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Hanmi 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 may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Savings account from Hanmi BankHanmi Bank was founded in 1982 and is currently headquartered in Los Angeles. Part of the parent company Hanmi Financial Corporation, Hanmi Bank has 40 full-service branches throughout California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington.Rates for Hanmi Bank may differ by location. Also, rates aren’t currently being advertised on their website so you’ll need to contact Hanmi Bank to confirm them.

This review will cover checking, savings, CD, money market and IRA deposit accounts.

Hanmi Bank checking account options

Regular checking

This account doesn’t earn interest, and if you don’t meet the minimum balance requirement, you’ll be charged a monthly service fee and $0.25 per debit.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33 per check

This account doesn’t offer any interest and charges you for each withdrawal if you don’t meet their minimum balance amounts. Unless you’re able to maintain an average daily balance of $1,000 or minimum daily balance of $500, you’ll need to pay $0.25 per debit. This is also the same requirement you need in order to waive the monthly maintenance fee.

The account also comes with e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that comes with its own rewards program, UChoose Rewards. How it works is that you earn one point for each $2 you spend, sometimes more when shopping at participating retailers. Once you reach 1,500 points you can redeem them for various rewards from the bank’s online catalog. You can also use your debit card at more than 25,000 surcharge-free ATMs from the MoneyPass network.

How to get the regular checking account

You can open an account in person or call customer service at 1-855-773-8778 to find out more.

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Green checking and student checking

While there are no monthly fees, you’re limited to how many free transactions you can make.
  • Minimum opening deposit: $200 (green checking) or $50 (student checking)
  • Monthly account maintenance fee: $0
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

This account also doesn’t earn any interest but it does offer students and adults the opportunity to save on monthly maintenance fees. To be eligible for the student account, you’ll need to either be enrolled in a school or be under 18 years old — in which case you’ll need a parent or a guardian as a joint owner.

The only difference between the green checking account and the student checking account is the minimum opening deposit — as a student, you can open it with less money. Otherwise, the features are the same; you get e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that has a rewards program, UChoose Rewards, where you can earn one point (more at participating retailers) for every $2 you spend and redeem them once you reach 1,500 points.

Just because this checking account doesn’t have any monthly fees, doesn’t mean you don’t need to pay anything. You’re only allowed up to three free withdrawals, and more than that will set you back $3 each transaction.

To open a green or student checking account, visit the bank in person, or call customer service at 1-855-773-8778 to find out more.

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Hanmi neighbor/basic checking

Hanmi is batting three for three with non-interest bearing checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

The Hanmi neighbor/basic checking is the most economical of all the checking account options but you still don’t get unlimited withdrawals. You’ll only get the first 10 withdrawals for free then it’s $0.25 for each one afterward. There’s also a monthly maintenance fee which is waived if you set up a monthly direct deposit, reside in Illinois and are at least 65 years old.

Like the other checking accounts, you get a rewards debit card which earns you one point — could be more at participating retailers — for every $2 you spend and you can start redeeming them for rewards once you reach 1,500 points. You also get bill pay, e-statements, online, mobile and telephone banking.

You can open an account at your nearest branch or call customer service at 1-855-773-8778.

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How Hanmi Bank’s checking accounts compare

Considering the fact that none of these checking accounts earn interest and you need to pay to make withdrawals, we give Hanmi Bank’s checking accounts a hard pass. Sure, the bank offers a rewards program, but it seems hardly worth it.

If you’re looking for the current best rates and low monthly fees, we recommend you check out our list of the 10 best online checking accounts.

Hanmi Bank savings account options

Savings account

Rates offered are fairly competitive but it requires a high minimum balance.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: none

The rates you see for Hanmi Bank’s savings account isn’t directly advertised on their website, so it’s a good idea to call the bank to ask about the current rates. These are also their promotional rates, which you can only get if you deposit new money. Hanmi Bank defines as money currently not on deposit with them.

Features of the account include an ATM card, e-statements, online, telephone and mobile banking. You’re also able to link it to a checking account for overdraft protection.

Account holders will need to keep a $500 minimum daily balance in order to waive the monthly maintenance fee. You’re also allowed up to six certain withdrawals a month as mandated by Regulation D. Over six and you’ll need to pay $10 for each excessive transaction. If you continually make excessive withdrawals Hanmi Bank could convert your account to one that doesn’t earn any interest.

Ready to open an account? Head to your local branch or call customer service at 1-855-773-8778 to get started.

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Kid’s savings account

No-fee savings account for kids.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The kid’s savings account is for those whose parents want to help their child learn about how to manage their money a bank. Children under 18 years old can only open this account if the parent or guardian as the primary account holder. The child is a joint owner and can only withdraw funds with the adult’s permission.

Although you don’t get ATM access, your child can access their funds via online, mobile or telephone banking. Remember that Regulation D allows up to six certain withdrawals a month or else you’ll need to pay a $10 excessive withdrawal fee. If continue to violate this restriction, Hanmi Bank could convert this to a non-interest bearing account.

Once the child is 18 years old, the account may be converted to a regular savings account.

Note that this account can only be opened online.

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How Hanmi Bank’s savings accounts compare

Hamni Bank does offer a rate that’s pretty comparable to some of the best rates out there, it does require a high minimum deposit amount. If you don’t have that much cash to spare, the rate for the lowest tier is quite low. In that case, you’re better off checking out our list of the best online savings accounts.

Hanmi Bank CD rates

Installment savings

Great for those who don’t want their CD automatically renewed.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: varies
  • Early withdrawal penalty: Depends on length of term:
  • 7-31 days: 7 days simple interest
  • 32 days to 12 months: 1 month simple interest
  • 12 months or more: 3 months simple interest

The installment savings CD gives you an opportunity to save money by depositing a fixed amount for a predetermined amount of time. It’s a fixed-rate CD, meaning you’ll earn a guaranteed rate of return assuming you keep your funds in the account until maturity and make additional deposits on the dates you originally scheduled. The rates aren’t advertised on Hanmi Bank’s website so you’ll probably want to call the bank to find out their current rates.

You start off by making your initial deposit and schedule a fixed amount to deposit each month, though it does need to be a minimum of $1,000. Interest is then compounded daily and credited to your every account every quarter.

If you stop making scheduled deposits for two months, Hanmi Bank will convert it into a regular savings account. You’ll also receive statements each quarter, or monthly if you elect to make electronic fund transfers.

When your matures, the amount you saved will be paid out. It won’t be renewed automatically and if you don’t make withdrawals, the CD will be converted into a regular savings account.

If you are interested in opening an installment savings account, head to your nearest branch.

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Certificate of Deposit

Hanmi Bank CD’s do not earn compounded interest, which could mean less earnings overall.
  • Minimum opening deposit: $1,000 or $100,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Less than 12 months: 1 month simple interest
    • 12 months or more: 3 months simple interest
    • All promotional rates: 6 months simple interest

This is a fixed-rate CD and the rates you see above aren’t advertised on their site, meaning to find their current rates you may need to call Hanmi Bank. Unlike the installment savings CD, you can’t make additional deposits until maturity. You’ll only earn simple interest, which could mean lower earnings. You can choose whether to have interest earned deposited into your CD quarterly, semi-annually or annually. For terms 12 months or less, you can choose to have your interest deposited when your account matures.

Upon maturity, you’ll receive a seven-day grace period in which you can make any changes such as make additional deposits, withdrawals or renew for another term. Otherwise, the CD will automatically be renewed for the same term.

To get started with a Certificate of Deposit from Hanmi Bank, get in touch with your local branch.

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Diamond Freedom CD

Making penalty-free withdrawals is a nice touch.
  • Minimum opening deposit: $50,000 or $100,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: Only applies if you make more than six withdrawals and depends on length of term:
    • 12 months: 1 month simple interest
    • 24 months: 3 months simple interest

The Diamond Freedom CD gives you the opportunity to make additional deposits and fee-free withdrawals before account maturity. You can make additional deposits in $10,000 increments up to your original opening deposit amount. The rates you see aren’t advertised on their site — call their customer service hotline at 1-855-773-8778 to double-check before opening an account.

For fee-free withdrawals, you can make partial withdrawals — up to $10,000 —seven days apart for the 12-month term and after six months for the 24-month term. Your withdrawal amount can’t be more than half of what’s currently on deposit. Otherwise, you’ll face early withdrawal penalties.

Just like the regular CD, you’ll only earn simple interest. You can choose when you want interest deposited into your CD — at maturity (only for those with terms 12 months or less), annually, semi-annually or quarterly. Thirty days before your account matures you’ll receive a written notice and you’ll get a seven-day grace period upon maturity. If you do nothing. your CD will automatically be renewed for the same term.

If you’re interested in opening a CD, head to your local branch.

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How Hanmi Bank’s CD rates compare

Unfortunately, Hanmi Bank’s CD rates are lower compared with what’s currently being advertised by competitors out there. What’s more, most of their CD products only earn simple interest, meaning that you could be earning less than others that compound their interest. The Diamond Freedom or installment savings CD may be of interest to those who want to make additional deposits or fee-free withdrawals, but we’re not sure the lower rates are worth it.

To find better rates, check out our list of the best CD rates.

Hanmi Bank money market account options

Money market

Looks like you’re better off opening a savings account instead.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The money market account is best for those who want a hybrid checking account as it offers ATM access and limited check-writing capabilities. As it is a savings account, you’re allowed up to six certain withdrawals because of Regulation D, or else you’ll need to pay a $10 excessive transaction fee. Your account could be converted to a non-interest bearing account if you keep making excessive withdrawals.

With this account, you get bill pay, e-statements, online, mobile and telephone banking. You can also link it to a checking account for overdraft protection. To waive the monthly maintenance fee, you’ll need to maintain a $2,500 minimum daily balance each month.

To find out the most current rates, you’ll need to call Hanmi Bank as rates aren’t advertised on their website. You can open a money market account by heading to your local branch or calling customer service at 1-855-773-8778.

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How Hanmi Bank’s money market accounts compare

You’re really not getting much as far as rates go with this account when comparing it side by side with other ones out there. First, the rates are lower than ones advertised from our list of the best money market rates. Next, some of the other accounts have lower balance amount thresholds and also come with limited check-writing capabilities.

All this to say, it may be the wiser choice to go elsewhere.

Hanmi Bank IRA rates

Individual Retirement CD

While you’re getting a guaranteed rate of return, these rates are much lower than other competitors.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Annual account maintenance fee: $10 (this can be waived)
  • Early withdrawal penalty: Depends on length of term:
    • 12 months: 1 month simple interest on closing balance
    • 12-36 months: 3 months simple interest on closing balance
    • 36 months+: 6 months simple interest on closing balance

The IRA CD offers fixed-rate terms. The rates you see above aren’t advertised on the website so before opening an account you’ll want to call Hanmi Bank to confirm rates. In addition, all the terms you see are available nationwide except for California, where account holders can only open a 12-month IRA CD.There’s also an annual fee which Hanmi Bank says you can get waived, though you’ll need to contact the bank to find out exactly how to do so.

Once you make your opening deposit, you can’t make any additional deposits until account maturity. Interest earned is compounded and credited your account every quarter. Once your account matures, you’ll have a seven-day grace period where you can make withdrawals, additional deposits or renew for another term. Otherwise your IRA CD will automatically be renewed.

If you’d like to learn more about this banking product, click the button below. You’ll need to open an account in person at your local branch, though.

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How Hanmi Bank’s IRA CD rates compare

Hanmi Bank’s IRA CD rates are much lower than the ones on our list of the best IRA CD rates we’ve found online. What’s more, if you reside in California, you’re restricted to the 12-month term only. There’s probably no other way to say this but you’ll do better if go with another competitor.

Overall review of Hanmi Bank’s banking products

Some of Hanmi’s CD and savings account rates are pretty comparable to what’s currently being offered out there. However, the rest of their deposit accounts leave lot to be desired. The checking accounts are non-interest bearing and the IRA CD and money market accounts have low rates.

If you’re looking for a decent CD account or have a huge chunk of change to make an opening deposit to put into a savings account, Hanmi Bank could be a good bet. However, for all other products, it’s best to go 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.

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Reviews

Founders Federal Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

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Founders Federal Credit Union’s checking account options

Checking Account

A basic checking account with no minimum balance requirements.
APYMinimum Balance to Earn APY
0.00%
None
  • Minimum opening deposit: None
  • Account maintenance fee: $2 per statement, unless you opt for electronic statements
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 overdraft fee

Founders Federal Credit Union’s Checking Account is fairly generic. It offers a small APY, which isn’t out of the norm for basic checking accounts in the industry. But it also requires no minimum balance or opening deposit and only charges a small maintenance fee if you want to receive paper statements. It is a basic option, but functional.

If you don’t have your Checking Account linked to a Founders Federal Credit Union Savings Account, home equity line of credit or personal line of credit for overdraft protection, you may be granted Founders Privilege automatically. Checking accounts with Founders Privilege will not have transactions turned down as long as that transaction puts your account at no more than $300 overdrawn. You will still be charged overdraft fees. This protection does not extend to ATM cash withdrawals or cashback transactions. You can opt out by calling 800-845-1614 or talking to someone at your local branch.

How to get Founders Federal Credit Union’s Checking Account

You can apply online or in person. Be prepared with your date of birth, Social Security number, address and government-issued ID.

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How Founders Federal Credit Union’s checking accounts compare

Founders Federal Credit Union’s Checking Account isn’t atypical for brick-and-mortar financial institutions. But in the age of internet banking, you can find checking accounts that fall outside the norm in big ways. By shopping for the best checking accounts on the market, you can get rewarded with a notably higher APY.

Founders Federal Credit Union’s savings account options

Savings Account

This is the account required to establish your credit union membership. It offers a low APY and no monthly maintenance fee.
APYMinimum Balance to Earn APY
0.15%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 fee

The APY on the Savings Account isn’t high, but that’s not really the reason you open it. You open this account because it is necessary to establish and maintain your membership with the credit union. If your balance falls below $5, your membership will be in jeopardy.

If you want to take money out of your account fee-free, you will need to maintain a balance of $200. While this account has no maintenance fees, you will only be able to make two over-the-counter withdrawals per month if your balance falls below that $200 mark. After that, each withdrawal will cost $1.

Savings accounts at financial institutions are subject to federal rules. One such rule is Regulation D, which states that you can make up to six certain withdrawals from your savings account in any given month. If you don’t adhere to this rule, your account could be shut down or converted to a checking account.

How to get Founders Federal Credit Union’s Savings Account

You can apply in person or online with your date of birth, Social Security number, government-issued ID and address.

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Christmas Club Account

Save for the holidays with this low APY saving account.
APYMinimum Balance to Earn APY
0.15%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 fee

When you stash money in a Christmas Club Account, you’re setting it aside for the holiday season. This account is attractive as it has no minimum opening deposit or balance and no account maintenance fees. As you save throughout the year, your money will add up, and you can retrieve funds from this account throughout the year without penalty.

How to get Founders Federal Credit Union’s Christmas Club Account

Apply in person or online with your address, Social Security number, date of birth and government-issued ID.

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How Founders Federal Credit Union’s savings accounts compare

Founders Federal Credit Union’s APY offerings on savings products are not competitive. But you have to keep at least $5 in the Savings Account to maintain membership with the credit union, and your goal with a Christmas Club Account may be self-discipline rather than high dividends.

If a higher APY is what you’re after, shop for the best savings rates on the market. Your savings will earn a noticeable amount more that way.

Founders Federal Credit Union’s CD rates

Share Certificates

The 60-month CD offered by Founders Federal Credit Union has a competitive rate, but its other terms may not be as good.
TermAPY
6 months0.50%
12 months0.75%
24 months0.75%
36 months1.00%
48 months1.00%
60 months1.26%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Six-month certificates have a penalty equal to 90 days’ worth of interest; the penalty on 12-month certificates is 180 days’ worth of interest; and the penalty on certificates with terms of 24 months or more is 360 days’ worth of interest.

The APY on Founders Federal Credit Union’s certificates isn’t horrible, but it’s only competitive with the best offers on the market if the term is 60 months. All other terms offer rates noticeably lower than the competition. If you can put your money on hold for five years, this could be the certificate for you. Otherwise, it may not be worth locking away your money.

Keep in mind that this account requires you to keep $500 in your certificate. If you don’t, it will be shut down.

How to get Founders Federal Credit Union’s Share Certificates

You can open your certificate online or in person with your address, date of birth, Social Security number and government-issued ID.

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Loyalty Advantage Certificate

This 12-month certificate offers a great rate to savers.
TermAPY
12 Months3.03%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty on 12-month certificates is 180 days’ worth of interest

The Loyalty Advantage Certificate offers phenomenal rates for a 12-month product. On top of the great APY, you can add money to this certificate at any point until it reaches a balance of $3,000.

There is a catch to this certificate, though. To keep it open, your Checking Account must have a direct deposit of at least $300 established within 90 days of you opening your Loyalty Advantage Certificate. You’re getting the higher rate as a reward for keeping multiple accounts with the credit union.

How to get Founders Federal Credit Union’s Loyalty Advantage Certificate

To open this certificate, you will have to have already established membership with the credit union. After you have done so, you can open this certificate in person or via the online member portal.

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Youth Certificate

This CD offers one term length and a low APY, but it is a good starter account for children.
TermAPY
12 Months0.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty on 12-month certificates is 180 days’ worth of interest

The Youth Certificate, which is open to children 17 and younger, does not have a high yield. But it can be a good teaching tool, as not every financial institution offers certificates for children. It may be a big ask for them to come up with the minimum opening deposit if they’re younger, but teens could essentially lock away money they’re saving for a car, college or another big goal, protecting their savings from themselves — at least for a year.

How to get Founders Federal Credit Union’s Youth Certificate

To set up this account, your child will need to apply for membership to the credit union. Because they are a minor, this is best done in person at your local branch.

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How Founders Federal Credit Union’s CD rates compare

Founders Federal Credit Union’s certificates are hit or miss. When they hit, they hit big. The rates on the 60-month Share Certificate and 12-month Loyalty Advantage Certificate are some of the highest on the market.

But the Youth Certificate and Share Certificates with terms less than 60 months don’t really compare. Make sure you shop around to make sure you find the right CD for your savings goals.

Founders Federal Credit Union’s money market account options

Money Market Plus

This account yields low dividends, even on high balances.
APYMinimum Balance to Earn APY
0.25%
$1,000
0.35%
$25,000
0.45%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $5 if your purchase is between $1.01 and $5; purchases larger than $5 will incur a $32 fee

This money market account does not have competitive dividend rates no matter what your balance is. While it is nice that there is no account maintenance fee, your money is not going to grow as quickly as it could with another financial institution.

Money market accounts are technically savings accounts, so they fall under Regulation D. Make sure you don’t make more than six certain withdrawals per month or you could be facing account closure.

How to get Founders Federal Credit Union’s Money Market Plus

You can open this account in person or online. Come prepared with your date of birth, address, Social Security number and government-issued ID.

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How Founders Federal Credit Union’s money market accounts compare

Founders Federal Credit Union’s Money Market Plus doesn’t compare to the best offers on the market. Even among the lowest rates on our ranking of the best money market accounts, Founders Federal Credit Union’s highest rate is several tenths of a percentage point away, and requires a significantly higher balance. You may want to consider looking elsewhere for your money market needs.

Founders Federal Credit Union’s IRA account options

Fixed Rate IRAs

Competitive rates on IRA certificates, but not competitive enough to be the best on the market.
TermAPY
12 Months0.75%
24 Months0.75%
36 Months1.00%
48 Months1.00%
60 Months1.26%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: The penalty on 12-month certificates is 180 days’ worth of interest; the penalty on certificates with terms of 24 months or more is 360 days’ worth of interest

Founders Federal Credit Union does up the APY on certificates when they are held inside of an IRA, but it doesn’t up them quite enough. While a 60-month Share Certificate outside an IRA offers one of the best rates on the market, the same cannot be said for the 60-month certificate inside the IRA. That’s not to say rates are horrible; they’re competitive. They’re just not the best around.

As you evaluate the early withdrawal penalties on this account, remember that most withdrawals will incur taxes and an IRS penalty on top of what Founders Federal Credit Union charges. There are some exceptions to these added outside costs, most notably when you have reached retirement age.

How to get Founders Federal Credit Union’s IRA CDs

Founders Federal Credit Union’s IRA product must be opened in person. Be sure to bring two forms of ID. One must be a picture ID, but a Social Security card suffices for the second. You will also need to bring a bill with your physical mailing address on it.

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How Founders Federal Credit Union’s IRA CD rates compare

Founders Federal Credit Union’s rates are competitive, but not the best on the market. It’s important to do some heavy comparison shopping with this account. Rates fluctuate for each financial institution, so there is a chance Founders Federal Credit Union will come out on top eventually. But for right now, you can find better IRA CD rates elsewhere.

Overall review of Founders Federal Credit Union’s banking products

The only product that is competitive at Founders Federal Credit Union is its CDs, and even then certain variables affect this fact. The credit union’s checking and savings accounts don’t bear high enough dividends to compete with other financial institutions. This is the same case for its money market account.

But Founders Federal Credit Union’s 60-month Share Certificate and the Loyalty Advantage Certificate offer competitive rates on the market. Lower-term Share Certificates are not competitive, though. While IRA certificates aren’t the most competitive, that may change in the near future, so keep an eye out on those CDs as well.

You will need to evaluate each product carefully and consider whether your financial needs align with what this credit union offers.

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

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United Texas 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 may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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United Texas Bank checking account options

United Texas Bank Classic Checking account

This checking account comes with the basics and refunds up to $100 per month in out-of-network ATM fees. The bad news? It doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Up to $100 per month
  • Overdraft fees: $30 each

The Classic Checking account just offers the basics. It comes with online banking, a debit card and the ability to write checks. That’s pretty much it as this account does not earn interest or offer cash back when you use the debit card.

You only need to deposit $100 to open this account. However, anytime your minimum daily balance falls below $750, you owe a $10 monthly fee. The account is free so long as your balance stays at least $750.

If you make withdrawals from out-of-network ATMs, United Texas Bank will refund up to $100 per month in fees charged by the ATM owners.

You can open the Classic Checking account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, like your passport or driver’s license. You will also need to make your opening deposit to complete the application.

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United Texas Bank NOW Personal Checking account

This checking account earns interest but the rate isn’t the best. Watch out for the steep monthly fee when your balance falls below $1,000.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.05%$1,000
0.05%$5,000
0.05%$10,000
0.10%$15,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Up to $100 per month
  • Overdraft fees: $30 each

The NOW Personal Checking account requires slightly larger balances than Classic Checking. You need to deposit at least $500 to open this account. If your minimum daily balance falls below $1,000, you will owe a $15 monthly fee. The account’s free so long as you stay above the balance requirement.

In exchange, this account does pay interest and the rate increases for larger balances. The rates are just OK, better than the large national banks but lower than many online lenders.

If you make withdrawals from an out-of-network ATMs, United Texas Bank will refund up to $100 per month in fees charged by the ATM owners.

You can open the NOW Personal Checking account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You will also need to make your opening deposit to complete the application.

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How United Texas Bank’s checking accounts compare

You could do worse than signing up for the United Texas Bank checking accounts but you could also do a lot better. Our favorite feature was that both their accounts offer up to $100 in ATM fee refunds per month so you can get free access to your money even if you aren’t close to one of the Dallas bank branches.

The downside is that the United Texas Bank checking accounts both have high balance requirements or else they charge a costly monthly fee. Even their basic checking account requires a minimum daily balance of $750, which is way too high for an account that doesn’t earn interest.

If we had to recommend one, we’d go with NOW Personal Checking because it earns interest while having nearly the same balance requirements as Classic. Still, there are other online checking accounts which combine convenient ATM access with much higher interest rates. They are a better choice than what’s available at United Texas Bank.

United Texas Bank savings account options

United Texas Bank Personal Savings account

The United Texas Bank Savings account has average interest rate and there’s no minimum balance to start earning interest. But if you don’t keep at least $500 in your account, there’s a monthly fee.
APYMinimum Balance Amount
0.45%$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 each

The Personal Savings account does not have a minimum opening deposit requirement. You can open an account for any amount. However, if your minimum daily balance ever falls below $500, you’ll owe a $3 monthly fee. This account is free so long as you stay at least at the $500 daily balance minimum.

This account earns interest on all balances. The rate is average for a savings account. It also stays the same for all balances so you can’t earn more by depositing more.

United Texas Bank limits how often you can take money out of the Personal Savings account because of a government rule, Regulation D. Each month, you can make up to six certain withdrawals/transfers per month. This includes account transfers, bill payments, checks and debit card purchases. If you go over the monthly limit, United Texas Bank will charge a $25 fee for each excess transaction. However, there is no limit on ATM or bank withdrawals so you can make as many of these as you want without owing a fee.

You can open the NOW Personal Savings account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You can also choose to make your initial deposit, though this is not required to open the Personal Savings account.

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How United Texas Bank’s savings accounts compare

We would not go out of our way to open the United Texas Bank savings account because the interest rate is simply not good enough. Though they beat the large national banks, they don’t beat them by much and there are online lenders that pay much more than United Texas Bank.

We also don’t like that the United Texas Bank savings account charges a fee if your balance ever falls below $500. True, it’s just $3 but there are plenty of free savings accounts to choose from. Finally, we noticed that their excess withdrawal fee is quite high. If you accidentally make more than six certain transactions, the $25 fee will wipe out a good chunk of your interest earnings.

Because of these issues, we believe you could find a better place for your savings. Any option on this list of best online savings accounts will earn a higher rate than what you will get at United Texas Bank.

United Texas Bank CD rates

United Texas Bank CDs

United Texas Bank offers some of the best CD rates on the market. Be careful when you sign up because some of their short-term CDs pay more than long-term offers.
TermAPY
1 month0.10%
3 months0.20%
6 months0.50%
12 months0.75%
24 months0.85%
36 months1.05%
48 months1.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn. For CDs over one year, the penalty is six months interest on the amount withdrawn.

At United Texas Bank, they offer CDs which range from one month all the way up to 48 months. All their CDs require a minimum opening deposit of at least $1,000 and you need to keep this much in the account to earn the APY.

The best deals at United Texas Bank are their 12 month and 36 month CDs. The rest of their CD rates are acceptable but not quite as high as these two offers.

If you take money out of a CD before the maturity date, United Texas Bank will charge an early withdrawal penalty. The penalty depends on the CD term:

  • For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn.
  • For CDs with maturities over one year, the penalty is six months interest on the amount withdrawn.

You can open the United Texas Bank CDs online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You will also need to make your opening deposit to complete the application.

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How United Texas Bank’s CD rates compare

The United Texas Bank CD rates are fantastic. Their 12 month CD earns one of the best rates in the country for this amount of time. Their 36 month CD is also extremely competitive. The rest of the United Texas Bank CD rates are decent, but if you do your research you can find better options. Your best bet is to stick with either the 12 month or 36 month CD.

Typically, banks pay more as you increase the length of your CD but we noticed this isn’t always the case with the United Texas Bank’s CD rates. You earn more on the 12 month CD than you do even on the 48 month CD. Pay attention when you apply and don’t assume that just because a CD term is longer, it will pay more.

The longest CD at United Texas Bank is also 48 months so if you want to invest for a greater amount of time, you’ll need to go with another bank. In the end, if you sign up for either the 12 month or 36 month CD at United Texas Bank, you’ll be making a wise choice but if you want some other excellent options to compare, we’ve listed the very best CDs here.

United Texas Bank money market account options

United Texas Bank Personal Lone Star Money Market account

Pays a respectable interest rate on all deposits and is free so long as your balance stays above $2,500. An account that lives up to the Lone Star state reputation.
APYMinimum Balance Amount
0.45%$0.01
0.75%$250,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 each

You need to deposit at least $2,500 to open a United Bank Personal Lone Star Money Market account. After that, if your minimum daily balance ever falls below $2,500, the account charges a $15 fee. It’s free so long as you stay above the balance requirement.

This account earns interest on all deposits and the rate is quite good for a money market account. You get a sizable rate increase if your balance is $250,000 or higher.

United Texas Bank limits how often you can take money out of the Personal Lone Star Money Market account because of a government rule, Regulation D. Each month, you can make up to six certain withdrawals/transfers per month. This includes account transfers, bill payments, checks and debit card purchases. If you go over the monthly limit, you’ll a $25 fee for each excess transaction.

You can open the Lone Star Money Market account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You will need to make your initial deposit as part of the application.

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How United Texas Bank’s money market accounts compare

The United Texas Bank Money Market account is a great choice thanks to its solid interest rates. For deposits over $250,000, their rate is one of the highest in the entire country but even if you keep a smaller balance, you’ll still earn a decent return on your savings.

The $2,500 minimum balance requirement and $15 monthly maintenance fee are typical for a money market account. These accounts typically aren’t meant for small deposits. But if you want to open a money market account for less money, we may be able to help you out.

These are some of the other top money market accounts available today and some do not have have a minimum balance requirement, so you can earn a decent return without keeping thousands in your account. While the United Texas Bank Money Market account is good, you may be able to do even better with these other options.

United Texas Bank IRA account options

United Texas Bank IRA CD rates

The United Texas Bank IRA CD rates are only average. It’s a shame their excellent regular CDs are not available for an IRA.
TermAPY
1 year0.75%
2 years0.85%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For IRA CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn. For IRA CDs over one year, the penalty is six months interest on the amount withdrawn.

The IRA CDs require a minimum opening deposit of $500 and you need to keep at least this much in your account to earn the APY. They only offer two options for IRA CDs: one year and two years.

The IRA CD rates are significantly lower than what United Texas Bank pays on their regular CD They aren’t the same products.

If you take money out of the IRA CD before the maturity date, United Texas Bank will charge an early withdrawal penalty. The penalty depends on the IRA CD term:

  • For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn.
  • For CDs with maturities over one year, the penalty is six months interest on the amount withdrawn.

You can open these IRA CDs online or at one of their Dallas branches. When you apply online, the application asks for you to list your name, address, Social Security Number and contact information. A representative from United Texas Bank will then contact you to finish the application.

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on United Texas Bank’s secure website

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How United Texas Bank’s IRA CD rates compare

Most banks offer some if not all of their regular CDs for their IRAs but United Texas Bank has created completely different rates for their IRAs.

The is a major disappointment because their IRA CD rates are so much lower. Their 1 year IRA CD earns less than half of what you earn on a 12 month CD at United Texas Bank.

It’s a puzzling move and because of this decision, we do not recommend these IRA CDs. Either stick with their normal CDs or if you want to open a retirement plan, consider this list of high-paying IRA CDs instead.

Overall review of United Texas Bank’s banking products

If a small organization like United Texas Bank is going to compete on the national online market, they need some impressive offers. Good news for them, they do just that. A couple of their CDs are as good as nearly any in the country. They also provide a solid money market account with excellent rates.

Their checking accounts are only average because they don’t earn enough interest, though they do come with a generous refund for out-of-network ATM transactions each month. They might be worth using to move money in and out of one of the higher-paying accounts at United Texas Bank. Finally, we would stay away from their IRA CDs and savings account because of their mediocre interest rates.

Overall, we got a good feeling from the United Texas Bank website and marketing materials. Everything is clearly explained and they use a simple, online application for all their products. Even if you aren’t a Dallas resident, keep United Texas Bank in mind for a quality CD or money market account.

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