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

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Year Established1951
Total Assets$3.1B
LEARN MORE on Travis Credit Union’s secure websiteNCUA Insured

Travis Credit Union traces its beginnings to 1951, when military and civilian employees at Travis Air Base in Fairfield, Calif., banded together to start a financial institution. Now, Travis Credit Union stands as one of the 70 largest credit unions in the United States.

As a credit union, there are membership restrictions to opening an account at Travis Credit Union. Membership is restricted to applicants who work, live, worship, or attend school in one of the following 12 Northern California counties:

  • Alameda
  • Colusa
  • Contra Costa
  • Merced
  • Napa
  • Placer
  • Sacramento
  • Solano
  • Sonoma
  • San Joaquin
  • Stanislaus
  • Yolo

Military and civilian personnel at Travis Air Force Base are also eligible, as are immediate family or household members of any current member.

Most, but not all, Travis Credit Union accounts can be opened online, within about 10 minutes. The process requires the following documentation:

  • Social Security number
  • Government-issued ID, such as a driver’s license or passport
  • Proof of physical address, if the one on your ID is not current or if your mailing address is a P.O. Box
  • Employment and personal identifying information
  • A funding source, such as a checking or savings account number or a credit card

For youth accounts, information must be provided both for the youth and for a parent or guardian at least 18 years old, who will be the joint owner. Any ATM cards will be issued in the name of the joint owner, or in the name of the youth if at least 14 years of age and a parent or guardian signs a consent form in a branch.

Travis Credit Union boasts a wide range of consumer accounts, from checking and savings options to IRAs, CDs, and money market accounts. To better understand which accounts might be appropriate for you, here’s a look at all of the features and benefits of the accounts that Travis Credit Union offers, along with various account requirements.

Travis Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Travis Credit Union Prime Share Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.25%

CD Rates

Travis Credit Union 12 Month Standard CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.85%

CD Rates

Travis Credit Union 36 Month Standard CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.25%

CD Rates

Travis Credit Union 60 Month Standard CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Travis Credit Union’s checking account options

Access Checking

Access Checking is youth-focused, with a “checkless checking” structure.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on non-CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: N/A

Access Checking is designed to appeal to tech-savvy youths who need a debit-card account only, rather than a traditional checking account. This no-fee account doesn’t pay any interest. Although dubbed “Access Checking,” this account actually doesn’t offer check writing. The account offers free mobile banking and electronic statements, and account holders can remotely deposit paper checks via the app. Debit card purchases that exceed the amount of money available will be rejected; the account cannot be linked to overdraft protection sources as with other Travis Credit Union checking accounts.

If an account holder orders third-party checks that are presented for payment against this account, the transaction will be rejected and a nonsufficient funds fee will be assessed. However, if an account is temporarily overdrawn due to an otherwise-approved transaction, no overdraft fee will be charged. This could occur if a merchant doesn’t initially post the full value of the transaction, such as at a hotel or gas station.

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Free Checking

What you see is what you get with this account, which comes free of charge and provides basic checking account services.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on non-CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: $29 (6 transactions per day max); $5 with overdraft transfer

Travis Credit Union’s Free Checking account is an entry-level offering with no monthly fee and a low minimum opening deposit requirement. And while it does not pay interest, the account still comes with the package of free features and benefits offered on all Travis Credit Union checking accounts, including the following:

  • Online and mobile banking
  • Bill pay
  • A mobile app for iOS and Android that includes remote check deposit
  • eStatements
  • 24-hour phone banking
  • Identity theft assistance
  • Money Mover, which allows for free transfers into credit union accounts ($1 fee for transfers from the credit union to external accounts)

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Dividend Checking

Dividend Checking is the first checking account in the Travis Credit Union lineup that pays interest.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with minimum checking balance of $500 or a combined checking, savings and money market account balance of $2,500 or more
  • ATM fee: $1.50 per transaction on non-CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: $29 (6/day max); $5 with overdraft transfer

Customers with at least $500 they can keep on deposit at Travis Credit Union might want to look at the Dividend Checking checking account. Feature-wise, the account is almost identical to the credit union’s Free Checking account. Dividend checking does come with a monthly fee, but the same $500 that is required to earn interest on the account is enough to avoid the monthly fee. Beyond that, both accounts have the same ATM and overdraft fee structure and offer the same benefits, such as mobile and online banking, 24-hour phone banking, identity theft protection, and money transfers via the Money Mover program.

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Silver Wings Checking

Silver Wings Checking is designed for Travis Credit Union checking customers aged 60 or older.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29 (6 per day max); $0 with overdraft transfer

Structurally, Silver Wings Checking is almost a carbon copy of Travis Credit Union’s Dividend Checking account. Both accounts require a small opening deposit but pay interest on balances of at least $500. However, there is no fee attached to the Silver Wings Checking account, regardless of account balance. Silver Wings is designed to appeal to senior customers of the credit union, offering special perks such as a free box of standard checks and no fee for overdraft protection transfers.

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Investor Checking

Investor Checking is Travis Credit Union’s flagship checking account.
APYMinimum Balance to Earn APY
0.15%
$1,000
0.20%
$5,000
0.25%
$10,000
0.25%
$25,000
0.30%
$50,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7.50; with a minimum checking balance of $2,500 or a combined checking, savings and money market balance of $5,000 or more
  • ATM fee: $1.50 for non-CO-OP network ATMs, after 4 free transactions per month
  • ATM fee refund: none
  • Overdraft fee: $29 (6 per day max); $0 with overdraft transfer

Investor Checking pays the highest interest rate in the Travis Credit Union Checking account lineup, with balances of $50,000 or more earning the highest rates. Interest is paid in six tiers, although balances under $1,000 don’t earn anything. The moderate monthly fee can be avoided with a checking account balance of $2,500 or a combined $5,000 in balances across Travis Credit Union accounts.

Unlike other checking accounts at the credit union, Investor Checking allows four free non-network ATM withdrawals per month, although fees that may be charged by the terminal operator are not refunded. Account holders also enjoy no-free overdraft transfer protection transfers. One box of checks can be ordered for free at any time.

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Youth Checking

Youth Checking offers teenagers the ability to gain experience with basic checking account features.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29 (6 per day max); $5 with overdraft transfer

Youth Checking is a simple checking account designed to teach teenagers how to handle money. The account carries many of the same features as the Free Checking account, including a small opening deposit requirement, no monthly fee, and a free ATM card or Visa debit card. Account holders can also apply for a Young Adult Visa credit card with a $2,000 limit to help build credit.

How to get Travis Credit Union’s checking accounts

Most of Travis Credit Union’s checking accounts can be opened online. The exception is the Youth Checking account, which requires a visit to a branch location.

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How Travis Credit Union’s checking accounts compare

Travis Credit Union offers a number of different types of checking accounts, from free offerings to dividend-paying options to senior and youth accounts. For the most part, accounts are free or have monthly fees that can be easily avoided, and most offer free or low-cost overdraft protection transfers. Rates paid on the Dividend Checking and Silver Wings Checking are well below the national average. Only the top-tier Investor Checking account pays above-average rates, although even on deposits of $50,000 or more the rates can’t come close to the top checking account rates in the country.

Travis Credit Union’s savings account options

Share Savings Account

The required membership account at Travis Credit Union has a very high special APR on your first $500 if you qualify.
APYMinimum Balance to Earn APY
0.10%
$100
0.10%
$5,000.01
0.15%
$10,000.01
4.00%
$0.01, with Ultimate Rewards Package
  • Minimum opening deposit: $10 (includes $5 membership fee)
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

All customers at Travis Credit Union must open a Share Savings account, which is mostly a basic, straightforward savings account. A $5 opening deposit, on top of a $5 membership fee, is all that’s needed to open this no-fee account. Dividends are paid in a four-tier structure: balances over $10,000 earn the top normal rate, but balances below $100 earn nothing. The account has ATM access, with free in-network withdrawals but no refunds of other banks’ terminal charges. In accordance with federal regulation D, certain transfers and withdrawals through phone or online banking are limited to six per month. A $9 quarterly low-balance fee is assessed on balances of less than $100; this can be waived with a loan balance or an active checking account.

The Ultimate Rewards Package is a special feature offered by Travis Credit Union. It provides a greatly enhanced yield on the first $500 in a Share Savings account for customers that have a checking account with eStatements and add either direct deposit or bill pay.

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Target Share Account

The Target Share account is an additional savings account members can open after gaining membership via the Share Savings account.
APYMinimum Balance to Earn APY
0.10%
$100
0.10%
$5,000.01
0.15%
$10,000.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Target Share account at Travis Credit Union is a secondary savings account designed to mirror the Share Savings account. Customers can open as many Target Share accounts as they would like to save for specific goals like the holidays, a vacation or special events (e.g. a wedding). Like the Share Savings account, the Target Share account has no monthly maintenance fee and requires a $5 opening deposit, although the additional $5 membership fee is not required on this account. ATM fees are the same, with nothing charged for in-network withdrawals, and the quarterly low balance fee also applies. Certain withdrawals and transfers share the same six-per-month limit as per Regulation D.

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T-Bird Club Savings Account

A savings account for youngsters up to 12 years old.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The first in a series of three youth savings accounts at Travis Credit Union, the T-Bird Club Savings account is for the youngest savers, up to 12 years old. There are no minimum deposit requirements and no monthly maintenance fees, and the quarterly low-balance fee is also waived. To help youngsters learn more about the financial world, this account, along with all youth accounts at Travis Credit Union, provides access to an interactive web site with various financial education topics. Every child signing up for the T-Bird Club account also receives a free piggy bank.

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Rising Stars Club

The Rising Stars Club is the next rung up the youth savings account ladder at Travis Credit Union, offering accounts for teenagers from 13 to 17 years old.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Rising Stars Club is a youth savings account that gives older children more control over their financial lives. Account holders aged 14 to 17 are given access to an ATM card, as long as a parent co-signs for the account. Teens aged 16 or 17 can also sign up for a Visa debit card if they have a parent or guardian as a co-signer. Beyond these additional features, the account is like the T-Bird Club account, with no monthly fees or minimum balance requirements and access to the credit union’s educational web site.

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Young Adult Account

The Young Adult account is a savings account for account holders aged 18 to 21.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Young Adult account at Travis Credit Union is the top-tier youth account and it functions like a full-fledged savings account. In addition to having no monthly fees or account minimums, the Young Adult account comes with a Free Checking account, free bill pay, a free ATM or Visa debit card, and mobile banking. This account is also the only youth account that pays dividends, although they are not listed on the website; you’ll have to contact the credit union directly to get current rates. Account holders are also eligible to apply for a Visa credit card with an up to $2,000 limit.

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Health Savings Account

This traditional Health Savings account also offers check writing capabilities.
APYMinimum Balance to Earn APY
0.25%
$100
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

As with all Health Savings accounts, the HSA at Travis Credit Union requires enrollment in a high-deductible health plan to qualify. Contributions to the account may be tax-deductible, and distributions are generally tax-free when used for qualifying medical expenses. Travis Credit Union’s HSA is a bit unusual in that it offers check writing, which not all HSAs do. Interest is earned in two tiers, although currently only deposits of $100 or more earn any dividends.

How to get Travis Credit Union’s savings accounts

All traditional Travis Credit Union savings accounts, including youth accounts, can be opened online. You’ll need a Social Security number, government-issued ID, proof of physical address, employment and personal information, and a funding source. For the Health Savings account, customers must visit a branch or call (800) 877-8328.

For youth accounts, with the exception of the Young Adult account, a parent or guardian at least 18 years old must be the joint owner.

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How Travis Credit Union’s savings accounts compare

The traditional rates paid on the Share Savings, Target Savings, and Health Savings accounts at Travis Credit Union are low, well below even the national average rates. However, the Ultimate Rewards Package boosts the yield on the Share Savings account to a rate well above the best available national savings account rates — still, that rate is only available on the first $500 deposited in the Share Savings account.

Travis Credit Union’s CD account options

Standard Certificates (CDs)

Standard Certificates have a modest opening balance and pay higher rates with longer maturities.
APYMinimum Balance to Earn APYTerm
0.75%
$5006 months
1.25%
$50012 months
1.60%
$50024 months
1.85%
$500 36 months
1.90%
$50048 months
2.25%
$50060 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: For terms of 182 days to 12 months, 90 days’ dividends; for terms of 12 months or more, 180 days’ dividends, whether earned or not.

CDs at Travis Credit Union have a modest opening balance requirement and a fairly limited range of maturities. Although terms range from 6 months to 60 months, there are only a total of six maturities. Rates are fixed until maturity, and dividends are compounded monthly. Travis Credit Union CDs have a 6 day grace period after maturity during which funds can be withdrawn free-of-charge. Standard early withdrawal penalties otherwise apply.

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Laddering Certificate (CDs)

Laddering Certificates are purchased in a group to form a ladder of differing maturities in a single package.
APYMinimum Balance to Earn APYTerm
1.35%
$10,00012 months
1.70%
$10,00024 months
1.95%
$10,000 36 months
2.00%
$10,00048 months
2.36%
$10,00060 months
  • Minimum balance to open account: $50,000 (5 certificates of $10,000 each)
  • Minimum balance to earn APY: $10,000 per year for five years
  • Early withdrawal penalty: For terms of 12 months or more, 180 days’ dividends, whether earned or not

In order to receive the bonus interest rates offered by Travis Credit Union’s Laddering Certificates, customers must purchase $50,000 in CDs laddered over five years, with $10,000 going towards a 1-year certificate, $10,000 going towards a 2-year certificate, and so on for up to five years. Every year a CD matures, it auto-renews into a new 5-year certificate, unless you notify the credit union first. The standard 6-day grace period applies, as does the early withdrawal penalty.

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Bump-Up Certificate (CDs)

The Bump-Up Certificate at Travis Credit Union offers a promotional rate for new money in a single, 24-month maturity.
APYMinimum Balance to Earn APYTerm
2.50%
$1,00024 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: For terms of 182 days to 12 months, 90 days’ dividends; for terms of 12 months or more, 180 days’ dividends, whether earned or not

The Bump-Up Certificate at Travis Credit Union is a current special offer that can be pulled at any time. Account holders are allowed to “bump up” the rate on their CD to the then-current rate one time during the term. The minimum balance to open is twice that of a regular CD at Travis Credit Union, but the same early withdrawal penalty holds. Upon maturity, Bump-Up CDs automatically renew into standard certificates, with no promotional rate available. However, customers can withdraw funds without penalty during a 6-day grace period after maturity.

How to get Travis Credit Union’s CD accounts

You can open a Travis Credit Union CD account online. You can also visit a branch or call (707) 449-4000. As mentioned above, opening an account online takes about 10 minutes. If you’re not yet a credit union member, you must join by opening a Share Savings account. To complete the process, you’ll need your Social Security number, a valid ID like a passport or driver’s license, various personal and employment information, your address, and your source of funding.

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How Travis Credit Union’s CD accounts compare

Travis Credit Union offers a decent lineup of CDs, with rates for all maturities slightly above the national average. (Rates on Laddering Certificates are a bit higher.) The standout in the credit union’s lineup is the current promotional rate on its Bump-Up CD. Although that rate can’t quite top the best national CD rates available, it’s far above average and a nice boost over the credit union’s standard CD line. With the option to bump that rate up one time over its 2-year term, it’s an attractive product.

Travis Credit Union’s money market account options

Flexible Money Market Account

The Flexible Money Market account is the first rung in a ladder of five distinct money market accounts at Travis Credit Union.
APYMinimum Balance to Earn APY
0.40%
$0.01
0.55%
$7,500
0.60%
$25,000
0.70%
$50,000
0.75%
$75,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Flexible Money Market account occupies the entry-level spot in Travis Credit Union’s money market account portfolio. Travis Credit Union’s money market accounts have no monthly maintenance fee and pays interest, but the minimum opening deposit and the APY schedule varies from account to account.

For the Flexible Money Market account, interest is earned in five tiers, the most of any of the credit union’s money market accounts, with payouts beginning on the first dollar.

All of Travis Credit Union’s money market accounts have ATM access and the same ATM fee structure, but none of them have overdraft protection. Travis Credit Union charges a $15 excessive transaction fee for certain money market transactions in excess of six per month, including checks, pre-authorized or automatic transfers, online banking transfers, and telephonic transfers.

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Sterling Money Market Account

The Sterling Money Market is like the Flexible Money Market account, but with a higher minimum opening balance.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.65%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Sterling Money Market account functions just like the Flexible Money Market account, with two major distinctions. First, the minimum opening deposit for this account jumps up to $25,000. Second, interest is paid in two tiers. To get anything more than a minimal rate, customers must maintain a balance at least as large as the minimum opening deposit.

As with the Flexible Money Market account, the Sterling Money Market account has ATM access and the same ATM fee structure, but with no overdraft protection. Account holders are assessed a $15 excessive transaction fee for certain transactions in excess of six per month, including checks, online banking transfers, pre-authorized or automatic transfers, and telephonic transfers.

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Premiere Money Market Account

The Premiere Money Market account pays even higher rates, but with a large minimum opening deposit requirement.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.80%
$50,000
  • Minimum opening deposit: $50,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Sterling Money Market account is a mirror image of the first two money market accounts in the Travis Credit Union stable, with two notable exceptions. The minimum opening deposit requirement on this account jumps up to $50,000, and the interest rate paid at that level and above is commensurately higher.

Beyond these differences, the Sterling Money Market is essentially the same account as the others. ATM access comes with the account, and there are still only ATM fees for non-CO-OP machines. There is also no overdraft protection with this account. Certain electronic, telephonic, or pre-authorized transactions in excess of six per month are assessed a $15 fee.

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Premiere Plus Money Market Account

The Premiere Plus Money Market account is the penultimate account in the Travis Credit Union money market account pyramid.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.85%
$75,000
  • Minimum opening deposit: $75,000
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Premiere Plus Money Market account pays its best interest rate on deposits of at least $75,000, which is also the minimum amount required to open the account; smaller deposits earn hardly any interest at all. This account doesn’t have a monthly fee and has all the other benefits and restrictions that the credit union’s other money market accounts share, including no monthly fees, free in-network ATM transactions, and no overdraft protection. The excess activity fee of $15 applies to certain transactions in excess of six per month.

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Jumbo Money Market Account

The Jumbo Money Market account occupies the top tier of the five-money-market universe at Travis Credit Union.
APYMinimum Balance to Earn APY
0.05%
$0
0.90%
$100,000
  • Minimum opening deposit: $100,000
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: None
  • Overdraft fee: $29

The Jumbo Money Market account is the big dog when it comes to money markets at Travis Credit Union, requiring a whopping $100,000 minimum opening deposit. Customers must maintain this balance in the account to earn anything but a token APY. However, those that can manage it will benefit from the credit union’s highest money market interest-rate payout. There are no monthly fees with this account, but the overdraft fee can’t be reduced via overdraft protection. ATM access is provided, with no fees charged on in-network transactions. As with the credit union’s other money market accounts, certain transactions in excess of six per month are met with a $15 excessive transaction fee.

How to get Travis Credit Union’s money market accounts

All of Travis Credit Union’s money market accounts can be opened online. As mentioned above, you can open an account with a government-issued ID, proof of physical residence, employment and personal information, a Social Security number, and a funding source.

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How Travis Credit Union’s money market accounts compare

Travis Credit Union has an unusually large variety, with five different money market accounts. However, these accounts are all essentially variations on the same account, with the only differences being in the minimum required deposit amounts and the corresponding APYs. The Flexible Money Market, the only account with more than two interest-bearing tiers, pays an above-average rate even at its lowest tier, with the highest tier more than doubling the average. For the remaining four money market accounts, the base tier pays hardly anything, but the top tiers pay very good rates, in most cases paying double or more the national average. But even the top APYs can’t keep up with the best available national money market rates.

Travis Credit Union’s IRA options

IRA Savings

The IRA Savings account is a place to stash money not invested in other IRA products at Travis Credit Union.
APYMinimum Balance to Earn APY
0.05%
$200
  • Minimum opening deposit: $200
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Savings account is a way for customers to earn a little bit of interest on otherwise uninvested IRA money. The rate paid is low, but it applies to all deposits above the minimum $200 opening deposit requirement. There is no ATM access with this account and no monthly maintenance fee. As the account is in an IRA, overdrafts are not allowed.

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IRA Certificates

The IRA CD lineup at Travis Credit Union differs only slightly from its non-IRA CDs.
APYMinimum Balance to Earn APYTerm
1.25%
$50012 months
1.60%
$50024 months
1.85%
$500 36 months
1.90%
$50048 months
2.25%
$50060 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: For terms of 182 days to 12 months, 90 days’ dividends; for terms of 12 months or more, 180 days’ dividends, whether earned or not

IRA CDs at Travis Credit Union have the same $500 minimum as the credit union’s non-IRA CDs. However, the 6-month CD is left off the maturity in the credit union’s IRAs. Customers must choose from just five different terms, ranging from 1 year to 5 years. Rates paid on those CDs are identical to the credit union’s taxable CDs.

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Bump-Up IRA Certificate (CDs)

The IRA CD lineup at Travis Credit Union differs only slightly from its non-IRA CDs.
APYMinimum Balance to Earn APYTerm
2.50%
$1,00024 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: For terms of 12 months or more, 180 days’ dividends, whether earned or not

The same Bump-Up Certificate that is available in taxable accounts at Travis Credit Union is also available in the credit union’s IRAs. This rate is a current special offer, but can be changed or removed at any time. Bump-Up CD holders can up the rate on their CD to the then-current rate once before maturity. As with the taxable Bump-Up CD, the IRA version has a minimum balance twice that of a regular CD. Bump-Up CDs automatically renew into standard certificates, upon maturity with no promotional rate available. However, customers can withdraw funds without penalty during a 6-day grace period after maturity. Otherwise, an early withdrawal penalty applies.

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Laddering IRA Certificate (CDs)

The IRA CD lineup at Travis Credit Union differs only slightly from its non-IRA CDs.
APY Minimum Balance to Earn APYTerm
1.35%
$10,00012 months
1.70%
$10,00024 months
1.95%
$10,000 36 months
2.00%
$10,00048 months
2.36%
$10,00060 months
  • Minimum balance to open account: $50,000 (5 certificates of $10,000 each)
  • Minimum balance to earn APY: $10,000 per year for five years
  • Early withdrawal penalty: For terms of 12 months or more, 180 days’ dividends, whether earned or not

Laddering Certificates are available in both taxable and IRA form at Travis Credit Union. Customers purchasing $50,000 of the certificates earn bonus interest rates. The $50,000 invested must be distributed across five maturities, with $10,000 in a 1-year certificate, $10,000 in a 2-year certificate, and so on for the full five years. Every time a CD matures, it auto-renews into a new 5-year certificate, unless the credit union is notified in advance. A 6-day grace period applies before auto-renewal, as does the early withdrawal penalty.

How to get Travis Credit Union’s IRA products

You can call the Member Service Center at (800) 877-8328 for additional information, but the account opening process for an IRA must take place in a branch. As with all Travis Credit Union accounts, you’ll need to become a member before you can open an IRA. To open an account, you’ll need to provide basic personal and financial information, along with your Social Security number, a valid ID like a state ID, passport or driver’s license, and a funding source.

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How Travis Credit Union’s IRA products compare

Travis Credit Union’s IRA CD lineup is pretty close to its non-IRA lineup, which means its rates are above average across the board. The standout Bump-Up CD that’s offered in the credit union’s taxable accounts also appears in its IRAs, and it stands as the best IRA CD rate available. But while that rate is above average, it’s not quite as good as the best available IRA CD rates nationally.

Overall review of Travis Credit Union’s products

Travis Credit Union has a wealth of products. For nearly every personal financial category, there are numerous account options where customers can find a good fit. Checking accounts cover everything from senior and youth accounts to free and dividend-paying options, all with low or nonexistent fees. Interest rates paid, however, are low. Rates for savings accounts aren’t much better, with the exception of Share Savings accounts with the add-on Ultimate Rewards Package. This boosts the savings account yield to among the best in the country, but it’s limited to deposits of $500 or less.

Things perk up a bit in the CD department, as all Travis Credit Union certificates pay a bit above the national average, even those in the credit union’s IRAs. People seeking the highest yields will enjoy the current promotional rate on the Bump-Up CD, which not only carries a high rate but allows customers to bump the rate up once during the 24-month term.

People looking for a money market account are spoiled for choice at Travis Credit Union, which has five options. However, the breadth of choice is a bit of a mirage, as all five accounts are essentially the same offering, with different minimum and yield. Customers that can meet the high minimums on the accounts benefit from yields well above average.

The bottom line is that Travis Credit Union has plenty of account options, enough to meet nearly every need. Most of the accounts are low-cost, and many have no monthly fees at all. However, overdraft charges can be high, and yields on many accounts are not that compelling. As a regional credit union, local customers may enjoy the institution’s community focus, but national customers might find better options 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.

John Csiszar
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John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

Lakeland Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1969
Total Assets$5.6B
LEARN MORE on Lakeland Bank’s secure websiteMember FDIC

Lakeland Bank has grown into a regional powerhouse, now the seventh largest bank in the state of New Jersey with $5.5 billion in assets. Today, the bank operates 50 branches throughout its home state, and one in nearby New York.

You can only open an account with Lakeland Bank if you live in its core service area, unfortunately. But if you do travel outside of New Jersey or New York, the bank participates in the Allpoint ATM network to provide you with plenty of opportunities for fee-free ATM usage.

Lakeland Bank offers the full gamut of personal deposit accounts — everything including checking, saving, IRA, CD and money market accounts. We reviewed them all to give you the inside scoop on how good its rates are, how bad its fees are and where you can go to find better accounts if you’re interested.

Lakeland Bank could offer different rates depending on which state you live in. Since the bank is headquartered in Newfoundland, N.J., (not Newfoundland the province), we’ll present the New Jersey rates for each of its accounts.

Lakeland Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Lakeland Bank Statement Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.25%

CD Rates

Lakeland Bank 13 Month CD Special

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.35%

CD Rates

Lakeland Bank 35 Month CD Special

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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2.50%

CD Rates

Lakeland Bank 48 Month CD Special

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Lakeland Bank’s checking account options

Elite Checking

This checking account offers a lot of unspecified discounts at retailers.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (can be waived or reduced)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

Lakeland Bank’s Elite Checking account doesn’t offer any interest. Instead, this account comes with a “revolutionary benefits package” called BaZing. This package offers roadside assistance, ID theft monitoring, protection, and insurance, as well as discounts at “over 360,000 national, regional, and local merchants.” Unfortunately, it doesn’t specify what those merchants are or how good the discounts are, so there’s no way to know if it’ll actually be something you can use until after you sign up for the account.

All of this comes with a high price tag: $7 per month. You can get this fee reduced in a couple of different ways. First, if you sign up for e-statements, Lakeland Bank will reduce the monthly price by $1. Now you’re at $6 per month. You can reduce it further by using your debit card or by making mobile deposits. Each mobile deposit or debit card purchase you make gives you a $0.25 rebate. So, by signing up for e-statements and making at least 24 total debit card purchases and mobile deposits per month, you can effectively erase the monthly fee from this account.

How to get Lakeland Bank’s Elite Checking account

If you’re at least 18 years old and you live in Lakeland Bank’s service area, you can apply for this account. You can open it online or at a Lakeland Bank branch. You’ll need to provide your contact details, your Social Security number and have a way to fund your new account. Lakeland Bank accepts checks, cash and even credit/debit opening deposits (up to $1,000, that is).

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Platinum Checking

Don’t open up this checking account unless you’re sure you can meet the requirements to waive the painfully high monthly fee.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (can be waived)
  • ATM fee: None
  • ATM fee refund: None. You’ll still be responsible for paying any ATM surcharge fees if you use an out-of-network ATM machine.
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

You might expect that a bank’s most premium-level account would come with a higher monthly fee, and boy does it ever: a whopping $25 per month. Luckily, there is a way to get it waived, but that’ll also cost you. Specifically, you’ll need to have at least $15,000 combined across all your Lakeland Bank accounts — deposit accounts like CDs, savings accounts and outstanding loan balances.

In return, you’ll earn a small amount of interest. You’ll also qualify for rate discounts on Lakeland Bank loans when you set up automatic payments from this checking account, although the bank doesn’t specify how high those rate discounts are. Similarly, you can get unspecified “special rates” on CDs. Finally, you can get free checks and money orders with this account and a small amount ($1,000) of ID theft protection and assistance.

If the additional benefits of the Elite Checking account piqued your interest, you also have the option of adding them onto your Platinum Checking account. But again, there’s a cost: an extra $3 per month, with no way to waive the fee.

How to get Lakeland Bank’s Platinum Checking account

You can apply for this account online or at a Lakeland Bank branch. If you’re opening it online, you’ll still need to provide a valid ID and send in a signature card. Even if you opt for the online opening, you’ll still need to live within Lakeland Bank’s core service area.

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Personal Checking with Interest

This is Lakeland Bank’s only other interest-bearing checking account.
APYMinimum Balance to Earn APY
0.03%
$1.00
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If the Platinum Checking account features overwhelmed you, this account may be a better option for you. The only perk it offers (besides offering a similar amount of interest) is a small $1,000 identity theft protection and assistance package.

But again, you’ll need to make sure you can consistently meet the requirements to waive the monthly fee on this account. If your average account balance drops below $500 for any given month, you’ll have to pay up a high $15 monthly fee for the account. Given the poor interest rate offered on this account, it’s unlikely that you’ll come out ahead if you have to pay the monthly fee, even if you do earn interest.

How to get Lakeland Bank’s Personal Checking with Interest account

If you’re a U.S. citizen, at least 18 years old and live within Lakeland Bank’s service area, you can open this checking account. You’ll need to provide the bank with your Social Security number, a valid ID, your personal contact information and a way to fund your new account. If you apply online, Lakeland Bank will require you to mail in a signature card before your account can officially be opened.

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Classic Checking

This account allows you to write an unlimited number of checks for the cheapest price.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you don’t really care about earning interest or anything fancy but still use your checking account frequently, this might be the best account for you at Lakeland Bank. That’s because there are no limitations on how many checks you can write each month with this account, and it comes with a smaller monthly fee. You’ll pay $6 per month to have this account, but if you keep at least $250 in the account, this fee will be waived.

Even though this account doesn’t really have too much fanciness going on with it, it still comes with $1,000 in ID theft protection and assistance. In fact, most of Lakeland Bank’s checking accounts come with this feature, so there’s almost no getting away from it.

How to get Lakeland Bank’s Classic Checking account

You can apply for a Classic Checking account in person or online on Lakeland Bank’s website. To be eligible for an account, you’ll have to be at least 18 years old, live within Lakeland Bank’s service area, have a Social Security number and be able to fund your new account with an opening deposit. Those who apply online will have to send in a signature card to complete their application.

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Student Checking

This is Lakeland Bank’s only free checking account, and it’s only available to students between the ages of 17 and 24.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you’re a student between the ages of 17 and 24 and want to open an account at Lakeland Bank, you’ll definitely want to go for this one. It’s the only one Lakeland Bank offers that doesn’t carry a monthly fee.

There are a few other nice things that come with this account. Like almost all of Lakeland Bank’s checking accounts, this one comes with $1,000 in ID theft protection and assistance, but it also comes with roadside assistance and free overdraft transfers. To get this free overdraft protection, you’ll have to visit a branch location in person to set it up and use a savings account that’s in your name.

Once you reach age 25, Lakeland Bank will automatically convert this account into a Classic Checking account. You’ll definitely want to reassess your checking account at that point, because the Classic Checking account does carry a monthly fee. Finally, you’ll also need to sign up for e-statements within 60 days after you open this account. If you don’t, it’ll automatically be converted to a Classic Checking account.

How to get Lakeland Bank’s Student Checking account

If you’re under age 18, you’ll need a parent or guardian to open this account with you as a joint owner. You’ll also need to show proof that you are, in fact, a student, either at a high school or a college. Lakeland Bank doesn’t accept online applications for this account, so you’ll need to visit a local branch location to apply for it.

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Consumer Checking

This account is best for people who don’t make a lot of purchases each month.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

This account is a bit odd. For starters, you’re only allowed to write eight checks per month from this account. If you need to write more than that, you’ll have to pay a $0.50 processing fee per check (ouch).

Then there’s the monthly fee. It’ll cost you $3 per month to get this account, and Lakeland Bank doesn’t offer you any ways to have the fee waived. That means each month, every month, you’ll have to pay $3 to keep this account open.

How to get Lakeland Bank’s Consumer Checking account

If for some reason you decide this account is right for you, you’ll need to head to a local Lakeland Bank branch to get it. The bank does not offer the ability to apply for this account online.

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How Lakeland Bank’s checking accounts compare

Each of Lakeland Bank’s checking accounts comes with a high monthly fee, except for its Student Checking account.

Most of these checking accounts come with small perks, such as ID theft protection that you may never have to use, or random unspecified discounts or deposit account rate increases. But for the accounts that do offer interest, it’s such a small amount that you probably won’t even really feel it.

If you’d like to find a better checking account that offers significantly higher interest rates for no (or lower) fees, consider one of these top online checking accounts instead.

Lakeland Bank’s savings account options

Statement Savings

This is a pretty typical big-bank savings account — high monthly fee and low interest rate.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $5 (can we waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

Unfortunately, Lakeland Bank only offers one savings account for adults, and this is it. It’s your only option. Any interest payments you earn with this paltry interest rate will be tallied up and applied to your account on a quarterly, not monthly, basis.

Although you only need $100 to open this account, try to wait until you can keep at least $250 in the account. If your average daily balance drops below this level, you’ll have to pay a $5 fee for that month. Due to federal Regulation D, you can make up to six certain withdrawals/transfers per month from this account without penalty from the bank. If you need to make more than that, you’ll pay a $10 fee for each extra withdrawal.

How to get Lakeland Bank’s Statement Savings account

You can apply for this account online if you wish. If you do, you’ll need to provide your name, contact information, Social Security number and a valid ID to prove your identity. You’ll also need to send in a signature card. Alternatively, you can apply for an account in person and open it immediately.

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Young Savers

This free account will match up to a $10 opening deposit, but that’s the only perk.
APYMinimum Balance to Earn APY
0.05%
$1.00
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

This youth savings account is available to anyone under the age of 21. Sadly, it also offers a small interest rate, but it does come with a few other (rather unimpressive) perks.

When your child opens this account, Lakeland Bank will match their opening deposit and credit it to the account within 45 days. It’ll only match up to $10, however. This account is also free, which is nice, considering that children often don’t have the chops to get fees waived every month. Your child is allowed to make up to six certain withdrawals/transfers without penalty imposed by the bank per federal Regulation D, unless they want to pay a $10 fee for each extra withdrawal.

Once your child turns 21, this account will turn into a Statement Savings account, complete with a $250 minimum balance requirement in order to waive a $5 monthly fee.

How to get Lakeland Bank’s Young Savers account

You’ll need to visit a local branch to open this account, as online applications are not supported. If your child is under age 18, you’ll need to open the account with them as a joint owner. You’ll also need to provide both of your Social Security numbers on the application.

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How Lakeland Bank’s savings accounts compare

If you’d like to earn the best interest rates possible, the verdict is clear: You won’t be able to do that at Lakeland Bank, sadly. In fact, we would call these interest rates downright poor. You can do much, much better, even at other local banks.

Furthermore, we think it’s silly that the bank charges for its adult savings account. It shouldn’t cost you money to save, even if there are ways of getting around it with certain minimum balance levels. That’s just plain inconvenient. If you’re saving up for a specific purchase, for example, this means you’ll need to save up your target amount plus an extra $250 just to make sure you can still meet the minimum balance requirements after you take the money out of your account. Skip this savings account, and find a better one, in our opinion. Try our list of the highest-yielding savings accounts out there.

Lakeland Bank’s CD rates

CDs

Lakeland Bank offers more CDs than this, but it doesn’t publish all their rates online.
TermAPY
9 month special1.85%
13 month special2.25%
23 month special2.40%
35 month special2.35%
48 month special2.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs from 3 months to 1 year, you’ll pay 3 months’ worth of interest. For CDs over a year, you’ll pay 6 months’ worth of interest.

You can earn higher interest rates on your savings at Lakeland Bank if you’re willing to stash them away in a CD for a longer period of time. The bank claims that it offers CDs from seven days all the way out to 48 months, however it doesn’t post the rate information for these CDs (or even what terms are offered) on its website. To find out what CDs are being offered and for how much, you’ll need to contact the bank directly.

If you’ve got really large deposit (over $250,000), Lakeland Bank also participates in a CDARS program that spreads your money out across several banks so that you can keep your deposit under the $250,000 FDIC insurance limit.

We do know what happens when these CDs mature, however. They come with pretty standard CD maturity policies. After the term ends, they will automatically roll over into another CD, with a 10-day grace period where you can withdraw your money or make any other changes to the CD.

How to get Lakeland Bank’s CDs

You’ll need to visit a Lakeland Bank location in person in order to open one of these CDs. Remember to bring a valid ID, and a way to fund your new account. If you’ll be funding the account with a bank transfer from your existing account, you’ll need to bring the routing information with you.

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How Lakeland Bank’s CD rates compare

We can’t say much for Lakeland Bank’s regular CD rates since this information is kept offline and not updated where we can see it.

But as for its special CD rates, you can still do better. They’re not horrible rates, but these top-yielding CD accounts offer even higher rates, and they’re not on special.

Lakeland Bank’s money market account option

Platinum Tiered Money Market

This low-yielding account needs at least $2,500 in it to avoid a $10 monthly fee.
APYMinimum Balance to Earn APY
0.05%
$1-$14,999.99
0.10%
$15,000-$24,999.99
0.15%
$25,000-$99,999.99
0.20%
$100,000-$249,999.99
0.20%
$250,000-$499,999.99
0.25%
Over $500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $10, unless you keep at least $2,500 in the account
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you don’t want to lock your money away in a CD but still want to earn higher interest rates than on Lakeland Bank’s savings account, this might be a better account for you. To get it, we’d recommend waiting until you’ve got at least $2,500 stockpiled up because if you keep less than that in the account, you’ll have to pay a $10 monthly fee.

You can earn the highest interest rates on balances over $500,000, but that might be dangerous. FDIC insurance only covers you for $250,000, and in the event that Lakeland Bank goes under, you could lose your excess deposits.

Finally, as with all money market and savings accounts, you are allowed to make up to six certain withdrawals/transfers per month without penalty from the bank. This is due to federal Regulation D rules. Each withdrawal after that comes with a $10 excess transactions fee.

How to get Lakeland Bank’s Platinum Tiered Money Market account

Lakeland Bank offers the option of opening this account online. If you opt for online account opening, you’ll need to send in a signature card before your account can be officially opened. Regardless of whether you open the account online or in person, there are a few details you’ll need to provide on your application, including your name, contact information, Social Security number and a valid ID.

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How Lakeland Bank’s money market account compares

It probably won’t come as a shock by now, but we’d say that Lakeland Bank’s money market account offers very poor rates. Sure, they’re better than the bank offers on its savings accounts, but that’s not saying much.

Instead, you can earn much better rates by choosing one of the top high-yield money market account at another bank or credit union. With these accounts, you won’t need to wait until you have hundreds of thousands of dollars saved up to earn super-high interest rates.

Lakeland Bank’s IRA account options

IRA CDs

You’ll need to contact Lakeland Bank directly to get the details on its regular IRA CDs.
TermAPY
9 month special1.85%
13 month special2.25%
23 month special2.40%
35 month special2.35%
48 month special2.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs from 3 months to 1 year, you’ll pay 3 months’ worth of interest. For CDs over a year, you’ll pay 6 months’ worth of interest.

Lakeland Bank offers these IRA CDs within either traditional IRAs or Roth IRAs. It’s up to you to choose which one is best for your tax situation.

Lakeland Bank doesn’t offer a lot of information about its regular IRA CDs — namely, what exact terms it offers, and how much it pays out for interest. For that, you’ll need to contact the bank directly. It does post limited information about the special IRA CDs it offers, however, which we’ve posted above.

When these IRA CDs mature, they’ll automatically roll over into a new IRA CD for the same term length. After each maturity, you’ll get a 10-day grace period to withdraw the money, roll it over into a new IRA at a different institution or add more money. Once you reach age 59 1/2, you can withdraw money from the IRA CDs without having to pay any early withdrawal penalties.

How to get Lakeland Bank’s IRA CDs

Lakeland Bank requires everyone to open these accounts up at a local branch instead of online. Remember to bring a valid ID with you when you visit the branch.

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How Lakeland Bank’s IRA CD rates compare

Just like with Lakeland Bank’s regular CDs, we can’t really say with much certainty how they compare with other banks since they don’t make that information freely available online. We can compare its special IRA CDs, however, although the results are a bit disappointing.

Even with the presumably higher rates offered on its special IRA CDs, Lakeland Bank falls short when compared with the top IRA CD accounts out there. Our advice? Find the highest-yielding IRA CD you can so that your money can be working to maximum effect to help you save for retirement.

Overall review of Lakeland Bank’s banking products

Our take on Lakeland Bank is this: When it comes to fees and interest rates, Lakeland Bank is a flat-out poor bank to work with.

None of its accounts offer particularly good terms, while almost all of them come with high fees. For example, you can expect to pay up to $25 per month for the Platinum Checking account — $25 per month! And while it is possible to get the fee waived, chances are you’ll still end up paying it sooner or later because you’ll forget what the requirements are over time, slip up and be slapped with a high fee. No thanks.

In today’s era of online banking, it’s just too easy to find an account that won’t charge you a high amount of fees, and will offer a great interest rate to boot. Your wallet (and your future self) will be happier down the road.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

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

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1953
Total Assets$0.7B
LEARN MORE on Direct Federal Credit Union’s secure websiteNCUA Insured

Direct Federal Credit Union is a small financial co-op that has been in business since 1953. And while they only have one branch, located in Needham, Mass., their customers have access to free withdraws from some 900,000 ATMs worldwide through the NYCE®, CIRRUS and SUM ATM networks, as well as certain ATMs in Publix supermarkets.

Not everyone can join the Direct Federal Credit Union. To qualify for membership, you need to meet one of the following:

  1. You live, work (or regularly conduct business in), worship or go to school in Norfolk or Middlesex counties in Massachusetts.
  2. You have an immediate family member who lives, works (or regularly conducts business in), worships or goes to school in Norfolk or Middlesex counties in Massachusetts.
  3. Your employer participates in the Direct at Work program, where businesses partner up with Direct Federal Credit Union to provide financial services to their employees.

If you meet any of the following criteria, you can apply for membership online or at the Direct Federal Credit Union branch. You will need to provide your contact information, Social Security number and a form of government ID for the application. You will also need to open a Member Savings account to be able to open any other accounts you may want. There’s no fee or minimum deposit though, so you can set up your membership without adding money.

Direct Federal Credit Union is a non-profit and distributes their earnings back to their members. They say that thanks to this structure, they can deliver higher rates and better products. We researched all their deposit accounts to see if that’s really the case and explained what we found throughout this review.

Direct Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

Direct Federal Credit Union Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.35%

CD Rates

Direct Federal Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.75%

CD Rates

Direct Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.85%

CD Rates

Direct Federal Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Direct Federal Credit Union checking account options

Direct Federal Credit Union Hub Checking Account

The Hub Checking account doesn’t earn interest but is otherwise excellent, thanks to its low fees and bank benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $20 per month
  • Overdraft fees: $30

Direct Federal Credit Union does not require an opening deposit for the Hub Checking account. You can set one up for any amount or for no deposit at all. However, to qualify for this account you need to sign up for e-statements and set up a direct deposit.

Direct Federal Credit Union waives these requirements, though, if you are 65 and older or under age 25. If you don’t meet these requirements, they downgrade you a non-Hub Checking account, covered below.

The Hub account does not charge a monthly maintenance fee; it also does not pay interest. However, it comes with several bank benefits. You receive free checks, official checks and traveler’s checks. You also receive a free credit report each year. And if you ever request a stop payment, there is also no fee.

With the debit card, you can make withdrawals from any ATM and Direct Federal Credit Union will not charge a fee, even for out-of-network transactions. In addition, they will refund up to $20 per month in fees from out-of-network ATM owners.

To open a Hub Checking account, you need to be a member of the Direct Federal Credit Union. If you haven’t joined yet, you can set up this account as part of your new membership application, using the same information.

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Direct Federal Non-Hub Checking Account

A downgraded account for customers who don’t meet the Hub Checking account requirements. It has much higher fees and fewer benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (waived for the first three months.)
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $2 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

If you don’t meet the Hub Checking account requirements (e-statements and a direct deposit), Direct Federal Credit Union will switch you to a Non-Hub Checking account. This account also does not earn interest and does not have a minimum opening deposit requirement — however, the fees are higher.

First, this account charges a $10 monthly maintenance fee. It’s waived for the first three months, but after that there’s no way to avoid it — unless you re-qualify for Hub Checking. The Non-Hub Checking account also charges a $2 fee when you use out-of-network ATMs. Finally, there is no refund for out-of-network ATM charges on this account.

The Non-Hub Checking account also does not include other bank benefits, like free checks.

You do not sign up for the Non-Hub Checking account directly; it’s not an option on their application form. Instead, Direct Federal Credit Union tracks whether you meet the requirements after signing up for Hub Checking and if you don’t, they’ll switch you to this account.

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How Direct Federal Credit Union’s checking accounts compare

When it comes to delivering the essentials, these checking account does an excellent job. There’s no monthly fee, it comes with free checks and a credit report, and Direct Federal Credit Union doesn’t charge anything for out-of-network ATM transactions. They also refund up to $20 per month in fees from out-of-network ATM owners for those with The Hub Checking account.

Now, you’ll need to qualify for the Hub Checking account or else they’ll downgrade you to a non-Hub Checking account with much higher fees. But it’s very easy — all it takes is setting up e-statements and a direct deposit.

We do have one complaint about their checking account: It doesn’t earn interest. If you could get all these banking benefits while also earning a nice return on your money, why not take the upgrade? These top checking accounts offer many of the same perks as Direct Federal Credit Union while paying spectacular interest rates.

Direct Federal Credit Union savings account options

Direct Federal Credit Union Savings Account

Not a bad savings account. There’s no monthly fee and it earns an above average rate.
APYMinimum Balance Amount to Earn APY
0.30%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

You need to deposit at least $5 to open a Savings account and keep at least this much in your account to earn interest. However, this account does not charge a monthly fee regardless of how low your balance gets.

Direct Federal Credit Union’s savings rate is above average; it’s the same for all balances, so you cannot earn more for depositing more.

With the account debit card, you can make free withdrawals from Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. If you use an out-of-network ATM, Direct Federal Credit Union will charge $1 and they will not refund any fees from the ATM owner.

Certain transactions, like transfers, checks and bill payments, are limited up to six per statement cycle due to Regulation D.

You can open this Savings account online or at their branch. If you aren’t a member yet, you can apply for this account while setting up your membership. You’ll use the same info, and will just need to make your deposit of $5.

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How Direct Federal Credit Union’s savings accounts compare

You could do worse than this savings account. It has no monthly fee, only takes $5 to open and earns an above average interest rate. It’s a huge step-up compared to what you’d get at a larger national bank, with their non-existent returns.

Still, if you put in a little research, there are even better options out there. Take a look at our rankings of of the best savings accounts. You’ll see that these options also have low fees and pay more than triple the rate at Direct Federal Credit Union. Your savings will grow much more quickly with one of these choices instead.

Direct Federal Credit Union’s CD rates

Direct Federal Credit Union Certificates

In between mostly average CD rates, Direct Federal Credit Union has some hidden gems.
TermAPY ($250)APY ($100,000)
3 months0.25%0.30%
6 months0.25%0.30%
7 months2.25%2.30%
8 months0.50%0.55%
9 months0.50%0.55%
11 months2.25%2.30%
12 months1.35%1.40%
15 months1.40%1.45%
18 months2.80%2.85%
21 months1.70%1.75%
24 months1.70%1.75%
30 months3.00%3.05%
36 months1.75%1.80%
48 months1.80%1.85%
60 months1.85%1.90%
  • Minimum opening deposit: $250 ($100,000 for Jumbo).
  • Minimum balance amount to earn APY: $250 ($100,000 for Jumbo).
  • Early withdrawal penalty: For terms less than one year, the penalty is 30 days of dividends on the entire principal balance. For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance.

Direct Federal Credit Union’s Certificate range from as short as 3 months all the way up to 60 months. They have six certificates with terms less than one year, so there’s lot of variety for short-term CDs.

You only need to deposit $250 to open a regular certificate and keep this much in the account to earn the APY. They also offer slightly higher jumbo rates for deposits of at least $100,000.

The majority of Direct Federal Credit Union’s Certificate rates are just average, but they do have some terrific offers. As of December 2018, their best rates were for their 7 month, 11 month, 18 month and 30 month Certificates.

If you take money out of your certificate before the maturity date, Direct Federal Credit Union will charge a penalty:

  • For terms less than one year, the penalty is 30 days of dividends on the entire principal balance.
  • For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance.

You can open any of these Certificates online or at their branch. If you aren’t a member yet, you can set these certificates up along with your membership. You’ll just need to make your deposit of at least $250 along with your application.

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How Direct Federal Credit Union’s CD rates compare

For the most part, Direct Federal Credit Union’s Certificate rates are average to below average. However, they have a few hidden gems mixed between everything — their 7 month, 11 month and 30 month Certificates pay rates that are as good as anyone else out there.

Pay attention when you sign up — a longer term doesn’t always mean a higher rate. For example, their 30 month Certificate pays nearly twice as much as the 60 month, despite tying up your money for a much shorter amount of time.

Besides the rates, we appreciate that Direct Federal Credit Union lets you open a certificate for just $250, much lower than the standard $1,000 minimum at most lenders. Also, their early withdrawal penalties are low, so they don’t ding you too badly for taking money out before the maturity date.

If one of the Direct Federal Credit Union’s top offers matches your savings goal, they are an excellent choice. But if the terms don’t fit your timeline or you just want to make sure you’re getting the best deal, you can compare against this list of the best CD rates in the country.

Direct Federal Credit Union money market account options

Direct Federal Credit Union Rate Riser Money Market Account

If you can cover this account’s $25,000 balance requirement, you’ll be rewarded with a spectacular interest rate.
APYMinimum Balance Amount to Earn APY
2.00%$25,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1.00 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

The Rate Riser Money Market account requires an opening deposit of at least $500. Deposits into this account have to be new money only, meaning funds that aren’t already at Direct Federal Credit Union.

However, this account doesn’t start paying interest unless you have a minimum daily balance of $25,000. If you ever fall below that limit, you won’t earn interest for the month.

In exchange for this tough requirement, the Rate Riser Money Market account pays a fantastic interest rate. Direct Federal Credit Union also guarantees that they will add another 0.25% to the interest rate on Jan. 1, 2019; that rate will then be guaranteed until the end of March. After that, they could change it at their discretion.

You are only allowed to make six transfers or withdrawals out of the Riser Money Market account per month. If you go over the monthly limits, Direct Federal Credit Union charges $10 per excess transaction.

Like all Direct Federal Credit Union’s products, you can only open a Rate Riser Money Market account when you’re a member. This special account is listed on their new membership application, so you’re able to take care of that as you join.

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Direct Federal Credit Union Money Market Account

This is Direct Federal Credit Union’s regular money market account. It doesn’t outearn their savings account unless you have a huge balance.
APYMinimum Balance Amount to Earn APY
0.30%$0.01
0.30%$25,000
0.30%$50,000
0.40%$75,000
0.50%$100,000
0.60%$200,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1.00 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

Direct Federal Credit Union also offers a regular Money Market account. This account does not have an opening deposit requirement, so you can launch for any amount. It also does not charge a monthly maintenance fee.

The Money Market account earns interest on all balances. However, the rates aren’t great: you’ll need a balance of at least $75,000 before you earn more than Direct Federal Credit Union’s savings account.

The Money Market account limits you to only six transfers or withdrawals per month, including checks. If you make more than six, Direct Federal Credit Union charges you $10 for each excess transaction.

You can open a Direct Federal Credit Union Money Market account online or at a branch. It’s on the new membership application, so you can set this up at the same time as joining the credit union.

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How Direct Federal Credit Union’s money market accounts compare

If you plan on keeping at least $25,000 in your money market account, Direct Federal Credit Union could be an excellent choice. Their Rate Riser already pays a phenomenal rate and it will only get better in 2019, when they increase by another 0.25%. The only catch is that if your balance ever falls below $25,000, even for a day, you won’t earn interest for the month.

Besides Rate Riser, Direct Federal Credit Union has a less-impressive standard Money Market account. While it has no monthly fee and pays interest on all balances, the rates aren’t great. You need to deposit $75,000 to outearn the savings account — and with that amount, you could easily qualify for the Rate Riser instead.

For large deposits, we strongly recommend the Direct Federal Credit Union Rate Riser account. If you plan on depositing less or want to see what else is out there, we highly recommend these money market accounts. They are competitive with Rate Riser and some of them can be opened for a lot less than $25,000.

Direct Federal Credit Union’s IRA CD rates

Direct Federal Credit Union Fixed Rate IRA Certificates

You can open any of the Certificates in an IRA. Pay attention to the rates when you sign up as some terms are much better than others.
TermAPY ($250)APY ($100,000)
3 months0.25%0.30%
6 months0.25%0.30%
7 months2.25%2.30%
8 months0.50%0.55%
9 months0.50%0.55%
11 months2.25%2.30%
12 months1.35%1.40%
15 months1.40%1.45%
18 months2.80%2.85%
21 months 1.70%1.75%
24 months1.70%1.75%
30 months3.00%3.05%
36 months1.75%1.80%
48 months1.80%1.85%
60 months 1.85%1.90%
  • Minimum opening deposit: $250 ($100,000 for Jumbo).
  • Minimum balance amount to earn APY: $250 ($100,000 for Jumbo).
  • Early withdrawal penalty: For terms less than one year, the penalty is 30 days of dividends on the entire principal balance withdrawn. For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance withdrawn.

Direct Federal Credit Union lets you open any of their regular certificates as part of an IRA, for your retirement plan. The rates and terms are identical, ranging from 3 months up to 60 months.

You need to deposit at least $250 to open a regular Fixed Rate IRA Certificate. Direct Federal Credit Union also offers Jumbo IRA Certificates, with slightly higher rates, for a deposit of $100,000.

Most of the Fixed IRA CD rates are just average, but they do have a few extremely generous offers mixed in. As of December 2018, the best rates were for the 7 month, 11 month, 18 month and 30 month terms.

If you take money out of a Fixed Rate IRA CD before the maturity date, Direct Federal Credit Union charges an early withdrawal penalty. The penalty amount depends on your original maturity:

  • For terms less than one year, the penalty is 30 days of dividends on the entire principal balance withdrawn.
  • For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance withdrawn.

The IRA CDs are not presented as an option of Direct Federal Credit Union’s new membership application form. You’ll need to join as a member first and then you can set up these accounts, either at a branch or through your online banking portal.

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Direct Federal Credit Union Variable Rate IRA CD

Direct Federal Credit Union also has a variable rate IRA CD that lasts 24 months. You can open it up for a smaller amount of money and the rate can change over time.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

Besides their Fixed IRA CDs, Direct Federal Credit Union has a 24 month Variable Rate IRA CD. You can open this account for a deposit of just $50. In addition, you can add more money after you open — it’s not a one-time deposit like for the IRA CDs.

Since this is a variable rate IRA CD, the amount you earn can go up and down each month, depending on market conditions. However, Direct Federal Credit Union did not publish this rate, so we could not compare it against the Fixed Rate IRA CDs.

After you open, you are supposed to keep your money in the Variable Rate IRA CD until the end of the 24 month term. If you take money out before then, Direct Federal Credit Union will charge a penalty worth 90 days of dividends on the amount you withdrew.

You can only open a Variable Rate IRA CD after you join the Direct Federal Credit Union as a member; and it does not feature on the new membership form. Once you’re signed up, though, you can apply for this account online or at their branch.

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Direct Federal Credit Union IRA Money Market Account

For more flexible access to your savings, you can set up an IRA Money Market account. The rates are lower than an IRA CD but there is no early withdrawal penalty.
APYMinimum Balance Amount to Earn APY
0.30%$0.01
0.30%$25,000
0.30%$50,000
0.40%$75,000
0.50%$100,000
0.60%$200,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None

Direct Federal Credit Union also offers their money market account for IRAs. You need to deposit at least $500 to open this account. You can also add money whenever you want after opening, unlike a Fixed Rate IRA CD.

This account earns interest on all balances, though the rates are significantly lower than the Fixed Rate IRA CDs. In exchange, you can take money out whenever you want without owing a penalty to Direct Federal Credit Union. Finally, the IRA Money Market account does not charge a monthly fee.

Like the other retirement plans, you can only open an IRA Money Market account after you become a member of the Direct Federal Credit Union. They don’t include IRAs on their new membership application. Join first and then you can apply for this account.

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How Direct Federal Credit Union’s IRA CD rates compare

Direct Federal Credit Union offers all kinds of variety for your retirement plan. First, they have over a dozen terms available for Fixed Rate IRA CDs. You can find plenty of both short and long-term accounts. Direct Federal Credit Union also offers a Variable Rate account, which you can open for a smaller balance, and an IRA Money Market account, which lets you take money without an early withdrawal penalty.

If you ask us, it’s almost too much variety, since not all of the IRA CD rates are of the same quality. Some are exceptional, like the 7 month, 11 month and 30 month term; some are average, and a few are below average. Having choice is nice, but they might want to trim down their offerings to just the best products.

With that being said, if you focus on their best offers, Direct Federal Credit Union has some excellent IRA CDs. They are right up there with the very best IRA CDs nationwide.

Overall review of Direct Federal Credit Union’s banking products

No matter your financial goal, chances are you can find a quality fit at Direct Federal Credit Union. If you’re trying to earn a high return on your savings, they offer some excellent CD and IRA CD rates. They also have a money market special which pays one of the highest returns we’ve seen for this type of account.

The Hub Checking account also gets the job done for your banking needs because it has no monthly fee, up to $20 in refunds for ATM fees each month and benefits like free checks.

Nobody’s perfect, and even these great accounts have some minor issues. It would have been nice for their checking account to earn interest. In addition, their special Rate Riser Money Market account requires a $25,000 balance and you have to open it with new funds, money not already at Direct Federal Credit Union. Still, these are just minor issues.

Ultimately, our biggest complaint about Direct Federal Credit Union is that their products are only available for a small service area, for people in Norfolk or Middlesex counties in Massachusetts. If you happen to be in these areas, be sure to check this lender out. The rest of us are jealous.

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

David Rodeck
David Rodeck |

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

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Reviews

Beal Bank USA Review: Savings, CDs, Money Market and IRA CDs

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Beal Bank USA is based in Las Vegas and offers products meant to help you set aside money for a rainy day or when you retire. Though it has 21 physical branches in the U.S., the bank doesn’t have checking accounts, debit cards, ATMs or loan products.

The only way to access your cash is by writing a check — so if you’re looking for a place to do most of your banking, Beal Bank USA or its nearly identical partner company Beal Bank may not be the best choice. But if you’re looking for an account that you can use for short-term or long-term savings, then read on to find out what we think about Beal Bank USA’s savings, CD, money market and IRA CD accounts. You’ll need to contact the bank or visit its website to find current rates.

Beal Bank USA’s savings account options

Statement Savings

This savings account offers a lot of hassle and little benefit to customers.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Quarterly account maintenance fee: $3 (this can be waived)
  • Overdraft fee: None

The statement savings account is pretty bare-bones — just a place to park your money. If all you’re looking for is a place to stash short-term savings, it’s an option especially if you don’t want to be tempted to take your cash out immediately.

Right now, the only way to take out money is via check, wire transfer or electronic transfer. Beal Bank USA does not originate electronic transfers on its end; rather, you have to do it via an external account. Customer representatives told us that you’ll need to call Beal Bank USA at (877) 879-2325 so the bank can give you further instructions — essentially, you’ll need to go through an external bank so that you can request money from your Beal Bank USA account. However, Beal Bank USA can accept deposits via electronic transfers.

If you want to withdraw money using wire transfer, you’ll have to do so in writing by providing information such as your account number and how much you want to take out. Beal Bank USA does charge you for this service — $15 for domestic and $60 for international wires.

Regulation D allows you up to six certain withdrawals per month without penalty by the bank, but Beal Bank USA also limits you to nine per quarter. Once you exceed that limit, you’ll need to pay $1 for each withdrawal. As for the quarterly maintenance fee, Beal Bank USA won’t charge you if you maintain a minimum daily balance of $500.

How to get the Statement Savings account

If you’re at least 18 years old and a U.S. citizen, you can apply for a statement savings account by filling out an online application form. First, enter in personal details like your name and Social Security number, then agree to Beal Bank USA’s disclosures. After verifying your identity, you’ll need to make your initial opening deposit via check, electronic or wire transfer.

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How Beal Bank USA’s savings account compares

Unfortunately, there are quite a few strikes against using this account. From the limitations on how one can make withdrawals, to the fees charged for doing so, it seems like a bit of a hassle to access your money. Other online competitors like the ones on our list of the best online savings accounts offer much more convenient ways to withdraw or transfer funds.

Beal Bank USA’s CD rates

Certificates of Deposit

The early withdrawal penalty seems rather complicated.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your CD term is a year or less, you’ll be penalized 1% of the amount you withdraw or half of the replacement cost, whichever is greater. If your CD term is more than a year, you’ll be penalized 1% of the amount you withdraw or the replacement cost, whichever is greater. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

These fixed-rate CDs offer a guaranteed rate of return, assuming you keep all the money in the account until maturity. Any interest earned is compounded and deposited into your CD each quarter.

The early withdrawal penalty seems to be a bit confusing, so here’s a quick example:

Say you want to withdraw $10,000 on your 24 month CD one year in. The bank determines the replacement cost to be $200. One percent of $10,000 is $100, so your early withdrawal penalty would be $200, since that amount is greater.

When the CD matures, your account will automatically be renewed, unless you make changes in writing within the 10-day grace period. Changes you can make include making withdrawals, additional deposits and renewing for another term.

How to get Beal Bank USA’s CDs

You can apply for an account using Beal Bank USA’s online application form if you’re a U.S. citizen and at least 18 years old. First, fill in your personal information such as your name and Social Security number. Select the term you want and agree to Beal Bank USA’s disclosures. Once you verify your identity, you can fund the account via check, electronic or wire transfer.

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How Beal Bank USA’s CD rates compare

We like that there are a variety of terms for Beal Bank USA’s CDs, which are pretty comparable with other products out there — however, the early withdrawal penalty seems a bit confusing to us. So if that’s going to be an issue for you, it’s probably best to look for alternatives, like the ones on our list of the best CD rates.

Beal Bank USA’s money market account option

Money Market

The monthly maintenance fee seems a bit steep, but you can get it waived.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)

Just like the savings account, you can only access your money in Beal Bank USA’s money market account via check or through an electronic or wire transfer. If you want to make a transfer to an external account, you have to call customer service at (877) 879-2325 to receive instructions on how to do so. Customer representatives told us it’s pretty much the same as what you would do with the savings account — you’ll have to initiate a withdrawal from Beal Bank USA from your external bank account.

There is a $10 monthly maintenance fee, but Beal Bank USA won’t charge you if you maintain a $1,000 daily minimum balance. When making certain withdrawals, keep in mind that Federal Reserve Regulation D limits you up to six per month without penalty imposed by the bank. Beal Bank USA will charge you $10 per excessive withdrawal.

How to get Beal Bank USA’s money market account

Opening a money market account can be done online by filling out an application form through Beal Bank USA’s website. You’ll be asked to provide personal details such as your name and Social Security number, and then a way to fund the account.

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How Beal Bank USA’s money market account compares

Beal Bank USA’s money market account requires a pretty low opening deposit amount compared to the some listings on our collection of the best money market accounts, but you won’t be able access your money as easily. Some online competitors do offer some ATM access, and may have a more convenient way to access funds — so if that’s important to you, then go elsewhere. Otherwise, this account isn’t too shabby.

Beal Bank USA’s IRA CD rates

IRA CDs

These accounts could be a good conservative investment option.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If you have a CD term that’s a year or less, you’ll need to pay 1% of the amount withdrawn or half of the replacement cost, whichever is the larger amount. If you have a CD term that’s more than a year, you’ll need to pay 1% of the amount withdrawn or the replacement cost, whichever is more. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

The IRA CD offers pretty much the same terms as their regular CDs — although you’ll need to contact Beal Bank USA for a list of its current rates, since they’re not advertised on the website. What we do know is you’ll be offered a guaranteed rate of return if you keep everything in the account until it matures. Interest you earn is compounded and credited quarterly to the account.

Like the regular CDs, the early withdrawal penalty differs depending on how much you take out and how much time until the account matures. Let’s say you take out $1,000 and you still have 24 months until maturity. The bank determines the replacement cost to be $40 based on its calculations, and 1% of $1,000 is $10. Your early withdrawal penalty will be $40 because that amount is greater. There may also be IRS penalties on top of this amount.

Your IRA CD will automatically renew unless you make changes by writing to Beal Bank USA within its 10-day grace period. These changes include making additional deposits, withdrawals or renewing for a different term.

How to get Beal Bank USA’s IRA CDs

If you’re at least 18 years old and a U.S. citizen, you can contact Beal Bank USA by calling customer service at (877) 879-2325 to open an account or email them through its secure contact form. If you email the bank, you’ll need to provide your contact information so a customer service representative can contact you. For either option, you’ll need to provide information such as your name and Social Security number.

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on Beal Bank USA’s secure website

Member FDIC

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How Beal Bank USA’s IRA CD rates compare

What we like about Beal Bank USA’s IRA CD is that their minimum opening deposit requirements don’t seem that high compared to other places, which is helpful if you don’t have a lot to invest. However, just like the regular CDs, the early withdrawal penalties appear confusing, so we recommend contacting the bank to ask about them and doing some shopping around for other IRA CDs before deciding if these accounts are the best for you.

Overall review of Beal Bank USA’s banking products

Both the money market and savings account don’t make it easy to withdraw money. Making an electronic transfer is a bit of a hurdle, but customer service seems responsive, so it may not take you that long. We also like some of the shorter terms for the regular CDs, so that’s another account to consider.

Overall, these accounts are pretty bare bones and could be worth it if you’re not interested in the bells and whistles other banks offer. However, we still recommend shopping around, since we don’t believe that any of these accounts are good if you’re looking for an account to do your regular transactions.

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1934
Total Assets$1.9B
LEARN MORE on TTCU Federal Credit Union’s secure websiteNCUA Insured

TTCU Federal Credit Union was founded in 1934 as Tulsa Teachers Credit Union and has grown into the second-largest credit union in Oklahoma with $1.8 billion in assets. TTCU Federal Credit Union has more than 130,000 members today, counting teachers, school administrators, students, and staff, and over 600 affiliated groups among its customers.

To open an account at TTCU Federal Credit Union, you must first become a member. Membership is open to:

  • Employees, volunteers and students at one of more than 220 selected schools in Oklahoma.
  • Employees, members or volunteers at an affiliated company or group, as outlined on the credit union’s website.
  • Members, employees or volunteers of the Oklahoma Parent Teachers Association.
  • Persons retired from any of the above.

Immediate family members or people who share a household with eligible members are also able to apply for membership. Applicants can become members either online, at a branch or by calling (918) 749-8828, where a customer service representative can assist with the membership process.

Most TTCU Federal Credit Union accounts can be opened online. You’ll need the following information and documentation to proceed:

  • Social Security number
  • Valid ID, like a passport, military ID, or driver’s license
  • U.S. citizenship or resident alien status
  • Funding information, if coming from an external account

You’ll also need to provide various personal and financial information, including your name, date of birth and address. The credit union will also obtain a copy of your credit report.

TTCU Federal Credit Union offers a traditional line of consumer banking products, including checking and savings accounts, CDs, IRAs and a money market account. Here’s a look at the fees and charges of each account, along with minimum balance and opening requirements, and other features and benefits.

TTCU Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

TTCU Federal Credit Union Savings (Share) Accounts

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.20%

CD Rates

TTCU Federal Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.40%

CD Rates

TTCU Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.80%

CD Rates

TTCU Federal Credit Union 60 Month IRA

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

TTCU Federal Credit Union’s checking account options

Free Checking

This is the entry-level checking account at TTCU Federal Credit Union and does not pay interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee.

TTCU Federal Credit Union’s most basic checking account, Free Checking, still provides a number of the same services that come with all of the credit union’s other checking accounts. The account is not entirely free of fees, but most customers should be able to avoid them. On top of having no monthly maintenance fee, this account doesn’t charge any ATM fees, even at non-network machines — though the ATM owner may still charge its own fee. After the initial opening deposit requirement is met, there is no ongoing minimum balance requirement.

Free Checking comes with the following additional free benefits:

  • Online, telephone and mobile banking
  • Bill pay
  • A Visa check card
  • e-statements
  • Carbonless copies of checks
  • Unlimited check writing

The account offers overdraft protection via the credit union’s Courtesy Pay program, but it does not reduce the overdraft fee.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

Classic Checking

Classic Checking is the next tier up, and the first checking account here that pays interest.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

For the most part, Classic Checking is simply an interest-bearing version of TTCU Federal Credit Union’s Free Checking account. Both accounts have the same minimum opening deposit and no monthly fee, along with no ATM charges. However, customers must maintain at least $250 in this account to avoid a per-check surcharge.

Beyond those small differences, Free Checking and Classic Checking are the same. Both offer free online, mobile and telephone account access, free bill pay, e-statements and check copies, and both come with a Visa check card and unlimited check writing.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

Rewards Checking

Rewards Checking is the top-tier checking account in the TTCU Federal Credit Union lineup.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

Rewards Checking offers the highest level of features and benefits of any TTCU Federal Credit Union Checking account, but there is a modest monthly fee that cannot be avoided. Like the credit union’s other checking accounts, this account comes with a host of free features and benefits, ranging from online, telephone and mobile banking to e-statements, bill pay, copies of checks and unlimited check writing. The account also has the same ATM and overdraft fee structure, meaning there are no ATM fees charged by the credit union but that the overdraft fee cannot be avoided, even with overdraft protection services. As with the credit union’s Classic Checking account, Rewards Checking pays interest on all balances, although the non-tiered structure means all balances earn the same rate.

Rewards Checking offers numerous additional benefits, including travel savings, an interactive benefits feature, and a subscription to Sojourns Magazine. Rewards Checking customers also enjoy enrollment in the following programs (terms may apply):

  • Everyday Rebate Rewards, offering 10% cash back (up to $40) per year on everyday purchases
  • Savers Club, which provides discounts of up to 50% on lodging, car rentals, and theme parks with participating vendors.
  • Bonus Travel, which provides members-only savings when using a Vacation Savings Hotline.
  • ID Network Safety Service, which provides your child with a registered ID.
  • Local Connections, providing discounts and coupons for local merchants.

Rewards Checking customers also receive a free, $10,000 24-hour accidental death insurance policy.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

Fresh Start Checking

Fresh Start Checking is for customers who have a rocky financial history and may need help opening a traditional checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $200 (including fees) but does not reduce the fee

TTCU Federal Credit Union makes it easy for anyone with prior financial missteps to open a basic checking account. Although this account does charge a steep and unavoidable monthly fee, in most other aspects it’s similar to the credit union’s Free Checking account. With both accounts, customers have fee-free access to online, mobile and telephone banking, e-statements, bill pay, check copies, a Visa Check Card and unlimited check writing. This account also allows for overdrafts, although the overdraft protection service only covers overdrafts up to $200 with this account instead of $500.

Although there is no ongoing minimum balance requirement, this account also does not pay any interest. If you maintain this account in good standing for at least one year, you can request to convert it to one of the credit union’s other checking accounts.

How to get TTCU Federal Credit Union’s checking accounts

You can open all TTCU Federal Credit Union checking accounts online. The process requires various personal and financial information, including your Social Security number, citizenship or residency status, valid ID and funding source. If you’re not a member, you’ll have to open join the credit union first by opening a Savings account. The credit union will also run a credit check.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

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How TTCU Federal Credit Union’s checking accounts compare

TTCU Federal Credit Union offers a solid range of checking accounts to choose from. Whether you’re looking for a basic account or a rewards account with extensive features and benefits, you can find them all here.

However, some of the accounts have monthly fees that cannot be avoided, and only two pay interest. The rates paid are right near the national average for checking accounts, but the yields aren’t high enough to rank the accounts among the best available checking accounts nationwide.

TTCU Federal Credit Union’s savings account options

Savings

This account is the only traditional savings account offered at TTCU Federal Credit Union.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.40%
$10,000.01
0.55%
$20,000.01
0.70%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $5 if the account balance drops below $100 and no other credit union accounts are opened
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This Savings account is required for membership at TTFCU Federal Credit Union and represents your ownership share. Although there is no ongoing minimum balance requirement, customers must either have additional credit union accounts open or a balance of at least $100 to avoid a modest monthly fee. This account pays interest on all balances across four different tiers, with deposits of more than $40,000 earning the highest interest.

Savings can be accessed via online banking, phone, mail or through electronic withdrawals. Deposits can be made via payroll deduction, electronic deposit or branch night depositories. ATM access is not allowed, however, unless the account is tied to a checking account or an ATM Access account, as outlined below.

Certain withdrawals, including those via pre-authorized or automatic transfer, bill pay, online banking or telephonic means are limited to six per month. Excess transactions may be charged a fee or may cause the closure of the account.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

ATM Access Account

This account gets you ATM access if your other accounts don’t have it.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

The ATM Access account is a special account that can be added to other credit union accounts to provide ATM access. For example, while the traditional Savings account at TTCU Federal Credit Union does not have ATM access, adding a complementary ATM Access account grants that access. Similarly, the Money Market account doesn’t have ATM access, but you can open this account and transfer money market funds to it free of charge to then access the money via an ATM.

This service costs $10 per month, and the account cannot be opened online.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

Youth Savings

Youth Savings accounts at TTCU Federal Credit Union are for kids ages 12 and younger.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Youth Savings account is similar to a standard savings account at TTCU Federal Credit Union but with a few twists designed for its younger clientele. Once the opening deposit requirement is met, account holders receive the following free benefits:

  • A Kids’ Savings Club t-shirt
  • A Kids’ Savings book
  • A $10 Incredible Pizza game card

After the initial deposit, subsequent deposits are rewarded with Kids’ Bucks in lieu of cash dividends. Additional deposits between $1 and $10 earn $1 in Kids’ Bucks, deposits between $11 and $20 earn $2 in Kids’ Bucks and deposits over $20 earn $5 in Kids’ Bucks. Kids’ Bucks can be redeemed for prizes from the safe at a TTCU Federal Credit Union branch.

This account has no ATM access and doesn’t allow overdrafts. However, like other TTCU Federal Credit Union accounts, it can be linked to an ATM Access account to allow machine-based access to your money. You must visit a branch to open this account.

How to get TTCU Federal Credit Union’s savings accounts

You can open TTCU Federal Credit Union’s basic Savings account online. However, for the ATM Access and the Youth Savings accounts, you’ll need to visit a branch. Opening a Savings account online takes about 10 minutes and requires a Social Security number, citizenship or residency status, a funding source and a valid ID. You should also expect the credit union to run a credit check.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

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How TTCU Federal Credit Union’s savings accounts compare

TTCU Federal Credit Union’s savings accounts are an interesting collection. There is only one standard savings account, but it pays decent interest rates, with even the lowest tier exceeding the national average and the top tier paying nearly triple the average. However, the rates still can’t compete with the best savings accounts in the nation.

One important note regarding the credit union’s savings accounts is that there is no ATM access with either the basic Savings account or the youth savings account. Customers seeking ATM access will need to open an ATM Access account, which charges a fee.

TTCU Federal Credit Union’s CD account options

Share Certificates (CDs)

Share Certificates are on the shorter side but pay decent rates.
APYMinimum Balance to Earn APYTerm
1.35%
$1,0003 months
1.50%
$1,0006 months
2.20%
$1,0009 months (promo)
2.20%
$1,00012 months
2.10%
$1,00018 months
2.40%
$1,00019 months (promo)
2.20%
$1,00024 months
2.40%
$1,00036 months
2.50%
$1,00048 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

CDs at TTCU Federal Credit Union, also known as Share Certificates, cover a standard range of maturities, from 3 months to 48 months. Terms are a bit short, as many banks and credit unions offer 5 year maturities. Beyond that, TTCU Federal Credit Union’s CDs are fairly standard, with a $1,000 minimum and a 10-day grace period after maturity before auto-renewal. Rates are tiered and generally rise with longer maturities, but the progression is not linear. Currently, two maturities, the 9 month and the 19 month CD, are listed as promotional, meaning they could change or disappear at any time. Early withdrawal penalties apply.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

Share Certificates (Jumbo)

These jumbo CDs pay higher rates for deposits of at least $50,000.
APYMinimum Balance to Earn APYTerm
1.45%
$50,0003 months
1.60%
$50,0006 months
2.30%
$50,0009 months (promo)
2.30%
$50,00012 months
2.20%
$50,00018 months
2.50%
$50,00019 months (promo)
2.30%
$50,00024 months
2.50%
$50,00036 months
2.60%
$50,00048 months
  • Minimum balance to open account: $50,000
  • Minimum balance to earn APY: $50,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

Jumbo CDs at TTCU Federal Credit Union, also known as Share Certificates, cover the same standard range of maturities as the credit unions regular CDs, from 3 months to 48 months. The only difference between the two is that higher yields can be earned on the jumbo CDs, which require a $50,000 minimum.

Rates jump by about 10 basis points per maturity at the moment, although that is always subject to change. As with the credit union’s regular Share Certificates, there are currently two promotional jumbo maturities, the 9 and 19 month maturities. The standard 10-day grace period after maturity before auto-renewal applies, as do the early withdrawal penalties.

How to get TTCU Federal Credit Union’s CD accounts

You can open both types of TTCU Federal Credit Union CDs online. If you’re not a member, you’ll have to open a membership Savings account first. You’ll have to provide your Social Security number, a valid ID and a funding source, in addition to demonstrating citizenship or residency. A credit check is performed at the time you open an account.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

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How TTCU Federal Credit Union’s CD accounts compare

TTCU Federal Credit Union offers a high-paying range of CDs. Every single maturity greatly exceeds the national average rate, in some cases doubling or even tripling the average rate. Jumbo CDs pay even higher rates. The best rates at TTCU Federal Credit Union are within range of the best CD accounts available nationwide, but don’t quite top them.

TTCU Federal Credit Union’s money market account option

Money Market Account

This traditional Money Market account pays higher yields than TTCU Federal Credit Union’s savings accounts.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.60%
$5,000.01
0.70%
$20,000.01
0.80%
$30,000.01
1.00%
$50,000.01
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $22

This traditional money market account offers check-writing capabilities but no ATM access. Customers looking to access their money market funds via an ATM can sign up for the ATM Access account, which charges a fee.

The minimum deposit for the Money Market account is $2,500, and subsequent deposits must be at least $100. Similarly, the minimum withdrawal size is also $100. Dividends are paid monthly, using a five-tier APY system. Although even the smallest balances earn interest, the best rates are paid on deposits of over $50,000.

The Money Market account charges a $12 per transaction fee after three withdrawals per month. Certain withdrawals and transfers are limited up to 6 per month, following Regulation D. TTCU Federal Credit Union prohibits additional monthly withdrawals.

How to get TTCU Federal Credit Union’s money market account

You can get a TTCU Federal Credit Union Money Market account online. Opening an account at the credit union requires certain financial and personal information. To proceed, you’ll need your Social Security number, U.S. citizenship or permanent resident status, a valid ID, such as a passport or driver’s license, and a funding source. When you apply, the credit union will run a credit check.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

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How TTCU Federal Credit Union’s money market account compares

TTCU Federal Credit Union’s Money Market account is simple and straightforward but does a good job providing what most people want out of a money market: a high yield. Although the account isn’t strong enough to take down the best money market accounts in the nation, it does an admirable job of topping the national average money market rate. Even the lowest tier offers a rate significantly above the national average, while the top rate pays nearly triple the average.

TTCU Federal Credit Union’s IRA options

IRA Savings

The IRA Savings account is a fee-free option for customers with free cash in their IRA.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.60%
$20,000.01
0.75%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Savings account at TTCU Federal Credit Union is a place customers can keep their cash if they don’t want to commit to other investments, such as a CD. Unlike with many institutions, however, this IRA Savings account isn’t simply a parking place for cash. With no monthly fees and high yields, this account is a viable alternative for conservative investors. Interest is paid in three tiers. Although deposits of more than $40,000 earn the highest APY, even the smallest balance earns a respectable rate of interest. As the account is in an IRA, there is no ATM access and no provision for overdrafts. You must visit a branch to open this account.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

IRA Certificates

IRA Certificates are a bit different than the credit union’s regular CDs.
APYMinimum Balance to Earn APYTerm
2.30%
$1,0009 months (promo)
2.30%
$1,00012 months
2.50%
$1,00019 months (promo)
2.30%
$1,000 24 months
2.50%
$1,00036 months
2.60%
$1,00048 months
2.80%
$1,00060 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

IRA CDs at TTCU Federal Credit Union are slightly different from the credit union’s regular CDs, also known as Share Certificates. IRA CD maturities range from 9 months to 60 months, and the rates paid are a bit higher.

Otherwise, the two types of CDs share the same $1,000 minimum and 10-day grace period following maturity before auto-renewal. The same early withdrawal penalties apply to both types of CDs as well. TTCU Federal Credit Union also currently offers promo rates on its 9 month and 19 month IRA CDs. The same rates apply to both traditional and Roth IRAs. You’ll need to visit a branch to open this account.

How to get TTCU Federal Credit Union’s IRA products

As mentioned above, you’ll have to visit a branch to open a TTCU Federal Credit Union IRA, as IRAs cannot be opened online. You’ll need to bring certain information and documentation to open an IRA account, including your Social Security number and a valid ID, like a passport, military ID, state ID or driver’s license. You’ll also need to prove U.S. citizenship or resident alien status. If you wish to make a deposit, you’ll need to provide information about your funding source, such as a checking account routing number.

LEARN MORE Secured

on TTCU Federal Credit Union’s secure website

NCUA Insured

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How TTCU Federal Credit Union’s IRA products compare

IRA CD rates at TTCU Federal Credit Union are high. For every maturity, rates exceed the national average rates, in some cases doubling or nearly tripling the average. In fact, rates are right on par with the best IRA CD rates in the country. The IRA Savings account is another good product for money that would otherwise earn nothing in the IRA.

Overall review of TTCU Federal Credit Union’s products

TTCU Federal Credit Union is Oklahoma-focused, but some of its accounts are on par with the best national banks. However, as with most financial institutions, potential customers will be best served by picking and choosing among the credit union’s best offerings.

On the whole, TTCU Federal Credit Union shines when it comes to the interest it pays. With the exception of the credit union’s two interest-bearing checking accounts, which pay an average rate, all of the accounts at TTCU Federal Credit Union pay commendable rates. While the credit union only offers one traditional savings account, the rate paid is well above average, although not a top rate nationally.

Comparisons improve with the credit union’s money market, CD and IRA accounts. The money market account pays a much better-than-average rate, and the entire CD line pays impressive rates. In both regular and IRA accounts, TTCU Federal Credit Union’s CDs pay rates as high as triple the national average. In the case of the credit union’s IRA accounts, some of the rates paid are among the very best available across the country. Customers that don’t want to tie up their IRA money in a CD benefit from a very generous IRA Savings account rate as well.

One cautionary note: Although ATM access is available with the credit union’s checking accounts, an additional ATM Access account must be opened to provide ATM access for savings and money market accounts. Considering that the ATM Access account carries a high monthly fee that cannot be avoided, it seems like a high price to pay just to get an ATM card.

Overall, members have a wide range of high-paying accounts from which to choose, and some, but not all, are available without a monthly fee.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Advertiser Disclosure

Reviews

Goldwater Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2007
Total Assets$0.2B
LEARN MORE on Goldwater Bank’s secure websiteMember FDIC

Chartered in 2007, Goldwater Bank already has 45 locations throughout the U.S. The Phoenix-based company is a full-service bank and mortgage lender, but most of its national services are centered on loans.

Currently, only Arizona residents are able to open deposit accounts with Goldwater Bank, and if you want to do any of your banking in person, the only place to do so is at their headquarters. If that works for you and you want to find out if their personal banking products are worth it, read on to find out our review of their products — checking, savings, CD and money market accounts.

Goldwater Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Goldwater Bank Goldwater Personal Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.55%

CD Rates

Goldwater Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.90%

CD Rates

Goldwater Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Goldwater Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Goldwater Bank’s checking account options

Goldwater Checking

You can choose between their standard account or online-only account, but the rates are the same.
APYMinimum Balance to Earn APY
0.05%
$100
0.10%
$5,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10 (paper statements) or $8 (e-statements) – These can be waived
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: $30

Goldwater Bank’s only checking account option isn’t that great considering the low rates it offers. This account is restrictive in that you have to be an Arizona resident to open an account. Features include paper or electronic statements, a Visa check card, online and mobile banking, as confirmed by a bank representative. You can choose between what the bank calls their standard account or the e-checking account. The main difference is that with the e-checking account, you agree to do all your banking online — as in you can’t make transactions in person. You’ll also get e-statements and can waive the monthly maintenance fee if you keep a $100 minimum average daily balance. For the standard account, you need to maintain a $500 average daily balance if you want to waive the monthly maintenance fee.

How to get Goldwater Bank’s checking account

You can go in person to open a checking account or fill out an application form online. Enter details such as your name, address and Social Security number. Once you submit, the bank will contact you with instructions to go to a branch to sign a signature card and provide additional details. This includes a photocopy of your Social Security card and driver’s license.

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on Goldwater Bank’s secure website

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How Goldwater Bank’s checking accounts compare

Unfortunately, this account is restrictive in that you have to be an Arizona resident to open an account. On top of that, the rates are much lower than what you’d find elsewhere, especially these top national online checking accounts. We also don’t like that the online application process isn’t as convenient as other places — but we do like that unlimited ATM fee refund.

Goldwater Bank’s savings account options

Goldwater Savings

There are no monthly maintenance fees, but the interest rate is pretty low.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account is pretty bare bones. There is no ATM access, so the only way to transfer money is by doing so online or via Goldwater Bank’s mobile app. The app allows you to check your account balance, pay bills and deposit checks. To waive the monthly maintenance fee, make sure to maintain a $100 average daily balance.

Remember, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty from the bank. Goldwater Bank only allows two free withdrawals a month and then you’ll need to pay $4 for each one afterward. If you try to go over six withdrawals a month, your transaction will be denied.

How to get the Goldwater savings account

You have two options: go to a branch or fill out an online application form. If you go the online route, you’ll need to provide personal details such as your name, address and Social Security number. Afterward, you’re required to go in person to sign a signature card and provide additional documentation, such as a photocopy of your driver’s license.

LEARN MORE Secured

on Goldwater Bank’s secure website

Member FDIC

Youth Savings

Your child can learn to manage money with this free account.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The youth savings account is for anyone under the age of 18 — and a parent or legal guardian needs to be a co-owner, according to a bank representative. Like the Goldwater savings account, there is no ATM access, though your child can access their money in person or online. You also get quarterly statements and two free withdrawals a month. Otherwise, you’ll need to pay a $4 excess withdrawal fee.

Once your child turns 18, the account will be converted to a Goldwater savings account.

How to get Goldwater Bank’s Youth Savings account

You and your child will need to head to the headquarters in person to open an account. Remember to both bring documentation, such as your Social Security numbers, and a way to fund the account.

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on Goldwater Bank’s secure website

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Savings Plus

Earn a competitive APY, but at a cost — a high opening deposit.
APYMinimum Balance to Earn APY
1.65%
$0.01
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Savings Plus account helps you earn a great rate, but you need a really high minimum opening deposit to get the account — making it inaccessible for many people. After account opening, the minimum balance amount requirement does go down, but you’ll need to keep at least $25,000 in the account to waive the monthly maintenance fee.

Aside from online and mobile banking, you get two free withdrawals a month. Once you go over that amount, you’ll need to pay a $4 excessive withdrawal fee. Remember that since it’s a savings account, you are allowed up to six certain withdrawals/transfers a month, per regulation D otherwise the bank may deny the transaction.

How to get the Savings Plus account

Go to Goldwater Bank’s headquarters to open an account in person. Don’t forget to bring along your state-issued ID and a way to fund your account.

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How Goldwater Bank’s savings accounts compare

The Savings Plus account offers a rate that’s only slightly lower than the top rates being offered out there. However, you need to have a lot of money to open the account — $25,000 to be exact. Otherwise, Goldwater Bank’s other savings accounts are lackluster in that you get low rates and you need to pay a monthly maintenance fee if you can’t meet their requirements.

You’re better off skipping these accounts and choosing an alternative like the savings accounts we’ve compiled on our list of the best rates.

Goldwater Bank’s CD rates

Certificate of Deposit

These rates are OK for most term lengths.
TermAPY
90 days1.60%
180 days2.00%
12 months2.55%
15 months2.60%
18 months2.65%
24 months2.80%
3 years2.90%
5 years3.00%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of term
    • 24 months or less — 3 months’ interest
    • Over 24 months — 12 months’ interest

These fixed-rate CDs offer OK rates. Some terms offer competitive rates, while others fall short compared with other ones we’ve seen. Interest is compounded daily and credited to your account monthly. You have the choice of keeping interest earned in the CD or transferring to another account.

Once your account matures, you have a 10-day grace period to make changes. Otherwise, it’ll automatically renew.

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on Goldwater Bank’s secure website

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Goldwater Access CD

Earn a decent rate and the opportunity to withdraw money each quarter without penalties.
TermAPY
12 months2.45%
  • Minimum opening deposit: $50,000
  • Minimum balance amount to earn APY: $0.01 (Arizona residents only)
  • Early withdrawal penalty: You can make 1 withdrawal per quarter with no penalties. Otherwise, you’ll be penalized three months’ interest.

Also known as the liquid CD, the Goldwater Access CD lets you withdraw any amount you wish once each quarter without paying an early withdrawal penalty. To qualify for the account, you’ll need to open a Goldwater checking account and link it to the CD. Like their regular CD, interest is compounded daily and credited monthly to the account.

Upon maturity, your account will automatically be renewed unless you make changes during the 10-day grace period. These changes include making additional deposits, withdrawals or closing the account.

How to get Goldwater Bank’s CDs

Head to a branch or fill out an online application form to open a CD account. If you’re applying online, the application form will ask for details, such as your name, address and Social Security number. You’ll be asked to go in person to sign a signature card and provide documentation including a photocopy of your Social Security number and a way to fund the account.

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How Goldwater Bank’s CD rates compare

We like that the Goldwater Access CD allows you to make penalty-free withdrawals once a quarter, and the rate is on par with what’s being offered out there. Their regular CDs also offer some decent rates — though the longer the term, the less competitive they are.

If you’re after short-term CDs, these accounts are a great choice if you live in Arizona. Otherwise, you’ll want to check out other CD options to maximize your savings.

Goldwater Bank’s money market account options

Money Market

This account offers really low rates and a high minimum balance to waive the monthly fee.
APYMinimum Balance to Earn APY
0.26%
$0.01
0.38%
$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account offers limited check-writing capabilities and no ATM access. Other features include monthly statements, and online and mobile banking with check deposit, according to a bank representative. Aside from that, there isn’t anything truly special about this account. While it offers higher rates than the savings account, the APY is still extremely low. Since this is technically a savings account, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty imposed by the bank. If you try to make any more, you’ll be charged a $10 excess withdrawal fee.

How to get Goldwater Banks’s Money Market account

Either fill out an application form online and complete the process in person or apply for an account all in one go at a Goldwater Bank branch. If filling out an online application form, provide information, such as your name, address and Social Security number. Then you’ll need to go on in person to fill out a signature card and provide additional information like a photocopy of your driver’s license.

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on Goldwater Bank’s secure website

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Money Market Plus

This account offers a competitive rate, but you need a large opening deposit.
APYMinimum Balance to Earn APY
1.15%
$0.01
1.25%
$100,000
  • Minimum opening deposit: $25.000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Market Plus account is meant to reward those who have more on deposit with Goldwater Bank. The $25,000 minimum opening deposit amount seems out of reach for many people, but for those who can spare the cash, the rate is worth it.

Features of the account include limited check-writing capabilities and online and mobile banking, according to a bank representative. You’re limited up to six certain withdrawals a month without a penalty imposed by the bank (per Regulation D) and if you go over that amount, you’ll need to pay a $10 fee.

How to get the Money Market Plus account

You can either fill out an application form online or apply for an account in person. To complete the online application process, provide details such as your name and Social Security number. Then, go in person to sign a signature card and provide a photocopy of your Social Security card.

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How Goldwater Bank’s money market accounts compare

The Money Market Plus account offers a fairly competitive rate — it’s on par with our list of the best money market accounts. However, you need a high opening deposit amount whereas other competitors offer lower minimums and some with higher rates. They’re also not as restrictive as Goldwater Bank, which only allows Arizona residents to open an account. Our advice is to shop around for money market accounts for more favorable terms.

Overall review of Goldwater Bank’s banking products

Not a whole lot stands out about Goldwater Bank. Most of their products have lackluster rates and there aren’t any fancy features like rewards programs or free checks like many competitors offer. Their premium savings and money market accounts that do offer higher rates have decent ones, but you need a high minimum opening deposit amount — which can be limiting for many people.

Even if Goldwater Bank had decent rates, most of the U.S. can’t access their banking products since it’s only available for Arizona residents. The application process also seems inconvenient considering you have to show up at a branch even if you open an account online. We recommend choosing another bank for one that offers higher rates.

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

Sarah Li Cain
Sarah Li Cain |

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

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Reviews

Cross River Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2008
Total Assets$1.2B
LEARN MORE on Cross River Bank’s secure websiteMember FDIC

Cross River Bank is not your typical, old-fashioned lender. The company specializes in developing software that helps financial tech startups across the country improve product offerings and speed up the loan approval process — but they also do a good bit of banking themselves.

Cross River Bank launched in 2008 and has received more than $28 million in venture capital funding. While their reach is broad, their physical footprint is relatively small — there’s only one branch in New Jersey and a loan center in Brooklyn. Their focus is more on developing online solutions and software rather than expanding through branches.

Through their technology and compliance knowledge, Cross River Bank provides loan origination for 14 online marketplace platforms. They also offer regulatory support for fintech organizations and are creating new types of banking interfaces with developers.

Cross River Bank has won several awards in the fintech space: it’s won the Lendit Fintech Industry Award for Most Innovative Bank in 2017 and 2018 and was named one of the most innovative community banks by the Independent Community Bankers of America in 2018. According to the publication American Banker, it’s also one of the best fintech companies to work for.

Cross River Bank also offers personal deposit accounts with some excellent interest rates. In this review, we’ll see whether Cross River Bank’s commitment to innovation also helps their deposit accounts.

Cross River Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.92%

Savings

Cross River Bank E Connect Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.63%

CD Rates

Cross River Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.25%

CD Rates

Cross River Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.56%

CD Rates

Cross River Bank 48 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Cross River Bank checking account options

I Connect Select Checking/E Connect Select Checking Account

An excellent all-around checking account with no monthly fee, a high interest rate and a respectable ATM fee refund program.
APYMinimum Balance Amount to Earn APY
1.71%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

Cross River Bank does not require a minimum deposit for their I Connect Select Checking/E Connect Select Checking account. You can open one up for any amount or without adding money. This account also does not charge a monthly maintenance fee.

This account also pays interest on all balances, and the rate is fantastic for a checking account.

With this checking account, you get access to online banking, a debit card and free checks. To access your money, you can make free withdrawals from Cross River Bank and Money Pass ATMs. If you use another ATM, Cross River Bank charges a $3 fee. However, they also will refund up to $6 per statement cycle in fees from out-of-network ATM use.

You can open an I Connect Select Checking/E Connect Select Checking account at the Cross River Bank branch in New Jersey or you can ask customer service to email you the new account forms. You can then fill them out and email, fax or mail them back to Cross River Bank. This account cannot be opened online.

The application form will ask for your contact information, employment status and two forms of government ID. While opening, you can deposit money by bank transfer or check.

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How Cross River Bank’s checking accounts compare

Cross River Bank’s checking account is excellent for a number of reasons. First, there’s no minimum balance requirement or monthly fee. It also offers a top-notch interest rate for all balances, and you won’t need to jump through any hoops to qualify. Other lenders that pay high checking rates sometimes have monthly requirements to qualify, like a minimum number of debit card purchases per month — fortunately, there’s nothing like that at Cross River Bank.

Finally, the Cross River Bank checking account includes up to $6 per statement cycle refunds for fees from out-of-network ATMs, which could be handy if you ever travel away from their service areas in New Jersey and New York. The only real downside of this account is you cannot apply online; you’ll need to either visit the branch in-person or request the forms by email.

For a checking account, Cross River Bank could be a solid choice. But before signing up, be sure to consider this list of the best checking accounts first. They pay just as much as Cross River Bank and have other benefits, like larger ATM refunds and you can apply online.

Cross River Bank savings account options

I Connect/E Connect Savings Account

Cross River Bank’s regular savings account pays slightly more interest than their checking account and is also free.
APYMinimum Balance Amount to Earn APY
1.92%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

There is no minimum opening deposit requirement for the Cross River Bank I Connect/E Connect Savings Account. You can open one up for any amount or with no deposit. After you open, this account also has no minimum balance requirement and does not charge a monthly fee.

The I Connect/E Connect Savings Account pays interest on all balances and the rate is superb. It’s a moderate improvement over their checking rate, which is already very high. The interest rate on this account always stays the same and will not increase for larger balances.

Since this is a savings account, there is a government restriction on certain transactions like drafts, checks and account transfers. You are allowed to make up to six certain withdrawls or transfers per month, per Regulation D. If you go over the limit, Cross River Bank could restrict your ability to transfer funds, close your account or convert your savings account into a checking account.

You can open a Cross River Bank I Connect/E Connect Savings Account at the branch or by filling out the account forms and sending them in; however, there isn’t a way to apply online. The application will ask for your contact/work information, SSN and two forms of government ID. You can also deposit money but don’t have to as this is not a requirement.

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I Connect/E Connect Tiered Savings Account

This account has different interest brackets based on your account balance.
APYMinimum Balance Amount to Earn APY
1.92%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

The I Connect/E Connect Tiered Savings Account is nearly identical to their other savings account. The only difference is that they divide the interest rates into tiers. Adding more money moves you into another bracket, where in theory you should earn more.

However, at the time of writing this review, the rates were the same for all tiers and also the same rate as the regular savings account. That’s not much of an issue though as the base rate is excellent.

The I Connect/E Connect Tiered Savings Account does not charge a monthly fee or have a minimum opening deposit requirement. It also restricts certain types of withdrawals/transfers under Regulation D up to six per month.

If you’d like to open an I Connect/E Connect Tiered Savings Account, you can do so at a Cross River Bank branch or by requesting the forms to fill in on your own and sending them in. You do not need to make a deposit to open, but can do so if you’d like by bank transfer or check.

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How Cross River Bank’s savings accounts compare

We are very impressed with the Cross River Bank savings accounts. They both pay phenomenal interest rates, one of the highest rates in the country for savings accounts and a return that’s better even than many CDs. There’s also no monthly fee or minimum balance requirement.

We were a little puzzled that they set up a tiered rate system for one account, where what you earn depends on your balance, but then kept the rate identical for all brackets. It’s also the same as the non-tiered savings account. Perhaps in the future, they will change their rates for these accounts. Still, considering how much you can earn with this free savings account, we won’t complain too much.

If you’d like to see just why Cross River Bank’s savings accounts are so impressive, you can compare them against our list of the top savings accounts in the United States.

Cross River Bank’s CD rates

Certificate of Deposit

The short-term CDs are nothing to get excited about, but once you get to the 12 month CDs, they pay some of the best rates we’ve seen.
TermAPY
3 months1.01%
6 months1.01%
9 months1.01%
12 months2.63%
18 months2.79%
24 months2.94%
36 months3.25%
48 months3.56%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For maturities of one year or less, the penalty will be 91 days interest on the amount withdrawn. For maturities over one year, the penalty will be 182 days interest on the amount withdrawn.

Cross River Bank offers CDs which range from 3 months up to 48 months. You need to deposit at least $500 to open one of these accounts and keep at least this much in your CD to earn the APY.

Cross River Bank’s CDs with maturities of less than one year only pay an OK rate. Their lengthier CDs — lasting one year or longer — are another story and pay fantastic rates.

When you sign up for a Cross River Bank CD, you are supposed to keep your money in the account until the end of the term. If you make an early withdrawal, they will charge a penalty. The penalty depends on your original maturity:

  • For maturities of one year or less, the penalty will be 91 days interest on the amount withdrawn.
  • For maturities over one year, the penalty will be 182 days interest on the amount withdrawn.

At the end of the term, Cross River Bank will automatically renew you into the same type of CD. You have a 10 day grace period after the maturity date to take out money or close the account without owing a penalty.

You can open the Cross River Bank Certificates of Deposit at their branch or by mailing/faxing/emailing in the new account forms. The CDs are not available online though. You will need to complete the new account form, submit two forms of government ID and make your initial deposit of at least $500 to complete opening the account.

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How Cross River Bank’s CD rates compare

If you are looking for a CD that lasts between 12 and 48 months, that’s where Cross River Bank really shines. They pay extremely competitive rates for their CDs with maturities in this range. If you want something outside this timeline, Cross River Bank is probably not your best choice.

They do not offer anything that lasts longer than 48 months. While they do offer several options that last less than 12 months, they do not pay very much. In fact, you could earn a higher rate through the Cross River Bank checking and savings accounts — then you wouldn’t have to worry about the CD early withdrawal penalty.

If you want a CD term that’s outside of Cross River Bank’s sweet spot or you just want to compare your options, we’ve tracked down the best rates for every CD term. Be sure to check them out if you want the highest possible return on your CD.

Cross River Bank money market account options

Regular/E Money Market account

This money market account is respectable, but their savings account earns even more.
APYMinimum Balance Amount to Earn APY
1.82%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Cross River Bank and Money Pass ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $6 per statement cycle
  • Overdraft fees: $25

The Regular/E Money Market account does not have a minimum opening deposit requirement, so you can launch one without adding money. Like the other deposit accounts, the money market account also does not charge a monthly maintenance fee.

The Regular/E Money Market account pays interest on all balances and the rate is quite good. The rate always stays the same and will not increase for larger deposits, though.

Since this is a money market account, government restrictions under Regulation D apply. You are allowed to make up to certain six withdrawals or transfers per month. If you go over the limit. Cross River Bank could close your account, convert it into a checking account or limit your ability to make these withdrawals.

You cannot open a Cross River Bank Regular/E Money Market account online; you’ll have to go to a branch. If you want to save the trip, you can also ask customer service to email you the forms so you can complete them at home. You’ll need to fill out your personal information, work status and SSN along with two forms of ID. There’s no opening deposit requirement but you can also send money in as you open by check or bank transfer.

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How Cross River Bank’s money market accounts compare

If we didn’t know about the other options at Cross River Bank, we’d be very tempted by their money market account. It pays a high interest rate, there’s no minimum balance requirement and there’s no monthly fee. As far as money market accounts go, that’s a great combo.

The only reason we’d avoid signing up is because Cross River Bank’s savings accounts are even better. They pay higher interest rates while also being completely free.

If you’d like to outearn Cross River Bank’s savings rates, that’s a tough challenge — but these money market accounts might be up to the task because they currently pay the very highest rates in the country.

Overall review of Cross River Bank’s banking productsub

Cross River Bank’s personal deposit accounts are fantastic. But you wouldn’t know it from the way they present everything. Cross River Bank publishes very little about their accounts on their website so we had to contact customer service for most of the information. At the same time, it’s not easy to sign up because you can’t open accounts online.

It’s a bit of a puzzle because if they promoted them just a little and offered online enrollment, we bet they’d have customers lining up. Perhaps they are too busy working on their lending platforms or they are gearing up for a marketing push in the near future.

For now, Cross River Bank’s deposit accounts remain a hidden gem. After reading this review, you can appreciate why they are so good, with their excellent rates, low fees and low balance requirements. While it will take a little more work to sign up for these accounts, they are worth the effort.

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

David Rodeck
David Rodeck |

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

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Reviews

BankUnitedDirect Review: Money Market and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2009
Total Assets$31.5B
LEARN MORE on BankUnitedDirect’s secure websiteMember FDIC

BankUnited was founded in Florida in 1984, focused largely on residential real estate. That is, until 2009. That’s when the institution went under during the housing crisis, resulting in one of the largest FDIC insurance claims in history: $4.9 billion.

At that point, though, it was bought by a group of investors who have turned it around and refocused it on commercial banking. It was a relatively smooth transition, and one that led to spectacular growth and much more stability.

BankUnitedDirect is the online-only branch of BankUnited. Here you will find CDs and money market accounts at rates higher than those you’ll typically find at a brick-and-mortar branch. By creating an online-only division, the bank has allowed those who live outside of its home location of Florida to conveniently access its products, which have very competitive rates. We took a look at how they stacked up.

BankUnitedDirect’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.01%

Savings

BankUnitedDirect Online Money Market

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.70%

CD Rates

BankUnitedDirect 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

BankUnitedDirect 24 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.90%

CD Rates

BankUnitedDirect 36 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

BankUnitedDirect’s CD rates

Certificates of Deposit

Competitive certificates with reasonable minimum opening deposit requirements.
TermAPY
6 Months1.90%
9 Months 2.05%
12 Months2.70%
18 Months2.70%
24 Months2.80%
36 Months2.90%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ worth of interest

BankUnitedDirect’s CD rates are highly competitive, especially so in certificates with shorter terms. While they aren’t the highest on the market, you could definitely do worse. On top of the minimum opening deposit requirement, the max you can hold in your CD is $250,000, also the point where your account has maxed out its FDIC protection.

If at any time you make a withdrawal from your BankUnitedDirect CD, it will automatically shut down. You will be charged the easy-to-understand early withdrawal penalty, and you can then choose to withdraw all of your money or put some of it back into a new CD.

How to get BankUnitedDirect’s CDs

You will have to open your CD online. Before you begin the application, make sure you have some basic information and documentation like your current address, Social Security number, phone number, email address, valid government-issued ID and account funding information.

LEARN MORE Secured

on BankUnitedDirect’s secure website

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How BankUnitedDirect’s CD rates compare

Minimum deposit rates at BankUnitedDirect fall within an industry standard range. The offered APY on certificates is not the highest around, but it’s far from the worst deal out there.

You’ll want to consider term length when comparing rates. For example, at the time of this writing, BankUnitedDirect’s 12 month certificate is only one tenth of a percentage point behind the market leader, but 3 year certificates lag behind by an entire 0.45%. While the rates are generally competitive, you’re going to want to check out the current best CD offers on the market before committing.

BankUnitedDirect’s money market account options

Money Market Account

One of the best money market accounts around. Just watch out for the monthly fee.
APYMinimum Balance to Earn APY
2.01%
$0.01
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15, if your balance falls below $2,500
  • ATM fee: First 5 out-of-network ATM transactions per statement cycle are free. After that, there will be a $2.50 fee for each transaction at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 base fee, plus $4 fee per day for each day your account is overdrawn.

BankUnitedDirect’s Money Market Account is extremely competitive. Many money market accounts require you to maintain a minimum monthly balance in the thousands and sometimes tens of thousands to earn the advertised APY, but BankUnitedDirect does not. In fact, any balance you keep in your Money Market Account will earn the advertised APY, which ranks among the highest rates currently offered by any financial institution.

That doesn’t mean there are no balance requirements, though. If your balance falls below $2,500 in any given month, you will be charge a $15 fee. Depending on how far below the $2,500 mark you are, that can eliminate the return you’re getting in interest.

Money market accounts are subject to federal Regulation D. That means you’re allowed up to six certain withdrawals or transfers per month without a penalty enforced by the bank. If you make more than six of these transactions, you will be charged an excessive withdrawal fee of $15 for each transaction by BankUnitedDirect.

Make sure you’re committed before opening this account. If you choose to close it within six months of opening, you will be charged an additional $15 fee.

How to get BankUnitedDirect’s Money Market Account

You must open this account online with your valid government-issued ID, Social Security number, address, phone number, email address and account funding information.

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How BankUnitedDirect’s money market accounts compare

BankUnitedDirect offers a phenomenal money market account. On top of a competitive interest rate, there are no minimum balance requirements to earn the APY. While there are minimum balance requirements in order to avoid the monthly maintenance charge, this requirement is low compared with similar accounts of this ilk. You should always shop around on our list of best money market accounts before making a final decision, but you can stress less as you go into the shopping experience knowing this is one of the best options on the market.

Overall review of BankUnitedDirect’s banking products

There’s really no losing with BankUnitedDirect’s current deposit account offerings. While you currently only have certificates of deposit and money market accounts as account options, both of these products offer fair rates with limited “gotcha” fees and requirements.

Its Money Market Account, in particular, is a star product. With some of the highest rates and lowest balance requirements around, it ranks as a favorite. Its CDs are competitive, too. They just don’t carry the absolute best rates at this point in time, requiring a more urgent need to shop around than if you are looking at only money market account offerings.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Credit Cards, Reviews

Blispay Credit Card Review: 2% Cash Back Card, if You’re Careful

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Credit Card Review

When it comes to cash back cards, the competition is fierce. Blispay is a new Visa credit card that offers 2% cash back with no restrictions and a financing option for large purchases. Although 2% cash back with no cap is decent, the special financing promotion incentive could easily do more harm than good. In this post, we’ll help you determine if the Blispay credit card should be in your wallet.

Here’s what we’ll cover:

  • The Blispay Visa® Card offer
  • How cash back works
  • The fine print details
  • The pros and cons

The Offer  

1. Enjoy 2% Cash Back on all purchases!

There’s no revolving categories or spending limits. The Blispay Visa® Card gives you unlimited 2% cash back on all purchases, no spending caps and no strings attached.

2. Special financing for 6 months

Beyond the 2% cash back deal, Blispay offers a financing option for big spending. You get an introductory 0% on all purchases over $199 if paid in full in 6 months. However, if the balance of that purchase is not paid off within 6 months, retroactive interest will be charged at 19.99% APR from the day the transaction posted to your account. That’s a big catch: you’re interested isn’t waived, it’s retroactive. Failing to pay off the purchase in 6 months means the 19.99% APR that’s been accumulating will all get tacked onto your balance.

Blispay Visa® Card

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A Closer Look at Blispay 2% Cash Back

How to earn cash back

Cash back can be earned at any merchant where Visa is accepted. Purchases made through Apple Pay, PayPal or a digital wallet with a Blispay credit card will count for 2% cash back as well. Occasionally, Blispay may offer special cash back promotions where you can earn even more from your spending. For an example, if you spend $5,000 on your card for the year, you have the potential to earn $100 in cash back, which is a 0.02% cash back value.

How to redeem cash back

The draw of the Blispay cash back program is you won’t need to do anything beyond pay for a purchase to earn and redeem cash back. Each month, the cash back tallies up and automatically applies as a credit to your statement balance when the billing period ends. The application process is also quick. You can apply online and start using your account right away.

The Fine Print

Simple way to earn rewards: The 2% cash back on all purchases with no cap is an uncomplicated way to earn a reward from using the Blispay Visa® Card. However, the fine print comes in with the special financing. The “no payment, no interest” promotion seems like a deal upfront, but it can really be a trap if you’re not careful.

Understand the consequences of deferred interest: This special financing is really just deferred interest and means interest accruing on your balance will be charged at a later time. If you rely on the promotion to avoid making payments right away on many purchases, you can easily run into trouble when 6 months expires on each one. The way Blispay includes the interest-free period as a promotion alongside the 2% cash back deal could be a way to lure you into spending more money than you can pay off before interest hits.

Cash back is worthless if you don’t pay off your bill in full: If you choose to use this card, understand that earning 2% cash back is worthless if you keep getting charged 19.99% APR later on. You want to avoid interest entirely to get the most benefit from a cash back card. Otherwise, you may pay more in interest than you even earn in cash back.

The Blispay Fee Structure

The Blispay Visa® Card has a $0 annual fee. So, if you choose this card and pay off your balances diligently, it is possible to earn cash back for free. But, you will have to pay more for purchases made internationally since there’s a foreign transaction fee of 3% of each transaction after it is converted to US dollars. Lastly, there’s a minimum interest charge of $2.00 and the late payment fee is $35.

Pros and Cons

Pro: No restrictions on the 2%. You can earn 2% cash back without adjusting your spending habits or paying attention to categories. There’s also no cap. You’ll earn 2% cash back no matter how much you purchase.

Con: Special financing is retroactive interest. If you rely on the financing for many large purchases, you can fall behind on payments and get charged retroactive interest. When that happens you won’t see much, if any, return from 2% cash back. The no-interest financing option could be a trap, so be cautious.

Pro: $0 annual fee. You won’t need to earn a certain amount of cash back to compensate for an annual cost of this card because there is none.

Con: High fees. Although there’s a $0 annual fee, the interest rate and other fees such as the 3% of each transaction after it is converted to US dollars foreign transaction fee are ones that need your attention. If your credit score is good to excellent, you may be able to get a lower interest rate with another card that doesn’t have the special financing element. For instance, the APR on the Citi® Double Cash Card – 18 month BT offer is 15.49% - 25.49%* (Variable) as opposed to19.99% APR.

(No matter what cash back card you decide on, it’s best to pay off your balances entirely to skip interest altogether. But a lower interest rate is ideal in case you do need to revolve a balance.)

Pro: Automatic statement credit. Each statement period your cash back will appear as a credit on your account. You won’t have to initiate the redemption of cash back. This card requires hardly any maintenance.

Alternative

Blue Cash Preferred® Card from American Express

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Rates & Fees

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Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

If you need to finance new purchases or transfer a balance from another non-Amex card, the Blue Cash Preferred® Card from American Express offers an intro 0% for 12 months on purchases and an intro 0% for 12 months on balance transfers (after, 14.99%-25.99% Variable APR). This is a decent amount of time for your to finance purchases interest-free and can save you money on interest payments, compared to carrying a balance on a high interest card. This card also comes with a rewards program where cardholders earn 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases. Take note that there is a $95 annual fee with this card, but it may be worthwhile.

Who Will Benefit Most from the Blispay Visa® Card

The Blispay Visa® Card gets a low score from us because of the financing angle included in the promotion. Reeling you in with deferred interest can hurt you more than 2% cash back can help if you fall off track. But, if you plan to avoid the 6 month special financing, you may be able to reap the benefits of cash back while steering clear of the pitfall.

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

Taylor Gordon
Taylor Gordon |

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

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