountain America Credit Union’s free checking account is a 0.25 percent discount on auto, RV and personal loans. Like MyFree Checking, however, this account does not pay any interest.

Student Checking

Mountain America Credit Union’s Student Checking account is similar to its MyStyle, but for the under-24 cohort.

Minimum opening deposit: $0
Monthly account maintenance fee: $4; $0 for students ages 16 to 24
ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
ATM fee refund: none
Overdraft fee: up to $25

Student Checking allows younger savers the ability to enjoy all the benefits of Mountain America Credit Union’s regular checking accounts and even more, as the account comes with a rewards program.

Like the MyStyle rewards checking account, Student Checking has a $4 monthly fee, but it doesn’t require qualifying activity to have that fee waived — simply being a student ages 16 to 24 will do the trick. The account has no required minimum balance, and the rewards program is the same as offered with the MyStyle checking account.

Student Checking also comes with mobile banking features, a Visa® debit card, and a 0.25 percent discount on auto, RV and personal loans.

How to get Mountain America Credit Union’s checking accounts

The MyFree Checking and MyStyle Checking accounts can be opened online, by visiting a Mountain America Credit Union branch or by calling (800) 748-4302. For the Student Checking account, applicants must join the credit union at a branch.

The online application requires the opening of a membership savings account first. To get started, you’ll need a Social Security number, driver’s license and personal contact information.

magnifying glass

How Mountain America Credit Union’s checking accounts compare

Mountain America Credit Union offers just three checking accounts, but they have a good range of services. With a free checking account, a rewards checking account and a student checking account, Mountain America Credit Union’s product line is likely to appeal to a wide range of customers.

The major drawback of all of these accounts is that none of them pay any interest. Thus, no comparison can be made between the rates on Mountain America Credit Union’s checking accounts and the national average rate, let alone some of the interest offered in our list of the best checking accounts available. All of the accounts also charge fees for usage of non-MACU ATMs.

Mountain America Credit Union’s savings account options

Traditional Savings

Mountain America Credit Union’s basic savings account, which customers must open to join the credit union.

APY	Minimum Balance to Earn APY
0.10%	$100

Minimum opening deposit: $5
Monthly account maintenance fee: $0
ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
ATM fee refund: none
Overdraft fee: up to $25

Mountain America Credit Union’s Traditional Savings account acts both as a membership account and as the credit union’s sole straight savings account. Minimum opening requirements are low, and there are no monthly fees. At least $5 must be kept in the account at all times to maintain membership in the credit union.

Interest is earned on balances of $100 or more, with the same rate paid on all qualifying balances. Money can be transferred to other accounts, which can be done either in person at a branch or using the credit union’s mobile app.

Secondary savings accounts, with the same account features and benefits, can be opened for specific goals, such as vacations or gifts. Secondary accounts earn interest starting from the first dollar.

Teen Savings

This account is essentially the Traditional Savings, but for those 13 to 17 years old.

APY	Minimum Balance to Earn APY
0.10%	$25

Minimum opening deposit: $5
Monthly account maintenance fee: $0
ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
ATM fee refund: none
Overdraft fee: up to $25

The Teen Savings account is designed to help older kids become familiar with money-management skills. With a parent or guardian cosigner, this account grants access to a debit card, so teenagers can learn how to handle their money responsibly. The account also features free online and mobile features likely to appeal to younger customers.

Teen Savings has essentially the same financial parameters as the credit union’s Traditional Savings account, with a low minimum to open and no monthly fees.

Youth Savings

This account is targeted at the very youngest segment of Mountain America Credit Union’s customer base.

APY	Minimum Balance to Earn APY
0.10%	$25

Minimum opening deposit: $5
Monthly account maintenance fee: $0
ATM fee: n/a
ATM fee refund: n/a
Overdraft fee: n/a

The Youth Savings account pays dividends and aims to help kids 12 and younger understand how money and savings work. However, there is no ATM access on this account.

The account requires an adult 18 or older to cosign, and it automatically converts to a Traditional Savings account when the child turns 18. As an added benefit, Mountain America Credit Union provides a free piggy bank with each new Youth Savings account.

Christmas Club Savings

APY	Minimum Balance to Earn APY
2.00%	$5

Minimum opening deposit: $5
Monthly account maintenance fee: $0
ATM fee: n/a
ATM fee refund: n/a
Overdraft fee: n/a

The Mountain America Credit Union Christmas Club account requires a $5 opening deposit, has no monthly fees and pays an astoundingly high APY. Funds mature every Nov. 1, at which point the account automatically converts to a secondary savings account. Withdrawals cannot be made before the maturity date.

How to get Mountain America Credit Union’s savings accounts

Customers can open Mountain America Credit Union savings accounts either online, in-branch or by calling (800) 748-4302, with the exception of the Christmas Club account, which cannot be opened online. The online account-opening process is the same one for all new MACU accounts, requiring a Social Security number, driver’s license and personal contact information.

magnifying glass

How Mountain America Credit Union’s savings accounts compare

Mountain America Credit Union’s Traditional Savings account is just what the name suggests, a basic savings account that pays interest and has no monthly fees. It’s also the membership account for the credit union.

The other savings accounts at Mountain America Credit Union are all specialty accounts, focusing on teen, youth or holiday savers. The Traditional and Teen accounts pay rates below the national average, and far below the APY available on the nation’s best savings accounts.

Mountain America Credit Union’s CD account options

Term Deposit

Mountain America Credit Union’s traditional CD account, with maturities ranging from six months to five years.

Term	APY	Minimum Balance to Earn APY
6 Month	1.75%	$500
12 Month	1.85%	$500
18 Month	1.90%	$500
24 Month	2.00%	$500
30 Month	2.05%	$500
3 Year	2.90%	$500
4 Year	3.00%	$500
5 Year	3.10%	$500

Minimum balance to open account: $500
Minimum balance to earn APY: $500
Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms of 12 to 48 months; 365 days’ interest on terms greater than 48 months

Mountain America Credit Union’s standard CD accounts, dubbed Term Deposits, come in a wide range of maturities and pay relatively high rates. A $500 minimum is enough to earn the stated APY, which is fixed for the life of the term deposit, so long as there are no early withdrawals.

As is standard with credit unions, deposits are insured up to $250,000 by the National Credit Union Administration, or NCUA. Term deposits at Mountain America Credit Union automatically renew upon maturity at the then-current rate offered by the credit union.

Term Deposit Plus

Term Deposit Plus has low minimums to open and allows customers to add funds at will.

Term	APY	Minimum Balance to Earn APY
6 Month	1.50%	$5
12 Month	2.60%	$5
18 Month	2.65%	$5
24 Month	2.75%	$5
30 Month	2.80%	$5
3 Year	2.90%	$5
4 Year	3.00%	$5
5 Year	3.10%	$5

Minimum opening deposit: $5
Minimum balance amount to earn APY: $5
Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms of 12 to 48 months; 365 days’ interest on terms greater than 48 months

Term Deposit Plus accounts offer the same rates and maturities as Mountain America Credit Union’s standard Term Deposit accounts. However, the Term Deposit Plus account does require monthly automated deposits of at least $10 to open, though the minimum on the account is just $5.

Funds can be added at any time, which is unusual for a CD account.

Term Deposit (Youth)

Like a Term Deposit Plus for those under 28, but with some different rates

Term	APY	Minimum Balance to Earn APY
12 Month	2.10%	$5
24 Month	2.25%	$5
36 Month	2.36%	$5
48 Month	2.36%	$5
60 Month	2.40%	$5

Minimum balance to open account: $5
Minimum balance amount to earn APY: $5
Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms of 12 to 48 months; 365 days’ interest on terms greater than 48 months

The Youth Term Deposit account only requires a small minimum to open. Additional deposits of up to $10,000 per year are accepted. There are no monthly fees with this account, and it pays the highest APY of any CD on offer at Mountain America Credit Union.

This CD automatically renews upon maturity, although there is a 10-day grace period after maturity to close the account without triggering early withdrawal penalties. When an account holder turns 28, the account automatically converts to a normal term deposit.

How to get Mountain America Credit Union’s CD accounts

Current members of Mountain America Credit Union can open a Term Deposit account online using their existing account information. New members must visit a branch to open a CD account. Term Deposit Plus and Youth Term Deposit accounts must be opened either in person or by calling (800) 748-4302.

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How Mountain America Credit Union’s CD accounts compare

Rates for Mountain America Credit Union CD accounts are high across the board. The Youth Term Deposit account is particularly attractive, paying the highest CD APY at Mountain America Credit Union and only requiring a $5 minimum deposit. However, even Mountain America Credit Union’s regular CD line offers yields that are competitive with the highest available CD rates and are far above the national average

Mountain America Credit Union’s money market account option

Money Market

Mountain America Credit Union’s Money Market account is its lone offering in this category.

APY	Minimum Balance to Earn APY
0.10%	$0
0.40%	$2,500
0.45%	$10,000
0.55%	$25,000
0.65%	$50,000
0.75%	$100,000
0.85%	$250,000

Minimum opening deposit: $2,500
Monthly account maintenance fee: $0
ATM fee: $0; up to $2.50 for non-MACU/ CO-OP ATMs
ATM fee refund: none
Overdraft fee: up to $25

The Mountain America Credit Union Money Market account has a $2,500 minimum, but if your balance drops below this amount, you still earn interest on the account. The rate drops to 1% below the current savings account rate, but it will never be lower than 0.10%.

This account pays higher interest than a savings account but allows greater access than with a CD. Dividends are paid monthly, and funds can be withdrawn at any time, up to the federally mandated limit of six per month. Additional withdrawal requests may be denied by the credit union.

How to get Mountain America Credit Union’s money market accounts

Mountain America Credit Union’s Money Market accounts can be opened online, in a branch or by calling (800) 748-4302. The online application is the standard one for new MACU accounts, requiring the opening of a membership savings account in addition to any other desired accounts. The credit union requires a Social Security number, driver’s license and personal contact information to get started.

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How Mountain America Credit Union’s money market account compares

Interest rates start low with the Mountain America Credit Union Money Market account, but they climb above the national average once deposits of at least $10,000 are made. You can still probably get higher rates with the best available money market accounts, but rates at the highest Mountain America Credit Union tier are at least respectable. The money market product line at Mountain America Credit Union is not very diverse, however, as just the single account is available.

Mountain America Credit Union’s IRA account options

Money Market IRA

Mountain America Credit Union’s Money Market IRA operates like a traditional money market fund, except fund access is much more limited.

APY	Minimum Balance to Earn APY
0.10%	$0
0.40%	$2,500
0.45%	$10,000
0.55%	$25,000
0.65%	$50,000
0.75%	$100,000
0.85%	$250,000

Minimum opening deposit: $2,500
Minimum balance to earn APY: $0
ATM fee: n/a
ATM fee refund: n/a
Overdraft fee: n/a

Mountain America Credit Union’s IRA Money Market account is a clone of its non-IRA Money Market account. Both share the same tiered interest-rate structure, with the same rates paid at the various breakpoint levels. The minimum opening deposit remains at $2,500, although balances as low as $0.01 still earn interest.

The one distinction, of course, is that this is a tax-advantaged retirement account, and any money withdrawn from an IRA ahead of retirement may face IRS taxes and penalties.

How to get Mountain America Credit Union’s IRA accounts

IRA accounts at Mountain America Credit Union are contracted with LPL Financial. To open an IRA, customers must schedule a consultation with an LPL Financial adviser.

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How Mountain America Credit Union’s IRA account compares

Mountain America Credit Union’s IRA Money Market features the same rates as its non-IRA product, meaning they start low and rapidly climb to respectable levels. Top rates remain firmly above the national average. However, Mountain America Credit Union doesn’t offer its own IRA CDs, so no comparison can be made with the best IRA CD rates available nationwide. Also, as mentioned, investment products are handled through LPL Financial rather than directly by the credit union.

Overall review of Mountain America Credit Union’s products

Mountain America Credit Union offers some solid account options, though in some areas it comes up short.

The credit union offers three checking accounts that are reasonable in terms of what they provide, but don’t pay any interest, making them more suitable for existing Mountain America Credit Union customers looking for convenience. In the savings account department, Mountain America Credit Union offers specialty accounts for teens and youths, in addition to a membership savings account, but rates are below-average across the board.

On the other hand, the credit union’s Christmas Club savings account pays an extraordinary rate. The money market rates are generally above-average, but the star accounts at Mountain America Credit Union are its Term Deposit, or CD accounts, which pay rates that compete with the best in the nation.

Overall, Mountain America Credit Union has a solidly diverse lineup of accounts that can cover the basic banking needs of most customers. Those seeking high yields will likely be drawn to the credit union’s CD products.

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