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

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Updated on Tuesday, September 1, 2020

Andigo Credit Union checking account options

Cash Back Checking

Doesn’t earn interest but instead offers a juicy cash back rate when you make debit card purchases.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None
  • ATM fee refunds: Up to $12 per month in ATM fee refunds (provided monthly qualifying activities are met.)
  • Overdraft fees: $32 per transaction

While the Andigo Credit Union Cash Back Checking account does not earn interest, it more than makes up for this by offering cash back on your debit purchases. You receive 3% back for qualifying purchases on your debit card up to a maximum of $8 earned per month (it takes about $267 in monthly purchases to earn the full $8 back.)

To qualify for the cash back rate, you must make at least $500 of direct deposits and at least 15 debit card purchases during the month. If you meet these conditions, this account will also refund ATM fees up to $12 per month. Besides the rebate program, you can make free ATM withdrawals at the 80,000 ATMs in their network.

This account does not charge a monthly maintenance fee or have a minimum balance requirement. It comes with a debit card and online banking. You can set up direct deposit from work that allows you to get paid a day early.

How to open Andigo’s Cash Back Checking account

Before you can open a Cash Back Checking account, you need to become a member of the Andigo Credit Union. The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for military service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Credit Union Cash Back Checking account online or by visiting one of their bank branches in Illinois. You cannot open this account by phone. You will need to submit your name, address, Social Security number and a way to fund your new account. The credit union may also ask for your driver’s license and other identifying documents.

SEE DETAILS Secured

on Andigo’s secure website

High-Yield Checking

What do you get when you combine free checking with a sky-high interest rate? One of the best accounts in the country.
APYMinimum Balance Amount to Earn APY
3.00% $0 (no minimum balance)
0.10%Over $10,000
 A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None
  • ATM fee refunds: Up to $12 per month in ATM fee refunds (provided monthly qualifying activities are met.)
  • Overdraft fees: $32 per transaction

The Andigo Credit Union High-Yield Checking account earns a phenomenal 3.00% interest rate for balances up to $10,000. There is no minimum balance requirement to earn this interest rate and this account does not charge a monthly maintenance fee.

To qualify for the high interest rate, you must make at least $500 of direct deposits and at least 15 debit card purchases during the month. If you don’t, you will earn a much lower interest rate for the month.

If you meet these conditions, this account will also refund ATM fees up to $12 per month. Besides the rebate program, you can make free ATM withdrawals at the 80,000 ATMs in their network.

How to open Andigo Credit Union’s High-Yield Checking account

Before you can open a High-Yield Checking account, you need to become a member of the Andigo Credit Union. The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo Credit Union member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Credit Union High-Yield Checking account online or by visiting one of their Illinois branches. You cannot open this account by phone. You will need to submit your name, address, ID, Social Security number and a way to fund your new account.

SEE DETAILS Secured

on Andigo’s secure website

NCUA Insured

Basic Checking

A checking account that’s free and not much else.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32 per transaction

The Andigo Basic Checking account does not offer many perks: It provides just a debit card and online banking. There’s no earning interest or cash back on debit purchases. There’s also no fee refunds for out-of-network ATM withdrawals.

On the plus side, there is no monthly balance requirement or monthly maintenance fee on the account so it’s basically a free, no-frills account.

How to open an Andigo Basic Checking account

As with the credit union’s other accounts, before you can open an Andigo Basic Checking account, you need to become a member of the Andigo Credit Union.

The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo Credit Union member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Basic Checking account online or by visiting one of their Illinois branches. You cannot open this account by phone. You will need to submit your name, address, ID, Social Security number and a way to fund your new account.

SEE DETAILS Secured

on Andigo’s secure website

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How Andigo Credit Union’s checking accounts compare

The Andigo Credit Union Cash Back and High-Yield checking accounts are just spectacular. With the Cash Back Checking account, you can earn a cash back rate that’s as good and better than most reward credit cards.

On the other hand, the High-Yield Checking account earns an interest rate that not only crushes the average checking account but is also better than the majority of CDs and money market accounts on the market today. Both are excellent choices and the right pick depends on whether you want to make more debit purchases or keep the money in your account, earning interest.

The basic account is an afterthought and not worth using, especially since the other two don’t charge a monthly fee. You could get the same benefits as basic with no real downside by signing up for the other two instead. If you want to see just how good the Andigo Credit Union checking accounts are, see how well they compare against the other best check accounts on the market today.

Andigo Credit Union savings account options

Savings account

A free savings account that barely pays any interest.
APYMinimum Balance Amount to Earn APY
0.05%No minimum
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32 per transaction

The Andigo Credit Union savings account has neither a minimum balance requirement nor a monthly maintenance fee. And the account barely pays interest, considering the 0.05% APY earned on all balances.

And, adhering to Federal Reserve Reg. D, Andigo Credit Union limits how often you can take money out of this deposit account. You can only make six debits per month, with the credit union adding on the requirement that each withdrawal be at least $500.

How to open an Andigo Credit Union Savings account

Before you can open a Savings account, you need to become a member of the Andigo Credit Union. The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo Credit Union member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Credit Union Savings account online or by visiting one of their bank branches in Illinois. You cannot open this account by phone. You will need to submit your name, address, government-issued ID, Social Security number and a way to fund your new account.

SEE DETAILS Secured

on Andigo’s secure website

NCUA Insured

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How Andigo Credit Union’s savings account compares

To be honest, it’s hard to see why Andigo Credit Union offers this savings account. It pays an interest rate that’s a fraction of what’s available on Andigo’s High-Yield Checking account. And even worse, it takes regulatory restrictions on certain withdrawals to a new level.

On the bright side, at least this account is free and does not have a minimum balance requirement to earn the interest rate. But you can find these features on plenty of other free savings accounts which still pay a decent interest rate, with many of these high rate savings account options.

Andigo Credit Union CD rates

Certificates

A terrific rate on their promotional offer but the other CDs aren’t quite as good.
TermAPY
6 months0.45%
12 months0.50%
14 months*2.75%
18 months0.50%
30 months0.60%
60 months0.75%
*Promotional offer for new clients
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest for the 6 month CD, 120 days’ interest for the 12 month and 14 month CDs, 180 days’ interest for the 18 month CD, 270 days’ interest for the 30 month CD, and 360 days’ interest for the 60 month CD

Andigo Credit Union offers a decent range of short- and long-term CDs. It takes at least $1,000 to open an account and earn the APY. Andigo Credit Union does not increase the interest rate for larger deposits until you reach an account of at least $250,000 and qualify for their jumbo rates.

The 14 month term is a special promotional offer used to attract new clients. You cannot fund this account with money already at Andigo Credit Union. At the end of the CD term, it will automatically convert into a 12 month CD unless you tell Andigo Credit Union not to within 10 days of the end of the term.

These CDs do charge an early withdrawal penalty for taking money out before the end of the term. Longer CDs charge a larger interest penalty. However, the CD penalty does not deduct against your principal.

If you have a high-deductible health insurance plan, you can set up the Andigo Credit Union CDs as part of a Health Savings Account, which makes your interest earnings tax-free provided you spend the money on health care expenses.

How to open an Andigo Credit Union CD

Before you can open a certificate, you need to become a member of the Andigo Credit Union. The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo Credit Union member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Credit Union Savings account online or by visiting one of their bank branches in Illinois. You cannot open this account by phone. You will need to submit your name, address, government-issued ID, Social Security number and a way to fund your new account.

SEE DETAILS Secured

on Andigo’s secure website

NCUA Insured

Jumbo CDs

For a much larger deposit, you get a barely noticeable rate increase.
TermAPY
6 months0.65%
12 months0.70%
18 months0.70%
30 months0.80%
60 months0.95%
  • Minimum opening deposit: $250,000
  • Minimum balance amount to earn APY: $250,000
  • Early withdrawal penalty: 90 days’ interest for the 6 month CD, 120 days’ interest for the 12 month and 14 month CDs, 180 days’ interest for the 18-month CD, 270 days’ interest for the 30 month CD, and 360 days’ interest for the 60 month CD

Andigo Credit Union also offers Jumbo CDs for deposits of $250,000 or more. The Jumbo interest rate is nearly identical to the regular CD rate, just a fraction higher. The Jumbo CDs have the same interest penalties as the regular CDs.

How to open an Andigo Credit Union Jumbo CD

Before you can open a Jumbo CD, you need to become a member of the Andigo Credit Union. The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo Credit Union member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Credit Union Jumbo CD online or by visiting one of their bank branches in Illinois. You cannot open this account by phone. You will need to submit your name, address, Social Security number and a way to fund your new account.

SEE DETAILS Secured

on Andigo’s secure website

NCUA Insured

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How Andigo Credit Union’s CDs compare

Among Andigo Credit Union CDs, the best of the bunch is their 14 month promotional option for new clients. It offers the highest interest rate even compared with their long-term CDs which require a multi-year commitment. You’d expect this with a promotional offer.

While their other CD rates are much better than what you’d receive at larger national banks, that’s not saying much. If you opt for the promotional 14 month CD, think carefully before auto-renewing at the much lower 12 month CD rate.

The Andigo Credit Union Jumbo CDs are also a little puzzling as they offer nearly the same interest rates as their regular CDs, despite the $250,000 minimum deposit. It’s worth checking out your other options, especially if you plan on making a large deposit. These top rated CDs are a good place to start.

Andigo Credit Union money market account options

Money market account

Though the interest rates on this MMA are better than average, watch out for the costly maintenance fee and tough withdrawal restrictions.
APYMinimum Balance Amount to Earn APY
0.15%$1
0.25%$25,000
0.35%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10 (waived for balance over $2,500)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32 per transaction

There is no minimum deposit required to open an Andigo Credit Union money market account and you earn interest so long as you have at least $1 in the account. But don’t let that fool you into thinking this is a good choice for small deposits. If you don’t have a balance of at least $2,500 in your account, Andigo Credit Union charges a $10 per month fee.

This account also limits access to your savings.As with the credit union’s other savings accounts, Federal Reserve Regulation D allows you up to six certain debits per month but Andigo ups the ante and requires each withdrawal must be at least $500. If you make more than six withdrawals, Andigo Credit Union charges a $10 per transaction penalty. This includes checks, ATM withdrawals and transfers.

If you have a high-deductible health insurance plan, you could set up the Andigo Credit Union money market account as part of a Health Savings Account, which makes your interest earnings tax-free provided you spend the money on health care expenses.

How to open an Andigo Credit Union money market account

Before you can open a money market account, you need to become a member of the Andigo Credit Union. The easiest way to qualify is by making a $15 donation to ConnectVETS, a charity for service members and veterans. You could also join if you live in the greater Chicago area, have a family member who is an Andigo Credit Union member or if you are an employee/member of a list of organizations like American Eagle, Mary Kay or Google.

Once you are a member, you can open an Andigo Credit Union money market online or by visiting one of their bank branches in Illinois. You cannot open this account by phone. You will need to submit your name, address, Social Security number and a way to fund your new account.

SEE DETAILS Secured

on Andigo’s secure website

NCUA Insured

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How Andigo Credit Union’s money market account compares

When it comes to money market accounts, you could do worse than what is available at Andigo Credit Union. Their interest rates are above the national average and crush what you would receive at a large national bank.

However, this account is not worth considering unless you plan on keeping a balance of at least $2,500 so you can avoid the $10 maintenance fee. If you fall below this cutoff, you’ll end up paying much more in fees than you’ll earn in interest.

There are money market accounts out there that offer even higher interest rates and don’t charge the monthly fee on smaller deposits. They could be a better choice than Andigo Credit Union.

Andigo Credit Union IRA account options

IRA Market

Andigo Credit Union has money market rates set up through an IRA.
APYMinimum Balance Amount to Earn APY
0.15%$1
0.25%$25,000
0.35%$100,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10 (waived for balance over $2,500)

If you’d like to save for retirement, you could set up an IRA money market account with Andigo Credit Union. Their IRA Market account earns the exact same interest rates as their standard money market account. This account also charges a $10 monthly fee if your balance falls below $2,500.

This account has the same money market restrictions where you can make six withdrawals per month, or else you will face a $10 per transaction fee. However, since this is a retirement account, it doesn’t give you ATM access. Instead, you need to fill out an IRA withdrawal form every time you want to take money out.

The Andigo Credit Union IRA Market account can be set up as part of a Coverdell account, to pay for a child’s education rather than your retirement.

How to open an Andigo Credit Union IRA Market account

You cannot open an Andigo Credit Union IRA Market account online. Instead, you need to complete their IRA account application packet in person at a bank branch or by mailing it to the address on the form. You will also need to select how to fund the account: by rolling over another retirement plan, through a bank transfer or by check. Andigo Credit Union recommends you reach out to one of their wealth advisers by phone or email before filling out the paperwork.

Once you have the Andigo Credit Union IRA Market account set up and funded, you can pick the money market for your savings.

SEE DETAILS Secured

on Andigo’s secure website

NCUA Insured

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How Andigo Credit Union’s IRA rates compare

Andigo Credit Union’s IRA rates are solid but not spectacular. The IRA Market offers better interest rates than a lot of the accounts out there but they aren’t the very best on the market either.

The minimum deposit amount is not that large, which is good for smaller retirement accounts. There is no minimum for the IRA Market account, though they charge a $10 monthly fee when your account balance is below $2,500.

Overall review of Andigo Credit Union’s banking products

The absolute stars at Andigo Credit Union are its checking accounts. The High-Yield Checking account earns one of the best interest rates in the country while their Cash Back Checking account earns a higher return on qualified purchases made with the Visa debit card than most reward credit cards.

The only limiting factor is there is only so much you can earn through the checking accounts as the High-Yield rate only applies to deposits up to $10,000 while the cash back rate has a monthly limit.

If you have more than $10,000 to deposit, it could be worth a look at Andigo Credit Union’s CDs, especially the promotional rate. On the other hand, the money market account is just ok while their savings option is not worth opening. But if you need a checking account, Andigo Credit Union should be on the top of your candidate list.

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