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Security Service Federal 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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Security Service Federal Credit Union checking account options

Power Checking

This is a free checking account that doesn’t earn any interest
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs (including CO-OP and Stripes locations); $1.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32.50

This is a basic checking account best for those looking to avoid fees, though you don’t earn any interest. You get free online and mobile banking, and a debit card. If you choose, you can personalize your debit card with a photo. The only monthly fee you may need to pay is a $3 charge for paper statements.

This checking account also offers the Member Overdraft Privilege program™, a service that covers overdrafts up to $1,000. These transactions include recurring debit card payments, checks and automatic bill payments. You’ll be charged the $32.50 overdraft fee if this service does kick in.

Alternatively, you can link your savings or money market account to have funds automatically transferred in case you don’t have enough money in your checking account. The first three transactions are free each month, but then you’ll need to fork over $2 for each excess transfer.

How to get the Power Checking account

You can open a Power Checking account through an online application form. You’ll need to select which option qualifies you for membership and open a basic savings account with $5 to establish membership. Then, provide details such as your address, Social Security number and employment information. Afterward, you can fund your account.

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Power Protected Checking

You can earn interest with this checking account, along with other perks.
APYMinimum Balance to Earn APY
0.05%
$0
0.40%
$10,000
0.50%
$25,000
0.60%
$50,000
0.75%
$100,000
0.95%
$250,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: None for in-network ATMs (including CO-OP and Stripes); $1.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32.50

This checking account is best for those looking for an account that helps to protect their finances and gives cashback rewards. Account holders get identity theft protection, such as credit score tracking, text alerts and ID theft reimbursement up to $25,000. You also get $0.10 cash back for each purchase with your debit card as well as mobile phone coverage — up to $250 — in case you accidentally damage your phone.

This account also comes with the Member Overdraft Privilege program™, which covers up to $1,000 in overdrafts. It includes checks, recurring debit card payments and automatic bill payments. If you opt into this program, you’ll be charged the $32.50 overdraft fee.

Alternatively, you can link your money market or savings account to automatically transfer funds. You don’t need to pay for the first three overdraft transactions in a given month, but if you go over that number, you’ll need to pay $2 for each excess transfer.

Although there is a monthly maintenance fee, you can waive that if you maintain a monthly average balance of $50,000 or more. If you elect to receive e-statements, you’ll avoid the $3 paper statement fee.

How to get the Power Protected Checking account

You can complete an application form online to open an account, where you’ll need to indicate how you qualify for membership and agree to open a basic savings account as well. Then, you’ll need to provide information such as your name, address, employment information and Social Security number. After that, you can fund the account.

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Power Youth Checking

Teens 13 to 17 can open this account to establish membership.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network ATMs (including CO-OP and Stripes); $1.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is meant for anyone between the ages of 13 to 17 who wants to get a head start on managing their money. Account holders don’t earn any interest, but you’ll get free paper or electronic statements, and both online and mobile banking access. You can also personalize a debit card with a photo of your choosing.

Once the account holder turns 18, you’ll receive a notice that the account will be converted to a Power Protected Checking account.

How to get the Power Youth Checking account

A parent or legal guardian needs to be a joint owner on the account. Your child also needs to open a youth savings account and indicate before filling an online application form how they qualify for membership (if you’re already a member, this counts). Then, you’ll need to provide details such as your name, address and Social Security number, and fund the account.

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How Security Service Federal Credit Union’s checking accounts compare

Although the Power Protected Checking account does offer some decent rates when compared with our list of the 10 best online checking accounts, it requires a high account balance minimum in order to get those rates. Also, you’re stuck with a maintenance fee unless you can maintain the balance amount required to waive it. Sure, it’s pretty cool that you can get a personalized debit card, but that perk isn’t worth it considering there are much higher rates out there, plus many of these online banks also offer free checks and no fees.

Security Service Federal Credit Union savings account options

Basic Savings account

Everyone needs to open this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a required account to establish membership with the credit union. As long as you maintain a minimum balance of $100, you can waive the monthly maintenance fee. The fee is also waived if the primary account holder is 65 or older, has a loan with the credit union or a Power or Power Protected Checking account. If you link your Basic Savings account to a checking account, you can use it as overdraft protection and get ATM access. Although you do get unlimited ATM access, you are allowed up to six certain withdrawals/transfers per month for other types of transactions as mandated by Federal Reserve Regulation D. Otherwise, you’ll be charged $10 for each excessive transaction. You can also be charged $2 per withdrawal if you make more than four over the counter.

How to get the Basic Savings account

To open an account, head over to the credit union’s website and fill out an online application form. You’ll need to choose how you can quality for membership then fill in your personal details such as your name, address, employment information and Social Security number. Then, you can fund your account.

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Club Savings account

Achieve your short-term savings goals, but you may be better off with a CD account.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Club Savings account is meant to help you set aside money for a specific purpose or a short-term savings goal. You can make as many deposits as you want. You’re limited to transferring funds on Oct. 31.

If you take out money before Oct. 31, you’ll forfeit all the interest you would have earned that month, plus Security Service Federal Credit Union will close the account.

How to get the Club Savings account

You’ll need to open a Basic Savings account to establish membership if you want to open a Club Savings account. Head to the credit union’s online application form and indicate how you qualify for membership, then fill in your personal details such as your name, address, employment information and Social Security number. Then, you can fund both your accounts.

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Youth Savings account

Anyone under age 18 will need this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a required account for anyone under the age of 18 to establish membership with the credit union. Those ages 13 to 17 can link to the youth checking account. Parents or legal guardians need to be a joint owner and will have complete access to the account. Once the child turns 18, the account will be converted to a Basic Savings account.

Since this is a savings account, Federal Reserve Regulation D states that you are allowed to make a maximum of six debits per month. If you go over that amount, Security Service Federal Credit Union will charge a $10 excess transfer fee per withdrawal, or $2 each if you make more than four withdrawals in person.

How to get the Youth Savings account

You and your child will need to open an account together by filling out an online application form. First, indicate how your child qualifies for membership and then provide details such as both your names, address and Social Security number. Once completed, you can fund the account.

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How Security Service Federal Credit Union’s savings accounts compare

The basic savings account for the credit union falls way short when compared with other options offered online. Most of these account have no minimum balances or fees. If you’re looking to maximize your savings with a higher APY, you’re better off looking at our list of the current best online saving accounts.

Security Service Federal Credit Union CD rates

Traditional certificates

Earn competitive rates the more you deposit into the CD.
$500 opening deposit
TermAPY
3 months0.55%
6 months1.65%
1 year1.90%
15 months2.35%
2 years2.25%
30 months2.90%
3 years2.40%
5 years2.65%
7 years2.90%
$25,000 opening deposit
TermAPY
3 months0.60%
6 months1.70%
1 year1.95%
15 months2.40%
2 years2.30%
30 months2.95%
3 years2.45%
5 years2.70%
7 years2.95%
$50,000 opening deposit
TermAPY
3 months0.65%
6 months1.75%
1 year2.00%
15 months2.45%
2 years2.35%
30 months3.00%
3 years2.50%
5 years2.75%
7 years3.00%
$100,000 opening deposit
TermAPY
3 months0.65%
6 months1.75%
1 year2.00%
15 months2.45%
2 years2.35%
30 months3.00%
3 years2.50%
5 years2.75%
7 years3.00%
  • Minimum opening deposit: $500 – $100,000
  • Minimum balance amount to earn APY: Tiered – see tables above
  • Early withdrawal penalty: Depends on length of term:
  • 1 year or less — 90 days’ of interest or 30 days if your CD has earned less than 30 days’ of interest
  • Less than 5 years — 180 days’ of interest or 60 days’ of interest if the CD has earned less than 60 days’ interest
  • 5 years or more — 360 days’ of interest or 90 days’ of interest if the CD has earned less than 90 days’ interest

These fixed-rate CDs are best for those looking for a conservative investment vehicle as you’re guaranteed the above rates as long as you keep the funds in the CD for the agreed term. These CDs are also best for those looking to take out a secured loan, as the credit union allows you to use the CD balance as collateral. Interest is compounded daily and credited to your account monthly. You can choose to have interest earned transferred to another account or kept in the CD.

The credit union will send you a notice 20 days before your CD matures. When it does, you have a seven-day grace period where you can withdraw funds, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed.

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Future Builder Share Certificate

This CD allows you to make additional deposits and withdrawals before maturity.
TermAPYMinimum opening deposit amount
1 year1.40%
$250
1 year1.45%
$25,000
1 year1.50%
$50,000
1 year1.50%
$100,000
  • Minimum opening deposit: $250 – $100,000
  • Minimum balance amount to earn APY: Tiered – see table above
  • Early withdrawal penalty: Applies to those who withdraw more than 50% of CD balances. The penalty is 90 days’ of interest or 30 days’ of interest if the CD earned less than 30 days’ of interest.

This CD is best for those who want a conservative investment account with some liquidity. Unlike the traditional CD, a Future Builder Share Certificate allows unlimited deposits up until the last seven days before your account matures. You can also make make withdrawals up to 50% of your account balance per day and as long as you keep at least $250 in the account.

Interest is compounded daily and credited monthly. You can choose to keep interest earned in the account or transferred to another account. Like the traditional certificate, you can also use the CD balance as collateral in a secured loan with the credit union.

You’ll receive a notice 20 days before your CD matures. Once it does, you’ll have a seven-day grace period in which you can renew for another term, make additional deposits or withdrawals. Otherwise, the CD will automatically be renewed.

How to get Security Service Federal Credit Union’s CDs

Opening a Security Service Federal Credit Union CD first requires you to establish membership with a Basic Savings account. Both accounts can be opened with an online application form where you’ll indicate your membership qualifications, then provide personal details such as your name, address, employment information and Social Security number. Once that’s done, you can fund both accounts.

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How Security Service Federal Credit Union’s CD rates compare

Security Service Federal Credit Union’s CD rates are pretty much on par with what’s being offered out there. The minimum deposit amount is lower than what’s currently being required by some of the banks on our list of the best CD rates.

In addition, the Future Builder Share Certificate is unique in that it gives account holders the opportunity to make additional deposits or withdrawals before maturity. The rate is slightly lower, but it could be worth it if you value the flexibility.

Security Service Federal Credit Union money market account option

Security Service Money Market account

You won’t earn a high rate with this account.
APYMinimum Balance to Earn APY
0.30%
$0
0.30%
$10,000
0.40%
$25,000
0.45%
$50,000
0.60%
$100,000
0.85%
$250,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Security Service Money Market account is best for those who want a bit more flexibility than a savings account as it offers limited check-writing capabilities. You can also access your cash via ACH transfer. In order the avoid the monthly maintenance fee, you’ll need to maintain a minimum daily account balance of $1,000.

Since this is considered a savings account, Federal Reserve Regulation D states that you are allowed up to six certain debits a month. If you go over this, you’ll be charged a $10 fee on each excess related transaction. Your account may be closed if you keep exceeding the transaction limit.

How to get Security Service Federal Credit Union’s Money Market account

You need to become a member in order to open the credit union’s money market account. To do so, fill out an online application form and indicate how you qualify, and agree to open a basic savings account to establish membership. Next, you’ll need provide information such as your name, address and Social Security number. Then, you can fund your accounts.

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How Security Service Federal Credit Union’s money market account compares

The rates for the Security Service Federal Credit Union Money Market account isn’t anywhere near the rates we’re seeing on our list of the best money market rates. Many of its competitors don’t have minimum opening deposits and some even offer limited ATM and check-writing access. If you’re after a flexible money market account that offers better rates, you’re better off going elsewhere.

Security Service Federal Credit Union IRA options

IRA CD rates

Fixed-rate IRA certificates

Earn some decent rates with this retirement account.
$500 opening deposit
TermAPY
3 months0.55%
6 months1.65%
1 year1.90%
15 months2.35%
2 years2.25%
30 months2.90%
3 years2.40%
5 years2.65%
7 years2.90%
$25,000 opening deposit
TermAPY
3 months0.60%
6 months1.70%
1 year1.95%
15 months2.40%
2 years2.30%
30 months2.95%
3 years2.45%
5 years2.70%
7 years2.95%
$50,000 opening deposit
TermAPY
3 months0.65%
6 months1.75%
1 year2.00%
15 months2.45%
2 years2.35%
30 months3.00%
3 years2.50%
5 years2.75%
7 years3.00%
$100,000 opening deposit
TermAPY
3 months0.65%
6 months1.75%
1 year2.00%
15 months2.45%
2 years2.35%
30 months3.00%
3 years2.50%
5 years2.75%
7 years3.00%
  • Minimum opening deposit: $500 – $100,000
  • Minimum balance amount to earn APY: Tiered – see tables above
  • Early withdrawal penalty: Depends on length of term:
    • 1 year or less — 90 days’ of interest or 30 days’ of interest if your CD has earned less than 30 days’ of interest
    • Less than 5 years — 180 days’ of interest or 60 days’ of interest if the CD has earned less than 60 days’ of interest
    • 5 years or more — 360 days’ of interest or 90 days’ of interest if the CD has earned less than 90 days’ of interest

This IRA CD is best for those looking for a guaranteed rate of return on their cash. As long as you keep your money in for the agreed term, you’ll earn the advertised rate. Interest is compounded daily and paid out each month. Interest earned can be kept in the IRA CD or transferred to another account, though you may be limited by the IRS as to whether or not you can. In this case it’s best to consult a representative at the credit union or a tax professional for guidance.

You’ll receive a 20-day notice before the CD matures. Once it does, account holders receive a seven-day grace period to make additional deposits, withdrawals or renew for another term. Otherwise, it’ll be renewed automatically.

How to get Security Service Federal Credit Union’s IRA CDs

You’ll need to first establish membership by selecting how you qualify on its online application form. You’ll also need to open a basic savings account with $5 to complete the membership process. The form will ask you to fill in your personal details like your name, address and Social Security number. Then, select the CD term (it’ll be for a regular traditional certificate initially) and fund the savings and CD account. Afterward, send a secure message in your account to let the credit union know that you want to open a fixed-rate IRA certificate.

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How Security Service Federal Credit Union’s IRA CD rates compare

The rates for the IRA CD are slightly lower than what’s being currently offered out there. While some of the banks and credit unions on our list of the best IRA CD rates require a higher minimum opening deposit, the rates could be worth it. If you’re looking to maximize your retirement savings, you may be better off shopping around.

IRA savings account

It’s not the best rate.
APYMinimum Balance to Earn APY
0.40%
$5
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $10
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account is best for those wanting a more flexible option than an IRA CD, as you can make withdrawals at any time. However, you’re allowed up to six specific debits a month as mandated by Federal Reserve Regulation D. You may also face IRS penalties if you’re younger than 59½, so check the rules and regulations.

How to get Security Service Federal Credit Union’s IRA savings account

You can only apply for an IRA savings account by calling customer service at 1-888-415-7878.

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Overall review of Security Service Federal Credit Union’s banking products

Security Service Federal Credit Union offers some competitive CD rates along with the ability to make withdrawals before maturity through the Future Builder Share Certificate. Otherwise, the other accounts don’t really stand out.

Another shortcoming is that in order to open any account, you need to become a member by opening a savings account, as is typically the case with a credit union. Yes, it only requires a $5 opening deposit, but you’ll be charged a monthly maintenance fee if you don’t meet the minimum deposit amounts. If that’s a turnoff for you, then it’s probably a better idea to look elsewhere.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

Popular Bank 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 has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Popular Bank’s checking account options

Popular Prestige Checking

Move up in the ranks to get bigger and better rewards.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$1,000
0.10%$25,000
0.15%$50,000
0.15%$100,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None (exceptions apply)
  • Overdraft fee: $34

This checking account could be worth it if you qualify for the Popular Rewards rate tiers. This rewards program offers benefits based on your account balance. Essentially, the more money you have in combined account balances across Popular Bank, the more perks you get. This includes ATM refunds, rate increases on linked savings accounts and free monthly services. There are three tiers — bronze, silver and gold — and you’ll automatically be bumped up once you qualify.

To waive the monthly fee for this account, you’ll need to maintain an average monthly balance of $2,000 or a combined monthly deposit balance of $5,000 across your Popular Bank deposit accounts. In addition, you won’t be charged an overdraft fee if the amount is less than $5. You can link to your savings account for overdraft protection and that’ll set you back $5 per transaction.

How to get the Popular Prestige Checking account

You can open an account by filling out an online application form. Provide personal details such as your name, employment information and Social Security number. Then you can fund the account. You can also stop at a branch or call customer service at 1-888-533-5333.

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Popular Everyday Checking

Just that, a basic checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This is a basic checking account that sadly doesn’t earn any interest. The monthly maintenance fee seems a bit steep for what you get but you can avoid it by keeping an average monthly balance of $1,000 or maintaining $750 a month in combined direct deposits. There’s also a $2 paper statement fee each month, which you can waive by opting for electronic statements.

Just like Popular Bank’s other checking accounts, you get online banking and the ability to link to a savings account for overdraft protection. This option will set you back $5 per transfer. However, you won’t be charged an overdraft fee whichever overdraft option you choose if the overdrawn amount is less than $5.

How to get the Popular Everyday Checking account

You can complete an online application form where you’ll provide personal details such as your name, employment information and Social Security number. From there, you can arrange for your opening deposit. Customers can also open an account in a branch or by calling customer service at 1-888-533-5333.

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Popular eVolve Student account

A simple account for teens, with ATM access.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $2 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

The eVolve student account is meant for students between 13 and 18 years old. To qualify for an account, the teen’s parent or guardian needs to have their own Popular Bank checking account and be the primary co-owner. Once the teen turns 19, the account can then be upgraded to a personal checking account and become the primary (sole) owner. This account doesn’t earn you any interest.

The account offers ATM access but no check writing capabilities or overdraft options. The monthly maintenance fee can be waived if you can make a minimum of five bill pays or ACH deposits each month.

How to get the Popular eVolve Student account

You can only open this account in person. Click here to find your nearest location.

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Popular Fast Track College account

You can save on monthly maintenance fees compared to the Popular Everyday Checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

For those who qualify, this may be the better choice than the Popular Everyday Checking account as you can get a much lower monthly maintenance fee at $4 compared to $10. Fortunately, both fees can be waived. The monthly fee associated with the Popular Fast Track College Account can be waived if you make five electronic deposits (ACH) or five transactions using bill pay.

You can only open this account if you’re 18 to 24 years old and can provide proof of enrollment at a post-secondary educational institution. Once you turn 25 years old, this account will automatically be converted to a Popular Everyday Checking account.

Unlike the eVolve Student account, this account gives you overdraft and check writing capabilities, on top of online banking and ATM access. Just like the Popular Everyday Checking account, you can link a savings account for overdraft protection and you won’t be charged a fee if your account is overdrawn by less than $5. This account doesn’t earn you any interest.

How to get the Popular Fast Track College account

You can only open this account in person. Click here to find your nearest location.

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Popular Basic Checking

If you want a checking account with low fees, this one is for you.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Popular Basic Checking is for those looking for an account that has low fees and no minimum account balance amounts. However, you don’t earn any interest and there isn’t a way to waive the monthly maintenance fee. You also don’t get unlimited transactions. Instead you get eight free withdrawals a month and then you’ll need to pay $1 for each one over that. You do get to make unlimited deposits.

How to get the Popular Basic Checking account

To open a Basic Checking account, you can head to Popular Bank’s website and fill out an application form by entering in information such as your name, address and Social Security number. Then you’ll need to fund your account. Otherwise, you can call customer service at 1-888-533-5333 or go to the nearest branch.

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How Popular Bank’s checking accounts compare

Even with the Popular Prestige Checking account and its many perks, the rates still fall slightly short of what’s being offered out there. Many other online banks offer ATM refunds, unlimited transactions and no monthly maintenance fees. If those are the most important aspects to you in a checking account, then you’ll probably want to check out our list of the 10 best online checking accounts to do a little comparison shopping.

Popular Bank’s savings account option

Popular Savings

The rate offered isn’t that great but you can get ATM access.
APYMinimum Balance to Earn APY
0.10%$0.01
0.10%$2,500
0.10%$10,000
0.15%$25,000
0.20%$50,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

As the only savings account Popular Bank offers, you’re not earning much more than with the Prestige Checking account and you can only waive the monthly maintenance fee if you qualify for the rewards program.

Other features of the Popular Savings account include an ATM card, online and telephone banking. Keep in mind you are limited to six withdrawals per month as mandated by Federal Reserve Regulation D or else you’ll need to pay $5 for each excessive withdrawal.

How to get the Popular Savings account

Head over to Popular Bank’s website and fill out an application form. You’ll be asked to provide details such as your name, address and Social Security number. Then you’ll need to fund the account.

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How Popular Bank’s savings account compares

Popular Bank’s savings account really isn’t that great when comparing it with other choices out there. Sure, you can waive the monthly maintenance fee, but you need to qualify for the bank’s reward programs in order to do so. You do get ATM access but so do other banks and credit unions.

To maximize your savings, you’re probably better off looking at the ones on our list of the best online savings accounts instead.

Popular Bank’s CD rates

Certificates of deposit

These are some of the highest rates we’ve seen.
TermAPY
13 months2.65%
21 months2.20%
25 months2.25%
3 years2.35%
4 years2.40%
5 years2.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: Depends on CD term:
    • Less than 91 days – 98 days’ simple interest
    • 91 days up to 12 months – 120 days’ simple interest
    • 12 to 36 months – 270 days’ simple interest
    • 36 to 60 months – 365 days’ simple interest
    • 60 months and up – 730 days’ simple interest

Popular Bank’s CDs are fixed-rate, meaning anyone who wants a guaranteed return on investment will probably like these. Interest is compounded daily and you can choose to have it deposited into your account monthly, quarterly or when it matures.

Upon maturity, you’ll get a 10-day grace period where you can make any changes, such as making additional deposits, withdrawals or renewing for another term. Otherwise, your CD will automatically be renewed.

How to get Popular Bank’s CDs

To open a Popular Bank CD, head over to its CD accounts page and choose the term you want. The application process typically takes anywhere from five to 10 minutes and you’ll need to provide details such as your name, address and Social Security number. Afterward, you can fund your account.

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How Popular Bank’s CD rates compare

Popular Bank’s CD rates are among some of the highest currently being advertised out there. If you’re looking for terms shorter than 13 months, then you may not want these CDs, but those looking for long-term ones are in luck.

That said, there may be higher rates, so you may want to check out our list of the current best CD rates.

Popular Bank’s money market account option

Optimum Money Market

Earn one of the best rates advertised, but only if you have $10,000 to spare.
APYMinimum Balance to Earn APY
0%$0.01
1.90%$10,000
1.90%$25,000
1.90%$50,000
1.90%$100,000
1.90%$250,000
1.90%$500,000
1.90%$1,000,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Although you do get a decent rate with this account, you’ll need a high deposit amount to qualify. According to Popular Bank, money you put into the account will earn interest at the highest rate currently advertised by the bank for the first six months. Afterward, it’ll be set at whatever the current standard rate is at that time. If you are part of the Popular Rewards program, your rate would currently sit at 1.75% APY for those who qualify for the silver rewards and 1.70% APY for those who qualify for the gold level.

To access your cash, you can do so at any branch, with your ATM card or via check, though are limited to six withdrawals per month as per Federal Reserve Regulation D. Otherwise, you’ll be charged $15 per excess withdrawal. You can also waive the monthly maintenance fee if you maintain a $10,000 minimum average balance.

How to get Popular Bank’s money market account

The application process to open an account online takes around five to 10 minutes. To apply, head over to Popular Bank’s website and fill out an application form by providing details such as your name, address and Social Security number. Then, fund your account.

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How Popular Bank’s money market account compares

The rates for this money market are slightly lower than the ones on our list of the best money market account rates. While that’s not a total deal breaker, one of the shortcomings is that it does require a high deposit amount in order to waive monthly fees and earn the advertised APY. Sure, you get ATM access and limited check writing capabilities, but it may not be worth it if you don’t have that much to open an account.

In that case, you could be better off doing some comparison shopping with any one of the banks or credit unions on our list of the best money market rates.

Popular Bank’s IRA options

IRA CD rates

Structured similarly to the bank’s regular CDs.
  • Minimum opening deposit: $500 or $100 for the IRA CD special
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: Depends on CD term:
    • 12 to 36 months – 270 days’ simple interest
    • 36 to 60 months – 365 days’ simple interest
    • 60 months and up – 730 days’ simple interest

These IRA CDs are best for those who are looking for a conservative retirement account. These accounts are for new money only, which Popular Bank defines as money that’s not currently on deposit in any Popular Bank account. Interest is compounded daily and credited to your account monthly, quarterly or upon maturity. You’ll have to call the bank to learn what rates are currently being offered for each term.

There are fixed-rate IRA CDs ranging from three months to 10 years and an 18 month special IRA CD currently on rotation. The minimum opening deposit is lower and you can make additional deposits unlike with the regular IRA CD. You can make additional deposits — in $100 increments — throughout the term up until the IRS limitations.

Since this is a retirement account, you may be penalized by the IRS if you’re under 59½ and make an early withdrawal on top of the penalties imposed by Popular Bank. Once you’re 70 1/2 or older, you can make withdrawals without any penalties.

When your account matures, you have a 10-day grace period where you can make any necessary changes such as making withdrawals or additional deposits or renewing the CD to another term. If nothing is done, your IRA CD will be renewed automatically.

How to get Popular Bank’s IRA CDs

You’ll need to head to the nearest branch to open an IRA CD.

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How Popular Bank’s IRA CD rates compare

Popular Bank’s IRA CDs have a minimum opening deposit that is much lower compared to ones on our list of the best IRA CD rates which is great if you don’t want to invest a huge chunk of your cash right now.

Overall review of Popular Bank’s banking products

Popular Bank offers some pretty good options in terms of its CD and IRA CD products. Its rates are some of the best we’ve seen out there and the opening deposit amounts aren’t too high. Popular Bank’s money market account also offers a competitive rate, but you need to make a $10,000 initial deposit, which may not be an easy ask for everyone.

Also, we’d probably take a pass on its checking and savings accounts because of their low rates — that is, if you earn any interest at all. These accounts do offer ATM and check writing capabilities, but so do other competitors. For those looking for great CDs, Popular Bank is a decent choice. If not, then you may want to do some shopping around.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here