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The Best Kasasa Checking Accounts in 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

What is Kasasa?

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.

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 10 Kasasa checking accounts across the nation. To select the best, we looked for Kasasa checking accounts that offered the highest rates, had high account maximums and generous rewards.

Account Name

Minimum to open

APY

Washington Savings Bank Kasasa Cash Account$04.50%
First Financial Bank (Ark.) Kasasa Cash Account$504.07%
Peoples Bank (New Roads, LA) Kasasa Cash Account$1004.01%
Bank of Frankewing Free Kasasa Cash$504.00%
Liberty First Credit Union Kasasa Cash Account$504.00%
Park City Credit Union Kasasa Cash Account$04.00%
Bluff View Bank Kasasa Cash Account$504.00%
Marshall Community Credit Union Kasasa Cash Account$03.75%
Leighton State Bank Kasasa Cash Account$03.56%
Morgantown Bank & Trust Company, Incorporated Free Kasasa Cash Checking
APY
$1003.55%
Texoma Community Credit Union Kasasa Cash$1003.51%

#1 Washington Savings Bank Kasasa Cash Account

  • 4.50% APY
  • $0 minimum
  • $10,000 maximum
  • Interest, cash back or music rewards

Washington Savings Bank offers three types of Kasasa checking accounts: Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. To earn the 4.50% APY, you’ll have to open the Kasasa Cash account, which is a free checking account with no minimum balance, free online banking, and $20 per month in nationwide ATM fee rebates.

To qualify for Kasasa Cash, you’ll need to enroll in online banking, electronic statements, and make at least 12 debit card purchases per month. If you don’t qualify for Kasasa Cash in any month, your account will still be free, but the interest rate will drop to a 0.03% APY.

Washington Savings Bank’s other two Kasasa checking accounts have the same basic characteristics as the Kasasa Cash account but don’t offer the high APY option. Rather, the Kasasa Cash Back option provides a reward of 3% cash back on monthly debit card purchases of up to $250, while the Kasasa Tunes option provides rewards in the form of up to $10 in monthly refunded purchases on iTunes, Amazon.com and/or Google Play. Terms apply.

#2 First Financial Bank (Ark.) Kasasa Cash Account

  • 4.07% APY
  • $50 minimum
  • $15,000 maximum
  • Interest, cash back or music rewards

First Financial Bank is an Arkansas-based, community-oriented bank that was established in 1934. 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. Terms apply.

#3 Peoples Bank Kasasa Cash Account

  • 4.01% APY
  • $100 minimum
  • $15,000 maximum
  • Interest

Peoples Bank of New Roads, LA offers a Kasasa Cash account that may not earn your rewards with iTunes or Amazon, but does give you a slightly higher interest rate with 4.01% APY. There’s no monthly service fee associated with the account, and in addition to the high interest you receive up to $20 monthly in ATM fee refunds provided you fulfill the following requirements:

  • Have at least 15 debit card purchases post and settle within the qualifying period
  • Be enrolled and receive eStatements
  • Be enrolled and log in to online banking at least once
  • Have at least one ACH payment into the account

If you fail to meet those requirements, you still earn 0.08% APY on your money. And even customers who meet the requirements will only enjoy the high interest rate on balances up to $15,000. If you have a higher balance, the part greater than $15,000 will earn an APY of 0.31%.

#4 Bank of Frankewing Free Kasasa Cash

  • 4.00% APY
  • $50 minimum
  • $20,000 maximum

Established in the Tennessee town of Frankewing in 1920, this bank offers a Kasasa checking account that should turn heads no matter where you live in the country. If you meet the qualifications for the account, you’ll earn an APY of 4.00% on balances up to $20,000 (and an interest rate of 0.40% on the amount of the balance greater than $20,000). In addition to the high APY, you also enjoy reimbursements of third-party ATM fees with a limit of $20 per month (and $4.99 per transaction).What are the requirements you need to meet in order to earn these rewards? Just take a look at the following:

  • Have at least 1 ACH credit or debit transaction each month
  • Have at least 12 debit card purchases post and settle
  • Be enrolled in and agree to receive e-statements

If you don’t meet these qualifications, then the APY on your entire balance drops to 0.01% and you don’t receive the ATM reimbursements, so (as will all Kasasa accounts) it pays to make an effort.

#5 Liberty First Credit Union Kasasa Cash Account

  • 4.00% APY
  • $50 minimum
  • $40,000 maximum
  • Interest or Tunes rewards

Liberty First Credit Union offers just two types of Kasasa checking accounts: Kasasa Cash and Kasasa Tunes. Both accounts have no monthly service fees and refund up to $15 per month in nationwide ATM fees.

Kasasa Cash pays a high APY on balances of up to $40,000 if qualifying conditions are met, with balances above $40,000 earning a 0.15% APY. Every month, account holders must perform all four of the following actions:

  • Be enrolled and receive electronic statements
  • Be enrolled and log in to online banking
  • Settle at least 12 debit card purchases
  • Have at least one direct deposit ACH transfer post and settle

Account holders failing to meet these conditions still get a free checking account, but their APY drops to 0.05%.

The Kasasa Tunes account at Liberty First Credit Union has the same requirements as the Kasasa Cash account but pays out its rewards in the form of iTunes, Amazon or Google Play reimbursements, up to $5 monthly. In the first 30 days, the credit union offers a $10 music credit.

#6 Park City Credit Union Kasasa Cash Account

  • 4.00% APY
  • $0 minimum
  • $10,000 maximum
  • Interest, cash back or music rewards

Park City Credit Union offers Kasasa Cash, Kasasa Cash Back and Kasasa Tunes rewards. All three accounts have no monthly service fee, no minimum balance requirement and offer up to $15 per month in ATM fee rebates.

Kasasa Cash pays a high APY on balances up to $10,000, though this rate drops to 0.01% without qualifying activities. The Kasasa Cash Back checking option pays 2% on debit card purchases of up to $400 monthly. Kasasa Tunes provides $5 in reimbursements for Google Play, iTunes and Amazon purchases each month, with a one-time sign-up reimbursement of $10 available.

To qualify for rewards for each account, every month customers must have at least 15 debit card purchases settle, be enrolled and log in to online banking, be enrolled in electronic statements and have at least one ACH payment settle.

#7 Bluff View Bank Kasasa Cash Account

  • 4.00% APY
  • $50 minimum
  • $10,000 maximum
  • Interest or cash back

Bluff View Bank’s Kasasa Cash checking account pays a 4.00% APY on balances up to $10,000 as long as customers receive electronic statements, log in to online banking and settle at least 12 debit card purchases monthly.

The bank also offers a Kasasa Cash Back account, which has the same requirements but pays cash back on debit card purchases rather than a high interest rate. Specifically, this account pays 3% cash back on debit card purchases of up to $300 per month.

Both accounts rebate up to $25 per month in nationwide ATM withdrawal fees and have a $50 minimum deposit to open.

#8 Marshall Community Credit Union

  • 3.75% APY
  • $0 minimum
  • $15,000 maximum
  • Interest, cash back or purchase rewards

Marshall Community Credit Union offers all three popular Kasasa checking accounts, Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. Each account has no minimum deposit to open, no monthly fees and a nationwide, up to $25 monthly ATM fee refund. Similarly, each account requires 12 debit card purchases, enrollment in electronic statements and a log in to online banking every month to qualify for rewards.

Kasasa Cash pays a 3.75% APY on balances of up to $15,000, with that rate dropping to 0.05% if qualifications aren’t met. Kasasa Cash Back pays out 3% of monthly debit card purchases, up to $9 in rewards per month. Kasasa Tunes refunds up to $10 in iTunes and Amazon purchases monthly, and offers an additional $10 reimbursement just for signing up.

#9 Leighton State Bank

  • 3.56% APY
  • $0 minimum
  • $15,000 maximum
  • Interest or cash back

Leighton State Bank offers a Kasasa Cash account that pays a 3.56% APY on balances up to $15,000, with the rate dropping to 0.31% on balances greater than $15,000. There’s no minimum balance to open the account or to earn rewards, and there’s no monthly service fee. Additionally, the Kasasa Cash account rebates up to $20 in nationwide ATM fees monthly.

However, customers must have at least one ACH transaction and 12 debit card purchases monthly, in addition to receiving electronic statements and enrolling in online banking. Otherwise, the ATM benefits are forfeited, and the interest rate drops to 0.05 %, although the account remains free.

For those more interested in rebates on debit card purchases, Leighton State Bank also offers a Kasasa Cash Back account. Rather than paying interest, this account rebates 3% of debit card purchases, up to $12 monthly. The other benefits of the account, such as the $0 monthly fee and up to $20 monthly domestic ATM fee reimbursement, are the same as with the Kasasa Cash account, as are the monthly requirements.

#10 Morgantown Bank & Trust Company, Incorporated

  • 3.55% APY
  • $100 minimum
  • $10,000 maximum
  • Interest or cash back

The two Kasasa accounts at Morgantown Bank & Trust Company, Incorporated refund up to a whopping $25 of domestic ATM fees monthly, in addition to having no monthly fees and a $100 minimum opening deposit requirement. Both accounts require at least one ACH credit or payment transaction and at least 12 debit card purchases monthly to earn rewards. Enrollment in free electronic statements is also required.

Rewards for the Kasasa Cash account come in the form of a 3.55% APY on balances of up to $10,000. Rates drop to 0.01% if qualifications are not met. For Kasasa Cash Back, customers earn 2% back on monthly debit card purchases of up to $450. However, there is no interest earned on this account.

#11 Texoma Community Credit Union

  • 3.51% APY
  • $100 minimum
  • $10,000 maximum
  • Interest, cash back or charity donations

Texoma Community Credit Union mixes up the Kasasa world a bit by offering a Kasasa Giving account in addition the the traditional Kasasa Cash and Kasasa Cash Back accounts.

The Kasasa Giving account pays out a 1% APY on balances up to $2,500, assuming the qualifications are met. However, it also donates $0.25 on every debit card purchase over $10 to a charity you select. As with the other Kasasa accounts at the credit union, there’s a $100 minimum to open the account, there are no monthly fees, up to $10 in ATM fees are rebated monthly, and the following monthly activities are required to qualify for the rewards:

  • At least one ACH payment, direct deposit or bill payment
  • At least 10 signature-based debit card purchases of at least $10 each
  • Enrollment and receipt of electronic statements

The Kasasa Cash account has the same qualifying requirements but pays out a 3.51% APY on balances of up to $10,000, or 0.05 % on nonqualifying accounts. Kasasa Cash Back doesn’t pay a dividend but instead refunds up to 3% of debit card purchases monthly, up to $12 per month.

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.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

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Reviews

Republic Bank of Chicago Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1964
Total Assets$2.1B
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Republic Bank of Chicago traces its roots to 6501 S. Pulaski Road in Chicago, where the first branch was opened in 1964 and remains to this day. Since those humble beginnings, the bank has grown to 19 locations in the greater Chicagoland area. The bank has over $196.4 million in capital and is rated as “well-capitalized,” according to the federal definition.

Billing itself as “Chicago’s Hardworking Bank,” Republic Bank of Chicago provides a vast array of financial services to its members. On the personal account side, Republic Bank of Chicago offers checking and savings accounts, certificates of deposit and IRA accounts.

You can apply for some, but not all, of Republic Bank of Chicago’s accounts online. When you click on the application button, you will be directed to the same generic online application form. However, the page will display the type of account you are applying for to avoid any confusion.

The entire application process takes about five to 10 minutes. You’ll need a valid government-issued I.D. and a Social Security number to open an account. All applicants must be U.S. citizens at least 18 years of age, and you must be a resident of Illinois to open an account. If you somehow manage to open an account online without qualifying, the bank will close it.

Here’s a review of Republic Bank of Chicago’s account offerings, including important information such as rates, fees and account features.

Republic Bank Of Chicago’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Republic Bank Of Chicago Statement Savings

2.20%

Barclays Online Savings Account

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Republic Bank of Chicago’s checking account options

Free Checking

Republic Bank of Chicago’s Free Checking is an entry-level checking account that carries no fees but still offers various perks.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Republic Bank of Chicago’s Free Checking account is for customers seeking a simple, straightforward checking account that doesn’t charge a monthly fee, but doesn’t scrimp on features. The account requires a small opening deposit, but doesn’t require a maintaining balance afterwards. There are no excess activity charges or ATM fees associated with this account. Free Checking also includes the free benefits found in every Republic Bank of Chicago checking account, including the following:

  • direct deposit
  • debit MasterCard
  • online & mobile banking services (including mobile check deposit, eStatements, check images and bill pay)
  • unlimited check writing
  • phone banking
  • website technical support

The overdraft fee on the Free Checking account is high. However, it can be reduced through overdraft protection.

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Royal Benefit Checking

Royal Benefit Checking provides additional features for customers aged 55 or older.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

An account for older customers, Royal Benefit Checking has much of the same structure and functionality of Republic Bank of Chicago’s Free Checking account. The account requires the same opening deposit, has no ongoing balance requirements and charges no monthly or excess activity fees; it also has no ATM fees. The overdraft fee remains doggedly high, although that can be reduced with overdraft protection.

Royal Benefit Checking comes with the same additional benefits as the Free Checking account, including online and mobile access, unlimited check writing, direct deposit and a debit card. However, Royal Benefit also offers free money orders, free cashier’s checks, a free box of RBC checks every year, free notary services and safe deposit box discounts.

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Friends & Family Checking

Friends & Family Checking offers the bank’s best checking APY.
APYMinimum Balance to Earn APY
1.00%$1,000
0.15%$50,000.01
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10; $0 with a $1,000 minimum daily balance or $1,500 monthly average balance plus six monthly debits
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Republic Bank of Chicago’s Friends & Family Checking requires a fairly high opening deposit, but it is the first account at the bank that pays interest. However, customers are required to have a $1,000 minimum daily balance or a $1,500 monthly average balance to earn the stated interest rate. Those looking to avoid the moderate activity fee will also have to post six monthly debits.

Interest on the Friends & Family Checking is paid in two tiers, with the sub-$50,000 tier earning the highest rate; for a checking account, the tier-one interest rate is exceptional. Interest is compounded and paid monthly.

Beyond the interest payments and the fee and fee waiver requirements, Friends & Family Checking offers the same standard benefits as the Free Checking account, including free direct deposits and unlimited check writing, online and mobile banking and phone and website support. Overdraft fees remain high, but can still be reduced through overdraft protection.

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Elite Checking

Elite Checking is Republic Bank of Chicago’s most expensive checking account, with the highest minimum to open.
APYMinimum Balance to Earn APY
0.05%$5,000
0.10%$10,000
0.10%$25,000
0.15%$50,000
0.15%$100,000
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $30; $0 with $5,000 minimum daily balance
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Republic Bank of Chicago’s Elite Checking account technically has six interest-rate tiers. However, the first tier doesn’t actually pay any interest, as it is below the account’s $5,000 minimum to both open the account and to earn interest. That $5,000 minimum is also required as a daily balance to avoid the account’s hefty monthly fee.

Other features offered by the account are standard with all Republic Bank of Chicago checking accounts, including online and mobile banking, unlimited check writing, phone and web support, free direct deposit and a free debit card. The overdraft fee is the same high fee plaguing all Republic Bank of Chicago checking accounts, although it can be reduced by signing up for overdraft protection.

How to get Republic Bank of Chicago’s checking accounts

As mentioned above, you can apply for some Republic Bank of Chicago checking accounts online, namely the Free Checking, Friends & Family Checking and Royal Benefit Checking. You’ll need to call the bank or visit a branch to open the Elite Checking account, as there is no facility to open it online.

You’ll need to be 18 years or older, a U.S. citizen and living in Illinois to qualify. At the time of application, you’ll need to provide your Social Security number and a driver’s license or state ID.

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How Republic Bank of Chicago’s checking accounts compare

Based on the name and pricing structure, one might think that Republic Bank of Chicago’s Elite Checking account is the bank’s best checking offering; however, that isn’t the case. For balances under $50,000, the Friends & Family Checking account pays a rate more than six times the highest APY offered on the Elite Checking account, and it does it for one-third of the fee, although the fee can be waived on both accounts.

The top Friends & Family Checking account rate is about five times the national average checking account rate, a rate competitive enough to rank near the best checking account rates.

Republic Bank of Chicago’s savings account options

Passbook Savings

Passbook Savings is a traditional savings account, with low minimums.
APYMinimum Balance to Earn APY
0.05%$25
0.10%$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; $0 with $25 minimum daily balance
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Passbook Savings is simple and straightforward. For a $25 minimum deposit, you get access to an interest-bearing account with the following features, which come with all Republic Bank of Chicago savings accounts:

  • online and mobile banking
  • phone and website support
  • free direct deposit

Interest is earned in two tiers, although you’ll need at least $25 to qualify. Top interest rates are paid on balances of at least $5,000. You are allowed to make up to six preauthorized transfers or withdrawals every month, in line with federal Regulation D. Excess transactions incur a fee of $1 each from the bank. The account does require a minimum deposit of $25 both to earn interest and to avoid a small monthly fee.

As the name implies, customers opening a Passbook Savings account will receive a physical passbook, as with old-fashioned banking accounts. If you bring your passbook into a branch, you can get your account activity printed on your passbook. Notably, however, this account has no ATM access and cannot be overdrawn.

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Statement Savings

Statement Savings is a more modern version of the bank’s Passbook Savings account.
APYMinimum Balance to Earn APY
0.05%$25
0.10%$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; $0 with $25 minimum daily balance to obtain the stated Annual Percentage Yield (APY)
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: n/a

Statement Savings, from a functional perspective, is essentially the same exact account as Republic Bank of Chicago’s Passbook Savings account — the only difference is that there is no physical passbook issued with a Statement Savings account.

The accounts share the same $25 minimum opening deposit, which is also required to waive the small monthly fee. An ATM card is issued for this account, but it cannot be overdrawn.

Preauthorized transfers or withdrawals are limited to six per month, otherwise an excess activity fee of $1 per transaction kicks in, consistent with federal Regulation D standards. Statement Savings offers the same additional features as Passbook Savings, including online and mobile banking, direct deposit and online and web support.

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Starter Passbook Savings

Starter Passbook Savings is simply Republic Bank of Chicago’s Passbook Savings account for first-time savers.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Starter Passbook Savings is a nearly identical account to Republic Bank of Chicago’s Passbooks Savings account, except the monthly fee is waived and the interest rate payouts are different. Also, a parent or guardian is required to sign on to this account for minors.

For the same $25 minimum deposit, you’ll earn interest and get access to the following features:

  • online and mobile banking
  • phone and website support
  • free direct deposit

Top interest rates kick in on balances of just $25. You are allowed to make up to six preauthorized transfers or withdrawals every month, in line with federal Regulation D. Excess transactions incur a fee of $1 each from the bank.

As the name implies, customers opening a Passbook Savings account will receive a physical passbook, as with old-fashioned banking accounts. If you bring your passbook into a branch, you can get your account activity printed on your passbook. Notably, however, this account has no ATM access and cannot be overdrawn.

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Starter Statement Savings

Starter Statement Savings is a version of the bank’s regular Statement Savings account for first-time savers.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: n/a

Starter Statement Savings mirrors regular Statement Savings, with a few changes. On this account for minors, a parent or legal guardian must sign on to the account. In addition, there is no monthly fee with this account. The accounts have the same $25 minimum opening deposit and they are both issued ATM cards, although the accounts cannot be overdrawn.

Preauthorized transfers or withdrawals are limited to six per month, consistent with federal Regulation D standards; otherwise, an excess activity fee of $1 per transaction kicks in from the bank. Starter Statement Savings offers most of the same additional features as regular Statement Savings, including online and mobile banking, direct deposit and online and web support.

How to get Republic Bank of Chicago’s savings accounts

As mentioned above, not all Republic Bank of Chicago accounts can be opened online. When it comes to savings accounts, you can only open the Statement Savings account online. For Passbook Savings of either of the two Starter Savings accounts, you must either call a banker or visit a branch.

Accounts are limited to U.S. citizens aged 18 or older who are Illinois residents. You’ll need a Social Security number and form of ID, like a driver’s license or state ID, to open an account. If you’re a minor, you’ll also need a parent or legal guardian.

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How Republic Bank of Chicago’s savings accounts compare

Republic Bank of Chicago offers four interest-bearing savings accounts, though two are meant for minors. None of the accounts pay a notable rate of interest, with the top rates for all four accounts paying less than half of the national average. You can find much better rates by looking at the best rates available on savings accounts nationwide.

Republic Bank of Chicago’s CD account options

Certificates (CDs)

These CDs offer less-than-impressive rates.
TermAPYMinimum Balance to Earn APY
9 Month CD2.25%$1,000
36 Month Breakable CD0.45%$1,000
4 Year CD0.85%$1,000
5 Year CD2.50%$1,000
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ interest

Republic Bank of Chicago publishes a limited CD lineup on its website, with just four maturities showing. However, if you contact the bank, you can get the full range of CDs and APYs, which range from 3 months to 60 months. The bank offers two breakable CDs, which allow you to take your money out and reinvest your funds in another CD with a maturity of at least one year, as long as the funds have been in the original CD for at least seven days. The other CDs are standard CDs, with $1,000 minimum investments, a 10-day grace period before auto-renewal and the same early withdrawal penalties, regardless of maturity.

How to get Republic Bank of Chicago’s CD accounts

Republic Bank of Chicago offers a wide range of CDs, but the only one you can open online is the nine-month CD. For all others, including the ones not listed on the bank’s website, you’ll have to visit a branch or contact a banker. Accounts are offered only to U.S. citizens residing in Illinois and at least 18 years of age. At the time of account opening, you’ll have to provide your Social Security number and a state ID or valid driver’s license.

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How Republic Bank of Chicago’s CD accounts compare

Republic Bank of Chicago’s CD rates can be tough to compare because for the most part, they are not listed on the bank’s website. Of the four maturities listed, the highest rates are found on the nine-month and five-year CDs. Both offer rates above the national average — very much so in the case of the nine-month CD — but they still fall a bit short of the best CD rates available around the country.

Republic Bank of Chicago’s money market account options

Executive Money Market

The Executive Money Market is Republic Bank of Chicago’s sole money market account, with tiered interest and traditional money market account features.
APYMinimum Balance to Earn APY
0.05%$2,500
0.10%$10,000
0.15%$25,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $25; $0 with $2,500 minimum daily balance
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

The Executive Money Market, like traditional money markets, combines features of checking and savings accounts. At Republic Bank of Chicago, you can write checks on your Executive Money Market account balance, and you can also make ATM withdrawals. However, as with the savings accounts, preauthorized transfers and withdrawals are limited to six per month. Interest is credited every month on the last day of the month. With this account, you’ll also get online and mobile access, web and phone support and eStatements. The high overdraft fee that applies to all Republic Bank of Chicago accounts features here as well, but it can be reduced through overdraft protection.

How to get Republic Bank of Chicago’s money market account

You can’t open a Republic Bank of Chicago money market account online. You’ll have to contact a banker or visit a branch. To open an account, you’ll need a driver’s license or state ID and your Social Security number. To qualify, you’ll have to be an Illinois resident and a U.S. citizen at least 18 years of age or older.

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How Republic Bank of Chicago’s money market account compares

Republic Bank of Chicago’s Executive Money Market account is nothing to write home about. It carries standard features, with nothing of particular note, and its APY is less than half of the national average. If you’re looking for a great money market yield, check out these best available money market rates in the nation.

Republic Bank of Chicago’s IRA options

IRA Money Market

The same products as the regular money market but available within an IRA.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Republic Bank of Chicago offers an IRA Money Market account that is completely different from the bank’s Executive Money Market account. The IRA Money Market pays a flat, non-tiered interest rate, but rates are not listed on the bank’s website; you’ll need to contact the bank to verify current rates.

Republic Bank of Chicago offers a provision that prevents the rate from falling below the 13-week Treasury Bill rate. This account also doesn’t allow check writing or ATM access, as it is in an IRA and withdrawals might face taxes and IRS penalties. There are no monthly fees with the IRA Money Market account, and the opening deposit is a modest $25.

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IRA Certificates (CDs)

Republic Bank of Chicago’s IRA CD line is the same as that found in bank’s non-retirement accounts.
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ interest

If you’re happy with Republic Bank of Chicago’s regular CD line, you’ll also like its range of IRA CDs, as they share the same rates and maturity dates. To find current rates on most CDs, you’ll have to call the bank, as Republic Bank of Chicago currently only lists four CD maturities on its website. You can get the full range of Republic Bank of Chicago’s IRA CDs, which range from three months to five years, by calling its 24/7 CD rate hotline number at (800) 498-3347.

The bank offers two breakable CDs in its IRAs, which allow you to move your money from one CD to another with a maturity of at least one year, as long as you’ve invested the original funds for at least seven days. The remaining IRA CDs carry a standard $1,000 minimum investment, a 10-day grace period before auto-renewal and the same early withdrawal penalties, regardless of maturity.

How to get Republic Bank of Chicago’s IRA products

You can’t open a Republic Bank of Chicago IRA online. However, you can open an IRA by visiting a branch and speaking to a banker; you’ll need to provide your Social Security number and a valid ID, like a driver’s license or state ID, to open an IRA. If you’re not a U.S. citizen who’s at least 18 years old and living in Illinois, your account application will be rejected.

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How Republic Bank of Chicago’s IRA products compare

As with the bank’s non-IRA CDs, Republic Bank of Chicago’s IRA CD rates can be tough to compare because only four are listed on the bank’s website. The highest IRA rates, on a relative basis, are on the nine-month and five-year CDs, which both pay rates better than the national average. If you’re looking for the best available IRA CD rates, however, you’ll find that other banks can top Republic’s IRA CD rates.

Overall review of Republic Bank of Chicago’s products

Republic Bank of Chicago offers a large array of personal financial products, enough to satisfy the needs of most customers. Those looking for the best accounts available, however, might be better off cherry-picking accounts at other institutions overall.

The standout account at Republic Bank of Chicago on a yield basis is the Friends & Family Checking account. Here, you’ll find a rate among the very best in the nation, many multiples above the national checking account average. This account trounces the yield even on the bank’s own Elite Checking account, which appears to be marketed as the place to deposit your funds for the best yields.

Beyond that account, yields at Republic Bank of Chicago overall are fairly mediocre. The bank’s savings accounts all pay less than the national average, as does Republic Bank of Chicago’s sole money market account. The bank’s CD rates, while above-average, aren’t yet in the top tier of available CD rates nationwide. Of course, a comparison overall is hard to make: Republic Bank of Chicago only publishes its four best CD rates on its website, while the many others on offer are not made available. This goes for the bank’s IRA CD rates as well.

The bottom line is that Republic Bank of Chicago puts up a good fight when it comes to an interest-bearing checking account, but its other options are a bit lackluster. The bank does score points for keeping its overall fee structure low — though the overdraft fee is a killer — but taken as a whole, the account roster is not particularly compelling.

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John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1967
Total Assets$3.2B
LEARN MORE Coastal Credit Union (NC)’s secure websiteNCUA Insured

Coastal Credit Union, based in North Carolina, was chartered in 1967 as the IBM Raleigh Employees Federal Credit Union. Membership grew and services expanded through the years, and the institution finally changed its name to Coastal Federal Credit Union in 1994.

Coastal Credit Union has always been a digital innovator, becoming an early adopter of online banking in the mid-90’s and now offering a network of 100 percent video tellers, operating from 7 a.m. to 7 p.m., seven days a week. The credit union now has over $3 billion in deposits and offers 23 branches in Apex, Carrboro, Cary, Durham, Garner, Henderson, Holly Springs, Raleigh, Research Triangle Park and Rocky Mount.

Coastal Credit Union offers a Loyalty Bonus that is paid to members every February based on the number of accounts opened and the length of membership. It also offers members various educational resources, such as a financial education center, wealth management seminars, modules on identity protection and credit scores and reports, debt counseling, elder care planning and other financial services. All of this is on top of the standard line of consumer products that includes checking and savings accounts, money market accounts, CDs and IRAs.

You can open all types of accounts online at Coastal Credit Union, even minor accounts. First, you’ll have to qualify as a member. If you’re not a member of a select employee group, a family member of someone who qualifies, or a current member, you can join via a community charter or by paying an $18 membership fee to the NCSEA, if you are a North Carolina resident.

After joining, you’ll need to choose the account(s) you would like to open, provide applicant information, such as your employment information and a valid form of ID, and fund the account.

Here’s a review of Coastal Credit Union's account offerings, including important information such as rates, fees and account features.

Coastal Credit Union (NC)’s Most Popular Accounts

APY

Account Type

Account Name

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0.10%

Savings

Coastal Credit Union (NC) Savings

2.20%

Barclays Online Savings Account

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Coastal Credit Union’s checking account options

Simple Basic Checking

Simple Basic Checking is the credit union’s most basic checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover overdraft by 11 p.m. on the same day

Coastal Credit Union’s Simple Basic Checking account is the credit union’s traditional checking account. Although a small opening balance is required, there is no maintaining balance requirement, and there are no monthly fees. Extensive features are included in this no-cost package, including the following:

  • Digital, mobile and telephone banking
  • Remote check deposit via the mobile app
  • More than 80,000 surcharge-free ATMs nationwide
  • Apple Pay™ and Visa Checkout
  • Eligible for annual Loyalty Bonus payout
  • One cent is donated to the Coastal Credit Union Foundation with each debit card transaction
  • Free id AllySM identity theft recovery program
  • Control over debit card permissions and preferences using CardNav

Although this account is low-cost overall, it does carry high overdraft fees, even with overdraft protection. However, the bank does have a short grace period, allowing members to cover any overdrafts.

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Simple Standard Checking

Simple Standard Checking is for customers who may have trouble opening a traditional checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Coastal Credit Union’s Simple Standard Checking account has a bit of a misleading name. Rather than being the credit union’s “standard” checking account, it actually serves as a “second-chance” account, targeted toward customers that need help rebuilding their checking history.

The account does carry a monthly service fee that cannot be waived, but after a small opening deposit, it doesn’t require any maintaining balance. As befitting a rebuilding account, Simple Standard Checking includes access to free financial counseling and budgeting services. After 12 months of positive history, customers can qualify to upgrade to Go Green Checking.

As with the credit union’s Basic Checking account, there are no in-network ATM fees, and ATM fees at non-network ATMs are waived up to five times per month. Apple Pay™ and Visa Checkout are available, along with the control of debit card permissions and preferences via CardNav. The account also donates one cent to the Coastal Credit Union Foundation with each debit card use, and customers can earn the annual Loyalty Bonus payout.

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Go Green Checking

Go Green Checking is Coastal Credit Union’s flagship checking product.
TierAPYMinimum Balance to Earn APY
Premium3.00%$0.01
Premium0.10%$10,000
Standard0.51%$0.01
Standard0.10%$10,000
Base0.10%$0.01
Base0.10%$10,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Go Green Checking is Coastal Credit Union’s top-tier checking account, emphasizing convenience, technology, security, perks and a high APY. The highlight feature is the exceptional interest rate paid starting with the first dollar deposited in the premium tier, which customers can qualify for with 30-plus debit card transactions per month. Standard Tier rates kick in with 12 to 29 posted debit card transactions, while the Base Tier applies to accounts with zero to 11 such transactions monthly.

Beyond the enhanced yield, the Go Green Checking account looks a lot like the other checking accounts at Coastal Credit Union. The account has a small opening balance requirement but no ongoing restrictions, it charges no monthly fee, and in-network ATMs are free, with five withdrawals per month free at non-network ATMs. Overdraft fees remain high, although a provision allows for overdrafts to be covered by additional deposits made before 11 p.m. the same day.

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Student Go Green Checking

The Student Go Green Checking account carries the same high APY as the standard Go Green Checking account, but it has some variations.
TierAPYMinimum Balance to Earn APY
Premium3.00%$0.01
Premium0.10%$10,000
Standard0.51%$0.01
Standard0.10%$10,000
Base0.10%$0.01
Base0.10%$10,000
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $4.99
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

The student version of Coastal Credit Union’s Go Green Checking has the same requirements as the general Go Green Checking account to earn an exceptional yield: the posting of 30 or more debit transactions per month. An enhanced, but lesser, yield is available with 12 to 29 processed debit transactions per month. Those with zero to 11 monthly transactions still qualify for an interest-bearing account.

Student Go Green Checking comes with a smaller opening deposit requirement than the standard Go Green account, has free ATM withdrawals both in- and out-of-network, and it refunds foreign ATM withdrawals up to $4.99.

All of the other standard checking account perks at Coastal Credit Union apply to this account as well, including online, mobile and telephone banking, free ID protection services through id AllySM, Apple Pay™ and Visa Checkout, CardNav debit card control services, the annual Loyalty Bonus payout, and a one cent donation to the Coastal Credit Union Foundation for each use of the debit card.

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Student Basic checking

Student Basic Checking is a lot like the Student Go Green Checking account, but without the high yields and the debit card requirements.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $4.99
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Students looking for a basic, no-frills checking account might be drawn to the Student Basic Checking account. The account pays no interest, but doesn’t require any monthly debit card transactions.

Beyond that, the bones of the account are just like the Student Go Green Checking account, with a small deposit to open, no monthly maintenance fee, free ATM withdrawals, and a refund of up to $4.99 for foreign ATM withdrawals. The account carries the same high overdraft fee as Coastal Credit Union’s other checking accounts, although same-day deposits made by 11 p.m. can reduce that fee to just $0.01.

How to get Coastal Credit Union’s checking accounts

As mentioned above, you can apply for all of Coastal Credit Union’s checking accounts online. Once you’ve become a member of the credit union, you can choose the account(s) you would like to open. Then you can provide the necessary applicant information, such as your employment information and a valid form of ID, and then you’re all set to fund the account.

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How Coastal Credit Union’s checking accounts compare

Coastal Credit Union offers a good range of checking accounts, offering tailor-made accounts to no-frills investors, those looking to rebuild their checking history, and customers seeking the highest possible checking yields. On that front, the Go Green Checking accounts succeed admirably, offering top-tier yields well above national average rates for reward checking accounts and ranking among the best available national checking account rates.

Coastal Credit Union’s savings account options

Primary Savings Account

Primary Savings is Coastal Credit Union’s membership savings account.
APYMinimum Balance to Earn APY
0.10%$5
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

All credit union members must open a Primary Savings account. The account pays interest on all balances above $5 and charges no monthly maintenance fee. As with the credit union’s checking accounts, ATM access is free in the Coastal Credit Union network, and the first five withdrawals from non-network ATMs are also free. These accounts also qualify for the Loyalty Bonus payout and the complimentary identity theft recovery program id AllySM.

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Special Savings Account

Special Savings accounts are essentially secondary versions of the Primary Savings account at Coastal Credit Union.
APYMinimum Balance to Earn APY
0.10%$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

With the exception of the smaller opening deposit requirement, a Secondary Savings account at Coastal Credit Union is the same as a Primary Savings account. The interest rate is the same, but it is paid on all balances. Special Savings accounts can be used for distinct purposes, such as vacation, hobby or holiday savings.

The ATM fee structure is the same as with a Primary Savings account, meaning withdrawals are free at network ATMs and free for the first five withdrawals from non-network ATMs as well. Secondary Savings accounts are also eligible for the Loyalty Bonus payout and the free-of-charge identity theft recovery program id AllySM.

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Health Savings Account

A traditional Health Savings account that pays interest and has various IRS restrictions.
APYMinimum Balance to Earn APY
1.50%$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

As with all HSAs, you can’t open a Coastal Credit Union Health Savings account unless you participate in a high-deductible health plan, as defined by the IRS. When you qualify, you get a tax deduction on your contributions and can take money out tax-free for qualifying medical expenses. Along the way, you earn an interest rate far above Coastal Credit Union’s traditional savings account rate. You can also choose to invest in an Investor Choice CD for 24, 36 or 48 months (see CD section below for rates).

This account provides a debit card so you can pay your medical bills. You can also use the debit card as an ATM card, with withdrawals of up to $1,000 per day allowed. The account also qualifies for Coastal Credit Union’s Loyalty Bonus payout and identity theft recovery program id AllySM.

How to get Coastal Credit Union’s savings accounts

As mentioned above, you can apply for all of Coastal Credit Union’s savings accounts online. In fact, you’ll need to open a Primary Savings account to be a member. After joining, you can choose the additional account(s) you would like to open, provide the necessary applicant information, such as your employment information and a valid form of ID, and then fund the account.

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How Coastal Credit Union’s savings accounts compare

The savings account options at Coastal Credit Union are fairly pedestrian. For both the Primary Savings and Secondary Savings accounts, interest rates are currently less than half of the nationwide average, and far below the best rates available on savings accounts nationwide. However, the accounts do pay interest, and they charge no monthly maintenance fees. The Health Savings account pays a rate more than three times the national average HSA rate.

Coastal Credit Union’s CD account options

Certificates (CDs)

These CDs offer less-than-impressive rates.
TermAPYMinimum Balance to Earn APY
7-90 days0.50%$50,000
6 months2.00%$250
12 months2.25%$250
18 month Special2.75%$250
24 months2.50%$250
24 months Investor Choice1.25%$10,000
36 months2.80%$250
36 months Investor Choice0.80%$10,000
48 months2.90%$250
48 months Investor Choice1.05%$10,000
60 months3.00%$250
  • Minimum balance to open account: $250; $50,000 for 7 to 90 day certificates; $10,000 for Investor Choice Certificates
  • Minimum balance to earn APY: $250 or $50,000, depending on product
  • Early withdrawal penalty: For terms less than 12 months, $25 or 90 days of dividends, whichever is greater; for terms greater than 12 months, $25 or 365 days of dividends, whichever is greater

Standard certificates of deposit at Coastal Credit Union run from 6 months to 5 years in maturity, with a small $250 deposit required to open. The credit union offers mini-jumbo CDs ranging from seven to 90 days; those certificates require a hefty $50,000 minimum deposit to open. Coastal Credit Union offers Investor’s Choice CDs with three maturity levels, 24, 36 and 48 months, but those are available in Coastal Credit Union’s HSA only. Coastal Credit Union is also currently offering an 18 month CD special. All CD accounts qualify for Coastal Credit Union’s Loyalty Bonus payment, and all are covered by the complimentary identity theft recovery program id AllySM.

How to get Coastal Credit Union’s CD accounts

As mentioned above, you can apply for all of Coastal Credit Union’s CD accounts online after becoming a member of the credit union. Once you’ve done that, you can choose the account(s) you would like to open and proceed after providing your employment information and a valid form of ID before funding the account.

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How Coastal Credit Union’s CD accounts compare

Coastal Credit Union offers a wide variety of CD types to choose from. You can find CD maturities as short as 7 days or as long as 60 months. For the most part, CD rates are above average across-the-board, in some cases considerably so. Coastal Credit Union’s top CD rates compete well with the best CD rates available around the country.

Coastal Credit Union’s money market account options

Money Market

Coastal Credit Union’s bottom-tier money market accounts provides traditional services and a modest yield.
APYMinimum Balance to Earn APY
0.25%$100
    • Minimum opening deposit: $100
    • Monthly account maintenance fee: $0
    • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
    • ATM fee refund: None
    • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

    Coastal Credit Union’s basic Money Market account provides yields higher than you can find in the credit union’s standard checking and savings accounts, but they don’t measure up to the institution’s Go Green Checking rates. You are permitted up to six certain withdrawals per month, per Federal Reserve Regulation D. However, beyond that, withdrawals are not limited as they are with a CD account, for example. Dividends are compounded and credited monthly.

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Go Green Money Market

The Go Green Money Market is modeled on the Go Green Savings account, allowing customers to earn much higher yields with some qualifying activities.
TierAPYMinimum Balance to Earn APY
Premium2.00%$0.01
Premium0.75%$10,000
Standard0.35%$0.01
Standard0.35%$10,000
Base0.35%$0.01
Base0.35%$10,000
    • Minimum opening deposit: $100
    • Monthly account maintenance fee: $0
    • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
    • ATM fee refund: None
    • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Coastal Credit Union’s Go Green Money Market account has a straightforward appeal. If you make 30 or more debit transactions per month, your APY jumps considerably. Otherwise, the account is essentially a standard Money Market account. You’ll still have online and mobile access, and your account is limited up to six certain withdrawals per month. As with a standard Money Market account, the Go Green Money Market account is eligible for the Coastal Credit Union Loyalty Bonus payment.

How to get Coastal Credit Union’s money market accounts

As mentioned above, you can apply for all of Coastal Credit Union’s money market accounts online. You’ll need to open a Primary Savings account and become a member before you can open an account, however. After joining, you can choose the additional account(s) you would like to open, provide the necessary applicant information, such as your employment information and a valid form of ID, and then fund the account.

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How Coastal Credit Union’s money market accounts compare

As with Coastal Credit Union’s checking accounts, if you want to earn a high APY, you’ll want the Go Green version of the credit union’s money market accounts. While the standard Money Market pays a yield just shy of the national average, the Go Green Money Market can pay as much as five times the national average, a rate approaching some of the best available money market rates in the nation.

Coastal Credit Union’s IRA options

IRA Savings account

Coastal Credit Union’s IRA Savings account is a parking place for IRA funds that aren’t otherwise invested.
APYMinimum Balance to Earn APY
2.00%$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The IRA Savings account at Coastal Credit Union pays a much higher rate than the credit union’s other savings accounts. The account minimum is very low and there’s no monthly fee. Customer don’t have ATM access with this account, as money coming out of an IRA could trigger taxes and IRS penalties; similarly, there is no provision for overdrawing this account.

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IRA Certificate accounts (CDs)

IRA Certificates are available in the same maturities and at the same yields as in Coastal Credit Union’s non-IRA accounts, with the exception of the Investor’s Choice CDs.
TermAPYMinimum Balance to Earn APY
7-90 days0.50%$50,000
6 months2.00%$250
12 months2.25%$250
18 month Special2.75%$250
24 months2.50%$250
36 months2.80%$250
48 months2.90%$250
60 months3.00%$250
  • Minimum balance to open account: $250; $50,000 for 7 to 90 day certificates
  • Minimum balance to earn APY: $250 or $50,000, depending on product
  • Early withdrawal penalty: For terms less than 12 months, $25 or 90 days’ worth of dividends, whichever is greater; for terms greater than 12 months, $25 or 365 days’ worth of dividends, whichever is greater

For the most part, customers will find the same CDs available in a Coastal Credit Union IRA as they will in a taxable account. However, there are no Investor’s Choice CDs available in an IRA at Coastal Credit Union. Standard certificates of deposit run from 6 months to 5 years, with a small $250 deposit required to open them.

The credit union offers mini-jumbo CDs in its IRAs ranging from 7 to 90 days. Those certificates require a larger $50,000 minimum to open. Coastal Credit Union is also currently offering an 18 month CD special paying an above-average rate.

All IRA accounts qualify for Coastal Credit Union’s Loyalty Bonus payment, and all are covered by the complimentary identity theft recovery program id AllySM.

How to get Coastal Credit Union’s IRA accounts

As mentioned above, you can apply for all of Coastal Credit Union’s IRA accounts online. After becoming a member of the credit union, you can choose the account(s) you would like to open, provide the necessary applicant information, such as your employment information and a valid form of ID, and then fund the account.

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How Coastal Credit Union’s IRA products compare

From start to finish, these IRA CD rates are noteworthy. In every case, they are above the national average, and at the top end approach the best available IRA CD rates. Minimum deposits are fairly low on a relative basis, and a good range of CD maturities is offered. The IRA Savings account offers a rate well above the normal savings rate offered by the credit union.

Overall review of Coastal Credit Union’s products

Coastal Credit Union is a good place to look for customers seeking a wide range of checking accounts. Those looking for high yields in a checking account will appreciate the Go Green Checking account, which offers top-tier rates that are among the very best available.

The savings account options are fairly pedestrian, paying rates less than half of the nationwide average. However, the accounts are free of charge. Those that can tie up their money a bit longer would be better served with the credit union’s CD offerings, which are above-average across-the-board and in some instances approach the best CD rates available around the country. The same is true for the credit union’s IRA CDs.

As with the credit union’s checking accounts, customers will want to Go Green if they are looking for a high-yielding money market account, as Coastal Credit Union’s Go Green Money Market rate is one of the best in the nation and carries no monthly fees.

Overall, Coastal Credit Union does an outstanding job of providing a wide range of low-cost or free accounts that pay very high yields. Although there are some weak spots in the roster, taken as a whole, Coastal Credit Union’s consumer product offerings are standouts that should appeal to nearly every customer.

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John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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