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Beal Bank USA Review: Savings, CDs, Money Market and IRA CDs

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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Beal Bank USA is based in Las Vegas and offers products meant to help you set aside money for a rainy day or when you retire. Though it has 21 physical branches in the U.S., the bank doesn’t have checking accounts, debit cards, ATMs or loan products.

The only way to access your cash is by writing a check — so if you’re looking for a place to do most of your banking, Beal Bank USA or its nearly identical partner company Beal Bank may not be the best choice. But if you’re looking for an account that you can use for short-term or long-term savings, then read on to find out what we think about Beal Bank USA’s savings, CD, money market and IRA CD accounts. You’ll need to contact the bank or visit its website to find current rates.

Beal Bank USA’s savings account options

Statement Savings

This savings account offers a lot of hassle and little benefit to customers.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Quarterly account maintenance fee: $3 (this can be waived)
  • Overdraft fee: None

The statement savings account is pretty bare-bones — just a place to park your money. If all you’re looking for is a place to stash short-term savings, it’s an option especially if you don’t want to be tempted to take your cash out immediately.

Right now, the only way to take out money is via check, wire transfer or electronic transfer. Beal Bank USA does not originate electronic transfers on its end; rather, you have to do it via an external account. Customer representatives told us that you’ll need to call Beal Bank USA at (877) 879-2325 so the bank can give you further instructions — essentially, you’ll need to go through an external bank so that you can request money from your Beal Bank USA account. However, Beal Bank USA can accept deposits via electronic transfers.

If you want to withdraw money using wire transfer, you’ll have to do so in writing by providing information such as your account number and how much you want to take out. Beal Bank USA does charge you for this service — $15 for domestic and $60 for international wires.

Regulation D allows you up to six certain withdrawals per month without penalty by the bank, but Beal Bank USA also limits you to nine per quarter. Once you exceed that limit, you’ll need to pay $1 for each withdrawal. As for the quarterly maintenance fee, Beal Bank USA won’t charge you if you maintain a minimum daily balance of $500.

How to get the Statement Savings account

If you’re at least 18 years old and a U.S. citizen, you can apply for a statement savings account by filling out an online application form. First, enter in personal details like your name and Social Security number, then agree to Beal Bank USA’s disclosures. After verifying your identity, you’ll need to make your initial opening deposit via check, electronic or wire transfer.

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How Beal Bank USA’s savings account compares

Unfortunately, there are quite a few strikes against using this account. From the limitations on how one can make withdrawals, to the fees charged for doing so, it seems like a bit of a hassle to access your money. Other online competitors like the ones on our list of the best online savings accounts offer much more convenient ways to withdraw or transfer funds.

Beal Bank USA’s CD rates

Certificates of Deposit

The early withdrawal penalty seems rather complicated.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your CD term is a year or less, you’ll be penalized 1% of the amount you withdraw or half of the replacement cost, whichever is greater. If your CD term is more than a year, you’ll be penalized 1% of the amount you withdraw or the replacement cost, whichever is greater. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

These fixed-rate CDs offer a guaranteed rate of return, assuming you keep all the money in the account until maturity. Any interest earned is compounded and deposited into your CD each quarter.

The early withdrawal penalty seems to be a bit confusing, so here’s a quick example:

Say you want to withdraw $10,000 on your 24 month CD one year in. The bank determines the replacement cost to be $200. One percent of $10,000 is $100, so your early withdrawal penalty would be $200, since that amount is greater.

When the CD matures, your account will automatically be renewed, unless you make changes in writing within the 10-day grace period. Changes you can make include making withdrawals, additional deposits and renewing for another term.

How to get Beal Bank USA’s CDs

You can apply for an account using Beal Bank USA’s online application form if you’re a U.S. citizen and at least 18 years old. First, fill in your personal information such as your name and Social Security number. Select the term you want and agree to Beal Bank USA’s disclosures. Once you verify your identity, you can fund the account via check, electronic or wire transfer.

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How Beal Bank USA’s CD rates compare

We like that there are a variety of terms for Beal Bank USA’s CDs, which are pretty comparable with other products out there — however, the early withdrawal penalty seems a bit confusing to us. So if that’s going to be an issue for you, it’s probably best to look for alternatives, like the ones on our list of the best CD rates.

Beal Bank USA’s money market account option

Money Market

The monthly maintenance fee seems a bit steep, but you can get it waived.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)

Just like the savings account, you can only access your money in Beal Bank USA’s money market account via check or through an electronic or wire transfer. If you want to make a transfer to an external account, you have to call customer service at (877) 879-2325 to receive instructions on how to do so. Customer representatives told us it’s pretty much the same as what you would do with the savings account — you’ll have to initiate a withdrawal from Beal Bank USA from your external bank account.

There is a $10 monthly maintenance fee, but Beal Bank USA won’t charge you if you maintain a $1,000 daily minimum balance. When making certain withdrawals, keep in mind that Federal Reserve Regulation D limits you up to six per month without penalty imposed by the bank. Beal Bank USA will charge you $10 per excessive withdrawal.

How to get Beal Bank USA’s money market account

Opening a money market account can be done online by filling out an application form through Beal Bank USA’s website. You’ll be asked to provide personal details such as your name and Social Security number, and then a way to fund the account.

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How Beal Bank USA’s money market account compares

Beal Bank USA’s money market account requires a pretty low opening deposit amount compared to the some listings on our collection of the best money market accounts, but you won’t be able access your money as easily. Some online competitors do offer some ATM access, and may have a more convenient way to access funds — so if that’s important to you, then go elsewhere. Otherwise, this account isn’t too shabby.

Beal Bank USA’s IRA CD rates

IRA CDs

These accounts could be a good conservative investment option.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If you have a CD term that’s a year or less, you’ll need to pay 1% of the amount withdrawn or half of the replacement cost, whichever is the larger amount. If you have a CD term that’s more than a year, you’ll need to pay 1% of the amount withdrawn or the replacement cost, whichever is more. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

The IRA CD offers pretty much the same terms as their regular CDs — although you’ll need to contact Beal Bank USA for a list of its current rates, since they’re not advertised on the website. What we do know is you’ll be offered a guaranteed rate of return if you keep everything in the account until it matures. Interest you earn is compounded and credited quarterly to the account.

Like the regular CDs, the early withdrawal penalty differs depending on how much you take out and how much time until the account matures. Let’s say you take out $1,000 and you still have 24 months until maturity. The bank determines the replacement cost to be $40 based on its calculations, and 1% of $1,000 is $10. Your early withdrawal penalty will be $40 because that amount is greater. There may also be IRS penalties on top of this amount.

Your IRA CD will automatically renew unless you make changes by writing to Beal Bank USA within its 10-day grace period. These changes include making additional deposits, withdrawals or renewing for a different term.

How to get Beal Bank USA’s IRA CDs

If you’re at least 18 years old and a U.S. citizen, you can contact Beal Bank USA by calling customer service at (877) 879-2325 to open an account or email them through its secure contact form. If you email the bank, you’ll need to provide your contact information so a customer service representative can contact you. For either option, you’ll need to provide information such as your name and Social Security number.

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How Beal Bank USA’s IRA CD rates compare

What we like about Beal Bank USA’s IRA CD is that their minimum opening deposit requirements don’t seem that high compared to other places, which is helpful if you don’t have a lot to invest. However, just like the regular CDs, the early withdrawal penalties appear confusing, so we recommend contacting the bank to ask about them and doing some shopping around for other IRA CDs before deciding if these accounts are the best for you.

Overall review of Beal Bank USA’s banking products

Both the money market and savings account don’t make it easy to withdraw money. Making an electronic transfer is a bit of a hurdle, but customer service seems responsive, so it may not take you that long. We also like some of the shorter terms for the regular CDs, so that’s another account to consider.

Overall, these accounts are pretty bare bones and could be worth it if you’re not interested in the bells and whistles other banks offer. However, we still recommend shopping around, since we don’t believe that any of these accounts are good if you’re looking for an account to do your regular transactions.

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

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Reviews

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

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

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Goldwater Bank’s checking account options

Goldwater Checking

You can choose between their standard account or online-only account, but the rates are the same.
APYMinimum Balance to Earn APY
0.05%
$100
0.10%
$5,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10 (paper statements) or $8 (e-statements) – These can be waived
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: $30

Goldwater Bank’s only checking account option isn’t that great considering the low rates it offers. This account is restrictive in that you have to be an Arizona resident to open an account. Features include paper or electronic statements, a Visa check card, online and mobile banking, as confirmed by a bank representative. You can choose between what the bank calls their standard account or the e-checking account. The main difference is that with the e-checking account, you agree to do all your banking online — as in you can’t make transactions in person. You’ll also get e-statements and can waive the monthly maintenance fee if you keep a $100 minimum average daily balance. For the standard account, you need to maintain a $500 average daily balance if you want to waive the monthly maintenance fee.

How to get Goldwater Bank’s checking account

You can go in person to open a checking account or fill out an application form online. Enter details such as your name, address and Social Security number. Once you submit, the bank will contact you with instructions to go to a branch to sign a signature card and provide additional details. This includes a photocopy of your Social Security card and driver’s license.

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How Goldwater Bank’s checking accounts compare

Unfortunately, this account is restrictive in that you have to be an Arizona resident to open an account. On top of that, the rates are much lower than what you’d find elsewhere, especially these top national online checking accounts. We also don’t like that the online application process isn’t as convenient as other places — but we do like that unlimited ATM fee refund.

Goldwater Bank’s savings account options

Goldwater Savings

There are no monthly maintenance fees, but the interest rate is pretty low.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account is pretty bare bones. There is no ATM access, so the only way to transfer money is by doing so online or via Goldwater Bank’s mobile app. The app allows you to check your account balance, pay bills and deposit checks. To waive the monthly maintenance fee, make sure to maintain a $100 average daily balance.

Remember, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty from the bank. Goldwater Bank only allows two free withdrawals a month and then you’ll need to pay $4 for each one afterward. If you try to go over six withdrawals a month, your transaction will be denied.

How to get the Goldwater savings account

You have two options: go to a branch or fill out an online application form. If you go the online route, you’ll need to provide personal details such as your name, address and Social Security number. Afterward, you’re required to go in person to sign a signature card and provide additional documentation, such as a photocopy of your driver’s license.

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Youth Savings

Your child can learn to manage money with this free account.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The youth savings account is for anyone under the age of 18 — and a parent or legal guardian needs to be a co-owner, according to a bank representative. Like the Goldwater savings account, there is no ATM access, though your child can access their money in person or online. You also get quarterly statements and two free withdrawals a month. Otherwise, you’ll need to pay a $4 excess withdrawal fee.

Once your child turns 18, the account will be converted to a Goldwater savings account.

How to get Goldwater Bank’s Youth Savings account

You and your child will need to head to the headquarters in person to open an account. Remember to both bring documentation, such as your Social Security numbers, and a way to fund the account.

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Savings Plus

Earn a competitive APY, but at a cost — a high opening deposit.
APYMinimum Balance to Earn APY
0.50%
$0.01
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Savings Plus account helps you earn a great rate, but you need a really high minimum opening deposit to get the account — making it inaccessible for many people. After account opening, the minimum balance amount requirement does go down, but you’ll need to keep at least $25,000 in the account to waive the monthly maintenance fee.

Aside from online and mobile banking, you get two free withdrawals a month. Once you go over that amount, you’ll need to pay a $4 excessive withdrawal fee. Remember that since it’s a savings account, you are allowed up to six certain withdrawals/transfers a month, per regulation D otherwise the bank may deny the transaction.

How to get the Savings Plus account

Go to Goldwater Bank’s headquarters to open an account in person. Don’t forget to bring along your state-issued ID and a way to fund your account.

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How Goldwater Bank’s savings accounts compare

The Savings Plus account offers a rate that’s only slightly lower than the top rates being offered out there. However, you need to have a lot of money to open the account — $25,000 to be exact. Otherwise, Goldwater Bank’s other savings accounts are lackluster in that you get low rates and you need to pay a monthly maintenance fee if you can’t meet their requirements.

You’re better off skipping these accounts and choosing an alternative like a high-yield savings accounts.

Goldwater Bank’s CD rates

Certificate of Deposit

These rates are OK for most term lengths.
TermAPY
90 days0.35%
180 days0.50%
12 months0.65%
15 months0.67%
18 months0.70%
24 months0.80%
3 years0.85%
5 years0.95%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of term
    • 24 months or less — 3 months’ interest
    • Over 24 months — 12 months’ interest

These fixed-rate CDs offer OK rates. Some terms offer competitive rates, while others fall short compared with other ones we’ve seen. Interest is compounded daily and credited to your account monthly. You have the choice of keeping interest earned in the CD or transferring to another account.

Once your account matures, you have a 10-day grace period to make changes. Otherwise, it’ll automatically renew.

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Goldwater Access CD

Earn a decent rate and the opportunity to withdraw money each quarter without penalties.
TermAPY
12 months2.55%
  • Minimum opening deposit: $50,000
  • Minimum balance amount to earn APY: $0.01 (Arizona residents only)
  • Early withdrawal penalty: You can make 1 withdrawal per quarter with no penalties. Otherwise, you’ll be penalized three months’ interest.

Also known as the liquid CD, the Goldwater Access CD lets you withdraw any amount you wish once each quarter without paying an early withdrawal penalty. To qualify for the account, you’ll need to open a Goldwater checking account and link it to the CD. Like their regular CD, interest is compounded daily and credited monthly to the account.

Upon maturity, your account will automatically be renewed unless you make changes during the 10-day grace period. These changes include making additional deposits, withdrawals or closing the account.

How to get Goldwater Bank’s CDs

Head to a branch or fill out an online application form to open a CD account. If you’re applying online, the application form will ask for details, such as your name, address and Social Security number. You’ll be asked to go in person to sign a signature card and provide documentation including a photocopy of your Social Security number and a way to fund the account.

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How Goldwater Bank’s CD rates compare

We like that the Goldwater Access CD allows you to make penalty-free withdrawals once a quarter, and the rate is on par with what’s being offered out there. Their regular CDs also offer some decent rates — though the longer the term, the less competitive they are.

If you’re after short-term CDs, these accounts are a great choice if you live in Arizona. Otherwise, you’ll want to check out other CD options to maximize your savings.

Goldwater Bank’s money market account options

Money Market

This account offers really low rates and a high minimum balance to waive the monthly fee.
APYMinimum Balance to Earn APY
0.26%
$0.01
0.38%
$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account offers limited check-writing capabilities and no ATM access. Other features include monthly statements, and online and mobile banking with check deposit, according to a bank representative. Aside from that, there isn’t anything truly special about this account. While it offers higher rates than the savings account, the APY is still extremely low. Since this is technically a savings account, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty imposed by the bank. If you try to make any more, you’ll be charged a $10 excess withdrawal fee.

How to get Goldwater Banks’s Money Market account

Either fill out an application form online and complete the process in person or apply for an account all in one go at a Goldwater Bank branch. If filling out an online application form, provide information, such as your name, address and Social Security number. Then you’ll need to go on in person to fill out a signature card and provide additional information like a photocopy of your driver’s license.

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Money Market Plus

This account offers a competitive rate, but you need a large opening deposit.
APYMinimum Balance to Earn APY
0.40%
$0.01
0.50%
$100,000
  • Minimum opening deposit: $25.000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Market Plus account is meant to reward those who have more on deposit with Goldwater Bank. The $25,000 minimum opening deposit amount seems out of reach for many people, but for those who can spare the cash, the rate is worth it.

Features of the account include limited check-writing capabilities and online and mobile banking, according to a bank representative. You’re limited up to six certain withdrawals a month without a penalty imposed by the bank (per Regulation D) and if you go over that amount, you’ll need to pay a $10 fee.

How to get the Money Market Plus account

You can either fill out an application form online or apply for an account in person. To complete the online application process, provide details such as your name and Social Security number. Then, go in person to sign a signature card and provide a photocopy of your Social Security card.

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How Goldwater Bank’s money market accounts compare

The Money Market Plus account offers a fairly competitive rate — it’s on par with our list of the best money market accounts. However, you need a high opening deposit amount whereas other competitors offer lower minimums and some with higher rates. They’re also not as restrictive as Goldwater Bank, which only allows Arizona residents to open an account. Our advice is to shop around for money market accounts for more favorable terms.

Overall review of Goldwater Bank’s banking products

Not a whole lot stands out about Goldwater Bank. Most of their products have lackluster rates and there aren’t any fancy features like rewards programs or free checks like many competitors offer. Their premium savings and money market accounts that do offer higher rates have decent ones, but you need a high minimum opening deposit amount — which can be limiting for many people.

Even if Goldwater Bank had decent rates, most of the U.S. can’t access their banking products since it’s only available for Arizona residents. The application process also seems inconvenient considering you have to show up at a branch even if you open an account online. We recommend choosing another bank for one that offers higher rates.

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

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Reviews

Georgia’s Own Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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

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Georgia’s Own Credit Union’s checking account options

All Access Checking

This is Georgia’s Own Credit Union’s basic checking account option.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: none
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

This is Georgia’s Own Credit Union’s no-frills checking account. You get features such as a debit card, e-statements and online and mobile banking. If you choose, you can link your account to a savings or money market account for overdraft protection.

To get the $2 paper statement fee waived, elect to receive e-statements instead.

How to get the All Access Checking account

You can apply for an account by filling out an online application form. You must indicate how you qualify for membership and agree to open a Primary Savings account with a $5 opening deposit. Then fill in personal details such as your name, address and Social Security. Afterward, fund both accounts.

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Perks+ Checking

You can earn a higher rate, but you need to pay a monthly maintenance fee.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.03%
$1,500
0.05%
$2,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5.95
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

Yes, you need to pay a monthly maintenance fee, but Georgia’s Own Credit Union claims the fee is worth paying for considering the discounts you’ll get. First, there’s access to the BaZing app, which offers discounts from local and national retailers. There’s also cellphone protection service, which can give you up to $800 year to repair or replace your phone if you use your checking account to pay for cellphone bill. Other perks include 24/7 roadside assistance and up to $2,500 in personal identity theft services.

You do get tiered rates, but they’re much lower than what you’d find elsewhere.

How to get the Perks+ Checking account

Go to Georgia’s Own Credit Union’s website and fill out an online application form. After indicating how you qualifying for membership and agreeing to their disclosures — including opening a Primary Savings account — provide information such as your name, address and Social Security number. Then fund both accounts.

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i[check]

This low-fee account is for people between the ages of 14 and 25.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

This account is best for teens who want a checking account they can use into adulthood, as the account is good until 25 years old. Features of the account include free e-statements, balance alerts and online and mobile banking.

On your 25th birthday, the account will be converted to an All Access Checking account.

How to get the i[check] account

You and your child will need to head to the nearest Georgia’s Own Credit Union branch to open an account — your child can go by himself if he is 18 years or older. Either way, make sure to bring along a state-issued ID, Social Security number and a way to fund the account.

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Golden Bell Checking

This account is available if you’re at least 50 years old or retired.
APYMinimum Balance to Earn APY
0.02%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None (although the out-of-network ATM may impose a surcharge)
  • ATM fee refund: None
  • Overdraft fee: $30

The Golden Bell checking account program offers special perks for people 50 years and older. You get a Visa check card and online and mobile banking. Extra perks include free checks, cashier’s checks and up to five free microfilm copies of canceled checks.

How to get the Golden Bell Checking account

You’ll need to go in person to apply for this program. If you’re an existing member, you may fill out this form and mail it back to Georgia’s Own Credit Union, but it’s best to call customer service at 1-800-533-2062 to make sure.

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Resolution Checking

This account is for people who aren’t eligible for a regular checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $33

The Resolution Checking account is meant for people who aren’t eligible for other checking accounts or have credit problems in the past. You need to keep this account in good standing for a minimum of one year before you switch to another one — stop by a branch or call customer service at 1-800-533-2062 to make the request.

Although you get free online and mobile banking, you have to pay $0.50 for each check you write.

How to get the Resolution Checking account

You need to apply for this account in person. Don’t forget to bring along information like your government-issued ID and Social Security number. You’ll also need to open a Primary Savings account if you’re not an existing member.

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How Georgia’s Own Credit Union’s checking accounts compare

We won’t beat around the bush — these checking accounts have abysmal rates. They’re essentially what you’d find at most major banks. We also don’t like that you need to pay a monthly maintenance fee for the Perks+ account and there’s no ability to waive it. Competitors such as the ones on our list of the best checking accounts have much higher rates and no minimum balance amounts. Many also don’t require monthly maintenance fees.

In other words, we think it’s best you go elsewhere.

Georgia’s Own Credit Union’s savings account options

Regular/Primary Savings

Everyone needs to open this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: $1 (balance inquiries and account transfers) or $2 (withdrawals) for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account doesn’t have the best rate, but all members are required to open one in order to establish and maintain membership. This represents your share in Georgia’s Own Credit Union. You can access your funds via online or mobile banking. The credit union will give you an ATM card upon request but customer service representatives tend to discourage members from requesting one because of how many withdrawals you’re allowed. Regulation D limits you up to six certain withdrawals/transfers a month, and beyond that, you’ll need to pay a $5 excessive transaction fee.

How to get the Regular/Primary Savings account

You can open an account by filling out an online application form. First, indicate how you qualify for membership and provide information such as your name, address and Social Security number. You can then fund your new account.

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Coindexter Club

Help your child learn to save money with the Coindexter program and its incentives.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for children up to 13 years old. Account holders can enroll in the Coindexter Club program, a website encouraging financial literacy. Your child will also receive quarterly newsletters and birthday cards.

Georgia’s Own Credit Union helps encourage your child to save by offering incentives. Once the account reaches $250, the credit union will give your child a gift, plus a second gift when the account reaches $500. It’s a good idea to remind your child that Regulation D limits account holders up to six certain withdrawals/transfers a month, or else there’ll be a $5 fee imposed by the credit union.

How to get the Coindexter Club savings account

You and your child will need to head to the nearest branch to open an account. Remember to bring along information such as both of your Social Security numbers and a way to fund the account. If you’re not already a member, you’ll need to become one by opening a Primary Savings account.

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Holiday Savings/Club Account

You can open this account any time of the year for short-term savings goals.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Both the Holiday Savings and Holiday Club accounts are meant to be opened as a separate savings account to help set aside money for your short-term goals. You can open either club account at any time of the year and you can make withdrawals whenever you want — but funds in the account will automatically be transferred to a Primary Savings account on Nov. 1. However, you are limited up to six certain withdrawals/transfers per month because of Regulation D, or else you’ll need to pay a $5 excessive transaction fee to the credit union.

How to get the Holiday Savings/Club account

You can open either the Holiday Savings or Club account by filling out an online application form. If you’re not an existing member, you’ll also need to open a Regular Savings account. On the form, first indicate how you qualify for membership, then provide personal details such as your name, address and Social Security number. Afterward, fund your new accounts.

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How Georgia’s Own Credit Union’s savings accounts compare

Just like their checking accounts, Georgia’s Own Credit Union’s savings accounts offer extremely low rates. We like that there are no monthly maintenance fees and you do get ATM access, but alternatives also offer the same benefits, plus much higher rates.

You’re better off going with accounts like the ones we suggest on our savings account list.

Georgia’s Own Credit Union’s CD rates

Certificate of Deposit

Even with the tiered rates, these are some pretty low APYs.
$500 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$10,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$25,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$50,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$75,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$125,000 minimum balance
TermAPY
6 months0.60%
1 year0.90%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days’ interest
    • 13 to 24 months – 180 days’ interest
    • 25 to 36 months – 270 days’ interest
    • 37 to 48 months – 360 days’ interest
    • 49 to 60 months – 450 days’ interest

The more you put in, the higher rates you will earn — but they’re still lower than many competitor accounts. How the interest is compounded and earned isn’t that straightforward either. The interest for the 6 month, 1 year, 3 year and 5 year CDs are either compounded and credited quarterly to your account, or not compounded at all and credited monthly. The 2 year and 4 year CDs are compounded and credited quarterly. If you choose to have interest sent to another account, interest earned won’t be compounded.

Once your account matures, your CD will automatically renew unless you decide to make changes during the 10-day grace period. This can include making additional deposits, withdrawals or renewing for another term.

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Own Your Rate CD

Account holders get the opportunity to raise their rate.
TermAPY
22 months1.12%
44 months1.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 22 months – 180 days’ interest
    • 44 months – 360 days’ interest

The Own Your Rate CD offers you the chance to increase your rate — once for the 22 month term and twice for the 44 month term. Account holders are responsible for contacting Georgia’s Own Credit Union to request the rate increase if the advertised rate goes up.

Interest is compounded and credited quarterly to your CD. You can choose to keep the interest in the CD or transferred to another account. If you choose the latter, interest won’t be compounded.

Your CD will automatically renew upon maturity unless you make changes during the 10-day grace period.

How to get Georgia’s Own Credit Union’s CDs

You’ll need to apply for a CD account in person. If you’re not already a member, you’re required to become one by opening a Primary Savings account. Make sure you bring along information like your state-issued ID and Social Security number.

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How Georgia’s Own Credit Union’s CD rates compare

These rates aren’t exactly the best we’ve seen. We like that there is an option to bump up your rate with the Own Your Rate CD, but all of these accounts offer half the APY compared with other financial institutions. We’re going to assume you want to maximize your savings, so it’s probably best to seek alternative CDs like some of the ones we’ve researched.

Georgia’s Own Credit Union’s money market account options

Money Market

You can earn some pretty competitive rates, but you’ll need to maintain a high minimum balance.
APYMinimum Balance to Earn APY
0.35%
$2,500
0.45%
$10,000
0.45%
$25,000
0.50%
$50,000
0.55%
$100,000
0.62%
$250,000
0.70%
$500,000
0.70%
$1,000,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Money account offers higher rates than the savings account. However, you need to deposit a large sum of cash in order to qualify for those rates, and that could be unattainable for most people. The monthly maintenance fee can be waived if you maintain a $2,500 minimum balance. You’re also limited up to six certain withdrawals/transfers a month because of Regulation D. If you write more than three checks or make more than six withdrawals a month, you’ll need to pay a $10 excess withdrawal fee to the credit union.

How to get Georgia’s Own Credit Union’s money market account

You can open an account by filling out an online application form. You’ll need to indicate how you qualify for membership and agree to open a Primary Savings account. Fill in personal details such as your name, address and Social Security number, then fund your account.

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Money Market Index

Earn a healthy APY if you can meet Georgia’s Own Credit Union’s requirements.
APY Minimum Balance to Earn APY
2.07%
$0.01
0.60%
$250,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for those who want to earn more and already have a checking account with Georgia’s Own Credit Union. That’s because one of the requirements to qualify for the higher APY is that you need to have a personal checking account with them. You’ll also need to make at least five point-of-sale transactions with your debit card each month and deposit new money into the account.

To waive the monthly maintenance fee, you’ll need to maintain a $25,000 daily minimum balance. You’re also looking at a $10 excessive withdrawal fee from the credit union if you go over six certain withdrawals or transfers each month, per Regulation D.

How to get the Money Market Index account

Head over to Georgia’s Own Credit Union’s website and fill out an online application form to open an account. If you’re not a member, you’ll need to open a Primary Savings account to establish member. First, indicate how you qualify for membership then fill in details such as your address and Social Security number. Afterward, fund both accounts.

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How Georgia’s Own Credit Union’s money market accounts compare

Both money market accounts offer some pretty competitive rates — they’re some of the highest we’ve seen like the ones on our list of the best money market rates. What we don’t like are the minimum balance requirements for the Money Market Index account. it’s high, and you need to meet their rules in order to qualify for the high rates. If you can meet the minimum balance plus their other requirements, these accounts aren’t a bad choice. Otherwise, we suggest you do some comparison shopping.

Georgia’s Own Credit Union’s IRA account options

IRA CD rates

IRA CD

These rates are pretty low, just like the regular CDs.
$500 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years 1.40%
$10,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$25,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$50,000 minimum deposit
TermAPY
1 year0.90%
18 month 1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$75,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
$125,000 minimum deposit
TermAPY
1 year0.90%
18 month1.19%
2 years1.20%
3 years1.30%
4 years1.40%
5 years1.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days’ interest
    • 13 to 24 months – 180 days’ interest
    • 25 to 36 months – 270 days’ interest
    • 37 to 48 months – 360 days’ interest
    • 49 to 60 months – 450 days’ interest

These fixed-rate retirement accounts offer a low minimum opening deposit but the rates are lower compared with what you’d find elsewhere. As for how interest is earned, it depends on the term you choose. For the 18 month term, interest earned is compounded and credited monthly, and interest is compounded and credited quarterly for all other terms.

When your CD matures, you’ll have a 10-day grace period where you can make changes or else it’ll automatically be renewed.

How to get Georgia’s Own Credit Union’s IRA CDs

Go to a branch to open an account. You need to open a Primary Savings account as well if you’re not already a member. Bring along information such as Social Security number when you go open those accounts.

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How Georgia’s Own Credit Union’s IRA CD rates compare

Just like their regular CDs, Georgia’s Own Credit Union’s IRA CD have much lower rates than some of the best offerings out there. We like that there is a fairly low opening deposit requirement but so do other banks and credit unions. Instead of choosing these IRA CDs, we suggest checking out alternative IRA CDs to see what you could be earning.

Club IRA

These are the same rates as the Primary Savings account.
APYMinimum Balance to Earn APY
0.10%
$5.01
0.13%
$50,000
0.18%
$100,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Club IRA account can be a great idea if you’re in between IRA CD accounts or if you want a more flexible option. Interest is compounded quarterly. Although Georgia’s Own Credit Union won’t charge you an excess withdrawal fee if you go over six a month (as mandated by Regulation D), you may face IRS penalties if you take money before you’re 59 1/2 years old.

How to get the Club IRA account

You need to apply for the Club IRA account in person. Remember to bring along information such as your Social Security number and state-issued ID. If you’re not already a member, you need to become one and agree to open a Primary Savings account.

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Overall review of Georgia’s Own Credit Union’s banking products

We like that anyone can join Georgia’s Own Credit Union — there aren’t restrictive requirements such as living in a specific geographic location. Their money market accounts stand out as offering some of the best rates out there. However, you need to meet a few requirements and have quite a large sum on deposit to qualify for the higher rates.

Otherwise, the rest of Georgia’s Own Credit Union’s products are lackluster at best. The rates are low and there aren’t much perks offered, like free checks for all account holders. There are other places that offer higher rates, low minimum balance and you’re not required to open a savings account like at this credit union.

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