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Schwab High Yield Investor Checking Account Review

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.

The Schwab Bank High Yield Investor Checking account offered by Charles Schwab Bank isn’t your average checking account. In fact, it’s a checking account designed exclusively for investors. If you want the convenience of having your idle cash and invested assets all under one roof, this product could be for you.

What is the Schwab Bank High Yield Investor Checking account?

The Schwab Bank High Yield Investor Checking account is an interest-bearing checking account that is linked to your Schwab One brokerage account, making it easy and convenient to invest otherwise idle cash.

This product comes with attractive features that many traditional checking accounts offer — including no minimum balance requirements, no monthly service or ATM fees and a variable interest rate — as well as the unique feature of easy transfers to and from your linked brokerage account. When you open your High Yield Investor Checking account, a Schwab One brokerage account will also be opened for you. The accounts will have separate account numbers, but both can be viewed online with a single login.

Here’s what you can expect to receive upon opening and funding a Schwab High Yield Investor Checking account:

  • 0.03% APY
  • Federal Deposit Insurance Corporation (FDIC) insurance
  • Free transfers to and from your linked brokerage account
  • Schwab Bank Visa Platinum debit card
  • Complimentary checks, deposit slips, mailing labels and pre-addressed, postage-paid envelopes

How is the High Yield Investor Checking account different from other checking accounts?

In most cases, checking accounts do not require you to open another linked account in which funds will flow to and from. The Schwab High Yield Investor Checking account, however, is only available as a linked account with the Schwab One brokerage account.

If you’re in the market for just a checking account to stash the cash you use for your everyday spending needs, opening a brokerage account alongside your checking account can seem like an unnecessary step. The brokerage account’s main function is to trade stocks, options, bonds, mutual funds, ETFs and other financial products.

However, it is worth noting that the Schwab One brokerage account does not have any minimum balance requirements or requirements to fund the account, making it relatively accessible and easy to open.

Schwab Bank High Yield Investor Checking account fees and minimums

The Schwab Bank High Yield Investor Checking account features the following fees and minimums:

Monthly service fee

$0

Minimum balance fee

$0

ATM fee

Unlimited ATM fee rebates

Foreign transaction fee

$0

It’s worth noting that while the Schwab One brokerage account also does not have any minimum balance requirements or monthly maintenance fees, other account fees may apply. For example, trades placed through a broker come with a service charge of $25.

Schwab High Yield Investor Checking account pros and cons

Pros

  • Easy to invest idle cash: By having your checking account linked to your brokerage account, it makes it much more convenient to invest any idle cash.
  • Minimal fees: Schwab’s High Yield Investor Checking account boasts minimal fees compared to other checking accounts, specifically ones offered by other big banks.
  • Unlimited ATM rebates: This is a valuable feature and could save you a significant amount of money over time.

Cons

  • Low interest rate: The account’s 0.03% APY pales in comparison to other high-yield checking accounts, some of which have rates that climb to over 5.00% APY.
  • Unnecessary complexity: The requirement of having a Schwab One brokerage account could be viewed as an added hoop to jump through for those simply looking for a traditional checking account product.
  • Non-sufficient funds fee: Watch out for the account’s non-sufficient funds (NSF) fee of $25, up to $100 maximum per day, if you don’t have enough money in your account to cover a transaction. Still, this is less than the average NSF fee of $30.50.

Who is the Schwab Bank High Yield Investor Checking account good for?

If you’re just looking for a liquid checking account that you can use for your everyday spending needs, the Schwab High Yield Investor Checking account is likely not for you. There are other checking accounts offering much higher interest rates without requiring you to link a brokerage account in order to open the account. Additionally, if your strategy is to let your extra cash sit in the Schwab High Yield Investor Checking account without initiating regular transfers to your Schwab One brokerage account, your money would grow at a considerably faster rate in a high-yield savings account, money market account or CD.

If you already are an investor and have a Schwab One brokerage account — or are looking for a checking account that provides easy and instant transfers to and from your brokerage account — the Schwab High Yield Investor Checking account is certainly worth exploring. It has many of the same, standout features that the best traditional checking accounts have, while also being one of the few checking accounts out there that provides instant access to your invested assets.

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NexBank Review: Checking, Savings, CD and Money Market Accounts

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

NexBank Checking account options

Platinum One Checking

This interest-bearing checking account has a monthly fee and high minimum balance requirement.

APY

Minimum Balance Amount to Earn APY

1.25%

$2,000

  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $25
  • ATM fee: None
  • ATM fee refund: Up to $20 per statement cycle
  • Overdraft fee: $25

NexBank’s Platinum One checking account has a high minimum balance requirement compared to many checking accounts out there, so it would likely only appeal to people who want to earn more interest on those funds than they might with a basic checking account, and are able to deposit and maintain the $2,000 daily minimum. For these customers, the $25 monthly fee may be negligible. This account also offers customers online banking and bill pay capabilities, as well as custom checks and traveler and cashier’s checks. Its generous ATM refund policy is also a definite plus, as the bank only has two ATMs at its two Dallas locations.

How to get NexBank’s Platinum One Checking account

If you’re based in Texas and interested in opening this checking account, you’ll have to visit one of its two locations in person, which may not be worth the effort if you don’t live near Dallas. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its lone branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

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E-Free Checking

A non-interest-bearing checking account with no monthly fees or minimum balance requirements.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $10 per statement cycle
  • Overdraft fee: $25

If you’re a Texas resident looking for a simple checking account to manage your funds without having to worry about any fees or balance requirements, this account could be a good option for you. This account doesn’t earn interest, however. While the lack of fees is definitely a plus, this no-frills account doesn’t really offer any perks outside of basic services like online banking and bill pay.

How to get NexBank’s E-Free Checking account

If you’re based in Texas and interested in opening a NexBank checking account, you’ll have to visit one of its two Dallas locations in person. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its lone branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

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How NexBank’s checking accounts compare

NexBank’s checking accounts don’t really offer customers anything when it comes to perks, outside of basic services. The absence of fees on its basic checking account is a plus, but the fact that you have to open the account in person (as with most of NexBank’s other products) is likely to be a huge drawback for any customers living outside of the Dallas area — especially considering that there are so many convenient online checking account options out there. The APY on its Platinum One Checking account, however, is higher than the national average, so that one is likely to appeal to Dallas-area residents who are able to maintain its $2,000 minimum balance requirement, which is higher than most offerings out there.

NexBank savings account

A traditional interest-bearing savings account with minimal restrictions.

APY

Minimum Balance Amount to Earn APY

0.15%

$200

  • Minimum opening deposit: $200
  • Minimum balance to earn APY: $200
  • Monthly account maintenance fee: $3 if balance falls below $200
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $25

NexBank’s savings account is suitable for Texas residents looking for an interest-bearing savings account with minimal fees and requirements. You can avoid its $3 monthly fee by maintaining a balance of at least $200, which isn’t hard to do if you’re putting money away with the intention of not touching it.

As with the bank’s checking accounts, you have to open this account in person. Since it does not offer any ATM fee refunds, this savings account likely won’t appeal to people who live outside of the Dallas area and aren’t able to regularly visit one of the bank’s two locations to make a withdrawal.

Once you open the account, however, you will have online banking capabilities and the ability to transfer funds with ease. While account holders get unlimited in-person and ATM transactions, this account is subject to Federal Reserve Regulation D, which limits account holders up to six certain types of fund transfers per month.

How to get NexBank’s savings account

As with NexBank’s other account options, you have to be a Texas resident and be able to visit the bank’s Dallas headquarters or branch location to open a savings account in person. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its lone branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

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How Nexbank’s savings account compares

While this savings account has a low minimum balance requirement and easily waivable monthly fee going for it, it doesn’t offer much else. It’s only available to Texas residents, and the fact that you have to open it in person at one of NexBank’s two locations lessens its appeal even more.

It also doesn’t offer ATM refunds; if its two ATM locations aren’t convenient, this account has even less going for it. Lastly, with an APY below the national average, it’s significantly lower than some of the best online savings account options out there, many of which don’t even have a minimum balance requirement.

NexBank CD rates

NexBank CDs

Various term lengths to choose from, with many offering competitive and higher-than-average rates.

Term

APY

1 month

0.10%

2 months

0.10%

3 months

1.10%

6 months

1.10%

12 months

1.10%

18 months

1.10%

24 months

1.15%

36 months

1.15%

48 months

1.15%

60 months

1.15%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 6 months’ worth of interest if the CD hasn’t reached maturity.

NexBank offers a wide range of CD term lengths for customers looking for an efficient way to put away funds for an extended period of time while earning interest. However, its shorter term offerings have rates below the national average. If you go for one at least 12 months in length, though, rates are more competitive, going up to twice as high as the national average. While you can deposit as much as $240,000 into NexBank’s CDs, its $10,000 minimum opening deposit is higher than some of the other top CD options out there, many of which also offer much higher rates.

How to get NexBank’s CDs

Unlike with NexBank’s checking and savings account options, its CDs are available to out-of-state customers and you are able to open them online, as well as in person at one of its two Dallas locations. To do so, you will need several pieces of information, including your Social Security number, driver’s license or government-issued ID, checking or savings routing and account number (if linking a non-NexBank account to your application), your employment status, an address and a phone number. You must be a U.S. citizen or permanent U.S. resident to apply for a NexBank CD.

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How NexBank’s CD rates compare

While many of NexBank’s CD rates are competitive and higher than the national average, there are still better CD options out there, with both higher rates and lower minimum balance requirements. If you’re not based in Texas, you can’t even apply for any of NexBank’s other products anyway, so there’s really no reason to seek these CDs out over a bank that offers all of its services online.

NexBank Money Market account

High-Yield Money Market account

A high-yield account with higher-than-average rates.

APY

Minimum Balance Amount to Earn APY

0.50%

$0-$99,999

1.00%

$100,000

  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $25 if balance falls below $10,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $25

Just like its checking and traditional savings accounts, NexBank’s High-Yield Money Market account is only available to Texas-based customers who are able to open it in person. It does, however, offer high interest rates and the ability to waive the monthly fee if the account balance stays above the $10,000 minimum deposit required to open it. While account holders get unlimited in-person and ATM transactions, this account is subject to Federal Reserve Regulation D, which limits account holders up to six certain types of fund transfers per month.

How to get NexBank’s money market account

If you want to open NexBank’s money market account, you are required to be a Texas resident and be able to visit one of the bank’s two Dallas locations to open it in person. Its headquarters are located at 2515 McKinney Ave., Suite 1100, Dallas, TX 75201, and its sole branch location, Preston Center, is at 6121 Luther Lane, Dallas, TX 75225. You’ll need to bring a valid Texas driver’s license or ID card to be able to open the account.

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How NexBank’s money market account compares

While NexBank’s money market account offers competitive rates, they’re simply not the best out there. With other banks offering both higher rates on money market accounts and the ability to open an account online, there’s really no reason to choose this one over something more convenient, even if you do live near Dallas.

Overall review of NexBank’s banking products

While NexBank’s accounts are available to customers across the state of Texas, they really aren’t the most worthwhile or convenient option for people that don’t live close to Dallas. The fact that you have to visit a branch in person to open an account (with the exception of its CDs) or use a fee-free ATM is a huge disadvantage, so we don’t know why you wouldn’t choose a more convenient option like an online bank.

Additionally, none of its products offer customers any real rewards or benefits outside of basic services you would expect to get with virtually any bank, such as mobile and online banking. Lastly, while its CD rates are competitive and available to out-of-state customers, there are still better options out there, so we say look elsewhere, especially since you can’t take advantage of any of NexBank’s other offerings and services.

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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Mountain America 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.

Mountain America Credit Union’s checking account options

MyFree Checking

MyFree Checking is Mountain America Credit Union’s entry in the low-fee, no-frills checking account category.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: up to $25

Mountain America Credit Union’s MyFree Checking tries to live up to its moniker by offering an account with no monthly maintenance fees, minimum balance requirements or restrictions. The account also carries a number of free benefits, including:

  • Online and mobile banking
  • Unlimited check-writing privileges
  • Bill pay
  • Mountain America Visa® debit cards
  • eStatements
  • Free access to FICO® credit scores

This account does not pay any interest. Customers choosing to receive paper statements will be assessed a $2 monthly fee, and non-MACU ATM withdrawals also trigger a fee.

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MyStyle Checking

MyStyle Checking, Mountain America Credit Union’s rewards checking account, has a small but avoidable fee.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $4; $0 with either $1,000+ in direct deposits each month, 10+ credit and/or debit card transactions each month, or an average daily checking balance of $2,500+ for the month, as well as for members who are less than 25 years old or at least 60 years old
  • ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: up to $25

Mountain America Credit Union’s MyStyle Checking offers an extensive rewards program with no minimum deposit requirement and a small monthly fee that can be waived in a number of ways. You receive awards points based on various account activities, ranging from using online bill pay or making a mobile deposit, to making a loan payment or using a Visa® Rewards credit card. Points can then be redeemed for hundreds of options, such as gift cards, cash back, travel rewards or event tickets.

The account offers most of the same free benefits as the MyFree Checking account, including online and mobile banking, a Visa® debit card and free access to your FICO® credit scores. An additional benefit not offered with Mountain America Credit Union’s free checking account is a 0.25 percent discount on auto, RV and personal loans. Like MyFree Checking, however, this account does not pay any interest.

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Student Checking

Mountain America Credit Union’s Student Checking account is similar to its MyStyle, but for the under-24 cohort.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $4; $0 for students ages 16 to 24
  • ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: up to $25

Student Checking allows younger savers the ability to enjoy all the benefits of Mountain America Credit Union’s regular checking accounts and even more, as the account comes with a rewards program.

Like the MyStyle rewards checking account, Student Checking has a $4 monthly fee, but it doesn’t require qualifying activity to have that fee waived — simply being a student ages 16 to 24 will do the trick. The account has no required minimum balance, and the rewards program is the same as offered with the MyStyle checking account.

Student Checking also comes with mobile banking features, a Visa® debit card, and a 0.25 percent discount on auto, RV and personal loans.

How to get Mountain America Credit Union’s checking accounts

The MyFree Checking and MyStyle Checking accounts can be opened online, by visiting a Mountain America Credit Union branch or by calling (800) 748-4302. For the Student Checking account, applicants must join the credit union at a branch.

The online application requires the opening of a membership savings account first. To get started, you’ll need a Social Security number, driver’s license and personal contact information.

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How Mountain America Credit Union’s checking accounts compare

Mountain America Credit Union offers just three checking accounts, but they have a good range of services. With a free checking account, a rewards checking account and a student checking account, Mountain America Credit Union’s product line is likely to appeal to a wide range of customers.

The major drawback of all of these accounts is that none of them pay any interest. Thus, no comparison can be made between the rates on Mountain America Credit Union’s checking accounts and the national average rate, let alone some of the interest offered in our list of the best checking accounts available. All of the accounts also charge fees for usage of non-MACU ATMs.

Mountain America Credit Union’s savings account options

Traditional Savings

Mountain America Credit Union’s basic savings account, which customers must open to join the credit union.
APYMinimum Balance to Earn APY
0.10%$100
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: up to $25

Mountain America Credit Union’s Traditional Savings account acts both as a membership account and as the credit union’s sole straight savings account. Minimum opening requirements are low, and there are no monthly fees. At least $5 must be kept in the account at all times to maintain membership in the credit union.

Interest is earned on balances of $100 or more, with the same rate paid on all qualifying balances. Money can be transferred to other accounts, which can be done either in person at a branch or using the credit union’s mobile app.

Secondary savings accounts, with the same account features and benefits, can be opened for specific goals, such as vacations or gifts. Secondary accounts earn interest starting from the first dollar.

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Teen Savings

This account is essentially the Traditional Savings, but for those 13 to 17 years old.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0; up to $2.50 for non-MACU/CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: up to $25

The Teen Savings account is designed to help older kids become familiar with money-management skills. With a parent or guardian cosigner, this account grants access to a debit card, so teenagers can learn how to handle their money responsibly. The account also features free online and mobile features likely to appeal to younger customers.

Teen Savings has essentially the same financial parameters as the credit union’s Traditional Savings account, with a low minimum to open and no monthly fees.

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Youth Savings

This account is targeted at the very youngest segment of Mountain America Credit Union’s customer base.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The Youth Savings account pays dividends and aims to help kids 12 and younger understand how money and savings work. However, there is no ATM access on this account.

The account requires an adult 18 or older to cosign, and it automatically converts to a Traditional Savings account when the child turns 18. As an added benefit, Mountain America Credit Union provides a free piggy bank with each new Youth Savings account.

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Christmas Club Savings

APYMinimum Balance to Earn APY
0.60%
$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The Mountain America Credit Union Christmas Club account requires a $5 opening deposit, has no monthly fees and pays an astoundingly high APY. Funds mature every Nov. 1, at which point the account automatically converts to a secondary savings account. Withdrawals cannot be made before the maturity date.

How to get Mountain America Credit Union’s savings accounts

Customers can open Mountain America Credit Union savings accounts either online, in-branch or by calling (800) 748-4302, with the exception of the Christmas Club account, which cannot be opened online. The online account-opening process is the same one for all new MACU accounts, requiring a Social Security number, driver’s license and personal contact information.

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How Mountain America Credit Union’s savings accounts compare

Mountain America Credit Union’s Traditional Savings account is just what the name suggests, a basic savings account that pays interest and has no monthly fees. It’s also the membership account for the credit union.

The other savings accounts at Mountain America Credit Union are all specialty accounts, focusing on teen, youth or holiday savers. The Traditional and Teen accounts pay rates below the national average, and far below the APY available on the nation’s best savings accounts.

Mountain America Credit Union’s CD account options

Term Deposit

Mountain America Credit Union’s traditional CD account, with maturities ranging from six months to five years.
TermAPYMinimum Balance to Earn APY
6 Month0.50%
$500
12 Month0.60%
$500
18 Month0.75%
$500
24 Month0.90%
$500
30 Month1.00%
$500
3 Year2.90%
$500
4 Year3.00%
$500
5 Year3.10%
$500
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms of 12 to 48 months; 365 days’ interest on terms greater than 48 months

Mountain America Credit Union’s standard CD accounts, dubbed Term Deposits, come in a wide range of maturities and pay relatively high rates. A $500 minimum is enough to earn the stated APY, which is fixed for the life of the term deposit, so long as there are no early withdrawals.

As is standard with credit unions, deposits are insured up to $250,000 by the National Credit Union Administration, or NCUA. Term deposits at Mountain America Credit Union automatically renew upon maturity at the then-current rate offered by the credit union.

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Term Deposit Plus

Term Deposit Plus has low minimums to open and allows customers to add funds at will.
TermAPYMinimum Balance to Earn APY
6 Month1.50%
$5
12 Month2.60%
$5
18 Month2.65%
$5
24 Month2.75%
$5
30 Month2.80%
$5
3 Year2.90%
$5
4 Year3.00%
$5
5 Year3.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms of 12 to 48 months; 365 days’ interest on terms greater than 48 months

Term Deposit Plus accounts offer the same rates and maturities as Mountain America Credit Union’s standard Term Deposit accounts. However, the Term Deposit Plus account does require monthly automated deposits of at least $10 to open, though the minimum on the account is just $5.

Funds can be added at any time, which is unusual for a CD account.

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Term Deposit (Youth)

Like a Term Deposit Plus for those under 28, but with some different rates
TermAPYMinimum Balance to Earn APY
12 Month0.70%
$5
24 Month1.00%
$5
36 Month1.20%
$5
48 Month1.35%
$5
60 Month1.45%
$5
  • Minimum balance to open account: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: 90 days’ interest on terms of 12 months or less; 180 days’ interest on terms of 12 to 48 months; 365 days’ interest on terms greater than 48 months

The Youth Term Deposit account only requires a small minimum to open. Additional deposits of up to $10,000 per year are accepted. There are no monthly fees with this account, and it pays the highest APY of any CD on offer at Mountain America Credit Union.

This CD automatically renews upon maturity, although there is a 10-day grace period after maturity to close the account without triggering early withdrawal penalties. When an account holder turns 28, the account automatically converts to a normal term deposit.

How to get Mountain America Credit Union’s CD accounts

Current members of Mountain America Credit Union can open a Term Deposit account online using their existing account information. New members must visit a branch to open a CD account. Term Deposit Plus and Youth Term Deposit accounts must be opened either in person or by calling (800) 748-4302.

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How Mountain America Credit Union’s CD accounts compare

Rates for Mountain America Credit Union CD accounts are high across the board. The Youth Term Deposit account is particularly attractive, paying the highest CD APY at Mountain America Credit Union and only requiring a $5 minimum deposit. However, even Mountain America Credit Union’s regular CD line offers yields that are competitive with the highest available CD rates and are far above the national average

Mountain America Credit Union’s money market account option

Money Market

Mountain America Credit Union’s Money Market account is its lone offering in this category.
APYMinimum Balance to Earn APY
0.10%
$0
0.15%
$2,500
0.20%
$10,000
0.25%
$25,000
0.30%
$50,000
0.35%
$100,000
0.40%
$250,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: $0; up to $2.50 for non-MACU/ CO-OP ATMs
  • ATM fee refund: none
  • Overdraft fee: up to $25

The Mountain America Credit Union Money Market account has a $2,500 minimum, but if your balance drops below this amount, you still earn interest on the account. The rate drops to 1% below the current savings account rate, but it will never be lower than 0.10%.

This account pays higher interest than a savings account but allows greater access than with a CD. Dividends are paid monthly, and funds can be withdrawn at any time, up to the federally mandated limit of six per month. Additional withdrawal requests may be denied by the credit union.

How to get Mountain America Credit Union’s money market accounts

Mountain America Credit Union’s Money Market accounts can be opened online, in a branch or by calling (800) 748-4302. The online application is the standard one for new MACU accounts, requiring the opening of a membership savings account in addition to any other desired accounts. The credit union requires a Social Security number, driver’s license and personal contact information to get started.

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How Mountain America Credit Union’s money market account compares

Interest rates start low with the Mountain America Credit Union Money Market account, but they climb above the national average once deposits of at least $10,000 are made. You can still probably get higher rates with the best available money market accounts, but rates at the highest Mountain America Credit Union tier are at least respectable. The money market product line at Mountain America Credit Union is not very diverse, however, as just the single account is available.

Mountain America Credit Union’s IRA account options

Money Market IRA

Mountain America Credit Union’s Money Market IRA operates like a traditional money market fund, except fund access is much more limited.
APYMinimum Balance to Earn APY
0.10%
$0
0.15%
$2,500
0.20%
$10,000
0.25%
$25,000
0.30%
$50,000
0.35%
$100,000
0.40%
$250,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Mountain America Credit Union’s IRA Money Market account is a clone of its non-IRA Money Market account. Both share the same tiered interest-rate structure, with the same rates paid at the various breakpoint levels. The minimum opening deposit remains at $2,500, although balances as low as $0.01 still earn interest.

The one distinction, of course, is that this is a tax-advantaged retirement account, and any money withdrawn from an IRA ahead of retirement may face IRS taxes and penalties.

How to get Mountain America Credit Union’s IRA accounts

IRA accounts at Mountain America Credit Union are contracted with LPL Financial. To open an IRA, customers must schedule a consultation with an LPL Financial adviser.

SEE DETAILS Secured

on Mountain America Credit Union’s secure website

NCUA Insured

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How Mountain America Credit Union’s IRA account compares

Mountain America Credit Union’s IRA Money Market features the same rates as its non-IRA product, meaning they start low and rapidly climb to respectable levels. Top rates remain firmly above the national average. However, Mountain America Credit Union doesn’t offer its own IRA CDs, so no comparison can be made with the best IRA CD rates available nationwide. Also, as mentioned, investment products are handled through LPL Financial rather than directly by the credit union.

Overall review of Mountain America Credit Union’s products

Mountain America Credit Union offers some solid account options, though in some areas it comes up short.

The credit union offers three checking accounts that are reasonable in terms of what they provide, but don’t pay any interest, making them more suitable for existing Mountain America Credit Union customers looking for convenience. In the savings account department, Mountain America Credit Union offers specialty accounts for teens and youths, in addition to a membership savings account, but rates are below-average across the board.

On the other hand, the credit union’s Christmas Club savings account pays an extraordinary rate. The money market rates are generally above-average, but the star accounts at Mountain America Credit Union are its Term Deposit, or CD accounts, which pay rates that compete with the best in the nation.

Overall, Mountain America Credit Union has a solidly diverse lineup of accounts that can cover the basic banking needs of most customers. Those seeking high yields will likely be drawn to the credit union’s CD products.

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