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MoneyLion Credit Builder Plus Loan Review

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

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MoneyLion® is an app-based, comprehensive way to manage your money. It does this by offering several financial products, such as a MoneyLion checking account, an automated investing account and — what we’ll review here — credit builder loans through its MoneyLion Credit Builder Plus loan program.

These loans might be a good option for you if you’re looking to build credit, though they work differently than traditional loans. We’ll help you understand how in this MoneyLion loan review.

MoneyLion Credit Builder Plus loan terms
What it isAn installment loan intended to help you build credit. Depending on your credit, the loan may be secured or unsecured. In the case of a secured loan, when you are approved for funds, a portion of your loan will be disbursed to you and the remainder will be held in a Credit Reserve Account to be used as collateral. Once you pay off your loan, the account and its funds are released to you.
APR range5.99% - 29.99%
Loan amountsUp to $1,000
Loan length12 months
Credit check required?No, but a soft pull when you apply for the required membership
Fees
  • Membership fee: $19.99/month
  • Origination fee: No origination fees
  • Late payment fee: None
  • Prepayment penalty: None

Time to fundingUp to 48 hours

What is MoneyLion?

MoneyLion is a fintech company that was launched in 2013. It’s not technically a bank, although it does partner with one, MetaBank, to offer the same types of financial services you’d expect from a bank.

MoneyLion offers optional financial services, including:

  • Financial Heartbeat®: This “financial fitness tracker” shows you your cash flow, spending and more to give you more insights into your finances.
  • MoneyLion Instacash: Interest-free cash advance loans of up to $250.
  • RoarMoney: A cash management account that functions in the same way as a checking account.
  • Cashback debit card: The MoneyLion Debit Mastercard® pairs with the MoneyLion app to gamify your spending. After you make a purchase of $10 or more, you can shake your phone for a chance to earn up to 100% of your purchase back. Be careful you’re not tempted to spend more with this feature, though.
  • Automated Investing: Choose from five core portfolios to invest in with automatic payments, for no monthly fee.

It also offers secured installment loans through its MoneyLion Credit Builder Plus loan program, which we’ll go through next.

MoneyLion loan reviews

MoneyLion reviews from other borrowers give the company a rating of 4.2 out of 5 stars from 17 reviews on LendingTree. Although many people are happy with the service, the most frequent complaints are that it’s difficult to get ahold of customer service.

How does MoneyLion work?

In order to fill out a MoneyLion loan application, you’ll first need to become a Credit Builder Plus member, which comes with a monthly $19.99 fee.

Aside from being able to apply for a credit builder loan, there are a few smaller benefits with membership: You’ll get access to credit-monitoring tools and regular credit score updates, though you can get those for free elsewhere. For example, LendingTree offers a free credit-monitoring service that also helps you shop loans.

Your Credit Builder Plus membership also grants access to a loyalty program that allows you to earn up to the cost of your membership ($19.99*) in cash back each month via the MoneyLion app and RoarMoney mobile banking.

How does MoneyLion’s Credit Builder Plus Loan work?

Loans like MoneyLion’s Credit Builder loan work differently from your traditional personal loan. Aside from the required monthly membership to even be eligible to apply, you’ll also only be eligible for a 12 month loan of up to $1,000. The repayment term is short and limited, while the loan amount is incredibly small.

MoneyLion also doesn’t give you the full amount of the loan upon approval; disbursement is split up into two parts. One is paid to you directly, and depending on your financial history, the other is held in a Cash Reserve Account that you get after you pay the loan off. MoneyLion uses this account as a form of collateral. If you default on the loan, they will keep this money.

It’s unclear how much money you will get upfront if approved for a loan. That means this loan won’t be ideal if you need quick access to the full amount or majority amount you’re applying for.

Pros

Cons

  • No hard credit check required
  • Potential for a low interest rate no matter your credit profile
  • Build credit as MoneyLion reports your monthly payments to the three major credit bureaus
  • Requires $19.99 monthly membership to apply
  • Loan payments are in addition to the monthly membership fee
  • May not get full access to the funds upon loan approval
  • Not available in all states*
* Credit Builder Plus is not available in Indiana, Iowa, Montana, Nebraska, Nevada or Vermont

Eligibility requirements

Basic member requirements:

  • Be at least 18
  • Have a Social Security number
  • Be a U.S. citizen or permanent resident
  • Have a valid checking account

You’ll need to submit to a soft credit check, which won’t affect your credit. You don’t need good credit (or a credit history at all) to pass this requirement. Afterward, you’ll connect the app to your bank account.

MoneyLion will use it to make a decision on whether you qualify for membership by looking at your financial transaction history. In particular, MoneyLion is looking to make sure that your account:

  • Has been open for at least 60 days
  • Is in good standing
  • Has an “acceptable balance and active transaction history”
  • Shows that you have a regular source of income

MoneyLion should let you know of its decision “almost instantly.” If you’re approved for a Credit Builder Plus membership and sign up for one, you’ll be able to apply for a MoneyLion Credit Builder Plus loan.

Applying for a credit builder loan from MoneyLion

If you’ve been approved for Credit Builder Plus membership, you can apply for a Credit Builder loan through the MoneyLion app. Unfortunately, MoneyLion doesn’t offer a lot of details on the application process for its loan. However, it does specify that you will be rejected for a loan if your personal information doesn’t match public records, and you may be asked to provide supporting documentation like a bill or bank statement to verify your identity.

Loan disbursement is fast, however. You can receive your money instantly or within 48 hours depending on how you receive funds.

Who is MoneyLion’s loan good for?

If you’re having a hard time getting approved for credit elsewhere this might be a good option to help you start building credit. While the company does a soft credit pull, there’s no hard credit check and no specific credit needed to get a loan — even people just getting started with zero credit can apply.

However, it can be a pricey loan option. You’ll need to pay a $19.99* monthly membership fee to even be eligible to apply for a loan. So while the rates appear low on the starting end (5.99% APR), they don’t take this extra fee into account that really bumps up the cost. MoneyLion also gives you relatively small loans ($1,000 or less) and you may not get access to the full amount because it might hold a portion in a Cash Reserve account in case you default.

For these reasons, MoneyLion isn’t the best choice if you’re more focused on borrowing a specific amount of money for an emergency need, like a car repair. But if you’re looking to build credit, and borrowing a small amount of cash is only a secondary goal, it could be a good solution for you.

MoneyLion FAQ

Yes, MoneyLion is a legitimate company.

MoneyLion only offers one loan: a credit builder loan. It has a 12-month term and $1,000 borrowing limit, although a portion of it will be held back depending on your financial situation so you may not actually be able to use the full amount.

Depending on how you choose to receive your money, you’ll either get it instantly or within 48 hours.

MoneyLion does a soft credit pull, which doesn’t impact your credit score. Unlike most lenders, MoneyLion won’t do a hard credit pull, even when you apply for a Credit Builder loan.

Yes, MoneyLion reports your payments to each of the three major credit bureaus.

No. In fact, you don’t need any credit at all to qualify.

Your membership will end. If you’re a member of the Lion’s Share loyalty program, you won’t earn any rewards. Keep in mind that you’ll still need to pay your loan, however — if you don’t, MoneyLion might take the Cash Reserve portion of your account to pay off the loan.

*Accurate as of January 13, 2021

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The Best Credit Union CD Rates in January 2021

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

Written By

Reviewed By

Certificates of deposit (CDs) are a great way to safely store your savings at a financial institution, as they offer a guaranteed rate of return, and CD rates tend to be higher than those on traditional savings accounts. Maybe you’ve even heard that credit union CD rates offer higher returns—but is that really the case?

On average, yes. As of June 2019, the average one-year credit union CD had a 1.42% annual percentage yield (APY), compared to the 1.11% APY average among one-year bank CDs.

Using data from DepositAccounts.com, another LendingTree company, we identified the top one-year credit union CD rates, as of January 7, 2021. We then eliminated any credit union with a health rating lower than a B and a minimum deposit no larger than $5,000 identified the top offerings in three categories: restricted, no cost, and best banking app. If there was a tie by APY, we went with the product with the lower minimum deposit. Here are the best one-year credit union CD rates.

Best credit union CD rates with restricted memberships or membership fees

Each of these credit unions have restricted membership criteria, but don’t let that scare you away. If you don’t meet their membership criteria, it’s often possible to make a small donation to their charity of choice in order to become eligible for membership. Furthermore, these credit union CD rates offer some of the highest-returning share certificates out of any category.

State Department Federal Credit Union — 12-Month Share Certificate, 0.80% APY, min. deposit $500

12 Month Certificate from State Department Federal Credit Union Don’t worry, you don’t need a security clearance from the federal government to join this credit union — you simply need to sign up with the American Consumer Council to begin enjoying the benefits of your new membership.

One of those benefits, should you so choose, includes this 12-Month Share Certificate, which allows you to park your money in an account earning 0.80% APY with a minimum deposit of $500. You’ll have to pay 180 days’ worth of interest if you withdraw your money from the certificate before it matures, but it’s worth noting that you can make a partial early withdrawal — and pay the penalty — without closing out the account completely.

SEE DETAILS Secured

on State Department Federal Credit Union’s secure website

NCUA Insured

Communitywide Federal Credit Union — 12-Month CD, 0.80% APY, min. deposit $1,000

12 Month Share Certificate from Communitywide Federal Credit Union For over 50 years, Communitywide Federal Credit Union has provided banking services to the citizens of northern Indiana, and now a completely revamped online and mobile portal brings its great rates to you, wherever you are. Membership in Communitywide FCU is open to members of the Michiana Goodwill Boosters or the Marine Corps League of St. Joseph Valley, as well as employees of over 40 companies in the central Midwest region.

In exchange for a $1,000 minimum deposit, Communitywide’s 12-month share certificate earns a 0.80% APY. One great feature is flexibility regarding your dividends, which may be compounded in the certificate, deposited to another share certificate or transferred to another account. There is no automatic renewal of Communitywide’s share certificates, which could be a good thing for savers who like to be reminded to survey the best rates available before rolling over their investments.

SEE DETAILS Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

Lafayette Federal Credit Union – 1-Year Term Fixed Rate Share Certificate, 0.80% APY, min. deposit $500

1 Year Fixed CD from Lafayette Federal Credit Union Lafayette Federal Credit Union offers a slew of fixed-rate share certificates, ranging in term length from seven months to five years. Its 1-year fixed rate share certificate has an impressive APY of 0.80% with a minimum deposit of just $500. Like most CDs, there are penalties for early withdrawal.

Membership to the Lafayette Credit Union is open to anyone who becomes a member of the Home Ownership Financial Literacy Council, or if you become a member of the American Consumer Council.

SEE DETAILS Secured

on Lafayette Federal Credit Union’s secure website

NCUA Insured

Latino Credit Union – 12-Month Certificate, 0.75% APY, min. deposit $500

12 Month CD from Latino Credit Union Latino Credit Union offers a slew of term certificates, ranging in term length from six months to 60 months. Currently, its 12-month certificate features an APY of 0.75% for a reasonable $500 minimum deposit.

Membership to Latino Credit Union is open to anyone who also joins the Latino Community Development Center for a one-time family membership fee of $10.

SEE DETAILS Secured

on Latino Credit Union’s secure website

NCUA Insured

Connexus Credit Union – 12-Month Share Certificate, 0.71% APY, min. deposit $5,000

12 Month Certificate from Connexus Credit Union This Wisconsin-based credit union cracks our ranking of the best credit union CD rates for its 12-month share certificate’s 0.71% APY. It requires a bit of a hefty minimum deposit of $5,000 to open an account, but its APY is fairly generous compared to its competitors.

Anyone can become a member of Connexus Credit Union by joining the Connexus Association and making a $5 donation.

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on Connexus Credit Union’s secure website

NCUA Insured

Technology Credit Union – 12-17 Month Certificate, 0.70% APY, min. $1,000

12 - 17 Month Flextime CD from Technology Credit Union Technology Credit Union offers a slew of CDs with competitive rates, but its 12 to 17 month term CD stands out with a 0.70% APY and a low minimum deposit of just $1,000. It’s worth noting that if your certificate is not funded within 30 days of opening, it will be closed automatically.

Technology Credit Union is open to anyone who joins the Financial Fitness Association, which has an $8 fee.

SEE DETAILS Secured

on Technology Credit Union’s secure website

NCUA Insured

Pen Air Federal Credit Union – 12-Month Share Certificate, 0.65% APY, min. deposit $500

12 Month CD from Pen Air Federal Credit Union
Pen Air Federal Credit Union offers an array of certificates of deposit, with term lengths ranging from 3-months to 60-months. Its 12-month CD offering is particularly noteworthy, with a minimum required deposit of $500 and an APY of 0.65%.

Pen Air Federal Credit Union is open to active duty or retired military, civil service employees, employees at select employer groups, as well as anyone who simply joins the Friends of the Navy-Marine Corps Relief Society.

SEE DETAILS Secured

on Pen Air Federal Credit Union’s secure website

NCUA Insured

Affinity Plus Federal Credit Union – 12-month CD, 0.65% APY, min. deposit $500

12 Month CD from Affinity Plus Federal Credit Union Affinity Plus Federal Credit Union offers a wide array of CDs ranging in term length from three months to 60 months. Currently, it’s offering a competitive rate of 0.65% APY on its 1-year CD. This CD requires a minimum deposit of just $500.

Membership to Affinity Plus is open to anyone who makes a one-time dues payment of $25 to the Affinity Plus Foundation.

SEE DETAILS Secured

on Affinity Plus Federal Credit Union’s secure website

NCUA Insured

Best CD rates for credit unions with no cost to join

The thing about credit unions is that they’re not usually just open to anyone. You usually need to meet some membership criteria in order to get in and get access to all of their really nice products. These credit unions, however, will let you in for free regardless of your personal details. (Note: Only two credit unions met our criteria for this list.)

Unify Financial Credit Union – 1-Year Share Certificate, 0.50% APY, min. deposit $1,000

12 Month Share Certificate from UNIFY Financial Credit Union
Unify FCU offers decent interest rates on CDs (which it calls share certificates) for a credit union with no cost to join. The interest rate on their 12-month CD, for example, is 0.50%. You’ll need to deposit a minimum of $1,000 to open this CD. If you withdraw your money early, however, you’ll face a substantial penalty.

SEE DETAILS Secured

on UNIFY Financial Credit Union’s secure website

NCUA Insured

NASA Federal Credit Union – 1-Year Share Certificate, 0.45% APY, min. deposit $1,000

12 Month Share Certificate from NASA Federal Credit Union
If the rigid inflexibility of CDs makes you leery, NASA FCU might be your best bet. They have a lot of flexible certificates, such as add-on certificates that let you start with as little as $250, and bump-rate certificates that let you opt for a one-time interest rate increase if rates go up. You can even take out a loan from your certificate should you need the cash before it’s matured. You can join NASA FCU with a complimentary membership to the National Space Society.

If you do need to make an early withdrawal, you will face a penalty of 180 days’ worth of interest.

SEE DETAILS Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Best CD rates for credit unions with the best mobile apps

By their very nature, CDs aren’t something that require constant attention, poking, and prodding. It’s a set-it-and-forget-it kind of a deal, so you won’t need any spiffy banking apps to use CDs.

But, if you’d like to switch all of your banking to the same institution that holds your CDs, it might be a wise idea to consider one of these credit unions if you’re a digital junkie. Most credit unions lag behind their bank compatriots in terms of mobile banking apps, but these credit unions offer top-notch mobile apps, according to MagnifyMoney’s 2020 mobile banking app analysis.

Delta Community Credit Union – 1-Year Certificate, 0.80% APY, min. deposit $1,000

12 Month CD from Delta Community Credit Union
There are many ways to join Delta Community CU, such as living in certain parts of Georgia, being a member of one of their select employers, or being a member of one of their partner organizations. Interestingly, citizens of many countries like Argentina, France, and Peru are also eligible to join.

Delta Community CU used to be the lowest-earning credit union on our list, but recently increased the APY on this product to 0.80% APY. The early withdrawal penalty is 90 days’ worth of interest on a 12-month CD.

SEE DETAILS Secured

on Delta Community Credit Union’s secure website

NCUA Insured

Eastman Credit Union – 1 Year Investment Certificate , 0.65% APY, min. deposit $1,000

1 to 2 Year Investment Certificate from Eastman Credit Union Eastman Credit Union has pretty restrictive membership requirements. You’ll have to be an employee (or a family member of an employee) of one of their select employers, or live in certain parts of Tennessee, Texas, or Virginia.

This product yields 0.65% APY for its 1 year certificate of deposit, with a minimum deposit of $1,000. If you withdraw your money before the CD matures, you’ll owe a penalty fee of 90 days’ worth of dividend earnings.

SEE DETAILS Secured

on Eastman Credit Union’s secure website

NCUA Insured

America First – 12-23 Month CD, 0.35% APY, min. deposit $500

12 - 23 Month Regular Certificate from America First Credit Union
America First Credit Union’s collection of CDs range in term length from three months to 60 months. Currently, it is featuring an APY of 0.35% on its 12-23 month CD, which requires a minimum deposit of just $500. America First also offers ladder, bump, dedicated savings and flexible CD options.

Membership to America First Credit Union is limited to people who live, work, regularly conduct business, worship, attend school or volunteer in certain counties of Utah and Nevada, as well as people in select employer groups.

SEE DETAILS Secured

on America First Credit Union’s secure website

NCUA Insured

Redstone Federal Credit Union – 12 Month Share Certificate, 0.16% APY, min. deposit $1,000

12 Month Regular Share Certificate (Compounding) from Redstone Federal Credit UnionYou can’t just make a simple donation to join to Redstone Federal Credit Union if you fail to meet their membership criteria. You need to be a government employee or contractor, a member of the military, reserve, or National Guard, or affiliated with a number of organizations listed on their website among other options.However, if you do qualify for membership, you could earn an APY of 1.51% with a minimum deposit of $1,000. Redstone FCU has compounding and non-compounding certificates, which allow you to have the option to withdraw interest earned or not throughout the term of the certificate.

SEE DETAILS Secured

on Redstone Federal Credit Union’s secure website

NCUA Insured

BECU – 12-17 Month CD, 0.05% APY, min. deposit $500

12 - 17 Month CD from BECU (Boeing Employees Credit Union)
BECU offers an array of certificates of deposit, with term lengths ranging from 12 months to 47 months. Currently, BECU’s 12-17 month CD offers depositors an APY of 0.05% on balances between $500 and $49,999.99. BECU also offers a Member Advantage rate of 0.30% APY for the same certificate.

Membership to BECU is restricted to those who live, work, worship or go to school in Washington state and certain Idaho counties, as well as people who live or work in certain Oregon counties or those who belong to select associations.

SEE DETAILS Secured

on BECU (Boeing Employees Credit Union)’s secure website

NCUA Insured

3 questions to consider before opening a credit union CD

Banks are more likely to call their products certificates of deposit, while credit unions often refer to them as share certificates. Aside from the name, the biggest difference between the two is that credit unions have higher average annual percentage yields (APYs) than traditional banks, as of September 2018. That’s good news: It means more money back in your pocket when the CD matures (i.e., reaches the end of its term and is available for withdrawal).

There really is no difference in safety between depositing money in a CD with a credit union versus a bank, as long as they participate in either the National Credit Union Administration (NCUA) for credit unions, or the Federal Deposit Insurance Corporation (FDIC) for banks.

According to Neal Frankle, a Los Angeles-based Certified Financial Planner with Wealth Pilgrim, deposits of up to $250,000 per financial institution are “backed by the full faith and credit of United States Government, so it’s pretty solid.”

For the most part, choosing a CD at a bank or a credit union boils down to your preference as a consumer: Do you want to be a bank customer or a member of a credit union? Here’s a primer on the differences.

The biggest advantage of credit union CDs over bank CDs is that you can likely earn more interest. But with both products, the longer the CD term, the more interest you will earn. And with a CD laddering strategy, you can have the best of both worlds: frequent access to your money, yet you can still keep it locked away in high-interest, long-term CDs.

Beyond that, the disadvantages of opening a credit union CD are the same as if you’re opening a CD with a bank. You can’t access that money without paying an early withdrawal penalty until the CD matures. While CDs do offer some of the highest rates for any financial product you’re likely to come across at a bank or credit union, they still don’t really earn great interest. If you’re investing for the long-term (like retirement savings), your money is better invested in the riskier (but higher-earning) stock or bond market.

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The Best IRA CD Rates – January 2021

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

Written By

Reviewed By

Perhaps you’ve decided to build a CD ladder within your IRA, or maybe you’re looking for a safe way to store your retirement cash for a specific period of time. Whatever the reason, you’re interested in getting an IRA CD and, understandably, want to know what products will give you the best rate of return.You can get an IRA CD with terms ranging from three months to more than six years, with interest rates generally increasing with the term length. There are lots of options, so we’ve rounded up the top IRA CD rates that are available right now for a variety of terms. You’ll select your IRA CD terms based on your CD-ladder master plan or whenever you’ll need access to your money.

Every month, we choose the best IRA CD rates using data from another LendingTree company DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions. We sorted the products by APY, then eliminated institutions with a health rating below a B. We then eliminated products that are not available nationwide. From there, we chose the IRA CD with the highest APY among products with a minimum deposit no greater than $5,000. Here are the best options.

The best IRA rates in January 2021

TermInstitutionAPYMinimum Deposit Amount
3 monthsService Credit Union0.50%$500.00
6 monthsCommunitywide FCU0.75%$1,000
12 months State Department FCU0.90%$500
18 months Evansville Teachers FCU0.90%$1,000
2 years Evansville Teachers FCU1.10%$1,000
3 yearsEvansville Teachers FCU 1.20%$1,000
4 years Evansville Teachers FCU 1.25%$1,000
5 years Affinity Plus FCU1.50%$500
6 yearsEvansville Teachers FCU1.35%$1,000

Best 3-month IRA CD – Service Credit Union

3 Month IRA Certificate from Service Credit Union Service Credit Union offers an array of IRA CDs, including a 3-month CD with a competitive APY of 0.50%. This CD requires a $500 minimum deposit, and dividends are compounded and credited monthly.

SEE DETAILS Secured

on Service Credit Union’s secure website

NCUA Insured

Best 6-month IRA CD Communitywide Federal Credit Union (Traditional, Roth)

6 Month IRA from Communitywide Federal Credit Union
CommunityWide Federal Credit Union is offering the highest rate available on 6-month IRA CDs at 0.75% APY for deposits of $1,000 and over. It has other IRA CD products, too, with term lengths ranging from 6 to 60 months.

SEE DETAILS Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

Best 1-year IRA CD — State Department Federal Credit Union (Traditional, Roth)

12 Month IRA Certificate from State Department Federal Credit Union This one-year term share certificate earns an APY of 0.90% and requires a minimum deposit of $500.

SEE DETAILS Secured

on State Department Federal Credit Union’s secure website

NCUA Insured

Best 5-year IRA CD – Affinity Plus Federal Credit Union (Traditional)

60 Month IRA from Affinity Plus Federal Credit Union Affinity Plus Federal Credit Union currently offers a competitive rate of 1.50% APY on its Basic Certificate, a 5-year IRA CD. The credit union features an array of CDs ranging in term length from three to 60 months, available for a low minimum deposit of $500.

Membership to Affinity Plus Federal Credit Union is open to anyone who makes a one-time dues payment of $25 to the Affinity Plus Foundation.

SEE DETAILS Secured

on Affinity Plus Federal Credit Union’s secure website

NCUA Insured

Best 18-month IRA CD, 2-year IRA CD, 3-year IRA CD, 4 year IRA CD and 6-year IRA CD — Evansville Teachers FCU (Traditional, Roth, CESSA)

6 Year IRA from Evansville Teachers Federal Credit UnionTo join this credit union, you may make a $5 donation to the Mater Dei Friends & Alumni Association. You may want to strongly consider doing so, as the 18-month, 2-year, 3-year, 4-year, and 6-year IRA CD rates offered by Evansville FCU are the best on the market in terms of APY. Plus, it only requires a minimum balance of $1,000.

SEE DETAILS Secured

on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

3 questions to consider before opening an IRA CD

Opening an IRA CD generally requires filling out a form or talking to a banker. You’ll have to have a way to fund your IRA CD, whether that’s rolling over an existing retirement account into an IRA CD or depositing cash into the product. The same limits that apply to IRA contributions apply to IRA CDs: $5,500 per year ($6,500 if you’re over age 50) of your own money across all your IRA accounts each year, and you can do a rollover once per year.

Unless you’ve invested in a bump-up IRA CD, you won’t be able to take advantage of a higher rate until your CD matures. Withdrawing funds from an IRA CD before they mature will result in a stiff penalty. Bump-up IRA CDs give you a chance to increase your interest rate to a higher level if it’s available, but you’re generally only allowed to do this once or twice during the life of the CD.

You can either use the direct-transfer method or the indirect-transfer method. The direct transfer method requires setting up your new IRA account filling out a form authorizing the bank or credit union to transfer money from the old account into the new account. The indirect transfer method involves you asking for a check from your old IRA account. You have up to 60 days to deposit that check into your IRA CD to avoid incurring a penalty.