Abound Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Abound Credit Union’s checking account options

Share checking account

This basic checking account offers no interest but comes with a nice perk —  up to four ATM refunds per month.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to 4 per month (details below)
  • Overdraft fee: None

The Share checking account is best for those who intend on using an ATM often as there aren’t any fees for use. You can also get up to four out-of-network ATM refunds each month, but there’s paperwork involved: You need to bring in your original ATM receipts to your local branch or mail it in within 90 days of the transaction.

This account is also available to minors as long as an adult agrees to be a joint owner.

The checking account also gives you a free check card, a debit card, notary services, text alerts, online banking and $1,000 accidental death and dismemberment insurance. If you enroll in direct deposit with Abound Credit Union, your funds will be available immediately.
For those who want mobile banking, it’s only free if you have at least $2,500 in loan or total account balances, or make at least $500 in direct deposits each month.

How to get Abound Credit Union’s checking account

You can join the credit union and open a checking account by filling out an online application form. First, indicate how you can qualify for membership, and agree to open a share savings account and pay a $10 one-time membership fee. Then, fill in your personal details like your name, address and Social Security number, and fund the account.

SEE DETAILS Secured

on Abound Credit Union’s secure website

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How Abound Credit Union’s checking accounts compare

Sadly, even with ATM refunds, this checking account falls short of those on our list of the best online checking accounts. Many of these competitors also feature no fees and ATM refunds plus some pretty high rates. Considering you need to pay to be a member to open a checking account, we’d give this one a pass.

Abound Credit Union’s savings account options

Share/savings

It’s a low minimum opening deposit, but these rates are way low.
APYMinimum Balance to Earn APY
0.05%
$100
0.15%
$50,000.01
0.20%
$100,000.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100 ($0 if you’re under 18)
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to four per month (details below)
  • Overdraft fee: N/A

The Share savings account is required for all members but the rates offered are quite low. There is no ATM access, so the only way to access funds is through in-person transactions, online and mobile banking (free only for those who have at least $2,500 in account balances or $500 in direct deposits each month).

If you’re opening this account for a minor, there is no need to maintain the minimum account balance to earn the lowest-tiered APY. All account holders are allowed up to six certain withdrawals/transfers per month as mandated by Federal Reserve Regulation D. If you go over the threshold, the credit union is currently not enforcing any fees, but your transaction could be denied.

How to get the Share/savings account

To open an account you can head over to the credit union’s website and fill out an online application form. You’ll be asked to specify how you qualify for membership then fill in personal details such as your name, address and Social Security number. Afterward, fund the account and pay the membership fee.

SEE DETAILS Secured

on Abound Credit Union’s secure website

NCUA Insured

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How Abound Credit Union’s savings accounts compare

You’re really not missing much here if you go elsewhere to open a savings account. The account at Abound Credit Union offers rates much lower than the best advertised savings accounts out there. Many competitors also don’t require balance minimums to earn the highest rates.

Abound Credit Union’s CD rates

Share certificate

There are maybe one or two CD terms in the bunch worth looking into.
TermAPY
3 months 0.30%
6 months 0.40%
12 months 0.70%
14 months 1.00%
18 months 0.90%
22 months 2.25%
24 months 1.00%
36 months 1.05%
48 months 1.15%
59 months 1.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • 3 to 24 months — 90 days interest
    • 30 to 48 months — 180 days interest
    • 59 months — 365 days interest

These CDs are fixed-rate accounts where to earn the advertised APY, it’s assumed you’ll leave all funds in the CD until maturity. Interest you earn will be compounded and credited quarterly. If you have at least $10,000 in your account, you can elect for dividends to be paid out monthly.

When your certificate matures, the CD is automatically renewed unless you make changes within the 10-day grace period. You can either renew for another term, withdraw cash or make additional deposits.

How to get Abound Credit Union’s CDs

To be eligible to open a CD account, you need to become a member by paying a one-time $10 fee and agree to open a share savings account with $5. You’ll need to fill out an online application form by indicating how you qualify for membership then provide details such as your name, address and Social Security number. Then, fund both accounts.

SEE DETAILS Secured

on Abound Credit Union’s secure website

NCUA Insured

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How Abound Credit Union’s CD rates compare

When compared side by side with our list of the best CD rates, the rates from Abound Credit Union still fall short even at their highest levels. That, plus the higher minimum balance requirements for the better APYs means we’d give these CDs a pass.

Abound Credit Union’s money market account options

Money market

Check-writing capabilities are limited, which is unusual for this type of account.
APYMinimum Balance to Earn APY
0.10%
$1,000
0.20%
$10,000.01
0.25%
$25,000.01
0.30%
$50,000.01
0.40%
$100,000.01
0.50%
$250,000.01
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The money market account is best for those who want to set aside money for savings goals considering there is a minimum balance to earn APY. There isn’t ATM access with the money market account but you do get limited check-writing capabilities. You can also access your account via online banking.

Unlike the Share savings account, Abound Credit Union does enforce a fee if you make over six certain withdrawals/transfers a month. Either your withdrawals will get denied or you’ll be charged a $12 excess transaction fee. If you continue making excessive withdrawals, your account may be closed. In addition, you’ll need to pay the monthly maintenance fee unless you can maintain a minimum balance of $1,000.

How to get Abound Credit Union’s money market account

You must become a member by paying a one-time $10 fee and opening a share savings account with $5 at the same time you open the money market account. Go to the credit union’s online application form and select which option qualifies you for membership. Then, fill in information such as your name, address and Social Security number, and fund your account.

SEE DETAILS Secured

on Abound Credit Union’s secure website

NCUA Insured

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How Abound Credit Union’s money market accounts compare

The highest tiered rate falls slightly lower than what we’ve got on our list of the best money market rates, but it requires you to have a high minimum deposit amount. Unless you’ve got that much cash lying around, you may want to look elsewhere.

Abound Credit Union’s IRA account options

IRA CD rates

Rate Riser Certificate

Get the opportunity to increase your rates during the CD term.
Term APY
59 months 1.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 365 days’ interest

This IRA CD gives you the chance to increase your rates once a year during the almost five-year term. Whenever you see a rate increase for the IRA CD, you can contact Abound Credit Union to request it.

Like the credit union’s regular CDs, interest earned is compounded and credited quarterly — you could choose to have it credited monthly if you have $10,000 balance. Since this an IRA account, any withdrawals you make could be subject to IRS penalties if you’re under 59½, plus any from Abound Credit Union if you make early withdrawals.

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

How to get the Rate Riser Certificate

You need to open an Rate Riser Certificate in person. You can fill out this form to make an appointment ahead of time.

SEE DETAILS Secured

on Abound Credit Union’s secure website

NCUA Insured

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How Abound Credit Union’s IRA CD rates compare

This rate isn’t close to what’s currently being offered out there. Sure, you get the opportunity to increase your rate once a year, but it doesn’t mean you’ll get higher ones than other online competitors. You’re probably better shopping around from our list of the best IRA CD rates.

IRA savings account

The fact that it’s a free account is pretty good.
APYMinimum Balance to Earn APY
0.10%
$100
0.15%
$10,000.01
0.20%
$50,000.01
0.25%
$100,000.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account offers higher rates, though you’ll need quite a bit of cash to qualify for them. Other than that, it’s a run-of-the-mill IRA savings account. You can make certain withdrawals/transfers any time but may be limited per regulatory-mandated up to six per month. More than that and you could be paying a $12 excess withdrawal fee from the credit union. Plus, any withdrawals you make while under the age of 59½ could result in paying IRS penalties, too.

How to get Abound Credit Union’s IRA savings account

You need to open an IRA savings account in person.

SEE DETAILS Secured

on Abound Credit Union’s secure website

NCUA Insured

Overall review of Abound Credit Union’s banking products

Despite the historical gold reserves that abound inside Fort Knox, there’s little that shines about this credit union. The products pay low rates. And, while it’s nice that there are ATM refunds and limited check-writing capabilities for the money market account, you can get those features elsewhere.

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