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Earning Cashback, Reviews

Chase Freedom or Discover it: Who is the King of 5% Bonus Cash?

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Chase Freedom or Discover it: Who is the King of 5% Bonus Cash?

If you’re going to use a credit card, choosing one that rewards you for spending is a given. Choosing the right card? That’s another story. With so many cards offering similar cash back programs and terms it can be difficult to choose one over another.

For example, should you get the Chase Freedom® or Discover it® Cash Back?

Both offer 5% cash back categories that change each quarter, with that 5% limited to your first $1,500 in spending on those categories each quarter. Where they differ is in the actual 5% bonus categories, the introductory bonus offer, and some fine print.

In this post, we’re going to dissect both cards and how they stack up against each other.

Chase Freedom®

Chase Freedom®

The information related to Chase Freedom® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom®

Regular Purchase APR
16.49% - 25.24% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

With Chase Freedom®, you can Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

Discover it® Cash Back

Discover it® Cash Back

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Rates & Fees

Discover it® Cash Back

Regular APR
13.49% - 24.49% Variable
Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.

You earn 5% cash back at different places each quarter like grocery stores, gas stations, Uber and Lyft, restaurants, and Amazon.com up to the quarterly maximum each time you activate. The 5% is limited to $1,500 spending per quarter, 1% after that.

  • January – March 2020 – Grocery stores, Walgreens and CVS
  • April – June 2020 – Gas Stations, Uber and Lyft, wholesale clubs
  • July – September 2020 – Restaurants and PayPal
  • October – December 2020 – Amazon.com, Target.com, and Walmart.com

All other purchases get unlimited 1% cash back, automatically. You can redeem cash back for gifts cards, statement credits, charitable donations, deposits to an account or merchandise.

Aside from the cash back program, Discover it® has special introductory offers. There’s an intro APR of 0% for 14 months on purchases and balance transfers. There is a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.

Pros and Cons

Now, let’s dive into the pros and cons of both cash back programs.

Chase Freedom®

Pro: A competitive intro bonus for small spenders. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
This sign-on bonus is great perk for new customers.

Pro: Flexible points. While you can always use your points for cash back, the Freedom earns Chase Ultimate Rewards® points. That means you can also use them for travel, gift cards, and other items. In addition, if you have another card that earns Chase Ultimate Rewards® points you can combine the points for more reward opportunities.

Con: You need to activate your 5% bonus. Another negative of the Chase Freedom® card is the 5% bonus category requires activation each quarter. If you forget to subscribe to the program, you’ll only get 1% cash back for all spending, so this is a card that you’ll have to actively manage. Plus, the 5% bonus categories are announced quarterly, so it can be difficult to plan ahead.

Discover it® Cash Back

Pro: A good introductory offer for big spenders. You can get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically (new cardmembers only). That can really add up if you tend to be a big spender, though the catch is that bonus double cash back doesn’t hit your account until the very end of your first year. The Chase Freedom®‘s introductory offer hits your account after just 3 months worth of spending.

Con: You need to activate your 5% bonus. Like the Chase Freedom® card, Discover it® makes you subscribe to the 5% bonus place each quarter. You can set up email reminders, but it’s still a hassle to actively opt-in instead of being about to set that on auto pilot. So, again, this isn’t a card where you can passively earn cash back.

When to Consider Both Cards

Now, it’s possible to have the best of both worlds if it makes sense.

You can get both cards and alternate use throughout quarters so you can take advantage of both card’s 5% bonus categories to get 5% on more of your spending.

Of course, you’ll have to remember to activate each bonus category and label the cards in your wallet to know which one to use at what time.

But, if you spend in these areas anyway why not earn cash back for doing so?

There’s no annual fee for either card.

Other Cash Back Card Options

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Regular Purchase APR
11.00% - 15.00% Variable
Annual fee
$0
Rewards Rate
Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter).

The Visa® Platinum Rewards Credit Card from Nusenda Credit Union let you Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter). Rates are 11.00% - 15.00% Variable APR with no balance transfer fee. There’s an intro 5% APR Intro Rate for all Balance Transfers (first six cycles after card opening).

Even better, you don’t have to activate the categories each quarter. Here are the 5% cash back categories in detail:

  • January to March – Groceries and gas expenses
  • April to June – Movies, restaurants and home improvement
  • July to September – Gas and education expenses
  • October to December – Restaurants, hotels and airfare

U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

Regular Purchase APR
15.74% - 25.24%* (Variable)
Annual fee
$0*
Rewards Rate
5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

The U.S. Bank Cash+™ Visa Signature® Card has a rewards program that’s a little different than all three offers above. With this card you can earn 5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

Which Card Will Benefit You the Most?

Overall, the Chase Freedom® and Discover it® Cash Backare similar cards. Both earn 5% cash back in revolving categories (up to $1,500 in combined purchases each quarter you activate). If you’re making a choice of one over the other, your choice would ultimately depend on your spending habits, so you can use the card (or a combination of both cards) to maximize your regular purchases.

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.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Reviews

Provident 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.

Provident Credit Union checking account options

Provident Credit Union Super Reward Checking account

They weren’t kidding when they called this account Super Reward. It comes with a fantastic interest rate and up to $12 per month in out-of-network ATM refunds. The only drawback is you need to spend $300 per month on a Provident Credit Union debit or credit card to earn the benefits.
APYMinimum Balance to Earn APY
2.01%$0.01 (qualifying transactions met)
0.08%Balances over $25,000 (qualifying transactions met)
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $12 per month, provided qualifying transactions are met. Otherwise, none.
  • Overdraft fees: $28

Super Reward Checking comes with the most benefits of all the checking accounts offered through this credit union. It offers a sky-high interest rate on balances up to $25,000. If you have more than $25,000 in the account, you’ll earn a much lower rate on any amount over $25,000.

In order to qualify for interest, every statement cycle you need to meet three requirements:

  1. You make at least $300 in purchases using a Provident Credit Union debit or credit card.
  2. You receive at least one direct deposit or automatic debit/credit into your checking account.
  3. You are enrolled in e-Documents (electronic statements.)

If you don’t meet the qualifying transactions, you will not earn interest for the month. However, this account does not charge a monthly fee, even if you miss the required transactions. You need to deposit $25 to open a Super Checking account but after that there’s no minimum balance requirement.

With this account, you can make free withdrawals from the credit union, CO-OP® and MoneyPass® network ATMs. If you use an out-of-network ATM, Provident Credit Union will not charge a fee and they will also refund up to $12 per month in fees from the ATM owners. Once again, you only receive the refund if you meet the qualifying transactions. There is no refund if you don’t.

Before you can open a Super Checking account, you’ll need to join the Provident Credit Union as a member. While you’re signing up, you can open this account at the same time using the same information. You’ll just need to include your opening deposit of at least $25.

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Provident Credit Union Provident Checking account

For the basics, this account isn’t terrible. It comes with free checks and several ways to avoid the monthly fee. Unfortunately, it doesn’t earn interest though.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

The Provident Checking account comes with the essentials like online banking, a debit card and ATM access. It also comes with free checks that you can order one box at a time.

However, this account does not interest. It also charges a $10 monthly maintenance fee. The credit union will waive the fee though if each statement cycle you achieve at least one of the following:

  1. You receive at least $1,000 in direct deposits.
  2. You have a combined balance of at least $2,500 throughout Provident Credit Union checking and savings accounts.
  3. You pay at least two bills electronically through the checking account. Bills paid by paper check do not count.

With the debit card, you can make free withdrawals from Provident Credit Union, CO-OP® and MoneyPass® ATMs. The credit union also lets you make up to four out-of-network ATM withdrawals per month without charging a fee. If you make more than four, they’ll charge $1.50 on any extra transactions. In addition, they do not refund any fees from ATM owners on this account.

You can open the Provident Checking account while applying for Provident Credit Union membership. It’s on the same online application so you can automatically enroll while setting everything up. You will need to submit your $25 opening deposit along with the membership form to complete opening this account.

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Provident Credit Union Simply Free Checking account

As you can guess by the name, Simply Free Checking never charges a monthly fee. In exchange, it doesn’t offer anything but the very basics for your bank account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

The Simply Free Checking account is an option for customers who do not want to worry about a monthly fee. This account has no minimum balance requirement and never charges a monthly maintenance fee.

The Simply Free Checking account does not earn interest. It only comes with a debit card, ATM access and online banking. You receive one free box of checks when you sign up as well.

If you want to take out money, you can make free withdrawals from Provident Credit Union CO-OP® and MoneyPass® ATMs. The credit union lets you make four out-of-network transactions per month without charging a fee but if you make more than four, they charge $1.50 per withdrawal. This account does not refund fees from out-of-network ATM owners.

Like the other checking accounts, Simply Free Checking is only available for members of the credit union. If you haven’t joined yet, you can apply for Simply Free Checking at the same time as you fill out your membership form. You can add this account along with the mandatory savings account.

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Provident Credit Union Youth Checking account

Children between the ages of 13 to 17 can open a free checking account to start learning how to manage money.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

If you have children between the ages of 13 to 17, they can open a Youth Checking account. This account requires an opening deposit of at least $25. After that, there’s no minimum balance requirement or monthly fee.

The Youth Checking account does not earn interest. It just comes with the standard checking account features: a debit card, online banking and ATM access.

Your child can make free withdrawals from Provident Credit Union, CO-OP® and MoneyPass® ATMs. For out-of-network withdrawals, your child can make up to four per month without owing a fee to the credit union, but if they make more than that, Provident Credit Union charges $1.50 for each extra transaction. This account also does not refund fees from ATM owners.

Before your child can open a Youth Checking account, they’ll need to join the credit union as a member. This means opening a Youth Savings account with a deposit of at least $5. When they sign up for membership online or at a branch, they can open their Youth Checking account as well.

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How Provident Credit Union’s checking accounts compare

Out of the credit union’s checking accounts, Super Rewards Checking is by far the best choice. It’s the only one that earns interest and the rate is superb, as good as anything you’ll see on a checking account. It’s also the only account with refunds for out-of-network ATM fees. The only drawback is that to receive the benefits, you need to meet several qualifying transactions each month, like spending $300 on a Provident Credit Union debit or credit card.

The other checking accounts offered by this credit union are less generous. Provident Checking comes with a potential $10 monthly fee and the only real benefit is free checks. Simply Free Checking doesn’t charge a monthly fee and just offers the basics. There’s no real need for it since Super Rewards Checking is also free.

Super Rewards Checking is a terrific option. The only question is whether you feel like dealing with the qualifying transactions each month. If that sounds like a hassle, these online checking accounts offer the same generous benefits but they don’t require you to put in a bunch of work each month to qualify.

Provident Credit Union savings account options

Provident Credit Union Savings account

To join the Provident Credit Union, you need to open a savings account for at least $5. The interest rate is very low so we do not recommend adding any more than the minimum.
APYMinimum Balance to Earn APY
0.03%$5
0.08%$25,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

When you apply to join the credit union, the application will require you to open a Membership Savings account for $5. This account earns interest so long as you have at least $5, but the rate is very low. There’s a slight improvement when you have a balance of at least $25,000 but even then, the rate is poor for a savings account.

The Savings account does not charge a monthly fee. If you want to split up your money for different goals, you can also open Secondary Savings accounts. These extra accounts earn the same interest rate and also do not charge a fee.

If your children want to open any Provident Credit Union accounts, they need to open a Youth Savings account for $5. They’ll be the primary owner on the account and you’ll be the secondary owner.

Provident Credit Union limits how often you can make certain types of withdrawals with this account because of federal Regulation D. There’s no limit to bank or ATM withdrawals. However, for other transactions like transfers, debit card purchases, checks and drafts, you can only make six per month. If you try to make more than six, the credit union will block the transaction but they will not charge a fee. If you continue to go over the limit, they could close your account.

When you sign up to join the Provident Credit Union, the application will require you to open the Savings account with the minimum $5 deposit. You can also open a Secondary Savings account and most of the other personal banking products at this time as well.

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Provident Credit Union Accumulator account

The Accumulator account earns roughly ten times as much interest as the regular savings account. The catch? There’s a steep withdrawal penalty for taking money out before your target date.
APYMinimum Balance to Earn APY
0.31%$25
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $28

The Accumulator account is supposed to help you save for a specific goal during the year. This could be a vacation, an upcoming wedding or holiday shopping.

When you sign up for the account, you pick a target date. It must be within 12 months of opening the Accumulator account. You then put money aside whenever you can. When you reach the deadline, it will pay out everything you saved, plus interest to your regular savings account.

The Accumulator account earns interest so long as you have at least $25 in the account. The rate is above average and a lot better than Provident Credit Union’s regular savings account. The credit union also guarantees a base return, which they will pay even if market rates drop. Until Dec. 31st, 2018, they guarantee at least 0.20% APY.

The downside to this account is you are supposed to keep money in until the target deadline. Any time you make a withdrawal before then, the credit union charges a $25 penalty.

You must deposit at least $25 to open an Accumulator account. After you open, you can add no more than $3,000 per month to your account. The Accumulator account does not charge a monthly maintenance fee.

If you want to open an Accumulator account, you’ll need to become a member of the Provident Credit Union. You can apply at a branch, online or by mail. You can open the Accumulator account while applying for membership or you can set it up after, through online banking.

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How Provident Credit Union’s savings accounts compare

Provident Credit Union’s regular savings account is rather disappointing. It pays barely any interest at all and will not be much help in growing your money. While you’re going to need to open an account for $5 to set up your membership, we would not recommend adding any more than the minimum.

Their Accumulator account pays a much more attractive rate and we like that the credit union guarantees a base return, a nice feature if you’re worried about rates going down. But you need to be careful with planning because of the early withdrawal penalty. If you miscalculate and take money out before the deadline, the $25 penalty could wipe out all your earnings and then some.

If you want a generous savings rates that won’t make you gamble with an early withdrawal penalty, these online savings accounts could be a better choice. They pay even more than Provident Credit Union’s Accumulator account and there are no penalties for taking money out early.

Provident Credit Union’s CD rates

Provident Credit Union Regular Term Share Certificates

Provident Credit Union’s regular Share Certificates have some attractive rates. Their best offer takes a larger deposit, $10,000 while the rest can be opened for just $1,000.
TermAPY
6 months0.76%
12 months1.71%
18 months3.01%
24 months2.06%
36 months2.11%
48 months2.16%
60 months2.21%
  • Minimum opening deposit: $1,000 ($10,000 for 18 month)
  • Minimum balance amount to earn APY: $1,000 ($10,000 for 18 month)
  • Early withdrawal penalty: For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100. For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

The credit union has regular fixed-term certificates which last from six months up to 60 months. With these certificates, you can only add money when you open. There’s no option to add money later.

The 18 month Certificate requires a deposit of at least $10,000 while the others need $1,000. You also need to keep this much in the account to earn the APY. In addition, you can only open the 18 month Certificate with new funds, money that has not been on deposit with the credit union for the last 60 days.

The Term Share Certificates earn a fixed interest rate that will not change. You will receive interest each month during the Certificate term.

You are not supposed to take money out of the regular Share Certificates before the maturity date. If you do, the credit union will charge an early withdrawal penalty:

  • For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100.
  • For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

You can open any of the regular fixed-term certificates while applying for Provident Credit Union membership. They are all listed on the membership application. You will need to submit your opening deposit to set up the Certificate, either at least $10,000 for 18 month or $1,000 for the rest.

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Provident Credit Union Special Term Share Certificates

Besides their regular Share Certificates, Provident Credit Union also has several offers with unique features you don’t see on every CD.
TermAPY
12 months (add-on, $250 deposit)1.61%
12 months (youth add-on, $50 deposit)1.61%
12 months (deferred dividend, $500 deposit)1.71%
13 months (liquid, $5,000 deposit)1.11%
24 months (bump up, $1,000 deposit)1.96%
24 months (variable rate add-on, $500 deposit)1.96% Variable
  • Minimum opening deposit: $50 for Youth Add-on, $250 for Add-On, $500 for Deferred Dividend and Variable Add-On, $1,000 for Bump-Up and $5,000 for Liquid.
  • Minimum balance amount to earn APY: $50 for Youth Add-on, $250 for Add-On, $500 for Deferred Dividend and Variable Add-On, $1,000 for Bump-Up and $5,000 for Liquid.
  • Early withdrawal penalty: For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100. For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

The Provident Special Share Certificates come with some extra features that aren’t standard on a regular CD. First, the credit union offers a 12 month Special Certificate with a Deferred Dividend feature. With this account, you only receive the dividends at the end of the Certificate term, rather than monthly. You need to deposit at least $500 and keep this in the account to earn the APY.

They also have a 12 month Add-On Certificate. You can open this account for just $250 and in addition, you can add extra funds any time you want before the maturity date. For customers under the age of 18, they offer a Youth Add-On Certificates. It’s the same setup but they can open for just $50.

There is one more Add-On Certificate that lasts 24 months. Once again, you can add money whenever you want before the maturity date. This one has a couple differences. First, you need $500 to open the account. More importantly, it uses a variable interest rate. The amount you receive in dividends each month can go up and down based on market interest rates. For the other Share Certificates offered by this credit union, you receive the same amount each month.

Another way to prepare for rates going up in the future is with Provident Credit Union’s 24 month Bump-Up Certificate. If Provident Credit Union starts paying a higher rate after you sign up, you have a one-time option to request a change to the higher rate. You need at least $1,000 to open this one.

Finally, they offer a 13 month Liquid Certificate. It has the highest balance requirement because you need at least $5,000 to open. In exchange, it gives you the most access to your account. First, you can make additional deposits before the maturity date. It also lets you make a withdrawal once every seven days, without owing an early withdrawal penalty. Your withdrawal must be for at least $500 and can be made by phone or at a Provident Credit Union branch. Your balance also must still be $5,000 or higher after the withdrawal.

The Special Certificates will charge an early withdrawal penalty if you take money out before the maturity date (or if you make more than one withdrawal within seven days for the Liquid Certificate. Since all the Special Certificates last 12 months or longer, the penalty will be the greater of 180 days’ of earnings or $150.

You can open any of the Special Share Certificates as part of your new membership application for Provident Credit Union. After you’re a member, you can also open them up through online banking or at a branch.

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How Provident Credit Union’s CD rates compare

There’s a lot to like about these Share Certificates. The 18 month Certificate pays the most interest with one of the highest rates in the country for this amount of time. The downside is that you need at least $10,000 to open this account and the deposit has to come from new money, funds not already at Provident Credit Union. The other regular Certificates are available for $1,000. While their rates are a small step down compared with the 18 month term, they are still very good.

Beyond the regular offers, Provident Credit Union has shown some creativity with multiple Special Certificates. They also pay highly competitive rates and include extra features like the option to make more deposits, the ability to adjust your interest rate later and the flexibility to take money out before the maturity date.

Between all these choices, you can find an excellent CD at Provident Credit Union. But before deciding, it wouldn’t hurt to rate shop. This list covers the very best options for every CD term. You can quickly compare and see whether Provident Credit Union is the best choice or if you could earn more elsewhere.

Provident Credit Union money market account options

Provident Credit Union Money Market Savings account

Provident Credit Union’s regular money market account never charges a monthly fee but you need at least $10,000 to earn just an average interest rate. There’s not enough return to justify the balance requirements.
APYMinimum Balance to Earn APY
0.16%$2,500
0.41%$10,000
0.51%$50,000
0.81% $100,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

You need to deposit at least $2,500 to open a Money Market Savings account. This account does not charge a monthly maintenance fee, no matter how low your balance drops. However, if your minimum daily balance falls below $2,500, you stop earning interest.

The base interest rate for this account is very low. When you have at least $10,000, it starts paying an average rate and it’s not until you have at least $100,000 that it starts paying a decent return.

Since this is a money market account, Provident Credit Union limits how often you can take money out because of government regulations. Each statement cycle, you can make no more than six debits like checks, drafts, debit card transactions and account transfers. If you try to make more than six of these transactions, Provident Credit Union will deny the transaction. However, they will not charge a fee. The limits don’t apply to ATM or bank withdrawals so you can make as many of these as you want.

You can open a Money Market Savings account online or at one of their branches. You need to be a member. If you haven’t joined yet, you can set this up with your money market account at the same time.

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Provident Credit Union Premier Money Market Savings account

The rates on Provident Credit Union’s Premier Money Market are a little better than their regular account. But to qualify, you need both a larger balance and a monthly direct deposit into a checking account. It’s a lot of extra work for a little more interest.
APYMinimum Balance to Earn APY
0.61%$25,000
0.81%$75,000
1.01%$125,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: None
  • ATM fees: None at Provident Credit Union, CO-OP® and MoneyPass® ATMs. 4 free transactions per month at out-of-network ATMs, then $1.50.
  • ATM fee refunds: None
  • Overdraft fees: $28

Provident Credit Union’s Premier Money Market Savings account pays higher rates than the regular money market account. However, it takes more work to qualify. First, you need to deposit at least $25,000 to open and keep this much in your Premier Money Market account to earn interest. The regular money market account just takes $2,500.

You also need to set up a monthly direct deposit of at least $1,000 into a Provident Credit Union checking account. If you don’t meet these requirements, you earn a much lower interest rate. If you qualify for the higher rates, they are an improvement but you still need a ton of money to get a competitive return, at least $75,000.

The Premier Money Market Savings account has the same withdrawal/transfer restrictions. You can only make six transactions per statement cycle like checks, drafts, debit card purchases and account transfers. Provident Credit Union will deny any transaction over six.

The Premier Money Market Savings account is not listed on the new membership application for Provident Credit Union. You’ll need to set up your membership first and then you can apply for this account, either through online banking or at a branch. You should set up a checking account as well so you can meet the monthly direct deposit requirements to earn the better rates.

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How Provident Credit Union’s money market accounts compare

These money market accounts have some nice features but also some significant downsides. We liked that their money market accounts do not charge a monthly maintenance fee. If you fall below the minimum balance requirements, you just earning interest but that’s it. There’s no penalty. Money market accounts are notorious for having high monthly fees so it’s nice that Provident Credit Union goes against this trend.

If you can qualify for the higher rate tiers by keeping a larger balance, their money market rates are also above average. The problem though is how much you need to earn a decent rate. The regular money market account only pays an average rate unless you have $100,000 while the Premier account takes $75,000 to earn something competitive. As an added hassle, you also need to set up a checking account with a monthly $1,000 direct deposit to qualify for the Premier rates.

You can earn a decent return with Provident Credit Union’s money market accounts, but only if you have the deep pockets to qualify. If you want to make a smaller deposit or just want to compare your options, these are the very best money market accounts in the country right now. For a lower balance, you can earn even more than Provident Credit Union’s Premier account.

Provident Credit Union’s IRA CD rates

Provident Credit Union IRA Fixed Rate Share Certificates

For retirement plans, Provident Credit Union offers a wide range of Share Certificates. The rates are competitive across the board and there are some special features you don’t commonly see for IRA CDs.
Fixed rate
TermAPY
12 months1.71%
18 months3.01%
24 months2.06%
24 months (add-on)2.06%
24 months (bump-up)1.96%
36 months2.11%
48 months2.16%
60 months2.21%
Variable rate
TermAPY
24 months (add-on)1.96% Variable
36 months (add-on)2.41% Variable
  • Minimum opening deposit: $500 ($250 for 24 month Add-On, $10,000 for 18 month)
  • Minimum balance amount to earn APY: $500 ($250 for 24 month Add-On, $10,000 for 18 month)
  • Early withdrawal penalty: For maturities of less than 12 months, the penalty is the greater of 90 days’ of earnings or $100. For maturities of 12 months and longer, the penalty is the greater of 180 days’ of earnings or $150.

If you’d like something for your retirement plan, Provident Credit Union offers a wide range of IRA Share Certificates. They have terms which range from 12 months up to 60 months.

Their Share Certificates are split between two categories: fixed and variable. The Fixed IRA Certificates earn the same interest rate the entire time whereas with the Variable IRA Certificates, your monthly earnings can go up and down based on the market conditions.

Besides the interest rates, some of the IRA Certificates have additional benefits. The Variable and 24 month Fixed IRA Certificate include an Add-On feature. You can deposit extra money anytime you want before the maturity date. There is also a 24 month Fixed Bump-Up IRA Certificate. With this one, you have the option to request a one-time rate increase, should Provident Federal Credit Union start paying more after you sign up.

Most of the IRA Certificates require a deposit of at least $500 and you need to keep this much in the account to earn the APY. You can open the 24 month Fixed Add-On Certificate for just $250. The 18 month Fixed IRA Certificate takes $10,000 because it earns by far the highest rate. In addition, you can only open the 18 month IRA Certificate with new funds, money that hasn’t been with Provident Credit Union for the last 60 days.

These IRA Certificates charge an early withdrawal penalty if you take money out before the maturity date. It will be either 180 days’ worth of earnings or $150, whichever is greater. All Provident Credit Union’s IRAs also charge a $15 annual fee for staying open.

Before you can sign up for any of the IRA Certificates, you need to join the Provident Credit Union. Once you’re a member, you can apply for the IRA Certificates online through their retirement central portal. You can also sign up at a branch or fill out the forms at home and then mail/fax them to Provident Credit Union.

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Provident Credit Union IRA Savings account

If you can’t meet the deposit requirements for an IRA Certificate or want something with more access, you can use this account. It only takes a $25 deposit, but the interest rate is very low.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $25
  • Annual account maintenance fee: $15

Besides their IRA Certificates, Provident Credit Union also offers an IRA Savings account. You can open this account for a deposit of just $25. That’s all you need to keep in the account as well to earn interest. If you fall below this amount, there is no fee but you stop earning interest.

The interest rate on this account is very low. It stays the same for all balances so you won’t earn more by depositing more. With an IRA Savings account, you aren’t committing to keeping your money with Provident Credit Union for a set amount of time. You can add money at your convenience and take money out without owing Provident Credit Union an early withdrawal penalty.

All Provident Credit Union’s IRA accounts charge a $15 annual fee. You need to pay the fee for keeping the account open and can’t avoid it by having a larger balance.

If you’d like to open an IRA Savings account, you first need to join the Provident Credit Union. Once you’re a member, you can go to their retirement central website and either submit the application form online or print it out and send it in by mail/fax. You can also apply at a branch.

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How Provident Credit Union’s IRA CD rates compare

When it comes to IRA CDs, Provident Credit Union has done a nice job designing their products, both in terms of quality and variety. Their IRA Certificate rates are all above average. If you can meet the $10,000 deposit for the 18 month Certificate, you’ll earn one of the very best rates in the country for this type of account.

The rest of the IRA Certificate rates, while not as eye-popping as the 18 month, are still attractive. In addition, some of them have extra benefits like the option to add more money or to “bump up” your rate later. While Provident Credit Union also offers an IRA Savings account, we would stay away from it. The interest rate is too low and in addition, there’s a $15 annual fee. That would likely cancel out most of your earnings.

Stick with Provident Credit Union’s IRA Certificates and you’ll be making a smart decision for your retirement plan. Or, if you’d like a second opinion, check out this list of the very best IRA CD rates from around the country.

Overall review of Provident Credit Union’s banking products

There’s quite a range in the quality of Provident Credit Union’s banking products. Some of the accounts are excellent while others are not worth the effort. If we had to pick a favorite, it’s a tie between Super Reward Checking and their Certificates/IRA Certificates.

Super Reward Checking pays an excellent interest rate and comes with a generous $12 per month refund for out-of-network ATM fees. The Certificates/IRA Certificates also pay highly competitive rates and have all kinds of terms and special features to choose from.

We would not go out of our way for anything else at Provident Credit Union. The money market accounts make you jump through too many hoops to earn a competitive rate while their regular savings accounts pay practically no interest.

If you’re going to open something with Provident Credit Union, stick with the top-recommended accounts. We hope this review helps you weed out what’s useful and what’s not.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Home Savings 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.

Home Savings’ checking account options

Simply Checking

This checking account is Home Savings’ version of a basic, no-frills checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None, if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images.
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you just want a standard, go-to account with no frills, this is the account for you at Home Savings. All of Home Savings’ checking accounts require just $25 to open, which is a pretty reasonable amount.

There is no fee for this account as long as you opt in to electronic statements. If you want paper statements, there will be a $2 or $3 monthly fee, depending on whether you want check images with the printed statements or not.

This isn’t a bad basic-level account, but given that the Simply Checking with Interest account is also free and offers interest above a certain balance level, why not try opening that account instead?

How to get Home Savings’ Simply Checking account

You can open the account online as a first step, but you’ll need to live in Home Savings’ core banking area because you’ll need to visit a branch location to finish signing the paperwork. You’ll also need to provide your Social Security number, a driver’s license (or other government-issued photo ID), and have a way to fund your new account (such as a check, ACH transfer, or credit card).

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Simply Checking With Interest

This is the only interest-bearing checking account that Home Savings offers to most customers.
APYMinimum Balance to Earn APY
0.01%
$1,000
0.01%
$10,000
0.03%
$25,000
0.03%
$50,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None, if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images.
  • ATM fee: Free for Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

This is one of the few interest-bearing checking accounts we’ve seen at a bank like this that doesn’t charge a monthly fee. For that reason, this is the best checking account to open at Home Savings. After all, if you’re not able to meet the $1,000 balance requirement to earn interest, there won’t be any penalty in the form of a monthly fee like with many other checking accounts. So, you really have nothing to lose in opening this account.

Even though this account does earn interest, the interest rate offered is so low that you probably won’t see any real returns. As of press time, the interest rate offered on the lowest tier level is almost one point away from being zero, so don’t expect to get rich off this account.

How to get Home Savings’ Simply Checking With Interest account

You’ll need to visit a branch location in order to open this account. Make sure to bring your driver’s license with you and a way to fund your account. You can do this by providing a credit or debit card, or the routing information for your current bank account.

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Student Checking

This checking account doesn’t really offer much extra beyond the regular checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images.
  • ATM fee: Free for Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

Normally, student checking accounts offer special perks, like free checks, higher interest rates, or no monthly fees. But since Home Savings doesn’t really charge monthly fees on its checking accounts anyways (unless you want paper statements), it has to pursue other options to attract students. Right now, that special perk is offering account holders a free custom photo debit card. That’s it.

This account is also only available to students aged 18-24. So if you’re a young adult and you’re really jonesing for a fancy custom debit card, this is the account for you. Once you’re too old for this account, you’ll have to close it and re-apply for a new “adult” checking account. It does not automatically transfer into a new type of account; Home Savings will require you to do it on your own.

How to get Home Savings’ Student Checking account

Students can open this account online, but in order to complete the application, you’ll have to get to a Home Savings branch to sign paperwork in order to open the account. You’ll also need to provide your driver’s license, Social Security number, and have a way to fund your new checking account. If you’ll be doing this by ACH transfer, you’ll need to provide Home Savings with your current account’s routing number.

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Fabulous 50 Checking

This special account for customers ages 50 and above doesn’t offer anything extra of great value.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images. If you keep at least $5,000 in the account, the paper statement fees will be waived.
  • ATM fee: None for Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you’re a senior age 50 or above, you are eligible to open this checking account. Just like with the student checking account, oftentimes banks will sweeten the deal for senior checking accounts with extras like a higher interest rate.

If you opt for this account, you’ll only get two specific perks over the regular checking accounts. If you keep at least $5,000 in this account, you’ll get free paper statements. This might be a challenge for many seniors living on a fixed income. Secondly, you’ll get one free order of checks every year with this account.

Frankly, we think that it’d be better to open a senior checking account at another bank. You may qualify for more — and better — perks. You should at least be able to find an interest-bearing senior checking account without too much hassle.

How to get Home Savings’ Fabulous 50 Checking

If you do decide you want to open this account, you’ll need to visit a local branch. Home Savings requires you to present your driver’s license and Social Security number. You’ll also need to have a way to fund your new checking account, such as by ACH transfer (remember to bring your current account’s routing information) or by debit card.

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How Home Savings’ checking accounts compare

Home Savings’ checking accounts are a bit lackluster. It’s great that none of them charge a monthly fee, unless you want paper statements. Even its interest-bearing checking account is free, which is unusual and a welcome outlier.

However, none of these accounts stand out in offerings. You can write checks from them, you may be able to earn a tiny smattering of interest, and maybe, if you’re older, you can get a free box of checks.

Instead, if you’d like to find a checking account that offers a much better interest rate along with other, worthwhile perks, consider one of these online checking accounts instead.

Home Savings’ savings account options

Statement Savings

This is Home Savings’ standard savings account. Sadly, it doesn’t earn much.
APYMinimum Balance to Earn APY
0.03%
$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $1, unless you keep at least $100 in the account at all times.
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you’re just getting started on your savings journey at Home Savings and you don’t qualify for any of the bank’s other special savings accounts, this is the savings account you’ll start with. It only takes a $50 deposit to get started, but you might want to wait until you can commit to keeping at least $100 in the account. If you don’t keep $100 in the account each day of the month, you’ll have to pay a $1 monthly fee.

Given the fact that the interest rate is so low on this account, you’ll want to avoid the fee at all costs because it’ll probably swamp out any meager earnings you do get. As soon as you’re able, you may want to consider opening a higher-yielding account at Home Savings, or at another bank entirely.

How to get Home Savings’ Statement Savings account

Even though you can start to open this account online, it’s still basically restricted to people living in Home Savings’ core banking area in Ohio, West Virginia, and Pennsylvania. That’s because you’ll need to come into a branch to finish the account-opening process.

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Holiday Club

You won’t be getting many more Christmas presents with the interest rate that this account is offering.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

Home Savings offers this special savings account for people looking to save up for extra expenses during the holidays. When you open this account, you choose which account you want the funds deposited into when the club pays out — either your checking or savings account. The club savings account will automatically pay out the balance of the account into whichever account you designate on October 15 of each year, right in time to start shopping for the holidays.

Even though this account will start accruing as soon as you put money into it, you won’t see it credited to your account until it’s paid out in October. That might be kind of confusing at first because you won’t see interest deposits in your account, but rest assured, they will be included with your automatic transfer in October.

There are no automatic deposit requirements for this account. Rather, it’s entirely on you to remember to save into this account. It may be a good idea to set up automatic transfers anyways, just so that you don’t forget. You also are not allowed to make early withdrawals from the account, so only commit to putting in funds you won’t need until the holidays.

How to get Home Savings’ Holiday Club account

Home Savings does not support online applications for its Holiday Club account. Instead, you’ll need to go into a branch to open this account.

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Big Bucks Children’s Savings

This savings account earns small change for interest.
APYMinimum Balance to Earn APY
0.03%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

Home Savings makes it pretty easy for your child to get started with this savings account. All they’ll need is a $10 deposit to open the account, and they’ll start earning interest right from the start. There are also no monthly fees to worry about, so your child can watch their savings grow without being chipped away by fees.

Unfortunately, this account doesn’t offer a very high interest rate, so it’ll be awhile before your child sees any gains getting excited about. Many other banks and credit unions offer higher interest rates for kids’ savings account to yield earnings earlier, but Home Savings does not.

How to get Home Savings’ Big Bucks Children’s Savings account

Home Savings requires you to open this account with your child at a branch location. It operates branches in West Virginia, Pennsylvania, and Ohio.

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Student Savers

Surprise — this account doesn’t offer anything special for teenage savers.
APYMinimum Balance to Earn APY
0.03%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

After your child turns 13, they’re eligible to open a Student Savers account at Home Savings. This account works much the same way as the Big Bucks Children’s Savings account, with a few caveats.

With this account, teens are given their own ATM card, and can access their account through online banking. Just like everyone else with a savings account, they’re limited up to six certain withdrawals per month, per Regulation D. Otherwise they’ll pay a $10 per withdrawal fee starting with the seventh withdrawal from the bank. If they go over the withdrawal limits too many times with the account, Home Savings may convert the account to a transaction-based account, such as a checking account.

When your child turns 18, they’ll need to close this account down and re-apply for another of Home Savings’ adult savings accounts. It does not automatically transfer into a new account, like at some other banks.

How to get Home Savings’ Student Savers account

You’ll need to visit a local Home Savings branch location with your teen to open this account. You’ll need to provide your Social Security number and a way to fund this account in order to get started.

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Platinum Savings

This high-yield savings account doesn’t really offer high yields at all.
APYMinimum Balance to Earn APY
0.01%
$0.01-$4,999.99
0.05%
Over $5,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, unless you keep at least $5,000 in the account.
  • ATM fee: None Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you don’t have the big bucks to open up a higher-yielding money market account (at least $10,000) and don’t want to lock your money away in a CD, this account might be your best bet to earn the most money at Home Savings. That’s not to say it’s a true high-yield savings account, however — far from it.

With this account, you can earn higher interest rates than with the Statement Savings account if you have at least $5,000 to deposit into the account. Again, you’ll want to make sure you keep at least this much in the account because if your balance drops below $5,000, you could face a $10 monthly service fee (ouch). Keep in mind that this may not be the best savings account if you’re saving up for a particular purchase, such as a fancy vacation or a vehicle, because due to the account limitations, you can’t liquidate the account without paying a monthly service fee.

This account is also limited up to six certain withdrawals per month due to federal Regulation D guidelines. If you go over that limit, Home Savings will charge you a $10 per withdrawal fee.

How to get Home Savings’ Platinum Savings account

Unfortunately, Home Savings does not offer online applications for this account. To get the Platinum Savings account, you’ll need to walk into a branch location. You can find these locations online, but they are all located throughout Ohio and in parts of West Virginia and Pennsylvania.

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How Home Savings’ savings accounts compare

For a bank named “Home Savings,” you’d expect that it would offer at least decent interest rates on its savings accounts. That’s just not the case here. In fact, it’s hard to go much lower than what Home Savings offers.

This is why we try to steer people to one of these online high-yield savings accounts instead. These accounts offer fewer fees and actually offer good interest rates, so you won’t be old and in your rocker before you actually start to see measurable money pile up in your savings account.

Home Savings’ CD rates

Regular CD

These CDs offer very low rates as well.
TermAPY
28 days0.05%
91 days0.05%
182 days0.10%
365 days0.20%
12 months0.40%
18 months0.40%
24 months0.45%
30 months0.50%
36 months0.65%
48 months 0.75%
60 months3.00%
72 months1.15%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For the 28-day CD, you’ll pay either half of the interest you would have earned if you kept that money in the CD or all of the interest that you’ve earned so far, whichever is more. If you withdraw the money within the first six days, you’ll pay seven days’ worth of interest instead.
    • For 91- and 182-day CDs, you’ll pay 30 days’ worth of interest.
    • For the 365-day CDs through to the 24-month CDs, you’ll pay 90 days’ worth of interest.
    • For CDs longer than 24 months, you’ll pay 180 days’ worth of interest.

Some of Home Savings’ CDs offer just about the highest rates you can find at this bank. But as always, there’s a catch: You’ll need to be willing to lock up your money away for a good chunk of time. You are allowed to withdraw interest on these CDs without paying a penalty, however, provided one thing: You withdraw the money when it’s credited to your account.

For CDs longer than a year, interest will be credited to your account on a monthly basis, whereas it’ll be credited to your account when it matures for CD terms under a year. So, realistically, you can’t withdraw your interest earned on short-term CDs anyways without paying a penalty.

Once your CD matures, it will automatically renew for another term length. If you want to take out the money, add more, or change the CD’s term length, you’ll need to do so during a brief seven-day grace period after the CD matures. After that, it’ll be locked in again for another term.

How to get Home Savings’ Regular CDs

You can start the account opening process for these CDs online, however you’ll still need to be able to make it into a branch to finish signing paperwork for this account. You’ll also need to be able to provide a funding source (debit card, credit card, or ACH transfer), a driver’s license, and your Social Security Number.

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Jumbo CD

You’ll need to contact Home Savings directly for rates and terms if you’re interested in opening one of these mammoths.
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For the 28-day CD, you’ll pay either half of the interest you would have earned if you kept that money in the CD or all of the interest that you’ve earned so far, whichever is more. If you withdraw the money within the first six days, you’ll pay seven days’ worth of interest instead.
    • For 91- and 182-day CDs, you’ll pay 30 days’ worth of interest.
    • For the 365-day CDs through to the 24-month CDs, you’ll pay 90 days’ worth of interest.
    • For CDs longer than 24 months, you’ll pay 180 days’ worth of interest.

If you’ve got a lot of change rattling around in your bank accounts and you’re wondering what to do with it, consider opening a Jumbo CD. We can’t say whether Home Savings would be the right bank to hold your Jumbo CDs since it doesn’t publish its rates online, but typically the rates that most banks offer on these types of accounts are higher than on normal CDs.

You’ll need at least $100,000 to open these CDs. Remember that the limits of FDIC insurance are $250,000 per depositor, per bank, so you probably won’t want to deposit more than this. But if you are looking to park that amount of cash and you’re also interested in Home Savings, you do have this option.

How to get Home Savings’ Jumbo CDs

To open one of these CDs, you’ll need to speak with a bank representative in person at the branch. You’ll also need some way to provide that hefty deposit, whether it be via ACH transfer (bring your current account’s routing information), cash, check, etc.

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How Home Savings’ CD rates compare

Home Savings is currently offering a semi-decent rate for its 60-month CD, but that’s about it. Even so, you can still find higher rates out there — maybe with one of these CDs.

As for the rest of its CDs, don’t bother. The rates are simply too low to be worth your time. In fact, it might be a good idea to skip this bank entirely for one that offers better rates on all of its CDs, in case you decide to open a different term length. That way you don’t need to fuss around with moving your money between banks.

Home Savings’ money market account option

Money Market

These are some of the lowest interest rates on a money market account we’ve seen in a long time.
APYMinimum Balance to Earn APY
0.40%
$10,000-$24,999.99
0.40%
$25,000-$49,9999.99
0.45%
$50,000-$99,999.99
0.45%
Over $100,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $10, unless you keep at least $10,000 in the account.
  • ATM fee: None at Home Savings ATMs or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

This account is a bit tricky. You’d think that it would offer higher interest rates than Home Savings’ savings accounts on all balances, but in fact it only begins to offer higher interest rates once you reach at least $50,000. That means that even though you need at least $10,000 to open the account, you’ll actually be at an earnings disadvantage for the next $40,000, until you reach the magic $50,000 threshold.

Above that level, however, this is the highest-yielding liquid savings account that Home Savings offers. You can even write checks from this account. There are a few limitations, however. You are allowed to make up to six certain withdrawals per month due to federal Regulation D laws, and any withdrawals in excess of that will cost you $10 a pop from the bank.

How to get Home Savings’ Money Market account

You can “open” this Money Market account online, but you’ll still need to go to a branch to finish signing the paperwork to open this account.

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How Home Savings’ money market account compares

This is hardly a comparison at all. When you look at other accounts, Home Savings is left behind in the dust in terms of interest rates. These rates are so low that this account isn’t worth the trouble at all.

If you’d rather see real earnings on your money market account, consider one of these high-yielding money market accounts instead. You (and your wallet) will be glad you did.

Home Savings’ IRA account options

IRA CDs

You won’t be earning much for retirement with these IRA CDs, except for the 12 month CD.
TermAPY
12 months2.40%
18 months (variable rate)0.25% Variable
18 months0.40%
24 months0.30%
30 months0.35%
36 months0.50%
60 months1.00%
72 months1.15%
  • Minimum opening deposit: $500, or $100 for the 18-month variable-rate IRA CD.
  • Minimum balance amount to earn APY: $500, or $0.01 for the 18-month variable-rate IRA CD.
  • Early withdrawal penalty: This depends on your IRA CD’s term length:
    • For IRA CDs up to and including 24 months, you’ll pay 90 days’ worth of interest.
    • For IRA CDs over 24 months, you’ll pay 180 days’ worth of interest.

Home Savings’ IRA CDs come in a smaller variety than its regular CDs, which is probably fine because for most people, retirement is a long-term savings plan. The shortest-term IRA CD you can get at Home Savings is 12 months (which, coincidentally, offers a far higher rate than any of the other IRA CDs), and the longest term you can get is six years.

You can open these IRA CDs within a Traditional IRA or a Roth IRA.

These IRA CDs behave just like Home Savings’ regular CDs. They’ll automatically roll over into another CD of the same type when they mature, with a short seven-day grace period when you can withdraw the funds or transfer them to an IRA account at a different (hopefully higher-yielding) institution.

How to get Home Savings’ IRA CDs

You can start the account-opening process online if you’re interested in these IRA CDs, however Home Savings still requires you to come in to finish opening the account. The reason is because you’ll need to be present to sign some paperwork. You will also need to provide your Social Security number, driver’s license, and a way to fund your new IRA CD.

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How Home Savings’ IRA CD rates compare

Home Bank only offers one IRA CD rate that we’d say is any good: its 12-month IRA CD. It’s pretty close to the top 12-month IRA CDs available today. Still, the bank can change the rate at any time, and judging by its other IRA CDs (which offer very low rates), it might not be a very good rate. The bank appears to be using its 12-month IRA CDs as a loss leader right now in an attempt to lure clients, but because its other accounts offer poor rates, we’d suggest not taking the bait.

If IRA CDs are a part of your retirement savings plan, consider one of these IRA CDs in their place. These IRA CDs are offering much higher rates, so hopefully you’ll be able to earn more than a few peanut’s worth of interest in retirement.

Overall review of Home Savings’ banking products

Home Savings starts out with a bold promise. Anytime we hear the word “savings” in a bank’s name, our ears perk up. Unfortunately, we’re a bit let down by this bank’s interest rates. Almost all of its accounts offer rock-bottom interest rates.

We do like that very few of Home Savings’ accounts come with monthly fees. It’s especially refreshing to see a free interest-bearing checking account (although that it offers almost nothing for interest). Still, since we’re rate-hunters and we can guess that you may be too, we’d suggest passing on Home Savings. There’s just too many other banks and credit unions out there that value your patronage and reward you for it in the form of better interest rates.

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Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here