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Reviews

Review of Banco do Brasil Americas’ 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 Established1986
Total Assets$0.7B
LEARN MORE on Banco Do Brasil Americas’s secure websiteMember FDIC

As you can probably guess by the name, Banco do Brasil Americas is not your typical U.S. bank. Instead, it is the American division of Banco do Brasil, a Brazilian bank with over 200 years of history that does business in 24 countries. To best serve its international customer base, Banco do Brasil Americas provides customer service in English, Portuguese and Spanish.

While Banco do Brasil only has five branches located in Florida, many of its deposit accounts can be opened online from anywhere in the country. It also offers some accounts which can be opened without a Social Security number and U.S. address, a feature which could appeal to new immigrants and frequent visitors to the United States.

In this review, we will go over all of Banco do Brasil America’s deposit accounts so you can decide whether it is the right choice for your banking needs. We used the most recent interest rate information on its website as part of this review. These rates apply to all of its accounts nationwide.

Banco do Brasil Americas’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Banco do Brasil Americas Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.90%

CD Rates

Banco do Brasil Americas 1 Year CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.30%

CD Rates

Banco do Brasil Americas 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.75%

CD Rates

Banco do Brasil Americas 5 Year e-CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Banco do Brasil checking account options

Banco do Brasil Americas Classic Checking account

A basic checking account with a high balance requirement and maintenance fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Classic Checking account only requires a starting deposit of $100. However, it will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas’ charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also lets you make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Classic Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil Americas Gold Checking account

A free order of checks is nice, but not enough to make up for the massive balance requirement to avoid the monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Gold Checking account only requires a starting deposit of $100. However, it will charge a costly $15 monthly maintenance fee unless you meet one of the following requirements:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

This account offers the same features as the Classic Checking account and includes a free first order of checks. The Gold Checking account increases your debit card limits so you can spend up to $5,000 per day and withdraw up to $1,000 per day in cash.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. As with the bank’s other checking accounts, this one allows you to make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Gold Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil Americas e-Classic Checking account

Mostly the same as the Classic Checking account, except it can be opened anywhere, anytime online.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil e-Classic Checking account offers the same features as Classic Checking except you open it online rather than at a Banco do Brasil Americas’ branch. This account does require a larger opening deposit of at least $1,000. It will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. One unique benefit from Banco do Brasil checking accounts is that they allow you to make free transfers to people in Brazil.

You can open a Banco do Brasil e-Classic Checking account through its online application. You will need to provide a U.S. driver’s license, a U.S. address, a Social Security number and a U.S. bank account routing number and account number to fund the account. This account is only available for someone with a Social Security number and a U.S. address.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil Americas International Checking account

A U.S. checking account for international applicants who don’t have a Social Security number and U.S. address.
  • Minimum opening deposit: $3,000 when opened at bank branch, $3,000 when opened online by CAPES/CNPq Scholars and $10,000 when opened online by other existing BB S.A. customers.
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

For customers who want a U.S. bank account but don’t have a Social Security number and U.S. address, Banco do Brasil Americas offers its International Checking account. This account has very high initial deposit requirements. It’s $3,000 if you open the account at a bank branch or if you open the account online and are a CAPES/CNPq Scholar. It’s $10,000 if you open online in other situations.

This account also charges a sizable $15 per month maintenance fee that can only be avoided if:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

In exchange, this account offers basic checking services like a debit card, online banking and a free first order of checks. It allows up to $5,000 per day in debit purchases and up to $1,000 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also allows you to make free transfers to people in Brazil.

You can open this account at a Banco do Brasil Americas bank branch or online through its website. If you open this account online, you must be an existing Banco do Brasil S. A. customer or be a CAPES/CNPq Scholars with a prepaid card. The online application is Portuguese and will ask for your existing Banco do Brasil account information.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ checking accounts compare

For the average U.S. customer, Banco do Brasil Americas’ checking accounts do not offer much. They all require large deposits to avoid the costly monthly maintenance fee. None of them pay interest and they only offer basic checking services. The national ATM access through Presto and Allpoint is convenient for a regional bank but is a feature available with many other banks.

For international customers and people with ties to Brazil, these accounts offer a bit more. The free transfers to Brazil could be a huge benefit for someone who needs this feature and want to save on transfer fees. In addition, visitors and new immigrants from Brazil might find the international account useful because it can be opened without a U.S. address or Social Security number.

However, for people who can qualify for a regular U.S. checking account, there are better checking account options with lower fees and more perks, including the ability to earn interest.

Banco do Brasil savings account options

Banco do Brasil Savings account

Pays interest, but not enough for all the rules, withdrawal restrictions and potential fees.

APY

Minimum Balance Amount to earn APY

0.25%

$1,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $35 per transaction

The Banco do Brasil Americas Savings account can be opened with a deposit of only $100 but you will need to deposit more to make this account worthwhile. This account charges a $5 monthly maintenance fee whenever your balance falls below $300. Also, the account only earns interest when your balance stays above $1,000 for the month.

This account makes it extremely difficult to access your money. First, you can only take money out either by visiting a Banco do Brasil Americas branch, which are only in Florida, or by scheduling a wire transfer, which costs $30 for a domestic transfer and $45 for an international transfer.

In addition, if you make more than six transactions or withdrawals per month, Banco do Brasil Americas will charge an extra $20 penalty for each excess transaction.

You can only open a Banco do Brasil Americas savings account by visiting one of its bank branches. It cannot be opened online or over the phone. You will need to bring your ID and deposit to fund the account. This account is available for international clients who do not have a Social Security number or U.S. address.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ savings account compares

The benefits from the Banco do Brasil Americas Savings account are not enough to make up for all the potential fees and restrictions. This account makes it far too difficult to access your money since you can only take money out through expensive wire transfers or by visiting a bank branch.

While the interest rate is better than large national banks, it’s still far from a competitive rate and you need to keep a minimum balance of at least $1,000 to earn anything. At the same time, the account charges a monthly maintenance fee if you don’t keep at least $300 in the account. It’s not expensive and it’s easy to avoid, but plenty of savings accounts do not have this fee.

Since this account can only be opened at a Banco do Brasil Americas branch in Florida, it won’t be an option for many readers anyway. Even if you could open this savings account, you’d be better off choosing from this list of savings accounts, as they have lower fees, fewer restrictions and higher interest rates.

Banco do Brasil Americas CD rates

Banco do Brasil Americas CDs

Better rates than those at the large national banks, but still not that great.

Term

APY (CD < $100 million)

APY (CD > $100 million)

6 months

0.35%

0.60%

1 year

0.90%

1.25%

2 years

1.15%

1.45%

3 years

1.30%

1.50%

4 years

1.40%

1.60%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas offers CD terms that range from 6 months up to 5 years. It’s a decent variety, but unfortunately the interest rates aren’t that impressive. Banco do Brasil Americas does not increase the rate unless you deposit more than $100 million, in which case it does give you a bump.

These CDs charge a sizable early withdrawal penalty. It’s worth 90 days of interest for CD terms up to 12 months and a whopping 180 days of interest for terms over 12 months. At the maturity date, these CDs automatically renew for the same term. You have a 10-day grace period after the maturity date to stop the auto-renewal.

These CDs can only be opened at a Banco do Brasil Americas branch. International applicants can also open these accounts. The only requirement is you have the funds to set up the account, as well as your ID.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

Banco do Brasil e-CDs

A few of the regular Banco do Brasil Americas CDs can be opened online.

Term

APY (CD < $100 million)

APY (CD > $100 million)

2 years

1.15%

1.45%

3 years

1.30%

1.50%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

Three of the Banco do Brasil Americas CDs can be opened online: the 2 year term, 3 year term and 5 year term. The e-CDs currently have the minimum deposit requirements, earn the same interest rates and charge the same penalty for early withdrawals as their normal CDs.

You can only set up e-CDs with funds that aren’t currently part of a Banco do Brasil Americas deposit account. It’s a little bizarre because banks typically have this requirement when they offer a promotional CD, with a higher than usual interest rate. But the e-CDs still pay exactly the same rates as the normal CDs.

You can open a Banco do Brasil Americas e-CD using its online application. You will need to submit your Social Security number, driver’s license and a proof of U.S. address to open the account. International applicants without this information can open an e-CD online only if they are a BB S.A Client or CAPES/CNPq Prepaid Card Scholar.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ CDs compare

Banco do Brasil Americas’ CDs are not horrible, but they don’t blow us away either. Its interest rates are better than the non-existent rates at the national banks but they don’t compare well versus the best CDs on the market. The bank’s early withdrawal penalties are also severe.

We find it a little strange that this bank has two categories of rates: Under $100 million and over $100 million, but nothing in between. Even if you do deposit $100 million, you still are nowhere near earning the best possible interest rate on your CD.

If you want to earn high interest rates, these CDs will pay you more and you don’t even need to deposit $100 million.

Banco do Brasil Americas’ money market account option

Banco do Brasil Money Market account

Not a bad money market account, especially for larger deposits.

APY

Minimum Balance Amount to earn APY

0.25%

$0.01

0.40%

$10,000

0.70%

$100,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (avoided so long as balance stays above $1,000)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

It only takes a minimum deposit of $100 to open a Banco do Brasil Americas Money Market account. This account also earns interest even if you only have a penny in your account. However, with this account you should always try to keep at least $1,000 in your account because if the balance ever falls below $1,000, Banco do Brasil Americas charges a $20 monthly maintenance fee.

Since this is a money market account, Banco do Brasil Americas limits how often you can access funds. You can only make six transfers or withdrawals out of the account per month. This includes debit purchases, checks, and online or phone transfers. If you make more than six transactions in a statement cycle, Banco do Brasil Americas will charge you a $20 per transaction penalty.

The good news is this account lets you make unlimited ATM withdrawals and these withdrawals do not count toward your monthly limit. You can make free withdrawals out of Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto or Allpoint networks.

You can open the Banco do Brasil Americas Money Market account at one of the bank’s branches in Florida. Banco do Brasil Americas also offers an online version of this account, called the e-Money Market account, which is exactly the same, except you can open it through the bank’s website.

To open the e-Money Market account online, you will need your driver’s license, Social Security number, proof of a U.S. address and an existing bank account to fund the account. International customers without this information can also open this account if they are an existing Banco do Brasil S.A. customer or a CAPES/CNPq Prepaid Card Scholar.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ money market account compares

Out of all the Banco do Brasil Americas deposit accounts, its money market account is the one we like best. It’s free so long as you have at least $1,000 in your account and Banco do Brasil Americas pays interest on all deposits. It also offers a decent rate, especially for balances over $100,000.

We also like that this account gives you unlimited, free ATM withdrawals. You can earn a solid interest rate while still having flexible access to your savings. Finally, you can open an account easily online with its e-Money Market account.

Still, this Money Market account does have some downsides. It charges a $20 monthly fee as soon as your balance falls below $1,000. There are also accounts that pay a much higher interest rate, even compared to Banco do Brasil Americas’ highest category. While its money market account is OK, these alternative money market options could be even better for your savings.

Banco do Brasil Americas’ IRA options

Banco do Brasil IRA CD rates

The same average rates from Banco do Brasil Americas’ CDs but set up through an IRA.

Term

APY (CD < $100 million)

APY (CD > $100 million)

1 year

0.90%

1.25%

2 years

1.15%

1.45%

3 years

1.30%

1.50%

4 years

1.40%

1.60%

5 years

1.75%

1.95%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas’ CDs can be set up through an IRA. All the terms are available for the IRA CDs except for 6 months. The IRA CDs earn exactly the same interest rates and have the same early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

You can only set up a Banco do Brasil Americas IRA CD if you are a domestic client with a Social Security number. International clients cannot set up an IRA since it’s an American retirement account. You can set up a Banco do Brasil Americas IRA by visiting one of its bank branches. According to a Customer Service Representative, you can also email digitalbranch@bbamericas.com and they will provide you with further instructions within 48 hours. You will need to provide your Social Security number, driver’s license, proof of a U.S. address and a way to fund the account.

LEARN MORE Secured

on Banco Do Brasil Americas’s secure website

Member FDIC

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How Banco do Brasil Americas’ IRA CDs compare

Banco do Brasil Americas’ IRA CDs are just as unexciting as its regular CDs. It makes sense since they are mostly the same deposit accounts.

Its interest rates are only OK. They also stay the same for deposits ranging from $1,000 all the way up to $100 million. If you deposit $100 million, you do get a rate bump, but chances are that won’t apply to too many readers. We don’t also don’t like the steep early withdrawal penalties on the IRA CDs.

If you want to earn the best interest rates on your retirement savings, these other IRA CDs could be a better option than Banco do Brasil Americas.

Overall review of Banco do Brasil Americas’ banking products

If all you need is a regular deposit account, Banco do Brasil Americas is probably not the place for you. Out of all of its accounts, the money market account looks best. It offers decent interest rates and free unlimited ATM withdrawals at Banco do Brail owned ATMs, a feature not seen on every money market account. But even that account doesn’t match up well against the top choices on the market.

Its checking accounts, CDs and IRA CDs are serviceable but far from excellent. Its savings account is not worth using at all because it pays less interest while having more withdrawal restrictions than the Banco do Brasil Americas’ money market account.

Having said all that, Banco do Brasil Americas could be worth using for international customers, especially those from Brazil. Many of the Banco do Brasil accounts can be opened without a Social Security number or permanent U.S. address. It also offers full customer service in Portuguese, something you won’t find at just any American bank. And if you plan on transferring money to Brazil, you can do this for free with a Banco do Brasil Americas checking account.

Someone with a strong connection to Brazil might want to work with Banco do Brasil Americas. Someone who only wants regular U.S. deposit account should look 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.

David Rodeck
David Rodeck |

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

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Reviews

Eastman 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$4.3B
LEARN MORE on Eastman Credit Union’s secure websiteNCUA Insured

Eastman Credit Union calls northeast Tennessee home, but now has branches and membership eligibility in portions of western Virginia and eastern Texas as well. To join Eastman Credit Union, you must live, work, worship or study in one of those areas.

If you still do not meet any of these requirements, you may qualify for membership based on your employer, or if you have a family member who already banks with Eastman Credit Union.

Eastman Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

Eastman Credit Union Share Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.00%

CD Rates

Eastman Credit Union 1 to 2 Year Investment Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.40%

CD Rates

Eastman Credit Union 3 to 4 Year Investment Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.60%

CD Rates

Eastman Credit Union 5 Year Investment Certificate

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Eastman Credit Union’s checking account options

ECU Beyond Free Checking

A tiered checking account with very few fees.
APYMinimum Balance to Earn APY
0.05%
$0
0.10%
$10,000
0.15%
$25,000
0.20%
$50,000
0.25%
$100,000
0.30%
$200,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

The ECU Beyond Free Checking is not a bad account. It has no minimum balance requirements, no minimum opening deposit and won’t sock you with ATM fees when you use an out-of-network ATM unless they’re charged by the ATM owner.

The APY on this Eastman Credit Union account isn’t the best, but sometimes it can be exciting that a checking account offers dividends at all. Typically, you hold money in a checking account only to spend it throughout the month, so while you can find special deals and great rates outside of Eastman Credit Union, you will also find some financial institutions offering 0.00% APY on their checking accounts. The credit union’s rates are fairly standard though not the highest on the market.

Overdraft fees on all accounts at Eastman Credit Union are either $5 or $30. If you sign up for overdraft protection, you will be charged $5 every time the credit union has to pull funds from your savings account to cover your purchase. If you sign up for overdraft protection plus, you will be charged $30 every time you overdraw, but the credit union will allow you to make purchases until your account is -$500. Not that the $30 fee will reduce the amount available ($500) to pay other items. If you don’t sign up for any of these protections, you will be charged $30 every time you overdraw, and on top of it, Eastman will not allow the purchase to go through.

How to get Eastman Credit Union’s Beyond Free Checking

You can apply for Beyond Free Checking online or by visiting your local branch.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s checking account compares

The ECU Beyond Free Checking does not offer the best rates on the market, but they’re not the worst either. Aided by no minimum balance requirements and limited fees, this account is worthy of your consideration as you compare other checking accounts.

Eastman Credit Union’s savings account options

Regular Savings

This account is required to establish your membership at Eastman Credit Union.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

Eastman Credit Union’s Regular Savings account doesn’t offer even close to the highest APY on the market, but that’s not the real reason to open one of these accounts. In order to establish membership at the credit union, you must have a savings account to access any of their other accounts, making things like lackluster APY and relatively low fees a moot point.

Because it is a savings account, certain terms are dictated by federal regulation. Specifically, Fed Regulation D says that you can make up to six certain withdrawals/transfers from a savings account per month. If you do go over, Eastman Credit Union will charge you an $8 excessive withdrawal fee for any transaction over six in any given month. You also risk having your account shut down, which could result in a loss of membership with this particular account.

How to get Eastman Credit Union’s Regular Savings Account

You can open this account online or in person.

LEARN MORE Secured

on Eastman Credit Union’s secure website

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Christmas Club Account

An account that empowers you to save for the holidays but recognizes you might need cash for early shopping.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Early withdrawal fee: $10, if you withdraw before September
  • Overdraft fee: $5 or $30

Saving for the holidays? It’s really easy to dip into that savings pot when something like a big back-to-school sale or an opportunity to take a long weekend trip pops up. The Christmas Club Account is built specifically with this situation in mind.

You can stash money in your Christmas Club Account all year, and then during the first week of November, everything you’ve saved will be disbursed to your regular savings account. To encourage you to keep money in your account throughout the year, you will be charged a $10 fee when you withdraw. The only exceptions are withdrawals made in September and October, for which there are no fees.

How to get Eastman Credit Union’s Christmas Club Account

You can open a Christmas Club Account online or at your local branch.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Stash Your Cash Account

A club account that allows you to save for more than just the holidays.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

The Stash Your Cash Account is similar to the Christmas Club Account, except that you can use the money you’re saving for any purpose, whether that be vacation or a wedding. You can also set the date that your funds will be released to your Regular Savings, making the account flexible to match your individual financial goals.

Remember that both this account and the Christmas Club Account are still savings accounts, so if you do have to make early withdrawals/transfers, make sure you’re planning ahead to avoid making more than six per month.

How to get Eastman Credit Union’s Stash Your Cash Account

You can open this account by visiting your local branch. If there is no branch local to you, call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Health Savings Account

A tax-sheltered account for your health care costs.
APYMinimum Balance to Earn APY
0.30%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5 or $30

If you have a High-Deductible Health Plan (HDHP), you can put up to $3,450 into a Health Savings Account (HSA) in 2018 — $6,900 if your HDHP offers family coverage.

These contributions are tax-deductible, and earnings are tax-free when you take the money out for qualified health expenses. You can also enjoy tax-free withdrawals if you are disabled or at least the age of 65.

The fact that the credit union offers this type of account is fairly unique. If you have an HDHP and no other insurance, it’s a good way to shelter the dollars you spend on health care costs from the IRS, and since the money is carried over from year to year, it can also serve as an extremely tax-effective retirement account if you don’t end up needing the money for health-related expenses. Granted, if you open it with Eastman Credit Union, the dividends won’t be enough to keep your money from losing value to inflation.

How to get Eastman Credit Union’s Health Savings Account

To get the process of opening an HSA started, call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s savings accounts compare

Eastman Credit Union offers a pittance of an APY when compared with the best savings accounts on the market, yet each account it does offer serves a very unique purpose that may put it beyond dividend comparisons.

The Regular Savings account is required to open any type of account at Eastman Credit Union, whether or not you’re a fan of the APY. Christmas Club and special savings accounts exist to enforce self-discipline rather than to rake in extra money through dividends, and HSAs are a way to become more tax efficient with your health care spending.

Rather than comparing these accounts with those with the highest savings rates, you’ll be better off digging in deep and comparing them with accounts at other financial institutions that help you achieve the same goals.

Eastman Credit Union’s CD rates

Investment Certificates

Fairly competitive certificates with an opportunity to increase your APY.
TermAPYMinimum Opening Deposit
1-3 Months0.30%
$2,500
3-6 Months0.50%
$2,500
6-12 Months0.65%
$2,500
9 Months2.25%
$2,500
12-24 Months2.00%
$1,000
18-19 Months2.75%
$1,000
24-36 Months2.30%
$1,000
36-48 Months2.40%
$1,000
48-60 Months2.50%
$1,000
60 Months2.60%
$1,000
72 Months3.00%
$1,000
  • Minimum opening deposit: Varies based on desired term and APY
  • Minimum balance amount to earn APY: Same as minimum opening deposit
  • Early withdrawal penalty:
    • The greater of 7 days’ worth of dividends or all dividends earned to date on certificates with terms of up to 6 months;
    • 90 days’ worth of dividends on certificates with terms between 6 and 23 months;
    • 180 days’ worth of dividends on certificates with terms between 24 and 60 months;
    • 1 years’ worth of dividends on certificates with terms of 72 months.

The dividend rates on Eastman Credit Union’s Investment Certificates — which are the equivalent of certificates of deposit or CDs — are fairly competitive. It should be noted that this is especially true as you extend the term; the 72 month certificates are far more competitive than the 12 month CDs.  Further, you can add 0.05% APY to your certificate to make it a jumbo certificate with all the same terms save a minimum balance requirement of $100,000.

Also know that if you make a withdrawal that brings you below your minimum opening deposit, you’ll not only incur an early withdrawal penalty, but you’ll also see your certificate shut down. You cannot keep this account open without earning APY, and you can’t continue to earn APY without keeping your minimum opening deposit intact. The only exception to this is jumbo certificates. If you fall below the $100,000 minimum balance threshold, your certificate will just revert to normal rates.

How to get Eastman Credit Union’s CDs

You can open your investment certificate online or in person.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Lifeline Savers Certificate

A low-yield certificate with an extremely low barrier to entry.
TermAPY
1 Year0.55%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 90 days’ worth of dividends

In addition to the Investment Certificate, Eastman Credit Union also offers the Lifeline Savers Certificate. One unique feature compared with Eastman’s other certificate products is that you can add to the balance of this certificate at any time — even midterm. Your rate will be lower than with an Investment Certificate, but the barrier to entry is also far lower with only a $100 required deposit and balance.

That doesn’t mean that this account is competitive overall, though. At this term tier, you can find certificates from other financial institutions offering rates nearly five times higher requiring only about $400 more for a minimum opening deposit.

How to get Eastman Credit Union’s Lifeline Savers Certificate

You can open this account in person or via the online application.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s CD rates compare

At lower rate tiers, Eastman’s certificates are barely competitive. However, as you move up through the ranks of longer term periods, its certificates rival some of the best rates out there. Those should be considered as a viable option as you compare other CDs.

Eastman Credit Union’s money market account options

Money Market

A somewhat standard money market account with high minimum balance requirements for unsatisfying dividends.
APYMinimum Balance to Earn APY
0.25%
$0
0.30%
$10,000
0.35%
$25,000
0.40%
$50,000
0.45%
$100,000
0.55%
$200,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0; $10,000; $25,000; $50,000; $100,000; or $200,000 depending on desired rate
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $5-$30

The idea behind a credit union money market account is to pull more in from dividends than you would on your typical savings account. Traditionally, this has meant that there are larger minimum balance requirements in order to earn the higher APY.

Eastman Credit Union’s money market account does raise dividend rates as its tiered minimum balance requirements increase, but those rates are extremely low. If you have under $10,000 in your account, you’d be earning less APY than if you kept your money in a savings account at the credit union. But even at higher minimum balance requirements, the APY offered by Eastman Credit Union falls far short when compared with other options on the market.

Money market accounts are regulated by the federal government in the fashion of savings accounts, so remember that if you make more than six certain withdrawals/transfers from this account, you could be facing an $8 excessive withdrawal fee from the credit union per each instance. Beyond that, your account could even be shut down all together.

How to get Eastman Credit Union’s Insured Money Market account

You can open an Insured Money Market Account in person or via the online application.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s money market accounts compare

As mentioned above, traditionally money market accounts have required higher minimum balances in order to earn a higher APY. However, with the advent of online-only banks, we have seen a shift in this practice. Now, many internet banks offer a high APY on money market accounts with low or even no minimum balance requirements, rendering accounts like the one offered by Eastman Credit Union fairly obsolete.

To earn a dramatically higher APY with lower minimum balance requirements, be sure to check out the best money market accounts on the web.

Eastman Credit Union’s IRA account options

IRA CD rates

IRA Investment Certificate

Same rates as a certificate outside of an IRA make this account uncompetitive.
TermAPYMinimum Opening Deposit
1-3 Months0.30%
$2,500
3-6 Months0.50%
$2,500
6-12 Months0.65%
$2,500
9 Months2.25%
$2,500
12-24 Months2.00%
$1,000
18-19 Months2.75%
$1,000
24-36 Months2.30%
$1,000
36-48 Months2.40%
$1,000
48-60 Months2.50%
$1,000
60 Months2.60%
$1,000
72 Months3.00%
$1,000
  • Minimum opening deposit: $1,000 or $2,500 depending on term
  • Minimum balance amount to earn APY: Same as minimum opening deposit
  • Early withdrawal penalty:
    • All dividends on 1-month certificates;
    • 7 days’ worth of dividends on 3-month certificates;
    • 90 days’ worth of dividends on certificates with terms between 6 and 23 months;
    • 180 days’ worth of dividends on certificates with terms between 24 and 60 months;
    • 1 years’ worth of dividends on certificates with terms of 72 months.

Many financial institutions increase the interest rates offered on certificates when they are held within an IRA, though Eastman Credit Union keeps them static. If you have over $100,000 in an Investment Certificate, it turns into a jumbo certificate and you’ll see a rate hike of 0.05%, but it’s still not enough to compensate for the higher rates offered for lower minimum balances elsewhere.

While the early withdrawal penalties charged by Eastman Credit Union are listed above, remember that any time you take money out of an IRA, you could also owe penalties to the IRS, as well.

How to get Eastman Credit Union’s IRA CDs

You cannot open IRA products with Eastman Credit Union online. Instead, you’ll have to open this account by visiting your local branch. If there is no branch local to you, call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Accumulation Account

A competitive savings account within your IRA meant to be used before you retire.
APYMinimum Balance to Earn APY
0.30%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The Accumulation Account is a savings account inside your IRA and is meant to be used before your reach retirement age. Eastman Credit Union’s offered rates are not competitive for a portfolio holding of this class. You can find rates more than six times higher elsewhere.

Because you have to come in to fill out paperwork and make withdrawals, you will not be able to accidentally overdraw this account. You should also be aware that with few exceptions, should you make withdrawals from an IRA prior to reaching retirement age, you will have to pay penalties and fees.

How to get Eastman Credit Union’s Accumulation Account

Because Eastman’s IRA products are not available online, you will have to either call (800) 999-2328 to set up your account, or visit your local branch.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Access Account

A savings account within your IRA meant to be used in retirement.
APYMinimum Balance to Earn APY
0.25%
$10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The Access Account is very similar to the Accumulation Account in its intent. It is a savings account within an IRA, though it is meant to be used as you approach retirement. When you reach retirement age, you will be able to take money out of this account — hence the name “access.”

There are higher minimum opening and balance requirements with this account, but that is because you are closer to retirement and will likely want to keep more of your retirement savings in more conservative accounts. The APY is also a little lower than the Accumulation Account, which obviously means this account does not offer a competitive APY either.

How to get Eastman Credit Union’s Access Account

To open any type of product within an IRA, you’ll have to either visit a branch or call (800) 999-2328.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

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How Eastman Credit Union’s IRA CD rates compare

You can do better with your IRA certificate than accepting the low rates offered by Eastman Credit Union. Look for financial institutions that up their APY when offering certificates inside an IRA rather than keeping them static. Even if you have more than $100,000 to open a jumbo certificate and get the rate hike, the APY offered by the competitors still dwarfs the credit union’s offerings.

Overall review of Eastman Credit Union’s banking products

At the end of the day, with the potential exception of certain certificate tiers outside of an IRA, Eastman Credit Union’s products simply aren’t competitive with the best options on the market. To be sure, its savings accounts do offer a wide range of services that may help you reach your financial goals outside of APY earnings. For all other products, it’s more likely in your favor to look 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.

Brynne Conroy
Brynne Conroy |

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

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Reviews

Charles Schwab Bank Review: Checking and Savings 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 Established2003
Total Assets$207.9B
LEARN MORE on Charles Schwab Bank’s secure websiteMember FDIC

The Charles Schwab Corporation rose to prominence as a “discount broker,” offering stock trading at commissions far below those charges by traditional, “full-service” brokers.

Charles Schwab Bank was launched in 2003 and introduced its two flagship accounts, the High Yield Investor Checking and High Yield Investor Savings accounts, in 2007 and 2009, respectively. These accounts are primarily designed to serve the banking needs of the firm’s brokerage customers. In fact, customers cannot even open a Charles Schwab Bank checking account without attaching it to a brokerage account.

Here’s a look at Charles Schwab Bank’s two accounts, including an examination of their features, benefits, fees and rates.

Charles Schwab Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.45%

Savings

Charles Schwab Bank High Yield Investor Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

Charles Schwab Bank’s checking account

Schwab Bank High Yield Investor Checking

This account pays interest and offers a host of benefits for customers.
APYMinimum Balance to Earn APY
0.35%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Unlimited anywhere in the world
  • Overdraft fee: $25 non-sufficient funds fee if insufficient funds are in the account and no action is taken. Overdrafts are not allowed, so NSF items are not paid; however, customers are notified and are allowed to make additional deposits or use a linked account, such as a SchwabOne brokerage account or a checking/savings account, to make a no-fee overdraft protection transfer.

To get a Schwab Bank High Yield Investor Checking account, customers must first open a Schwab One brokerage account and then link it to the checking account. However, there are no requirements to fund the Schwab One brokerage account, so it’s not a significant hurdle.

The Schwab Bank High Yield Investor Checking account pays a flat rate on deposits of all sizes, with no tiers but no minimums, either. Charles Schwab Bank charges zero ATM fees on any withdrawals anywhere in the world, and will pay unlimited ATM rebates on a global basis as well.

Other features of the Schwab Bank High-Yield Investor Checking account include the following:

  • Schwab Mobile Deposit, which allows remote, app-based deposits from anywhere
  • Free bill pay on Schwab Mobile and Schwab.com
  • Free standard checks
  • Free Schwab Bank Visa Platinum debit card
  • FDIC insurance (up to $250,000)
  • Ability to link Apple Pay, Samsung Pay, Google Pay and Microsoft Wallet

The checking account does not allow overdrafts, and charges a fee when drafts are presented that would overdraw the account; however, Charles Schwab Bank sends out emails to customers indicating they may be overdrawn, allowing them a chance to deposit or transfer funds to cover the deficit. Customers can also use their Schwab One brokerage or savings accounts to cover any overdrafts.

How to get Charles Schwab Bank’s checking account

The easiest way to get the Schwab Bank High-Yield Investor Checking account is to apply online. You can also call (800)-540-6718 or download an application from the website and mail it back in. You are required to open a Schwab One brokerage account to gain access to a checking account. To complete the online application, you’ll need your Social Security number and your employer’s name and address, if applicable.

LEARN MORE Secured

on Charles Schwab Bank’s secure website

Member FDIC

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How Charles Schwab Bank’s checking account compares

Although Charles Schwab Bank only offers one checking account, it packs in a lot of features that may appeal to customers in that single wrapper. The account carries no fees or minimum balance requirements. It pays a higher-than-average rate on a national basis and on balances of all sizes; however, the rate does fall short of the best available checking account rates. The standout feature of the Schwab Bank High Yield Checking account is the ATM fee structure. Charles Schwab Bank doesn’t charge any ATM fees, which is common among many high-quality banks, but it also offers unlimited ATM fee reimbursements, even overseas, which is an unusual benefit. This can make the checking account an attractive option for international travelers.

Charles Schwab Bank’s savings account

Schwab Bank High Yield Investor Savings

This account pays a flat interest rate on all balances and offers a great ATM fee schedule.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: unlimited ATM fees worldwide
  • Overdraft fee: $25 non-sufficient funds fee if insufficient funds are in the account and no action is taken. Overdrafts are not allowed, so NSF items are not paid; however, customers are notified and are allowed to make additional deposits or use a linked account, such as a SchwabOne brokerage account or a checking/savings account, to make a no-fee overdraft protection transfer.

The Schwab High Yield Savings Account pays the same APY regardless of account balance, with no minimums. The account has the same attractive ATM fee structure as the checking account, meaning Charles Schwab Bank will never charge you an ATM fee. Even better, the bank will rebate any ATM charges you incur from third-party operators anywhere in the world. As with the checking account, the savings account gives you access to Schwab Mobile Deposit, allowing you to use the bank’s app to make a deposit from anywhere. You can also sign up for direct deposit into this account.

The savings account does not allow overdrafts, just like the checking account. Charles Schwab Bank notifies customers in the event they may be overdrawn, allowing them a chance to cover the deficit with additional funds. Customers can also use their Schwab One brokerage or checking accounts to cover any overdrafts.

Additionally, since this is a savings account covered by Federal Reserve Regulation D, you can make no more than six certain withdrawals per the monthly statement cycle from your account to any other account you have at Charles Schwab Bank, Schwab brokerage or another financial institution, or to a third party. The limits don’t apply to cash withdrawals from your account at an ATM.

How to get Charles Schwab Bank’s savings account

Unlike with the Schwab Bank High Yield Checking account, customers cannot open a Schwab Bank High Yield Savings account online. You must download an application and mail it back in or call (800)-540-6718 to open a savings account.

LEARN MORE Secured

on Charles Schwab Bank’s secure website

Member FDIC

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How Charles Schwab Bank’s savings account compares

Charles Schwab Bank’s savings account ranks high compared to other accounts simply because of its ATM rebate policy, which is unlimited worldwide. The account also pays an APY that is well above the national average savings account rate; however, you can still get much higher rates from the banks with the highest savings account rates in the country. Still, Charles Schwab Bank’s savings account has no account minimums or fees, which keeps it competitive.

Overall review of Charles Schwab Bank’s banking products

Charles Schwab Bank has a very limited product line, but its features are outstanding. Both the checking and savings account offered at the bank charge no ATM fees, and even more impressively, they rebate any ATM fees incurred anywhere in the world. This can make the Charles Schwab Bank accounts ideal for those who travel overseas frequently. Both accounts have no fees and no account minimums, and they also pay above-average interest rates.

You can find higher interest rates at the highest paying institutions in the country, but it might be hard to find a bank with the strong online and mobile capabilities of Charles Schwab Bank, which also pays interest, has no fees, offers unlimited ATM rebates and links to a brokerage account free of charge.

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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Reviews

United Texas 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 Established1986
Total Assets$0.5B
LEARN MORE on United Texas Bank’s secure websiteMember FDIC

United Texas Bank launched in 1986 as a boutique commercial bank in Dallas. Today, the company has only two locations, both in Dallas, Texas. Because of their size, United Texas Bank states that they offer more customized banking services for their customers, versus the larger players with hundreds of locations.

Even though United Texas Bank only has the two Dallas branches, they accept customers nationwide and you can apply for any of their personal deposit accounts through their website. For a small bank, they have made a decent commitment to online banking.

But a quality bank needs more than a decent website. The real question is just what kind of terms do they offer their customers? We’ve reviewed all their personal deposit accounts so you can decide whether United Texas Bank is the right place for your money. We used the latest product information and rates available on their website, which applies to all their accounts. Rates stay the same, regardless of location.

United Texas Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

United Texas Bank Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.60%

CD Rates

United Texas Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

United Texas Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.75%

CD Rates

United Texas Bank 48 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

United Texas Bank checking account options

United Texas Bank Classic Checking account

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

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

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

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

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

LEARN MORE Secured

on United Texas Bank’s secure website

Member FDIC

United Texas Bank NOW Personal Checking account

This checking account earns interest but the rate isn’t the best. Watch out for the steep monthly fee when your balance falls below $1,000.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.10%$1,000
0.15%$5,000
0.20%$10,000
0.25%$15,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Up to $100 per month
  • Overdraft fees: $30 each

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

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

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

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

LEARN MORE Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s checking accounts compare

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

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

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

United Texas Bank savings account options

United Texas Bank Personal Savings account

The United Texas Bank Savings account has average interest rate and there’s no minimum balance to start earning interest. But if you don’t keep at least $500 in your account, there’s a monthly fee.
APYMinimum Balance Amount
0.25%$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 each

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

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

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

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

LEARN MORE Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s savings accounts compare

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

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

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

United Texas Bank CD rates

United Texas Bank CDs

United Texas Bank offers some of the best CD rates on the market. Be careful when you sign up because some of their short-term CDs pay more than long-term offers.
TermAPY
1 month0.30%
3 months0.41%
6 months1.90%
12 months2.60%
24 months1.95%
36 months2.80%
48 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn. For CDs over one year, the penalty is six months interest on the amount withdrawn.

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

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

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

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

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

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on United Texas Bank’s secure website

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How United Texas Bank’s CD rates compare

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

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

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

United Texas Bank money market account options

United Texas Bank Personal Lone Star Money Market account

Pays a respectable interest rate on all deposits and is free so long as your balance stays above $2,500. An account that lives up to the Lone Star state reputation.
APYMinimum Balance Amount
1.25%$0.01
1.70%$250,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 each

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

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

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

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

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on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s money market accounts compare

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

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

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

United Texas Bank IRA account options

United Texas Bank IRA CD rates

The United Texas Bank IRA CD rates are only average. It’s a shame their excellent regular CDs are not available for an IRA.
TermAPY
1 year0.81%
2 years1.15%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For IRA CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn. For IRA CDs over one year, the penalty is six months interest on the amount withdrawn.

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

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

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

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

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

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on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s IRA CD rates compare

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

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

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

Overall review of United Texas Bank’s banking products

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

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

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

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

Lake Michigan Credit Union Review: Checking, Savings, CD, Money Market and IRAs

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 Established1933
Total Assets$6.0B
LEARN MORE on Lake Michigan Credit Union’s secure websiteNCUA Insured

Founded in 1933 by a small group of teachers, Lake Michigan Credit Union is headquartered in Grand Rapids, Mich. It has more than 40 branches and 100 ATMs across western Michigan. The credit union is also part of the Allpoint network with more than 55,000 ATMs worldwide.

Members can benefit from the credit union’s Member Owner Rewards Enhancement (MORE) program, where you start earning rewards from the day you become a member.

Lake Michigan Credit Union’s products are available nationwide and anyone can become a member by making a $5 donation to the Amyotrophic Lateral Sclerosis (ALS) Association. Most of the credit union’s accounts can be opened online (described below), except for the youth savings account and the IRAs.

This review will cover the credit union’s checking, savings, CD, money market and IRA accounts.

Lake Michigan Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Lake Michigan Credit Union Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.05%

CD Rates

Lake Michigan Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.05%

CD Rates

Lake Michigan Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.80%

CD Rates

Lake Michigan Credit Union 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Lake Michigan Credit Union checking account options

Max Checking

Earn one of the highest rates around with this account.
APYMinimum Balance to Earn APY
3.00%$0.01 - $15,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None for in-network and Allpoint ATMs; $1 for out-of-network ATMs
  • ATM fee refund: Up to $15 per month
  • Overdraft fee: $30 each

This checking account has one of the best rates we’ve seen and is good for those who want a checking account with a top APY. The rate doesn’t encourage you to keep a large amount of cash as you don’t earn any interest once your account reaches $15,000.

With this account, you get free online banking, a debit card and bill pay if you authorize at least one monthly direct deposit. You also get ATM fee refunds and there are no fees to keep the account.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

Free Checking

A no-frills account that doesn’t earn you any interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $0 for in-network and Allpoint ATMs; $1 for out-of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 each

This is a pretty basic checking account that doesn’t offer anything unique. Account holders get a debit card, online banking and a starter pack of checks for free. If you’re looking to maximize your money, you’re probably better off going with the Max Checking account, which offers more with the exception of the free checks.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

Investor Checking

The checking account is a good place to park your money between investments.
APYMinimum Balance to Earn APY
0.25%$2,500
0.25%$5,000
0.35%$25,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $0 for in-network and Allpoint ATMs; $1 for out-of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 each

The credit union suggests this checking account to help you earn some interest while you’re in-between investment opportunities. In other words, this account is best for those who want to earn some interest while having the liquidity to pull funds out whenever they choose.

You can waive the monthly maintenance fee if you keep a daily minimum balance of $2,500. You also get free mobile and online banking.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

Advantage 50 Checking

This account gives some advantages to age, but not on its earnings.
APYMinimum Balance to Earn APY
0.25%None
  • Minimum opening deposit: None
  • Monthly account maintenance fee:: None
  • ATM fee: $0 for in-network and Allpoint ATMs, $1 for out-of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 each

This is another free checking account but it’s meant for those ages 50 and older. You get free online banking, a debit card and two boxes of checks every year. Another perk is that you continue to earn interest no matter what amount you have in the account, and there are no minimum balances to maintain.

Otherwise, there isn’t much going on with this account. If you’re after higher rates and don’t care about the free checks, the credit union has other accounts with higher APYs and no fees.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

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How Lake Michigan Credit Union’s checking accounts compare

Among Lake Michigan Credit Union’s checking accounts, the Max Checking account offers one of the highest rates we’ve seen when comparing it with our list of the 10 best online checking accounts. While there are no monthly fees, there are also no out-of-network ATM fee reimbursements, which are offered without limits by other banks.

As for the credit union’s other checking accounts, their rates fall short. Those accounts aren’t anything special, other than the fact that you get some free checks. In short, the Max Checking account is a great choice but you’ll probably want to pass on the others.

Lake Michigan Credit Union savings account options

Member Savings

All members need to open this account to qualify for membership.
APYMinimum Balance to Earn APY
0.25% $100
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Opening this savings account is required to establish membership. As long as you maintain a $300 minimum balance, you can avoid the $5 monthly maintenance fee. The only way to access your cash is by ACH or wire transfer.

One unique aspect of this account is that you can make sub-accounts to direct your money toward various savings goals, such as holidays, vacations and education. Keep in mind that Federal Reserve Regulation D limits you to six certain withdrawals/transfers a month, and there is a $5 excessive withdrawal fee.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

Max Savings

This account’s decent APY requires a high minimum balance.
APYMinimum Balance to Earn APY
0.25%$100
1.00%$100,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for those looking to maximize their savings, although you can only earn a decent rate if you have at least $100,000 deposited. The advantage is that there is no minimum balance since there isn’t a monthly maintenance fee. There isn’t ATM access to the account, but you can link it to your checking account to access your money.

Keep in mind that Federal Reserve Regulation D limits you to six certain withdrawals/transfers a month for savings accounts. Top that number and you’ll be charged $5 for each excessive related transaction you make.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

Holiday Club

It’s not a great rate, but the account does encourage you to save.
APYMinimum Balance to Earn APY
0.25%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is meant for those who want to stash away funds for a special purpose. It’s designed to discourage you from withdrawing from your savings. You can make withdrawals beforehand, but it’ll cost you $3 per withdrawal.

You can deposit as much as you want at any time, but the money will only be available — transferred to your checking or savings account — on Sept. 30 each year. Otherwise, there’s not much going for this account. If you want a higher APY, you may be better off putting your money in a CD.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

Kids and Teen Club

Help your child learn to save and earn a good APY with this account.
APYMinimum Balance to Earn APY
1.00%$1
0.25%$1,001
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for those who want to help their child or teen establish a savings account with a decent rate. Parents or guardians don’t need to be members, as membership to the credit union can be established under the youth’s name. The only way to access funds is in person or via bank transfer.

Because this is a savings account, your child is limited to six certain withdrawals/transfers a month — per Federal Reserve Regulation D limits — or else your child will be charged a $5 fee for each excess withdrawal/transfer.

How to get the Kids and Teen Club account

You can only open an account in person. Your child can establish membership just by opening this account and will need to bring along their Social Security card. Click here to find a location closest to you.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

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How Lake Michigan Credit Union’s savings accounts compare

Unfortunately, Lake Michigan Credit Union’s savings accounts fall short of other online competitors. While some of their rates are comparable, here you need to have a high minimum deposit amount in order to qualify for the best rates. Other places don’t have minimum balance requirements to qualify for their top rates and some even have ATM access.

You will need to open a Members Savings account to establish eligibility, but you’re better off going elsewhere if you want higher rates. Feel free to check out our list of the best online savings accounts to shop around.

Lake Michigan Credit Union CD rates

lakeCertificates of Deposit

Earn an even higher APY with VIP rates.
Current specials
TermAPYVIP bonus APY
8 months1.77%2.02%
14 months2.00%2.25%
25 months2.17%2.42%
Regular rates
TermAPYVIP bonus APY
3 months0.05%0.30%
5 months0.05%0.30%
6 months0.05%0.30%
7 months0.05%0.30%
9 months0.05%0.30%
10 months0.05%0.30%
11 months0.05%0.30%
12 months0.05%0.30%
13 months0.05%0.30%
15 months0.15%0.40%
17 months0.25%0.50%
18 months0.25%0.50%
24 months0.50%0.75%
30 months0.80%1.05%
36 months1.05%1.30%
48 months1.30%1.55%
60 months1.80%2.05%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • Less than 12 months — 90 days’ interest
    • 12 months or longer — 180 days’ interest

These fixed-rate CDs that are best for those looking for a guaranteed rate of return in an investment account. Interest is compounded and credited monthly to the account.

To qualify for the 0.25% MORE VIP rate bonus, you’ll need to earn enough rewards points to qualify. Members are automatically enrolled in this program once they establish membership. You earn points for each product or service you have with the credit union.

When your account matures, you’ll have a 10-day grace period in which you can make additional deposits or withdrawals, or renew for another term. Otherwise, your account will automatically be renewed.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

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How Lake Michigan Credit Union’s CD rates compare

The special rates are on par with what’s being offered out there. There aren’t as many options as the ones for regular rates, but they’re still a great choice. The regular rates they offer fall short of the ones on our list of the current best CD rates.

All this to say, depending on the term and whether you can qualify for the VIP bonus rate, these CDs are a good choice.

Lake Michigan Credit Union money market account option

Money Market account

You can get limited check-writing capabilities with this account.
APYMinimum Balance to Earn APY
0.25%$2,500
0.30%$10,000
0.35%$25,000
0.40%$50,000
0.50%$100,000
0.50%$250,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account doesn’t have any monthly fees and is best for those looking for a savings account that offers check writing, though it is limited. You can access your cash via online banking. However, you do need to keep a minimum amount to earn the advertised APY, so if that’s a concern you can consider linking a savings account with a higher APY with a checking account to get check-writing capabilities.

Since this is considered a savings account, Federal Reserve Regulation D limits account holders to six certain withdrawals/transfers a month. The credit union will charge you $5 for each excessive related transaction you make.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

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How Lake Michigan Credit Union’s money market account compares

The credit union’s money market rates fall way short compared with what’s being offered out there. Sure, you get limited check-writing capabilities, but so do some of the other banks on our list of the best money market accounts. In other words, you’re better off looking elsewhere.

Lake Michigan Credit Union IRA options

IRA CD rates

There’s nothing special on these rates that are on par with what’s being offered elsewhere.

IRA CD

Current specials
TermAPYVIP bonus APY
8 months1.77%2.02%
14 months2.00%2.25%
25 months2.17%2.42%
Regular rates
TermAPYVIP bonus APY
3 months0.05%0.30%
5 months0.05%0.30%
6 months0.05%0.30%
7 months0.05%0.30%
9 months0.05%0.30%
10 months0.05%0.30%
11 months0.05%0.30%
12 months0.05%0.30%
13 months0.05%0.30%
15 months0.15%0.40%
17 months0.25%0.50%
18 months0.25%0.50%
24 months0.50%0.75%
30 months0.80%1.05%
36 months1.05%1.30%
48 months1.30%1.55%
60 months1.80%2.05%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • Less than 12 months — 90 days interest
    • 12 months or longer — 180 days interest

This CD is best for those looking for a tax-sheltered or tax-free retirement account that offers a guaranteed rate of return. Any interest you earn is compounded and deposited into your account monthly.

The MORE VIP rate listed in the table above is for members who have earned enough rewards points to qualify. This program is for all members of the credit union and you’re automatically enrolled once you become a member. With each account you open or service you use, you get to earn points. You can log into your account at any time to see what your points can get you.

There is a 10-day grace period once your account matures in which you can make withdrawals, additional deposits or renew for another term. If nothing is done, your account will automatically be renewed.

How to get Lake Michigan Credit Union’s IRA CDs

To open an IRA CD, you’ll need to visit a branch. Contact the IRA department at 1-800-242-9790 ext. 6335 for more information.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

IRA Money Market Savings account

Earn a decent rate across all tiers.
APYVIP bonus APYMinimum Balance to Earn APY
0.80%0.80% None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is pretty much a no-frills IRA money market account that offers the ability to earn interest with any amount you deposit. Since this is a retirement account, you are limited to how much can you contribute per year as regulated by the IRS. And, you’re also limited to six certain withdrawals a month as mandated by Federal Reserve Regulation D. If you make excessive withdrawals you’ll be charged $5 for each one and potentially any tax penalties if you take money out before you’re 59½.

How to get Lake Michigan Credit Union’s IRA Money Market Savings account

You’ll need to go in person to open an IRA money market account. Contact the IRA department at 1-800-242-9790 ext. 6335 for more information.

LEARN MORE Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

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How Lake Michigan Credit Union’s IRA rates compare

Some of the rates — in particular, their current specials — are on par with some of the best rates out there, especially if you can qualify for the VIP rates. Otherwise, the other terms are pretty lackluster and it’s probably a better idea to check out our list of the best IRA CD rates and see what’s out there.

Overall review of Lake Michigan Credit Union’s banking products

Where Lake Michigan Credit Union shines the most is with its Max Checking account. It’s got one of the highest APYs we’ve seen and it also offers some ATM refunds. Its CD rates are also pretty good if you take advantage of their current specials.

However, the rest of the products in this review fall short when compared with rivals out there. If you want a great checking or CD account, there are some decent choices at Lake Michigan Credit Union. If not, then doing some comparison shopping is the way to go.

Opening most of the accounts is easily done online by filling out an application. First, you need to qualify for membership by donating $5 to the Amyotrophic Lateral Sclerosis (ALS) Association and opening a members savings account. The form will ask for information such as your address, Social Security number and reason for joining. Then, you can fund both the member savings and investor checking accounts at the same time.

The exceptions — as noted above — are the IRAs and the Kids and Teen Club savings accounts, which require in-person opening.

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

NASA 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 Established1949
Total Assets$2.4B
LEARN MORE on NASA Federal Credit Union’s secure websiteNCUA Insured

NASA Federal Credit Union was established in 1949, when seven NASA employees received approval to charter the credit union for all employees. The credit union is currently headquartered in Upper Marlboro, Mass., and operates out of 12 physical locations in Maryland, Virginia and Washington, D.C. It serves more than 140,000 memberships.

Membership is open to employees or retirees of NASA headquarters, any NASA center or facility or the National Academy of Sciences. Members of any of NASA Federal Credit Union’s 900 partner companies or associations (visit the website to view a complete list) and relatives or household members of existing credit union members are also eligible. If none of those requirements apply to you, the credit union will provide you with a complimentary membership to the National Space Society to grant you full membership benefits and eligibility.

NASA Federal Credit Union is a part of the CO-OP Network, which is a nationwide network of credit unions that share 30,000 ATMs and over 5,000 branches. Members can bank without incurring a fee if they stay within that network. In order to become a member and open any other NASA Federal Credit Union products, you must open a Share Savings account, which requires a monthly balance requirement of just $5 and comes with no monthly maintenance fee.

NASA Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

NASA Federal Credit Union Prime Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

1.25%

CD Rates

NASA Federal Credit Union 12 Months Share Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.55%

CD Rates

NASA Federal Credit Union 36 Months Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.95%

CD Rates

NASA Federal Credit Union 60 Months Share Certificate

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

NASA Federal Credit Union checking account options

Premier Checking account

A basic noninterest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $7, which can be waived if you maintain a combined balance of $2,500 in your NASA Federal Credit Union accounts
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

This checking account does not offer the ability to earn interest. The monthly maintenance fee isn’t a large one, but if you’re not able to meet that requirement to waive it, you could easily find other checking accounts that won’t charge a fee and without a catch. As noted above, there are various rewards programs that allow you to get a handful of (or even unlimited) ATM fee refunds. Please note that to qualify to Silver rewards, you must meet one of the following criteria:

  • You are a primary credit union members that is age 23 or under;
  • You are a primary credit union members age 62 or older;
  • You are a new member during the first 90 days of membership;
  • You are a household member of a credit union member who already qualifies for Silver Rewards

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Premier eChecking account

Another noninterest-bearing checking account with slightly more perks.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8, which can be waived with a recurring direct deposit or if you use Active Bill Pay, which requires paying three bills per month with the credit union’s online bill pay service.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the criteria mentioned earlier), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

As with the Premier Checking account, this account also doesn’t earn any interest and also has a small monthly maintenance fee that can be waived. The main difference between the two accounts are the requirements to waive the monthly fee, and that this one has a couple of additional perks such as free online bill pay and one free box of checks per year.

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Premier Preferred Checking account

A checking account that allows you to earn a small amount of interest.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $9, which can be waived if you maintain an average daily balance of at least $2,500.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 or qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

The biggest difference between this checking account and the others offered by NASA Federal Credit Union is that this one has the ability to earn interest, albeit at a very low rate.

Like the other accounts, it has a monthly fee that isn’t all that high, but if you aren’t able to meet the minimum balance requirement to waive it, you might be better off opening a checking account elsewhere that will offer you a higher rate without any monthly fees or hoops to jump through to waive them. This account also comes with a free box of checks every year.

How to get NASA Federal Credit Union’s checking accounts

You can open all of NASA Federal Credit Union’s Premier Checking and Premier eChecking accounts online after establishing membership by opening a Share Savings Account. You’ll need to be a U.S. citizen or permanent resident and have your Social Security number and a government-issued ID on hand to apply for membership and open an account.

For the Premier Preferred Checking account, interested individuals can put in a request to open the account online, after which a credit union representative will contact them to move forward with the process. Or, they can contact the credit union by phone or visit a local branch.

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How NASA Federal Credit Union’s checking accounts compare

As we mention in our list of the best online checking accounts out there, the greatest accounts are those that allow account holders to earn interest, have no monthly fees and offer ATM fee refunds. NASA Federal Credit Union’s checking accounts lose points on all these fronts, with the exception of the Premier Preferred Checking account, which earns a very small amount of interest.

These accounts do come with some perks, however, including early payroll access, cashback rewards on debit card purchases and one forgiven overdraft fee each year. But you may be better off researching checking accounts that offer higher interest rates.

NASA Federal Credit Union savings account options

Share Savings account

This account is required to establish membership with the credit union.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999), or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and meet one of its other qualifying factors), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

If you’re interested in opening any other products at NASA Federal Credit Union, you’re required to also open this account beforehand or at the same time. Luckily, it has a very small opening deposit requirement and no monthly maintenance fee, so having this account open on the side won’t hurt you or be a pain to manage.

As an added bonus, the account earns interest — albeit a very small amount. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

How to get NASA Federal Credit Union’s Share Savings account

You can easily open this account online, by phone or in person at a branch. You’ll need to be a U.S. citizen or permanent resident to apply for membership, and provide a Social Security number and a government-issued ID to open an account.

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Holiday Club account

This account allows you to put funds away specifically for holiday savings.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account easily lets you sock away cash for holiday purchases and expenses, while earning a small amount of interest. In November, your funds will be moved to your checking or savings account (whichever you choose) so you can start getting ready for the holidays. Since this is a savings account, it’s subject to Federal Regulation D, which limits you to making six certain withdrawals/transfers per month.

How to get NASA Federal Credit Union’s Holiday Club Savings account

You can open this account online at the same time that you open your Share Savings Account. You can also open this account by phone or in person by visiting a branch. In addition to being a U.S. citizen or permanent resident, you’ll need your Social Security number and a government-issued ID to apply for membership and open an account.

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Sub-Savings accounts

A savings account that allows you to put away funds for a specific purpose, like a vacation or new car.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. This account is not accessible through out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $32

Once you’ve become a member and opened a Share Savings account with a minimum deposit of $5, you can open one or more savings accounts and label them as you’d like. They will then appear right under your main savings account in eBranch, the credit union’s online banking portal, and you can set it up to make automatic transfers from your main savings account.

The only requirement for this account is that you maintain a minimum balance of $5 in your Share Savings account, which also serves as your membership dues. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

How to get NASA Federal Credit Union’s Sub Savings account

Existing NASA Federal Credit Union members can open this account through eBranch — the credit union’s online banking platform — over the phone, or in person at a local branch.

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Education Savings account

A savings account that allows you to put away funds specifically for a child, grandchild or other family member’s education.
APYMinimum Balance to Earn APY
0.15%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

As the name suggests, this account allows you to save funds for family members’ future educational expenses. You can deposit up to $2,000 per year for each child under age 18, who can use the funds for educational purposes until age 30. These funds are eligible for tax breaks, though the credit union recommends consulting a tax adviser for further information.

Like other savings accounts, this account is subject to Federal Reserve Regulation D, meaning you’re limited to six certain withdrawals or transactions per month.

How to get NASA Federal Credit Union’s Education Savings account

Once you’re an established member of NASA Federal Credit Union, you can open the account online, over the phone or in person at a local branch.

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How NASA Federal Credit Union’s savings accounts compare

NASA Federal Credit Union’s savings accounts have their lack of monthly fees and balance requirements going for them, but the rates really can’t compare to some of the best savings accounts options on our list.

While you need to open its basic Share Savings account to be able to open any other product at the credit union, we wouldn’t recommend establishing membership for this product alone.

NASA Federal Credit Union CD rates

Share Certificates

Standard CDs with mostly mediocre rates.
TermAPYMinimum balance requirement
6 months1.20%$1,000
12 months1.25%$1,000
15 months2.75%
$5,000
24 months1.35%$1,000
36 months1.55%$1,000
48 months1.70%$1,000
49 months3.00%$5,000
60 months1.95%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD to save for your child’s educational expenses.
TermAPYMinimum balance requirement
12 months1.25%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This certificate is intended to be saved for your child’s educational future if he or she is 23 years old or younger. (After he or she turns 24, it will roll into a standard 12 month certificate term.) It can be opened with as little as $50, and additional contributions can be made throughout its 12 month term.

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Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 months1.15%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This CD is a great option for those who are looking for a way to build their savings but don’t have a lot to deposit right away. The biggest advantage of this 12 month CD is that you can make additional deposits of up to $2,500 per month throughout its short term.

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Premier Bump-Rate certificates

Share certificates that allow you to increase your rate one time during your term.
TermAPYMinimum balance requirement
24 months1.30%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s Bump-Rate certificates are a good option for those who are hesitant to put funds away in a long-term account, as these offer the flexibility of increasing to a better rate if you see rates go up at some point.

How to get NASA Federal Credit Union’s certificates

Individuals interested in opening one of NASA Federal Credit Union’s certificates can do so easily online as long as they commit to also opening the Share Savings account required to establish membership.

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How NASA Federal Credit Union’s certificate rates compare

NASA Federal Credit Union offers a wide range of share certificates, from six months to five years. While some of them have significant advantages like low opening deposit requirements and the ability to make several additional deposits during their short terms, most of their rates really don’t compare with the best CD offerings out there — in fact, many of them fall below the national average. We recommend doing your research and going for a certificate that offers a rate that will really give you the most bang for your buck.>

NASA Federal Credit Union money market account options

Premier Money Market account

This account allows you to earn a higher rate than a basic savings account, with no monthly fees to boot.
APYMinimum Balance to Earn APY
0.80% $10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account’s rate, while low compared with others out there, is higher than the national average. Its minimum balance requirement is comparable to the competition, and the lack of a monthly maintenance fee is a definite plus. Like other savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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Premier Advantage Money Market account

This tiered account has higher balance requirements but not much higher rates than the credit union’s other money market accounts.
APYMinimum Balance to Earn APY
0.65%$0-$49,999.99
0.85%$50,000-$99,999.99
0.95%$100,000+
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Varies
  • Monthly account maintenance fee: $10 if balance falls below $25,000 in a given month
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While this money market account has a higher opening deposit requirement than the Premier Money Market account, it allows you to earn a higher rate at different tiers (though these rates are still lower than the competition).

It does have a monthly maintenance fee that can easily be avoided so long as you don’t let your balance dip below the minimum deposit amount. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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Premier Plus Money Money Market account

This account has a much bigger minimum deposit requirement to open than the credit union’s other money market accounts, but not a much higher rate.
APYMinimum Balance to Earn APY
0.85% $40,000
  • Minimum opening deposit: $40,000
  • Minimum balance to earn APY: $40,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While it has the lack of a monthly fee going for it, this account still offers a subpar rate compared to the competition, and in order to get it, you must meet its minimum balance requirement, which is a bit steep compared with other accounts. Since it’s a savings account, it’s also subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s money market accounts

Existing NASA Federal Credit Union members have the ability to open a money market account through eBranch, the credit union’s online banking platform. They can also do so over the phone or in person at a local branch.

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How NASA Federal Credit Union’s money market accounts compare

As we mentioned above, all of NASA Federal Credit Union’s accounts fall short when it comes to their rates. You can earn much higher rates on the money market accounts on our list, many of which have significantly lower opening deposit and minimum balance requirements. You can’t even open these accounts without being an existing member, so we wouldn’t recommend seeking out NASA Federal Credit Union specifically for these accounts.

NASA Federal Credit Union IRA options

IRA certificates with the same rates as the regular certificate options.

TermAPYMinimum balance requirement
6 months1.20%$1,000
12 months1.25%
$1,000
15 months2.75%
$5,000
24 months1.35%
$1,000
36 months1.55%$1,000
48 months1.70%$1,000
49 months3.00%$5,000
60 months1.95%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD for your child’s educational expenses.
TermAPYMinimum Balance Requirement
12 months1.25%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular share certificate, this meant to be put toward your child’s educational future if he or she is 23 years old or under. (After he or she turns 24, it will roll into a standard 12 month certificate term.) With as little as $50 deposited at opening, additional contributions can be made throughout the certificate’s 12 month term.

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Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 month1.15%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular certificate, this IRA share certificate option could be beneficial for individuals wanting to grow their savings but don’t have a lot to deposit right away. This 12 month CD allows you to make additional deposits of up to $2,500 per month throughout its short term. At the end of its term, this certificate will roll over into a regular 12 month certificate.

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Premier Bump-Rate certificates

IRA certificates that allow you to increase your rate one time.
TermAPYMinimum balance requirement
24 months1.30%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s IRA Bump-Rate certificates are a good option for those who want to save for retirement but are hesitant to put funds away in a long-term account. These certificates offer members the chance to a higher rate if they see rates go up at some point during their term. Once your term ends, your funds will roll over into a regular IRA share certificate of the same term length.

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How NASA Federal Credit Union’s IRA CD rates compare

NASA Federal Credit Union’s IRA share certificates are all virtually the same as its regular share certificates; the only difference is that these are designated as retirement savings and must be opened within the credit union’s online IRA Service Center. Unfortunately, the similarities line up right down to the rates, which really don’t compare to the best IRA CD rates out there, despite their flexible terms and deposit requirements. We say look elsewhere if you really want to see your retirement savings grow.

IRA savings account

You can open this account either as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.15% None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

NASA Federal Credit Union’s IRAs, which can be opened either in Roth or traditional versions, are pretty standard as far as these accounts go. Although the interest rate is pretty low, the low opening deposit requirement is a plus for those seeking flexibility on this front. Like all savings accounts, these are subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s IRAs and IRA certificates

Existing NASA Federal Credit Union members can open its IRAs and IRA certificates through the online IRA Service Center within the eBranch online banking platform. They can also do so over the phone or in person at a local branch.

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Overall review of NASA Federal Credit Union’s banking products

We hate to say it, but most of NASA Federal Credit Union’s products fall short when it comes to their rates, which is often one of the most important things customers prioritize when growing savings funds. The flexibility that comes with many of its share certificates is a definite plus, but overall, shop around to ensure that you’re getting the most worthwhile account to build your funds.

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.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

OneWest 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 Established2009
Total Assets$41.7B
LEARN MORE on OneWest Bank’s secure websiteMember FDIC

Headquartered in Pasadena, Calif., OneWest Bank is a division of CIT Bank with 70 branches in the Southern California area. Its offerings include real estate loans, deposit products and retirement accounts.

Unfortunately, not all of their products are available nationwide. Currently, only their Green Savings account, CDs and IRA CDs are available across the country; all other products are only offered to those residing in Southern California.

This review will cover the bank’s checking, savings, CD, money market and IRA accounts. Rates may vary by region; the information below is based on rates closest to the bank’s headquarters, using ZIP code 91103.

OneWest Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

OneWest Bank Personal Savings

2.15%

CIT Bank Savings Builder

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0.55%

CD Rates

OneWest Bank 1 Year CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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1.20%

CD Rates

OneWest Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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1.40%

CD Rates

OneWest Bank 5 Year CD

3.00%

American Express National Bank 60 Month CD

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OneWest Bank checking account options

Personal checking

This account will give you your first order of checks free.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20 per month
  • Overdraft fee: $30

This checking account is great for those looking for a basic checking account with low fees. You don’t earn any interest, but you do get features such as free checks, a debit card, bill pay, and mobile banking. To get the monthly maintenance fee waived, you need to either choose to receive eStatements, be a minor or at least 55 years old, or maintain an average balance of $1,000.

For those who are interested in ATM refunds, you can get up to $20 per month in reimbursement, depending on your minimum average balance. You’ll receive up to $10 in refunds for balances up to $9,999 and up to $20 for balances of $10,000 and more.

To open an account, head over to their personal checking account page and click on the “Open an Account” button. You’ll be prompted to enter your ZIP code to ensure that you’re able to open this accounts (only Southern California residents can apply). Then you’ll need to agree to the bank’s disclosures and enter your personal details including your name, address, Social Security number and driver’s license.

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Premium checking

Earn a little bit of interest and the potential for ATM refunds.
APYMinimum Balance to Earn APY
0.01%
< $1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.10%
$25,000
0.20%
$50,000
0.20%
$100,000
0.01%
$10,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20 per month (details below)
  • Overdraft fee: $30

If you want to earn some interest with a checking account, this one is OneWest Bank’s mid-tier product. However, you’re not going to earn much even if you maintain a high balance amount compared to other accounts.

You get the same features as the personal checking account such as a debit card, bill pay, free checks, and mobile banking. You can also get the monthly maintenance fee waived if you maintain a $1,000 minimum average balance.

This account also offers ATM refunds but only if you maintain a $5,000 minimum average balance. Receive up to $10 in refunds per month for up to $9,999 and up to $20 in refunds per month for balances of at least $10,000.

Head over to OneWest Bank’s premium checking account page and click on the “apply now” button. Enter in your ZIP code, since only Southern California residents can apply. After agreeing to the bank’s disclosures, enter your personal information such as your name, address, driver’s license and Social Security number.

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OneAccount checking

Get free checks with this account.
APYMinimum Balance to Earn APY
0.05%
< $1,000
0.05%
$1,000
0.05%
$5,000
0.10%
$10,000
0.10%
$25,000
0.40%
$50,000
0.60%
$100,000
0.60%
$10,000,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20/month (details below)
  • Overdraft fee: $30

The OneAccount checking account offers the highest rates out of all three the bank offers, though you’ll need a high minimum account balance in order to take advantage of them. The monthly maintenance fee seems pretty steep, but you can get it waived if you maintain a minimum average balance of $10,000.

Like the other checking accounts offered, you can get ATM refunds. If you maintain at least a $5,000 minimum average balance, you get up to $10 in refunds a month for a minimum average balance up to $9,999, and up to $20 a month if your balance is between $10,000 and $49,999. With a balance of $50,000 or more, you are eligible for unlimited reimbursement.

Other features include free checks, a debit card, bill pay and online banking.

First, go to the OneAccount checking account page on OneWest Bank’s website and click on the “apply now” button. After entering your ZIP code to verify you’re in the Southern California area, you’ll be asked to agree to their disclosures before heading to the application. Then, fill in your personal details such as your name, address, Social Security number and driver’s license and fund your account.

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How OneWest Bank’s checking accounts compare

Sure, you get free checks and some ATM refunds, but the rates for OneWest Bank’s check accounts are minuscule compared with other online banks. Some of their competitors offer rates at least three times what this bank offers, plus unlimited ATM fees. If you’re really after those free checks, these accounts could be for you — but if not, you’re probably going to do better looking elsewhere.

To see what rates you might qualify for elsewhere, check out the 10 best online checking accounts.

OneWest Bank savings account options

Personal savings

The rates are low, but you do get limited check-writing capabilities.
APYMinimum Balance to Earn APY
0.05%
<$1,000
0.05%
$1,000
0.05%
$5,000
0.15%
$10,000
0.20%
$25,000
0.35%
$50,000
0.40%
$100,000
0.40%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The personal savings account is a low-cost account that offers you the option to receive limited check-writing capabilities. You also get a free ATM card and online banking. If you want the monthly maintenance fee waived, you’ll need to either choose to receive eStatements or maintain a $1,000 minimum average balance. Minors and people who are are least 55 years old don’t need to pay the monthly fee.

If you intend on making more than 6 withdrawals/transfers a month, you’ll be charged a $10 excess activity fee for each one. That’s because federal Regulation D mandates that savings accounts are limited to six certain withdrawals per statement cycle.

This account isn’t available nationwide, so you’ll need to first head to OneWest Bank’s personal and enter your ZIP code once you click on the “apply now” button on the personal savings account page. After, agree to the disclosures and fill out the application which includes divulging information such as your name, address and Social Security number. Then you can fund your account.

LEARN MORE Secured

on OneWest Bank’s secure website

Member FDIC

Green savings

This account is available nationwide but doesn’t stand out amongst its competitors.
APYMinimum Balance to Earn APY
0.10%
<$1,000
0.10%
$1,000
0.10%
$5,000
0.20%
$10,000
0.25%
$25,000
0.40%
$50,000
0.45%
$100,000
0.20%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The green savings account is a no-frills account that is available nationwide, though the rates aren’t particularly high. Unlike the personal savings account, you don’t get check-writing capabilities or ATM access, though you do get online, mobile and telephone banking. There is also no option to receive paper statements, just eStatements.

Like other savings accounts, you are limited to six certain withdrawals/transfers a month because of federal Regulation D. If you make more than the allotted amount, there’ll be a $10 excess activity fee per transaction.

Head to the Green Savings account page and click on the “apply now” button. You’ll need to enter your ZIP code, then agree to their disclosures. The application form will ask you to provide details such as your name, address and Social Security number, and then fund your account.

LEARN MORE Secured

on OneWest Bank’s secure website

Member FDIC

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How OneWest Bank’s savings accounts compare

While it is a nice perk that you get ATM access and limited check-writing capabilities with the personal savings account, the product isn’t available nationwide. In addition, both the banks’ savings accounts have rates that are far below compared with our list of the best online savings accounts.

If you’re in the Southern California area, it may make sense to open an account for the limited check writing-capabilities — otherwise, you could be better off looking elsewhere.

OneWest Bank CD rates

Certificates of deposit

Earn more with the high-yield rates.
TermAPY
3 months0.30%
6 months0.45%
9 months0.50%
1 year0.55%
13 months0.85%
18 months1.00%
2 years1.10%
3 years1.20%
4 years1.30%
5 years1.40%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on term:
    • 90 to 365 days — 90 days’ simple interest
    • 365 days to 18 months — 180 days’ simple interest
    • Up to 2 years — 270 days’ simple interest
    • More than 2 years — either 2% on amount withdrawn or a market adjustment, whichever is greater (explained below)

These fixed rates CDs guarantee a rate of return if you keep the entire balance until maturity.

Interest earned is compounded daily and credited either monthly, quarterly or at maturity depending on your CD term. You can choose to keep interest earned in the account or withdraw. Once the CD matures, you have a seven-day grace period in which to deposit, withdraw or renew for another term.

The early withdrawal penalty is fairly straightforward except for terms two years or more. The market adjustment mentioned above refers to how much interest the bank will pay if it were to replace your CD with another “replacement CD” at a higher cost. This “replacement CD” is a term that is closest (but not longer) to your original CD term.To calculate this rate, OneWest bank will take the difference between the rate in your original CD and the current advertised interest rate for the replacement CD. This number will then be multiplied with the amount you intend to withdraw, times the number of years that’s left on your original CD term. If this number is greater than 2% of the amount withdrawn, then this is your early withdrawal penalty.

Head to the OneWest Bank website and fill out an online application form. You’ll be asked to fill in personal details such as your name, address, Social Security number and driver’s license. After that, just fund your account.

LEARN MORE Secured

on OneWest Bank’s secure website

Member FDIC

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How OneWest Bank’s CD rates compare

The rates currently being offered aren’t that great by comparison, so if you’re interested in better rates for longer terms, then you’ll want to check out our list of the current best CD rates.

OneWest Bank money market account options

Premium money market

You get an ATM card and limited check-writing capabilities with this account.
APYMinimum Balance to Earn APY
0.15%
<$1,000
0.15%
$1,000
0.15%
$5,000
0.25%
$10,000
0.40%
$25,000
0.50%
$50,000
0.60%
$100,000
0.60%
$10,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

This money market account has ATM access and limited check-writing capabilities. You also get bill pay, online, mobile and telephone banking. You earn higher rates but it the minimum account balance seems pretty steep. Also, watch to see how many withdrawals/transfer you make as you’re limited to a certain six per month because of Regulation D. Otherwise, you’re looking at a $10 excess activity fee per transaction.

If you can maintain a minimum average balance of $10,000, you can get the monthly maintenance fee waived.

This account isn’t available nationwide, so you’ll need to first head to OneWest Bank’s personal and enter your ZIP code once you click on the “apply now” button on the personal savings account page. After, agree to the disclosures and fill out the application which includes information such as your name, address and Social Security. Then you can fund your account.

LEARN MORE Secured

on OneWest Bank’s secure website

Member FDIC

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How OneWest Bank’s money market accounts compare

Sure, you get ATM access and limited check-writing capabilities, but the rates fall short compared with other online banks. If check writing and ATM access is important to you, this account could work. However, other accounts on our list of the best money market rates have have similar features, so you’ll want to shop around before deciding what’s best for you.

OneWest Bank IRA account options

IRA CD

Just your average IRA CD.
TermAPY
3 months0.30%
6 months0.45%
9 months0.50%
1 year0.55%
13 months0.85%
18 months1.00%
2 years1.10%
3 years1.20%
4 years1.30%
5 years1.40%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on term:
    • 90 to 365 days — 90 days simple interest
    • 365 days to 18 months —180 days simple interest
    • Up to 2 years — 270 days simple interest
    • More than 2 years — either 2% or a market adjustment, whichever is greater (explained below)

The IRA CD is best for those looking for a retirement account that has a guaranteed rate of return, though the rates aren’t that spectacular. Interest is compounded daily and credited monthly, quarterly or at maturity, depending on the term. Interest earned can either be withdrawn to another account or kept in the CD.

You’ll receive a seven-day grace period when your CD matures and you can either make additional deposits or withdrawals, or renew for another term. Otherwise, your CD will automatically be renewed for the same term at the current advertised APY.

If you have a CD term that’s two years or more, you’ll either pay 2% of the amount withdrawn or a market adjustment. How this works is that the market adjustment is based on how much money OneWest Bank will need to replace in order to replace your CD with another higher cost “replacement CD.” The bank will use a term that is closest (but not longer) to your original CD term.

OneWest will calculate this by taking the difference between your current rate and the replacement CD’s current advertised rate, multiplied by the amount withdrawn, times how much is remaining in your CD term. You could also face IRS penalties if you make withdrawals before you’re 59 1/2 years old, so check with a trusted tax professional to make sure.

You’ll need to head to a local branch or by calling customer service at 1-877-741-9378. Click here to find a location nearest you.

LEARN MORE Secured

on OneWest Bank’s secure website

Member FDIC

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How OneWest Bank’s IRA CD rates compare

Unfortunately, OneWest Bank’s IRA CDs fall short. Some of the best IRA CD rates out there offer much higher rates and lower opening deposits. All this to say, you’re better off looking elsewhere.

Overall review of OneWest Bank’s banking products

Other than the low rates, the downfall of OneWest Bank is that most of the their products are only available to Southern California. Even if the rates were more competitive, most U.S. residents won’t be able to access them — all this to say, you’ll want to look at other financial institutions.

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

Self-Help 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 Established1983
Total Assets$1.0B
LEARN MORE on Self-Help Credit Union’s secure websiteNCUA Insured

Self-Help Credit Union first opened in 1980 as the Center for Community Self-Help, with its first “office” being out of one of the owner’s VW Bug.

The credit union initially worked to help rural North Carolina farm workers buy local factories that were closing. Since opening its headquarters in downtown Durham, Self-Help Credit Union has grown to operate 47 branches and lending offices around the country. From its initial focus on helping small businesses, it has expanded to lending to larger businesses and nonprofits.

Self-Help Credit Union membership is open to anyone who joins the nonprofit Center for Community Self-Help, which requires a $5 membership fee. It’s also open to individuals who live, work, worship or attend school in one of several counties in North Carolina and Florida, with a minimum deposit of $5.

Membership is also available to immediate family members of an existing member, or those who work at one of Self-Help Credit Union’s approved employers. You can visit the credit union’s website to see if you qualify.

The account opening process is the same for all of Self-Help Credit Union’s personal banking products: Once you have established membership with the credit union either online, in person or by mail, you can visit a branch location or fill out the mail-in form to open an account. You’ll need to provide a government-issued ID, your Social Security number and other personal details.

Self-Help Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Self-Help Credit Union Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

1.87%

CD Rates

Self-Help Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.38%

CD Rates

Self-Help Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.63%

CD Rates

Self-Help Credit Union 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Self-Help Credit Union checking account option

Personal Checking account

A basic checking account that earns a small amount of interest.
APYMinimum Balance to Earn APY
0.10%
None
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5, which can be waived if:
    • You are 65 or older, or 24 or younger;
    • Have monthly combined direct deposits of $500 or more into one or more Self-Help Credit Union accounts; or,
    • Maintain an average daily balance of $2,500 or more across all your accounts with Self-Help Credit Union.
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; $75 maximum per day

Although the monthly fee is comparatively low, if you’re not able to meet the requirements to waive it, you might be better off finding a checking account elsewhere with a better rate and no fees.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s checking account compares

As we state in our roundup of the best online checking accounts, the greatest picks are those with no monthly fees and a decent interest rate. While it’s possible to waive the fee on this account, the requirements might be limiting for some people. And while this account does earn interest, the rate falls well below many of these better options.

Self-Help Credit Union’s savings account options

Basic Savings account

An interest-bearing savings account with no monthly fee or minimum balance requirement.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks or ATM owners may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account is a much better option than the checking account as it offers a higher rate and has no hoops for you to jump through to avoid a monthly fee. It also offers online and mobile banking services to allow you to manage your funds with ease. This account is subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month. Additional fees apply if you exceed this amount.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

Holiday Club and Custom Club accounts

Savings accounts that let you withdraw special funds at designated times.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

These accounts allow you to save for a specific purpose or occasion, earn interest and then withdraw the money without penalty. If you designate it as a Holiday Club account, you will have access to your funds from Nov. 1 to Dec. 31 of each year to put toward holiday expenses. There is a $10 early withdrawal penalty on the Holiday Club account if you choose to withdraw funds before this designated period. Otherwise, you can withdraw them at a time you determine when opening the Custom Club account, which is typically used to save for things like a vacation or a new car.

As with the regular savings account, these accounts also have online and mobile banking capabilities. Since they are savings accounts, they are subject to Federal Reserve Regulation D, which limits certain transactions to six per month.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s savings accounts compare

While Self-Help Credit Union’s savings account rates aren’t the highest compared with the best savings accounts out there, we can appreciate that they have no monthly fees or other hassles, and that the special savings accounts allow you to earn interest on money you’re socking away for occasions like the holidays. Still, we wouldn’t seek out Self-Help Credit Union specifically for a general savings account and advise that you hunt around for the best rate and better perks.

Self-Help Credit Union certificate rates

Term Certificates

Standard certificates in lengths from three months to five years.
TermAPYMinimum balance requirement
3 months0.25%
$500
6 months0.25%
$500
12 months1.87%
$500
18 months1.92%
$500
24 months2.12%
$500
36 months2.38%
$500
48 months2.48%
$500
60 months2.63%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months.

While these CDs don’t offer the highest rates out there, their minimum opening deposit is lower than many others. The early withdrawal penalty is pretty standard compared with others as well.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s CD rates compare

Although the lower opening deposit requirement might appeal to some people, these rates really don’t compare with the best CDs available. We say consider some of the more competitive offerings on our best CDs list.

Self-Help Credit Union’s money market account option

Money Market account

An interest-bearing money market account with minimal requirements.
APYMinimum Balance to Earn APY
1.71%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None if minimum balance of $500 is maintained
  • ATM fee: $1 if you exceed six withdrawals per month
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account also has minimal requirements and fees as you can easily avoid the monthly fee if you don’t withdraw funds and let your balance dip below the initial minimum deposit. It also comes with online and mobile banking capabilities and no additional fees on in-network ATMs. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per months. The credit union will impose a fee if you exceed that amount.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s money market account compares

Self-Help Credit Union’s money market account is more than decent — it even made our list of the best money market rates available. Although it falls on the lower end of that roster, its lower minimum deposit requirement could still be a draw for many people.

Self-Help Credit Union IRAs

IRA CD rates

IRA Term Certificates

IRA certificates offering decent rates for terms ranging from one to five years.
TermAPYMinimum balance requirement
12 months1.87%
$500
18 months1.92%
$500
24 months2.12%
$500
36 months2.38%
$500
48 months2.48%
$500
60 months2.63%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months

Self-Help Credit Union’s IRA CDs allow members to put away funds for retirement in a low-risk certificate while earning a decent interest rate. These certificates also have a lower minimum deposit requirement than many other options available.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

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How Self-Help Credit Union’s IRA CD rates compare

There’s no way around it: Self-Help Credit Union’s IRA CD rates are much lower than some of the best IRA CD rates out there. Even others with the same low deposit requirement still offer much better rates. We’d advise you to research other accounts to make sure you truly get the most out of your retirement savings.

IRA savings account

An interest-bearing IRA with a low minimum deposit.
APYMinimum Balance to Earn APY
1.87%
None
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re on the hunt for a basic IRA savings account that allows you to earn interest, this could be a good option since it doesn’t have a monthly fee or any strict balance requirements. It’s available in both traditional and Roth versions, with the differences being their tax advantages. Since this is a savings account, it’s subject to Federal Regulation D, which limits certain withdrawals and transfers to six per month.

LEARN MORE Secured

on Self-Help Credit Union’s secure website

NCUA Insured

Overall review of Self-Help Credit Union’s banking products

Self-Help Credit Union’s Money Market account is its standout personal banking product, as it even made our best-of list for money market accounts. But on the whole, most of Self-Help Credit Union’s rates don’t beat out the competition. Many of the credit union’s products do have both minimal requirements and fees, so if you stand behind its mission of helping people and small businesses, and you meet one of the credit union’s eligibility requirements, you probably won’t regret becoming a member and supporting Self-Help Credit Union’s mission and causes.

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.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

Northern Bank Direct Review of 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 Established1960
Total Assets$2.1B
LEARN MORE on Northern Bank Direct’s secure websiteMember FDIC

Northern Bank Direct is the online offshoot of Northern Bank — a community bank based in Massachusetts that serves the New England region. You can only open an account with Northern Bank Direct online, but you can service the account in person by visiting a Northern Bank branch.

Visiting a branch to service your account is far from a mandatory requirement since these accounts are available nationwide, and you should be able to complete all necessary transactions online. If you hit any troubles and you’re not close to a branch, you can call customer service to get assistance.

Northern Bank Direct offers two types of banking products: CDs and money market accounts, which are detailed in this review.

Northern Bank Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.51%

Savings

Northern Bank Direct Money Market Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

1.50%

CD Rates

Northern Bank Direct 12-month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.55%

CD Rates

Northern Bank Direct 36-month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.57%

CD Rates

Northern Bank Direct 60-month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Northern Bank Direct CD rates

Certificates of Deposit

Low minimum deposit with lackluster interest rates.
TermAPY
12 months1.50%
24 months1.75%
30 months2.00%
36 months2.55%
48 months2.56%
60 months2.57%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: The early withdrawal penalty on 12- to 35-month CDs is 12 months’ interest. For 36- to 47-month CDs, it’s 24 months’ interest. If you have a term of 48 to 60 months, you will pay 36 months’ interest.

Northern Bank Direct’s CDs require a relatively low opening deposit. But the APY offered is far from competitive. While we don’t encourage you to withdraw money from your CD before maturation, it’s important to note that if you do, the fees for early withdrawals on these are high when compared to the competition.

How to get Northern Bank Direct’s CDs

You can only open a CD from Northern Bank Direct online.

LEARN MORE Secured

on Northern Bank Direct’s secure website

Member FDIC

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How Northern Bank Direct’s CD rates compare

Northern Bank Direct could stand to improve its CD offerings in light of the competition. You can find much higher CD rates elsewhere with lower penalties in the event you need to withdraw money from your certificate before its maturation date.

Northern Bank Direct’s money market account option

Money Market account

Northern Bank Direct’s Money Market account offers competitive rates and balance requirements, but comes with some extra fees and limitations.
APYMinimum Balance to Earn APY
1.51%None
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 if you use an out-of-network ATM
  • ATM fee refund: None
  • Overdraft fee: $35

If you look at just the APY and minimum balance requirement to earn that APY, Northern Bank Direct’s money market account is competitive. But it’s important to consider some key factors about this account before opening one.

While there is no monthly account maintenance fee, there is a $3 fee for transferring your money from Northern Bank Direct to an outside financial institution or account. While the fee isn’t likely to bust your budget, it is an additional cost that is not found among much of the competition. Also, when you’re transferring money out of your Northern Bank Direct Money Market account, you will be limited to a total of $5,000 per day and $25,000 per month.

Bear in mind that because money market accounts are savings accounts, they are governed by Federal Reserve Regulation D, which mandates no more than six in-person withdrawals per month from any given savings account. Exceed that regulatory limit and Northern Bank Direct will charge you a $20 fee for each excessive transaction.

If you are OK with those fees and limitations, Northern Bank Direct is a decent option for money market accounts, though you should still do some comparison shopping.

How to get Northern Bank Direct’s Money Market account

The only way to open any account with Northern Bank Direct, including money market accounts, is online.

LEARN MORE Secured

on Northern Bank Direct’s secure website

Member FDIC

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How Northern Bank Direct’s money market account compares

If you decide to open a money market account with Northern Bank Direct, you’ll be getting a competitive product, particularly given the lack of a minimum balance requirement. But you should still check on the best money market rates, as you will be able to find higher offers, particularly if you have enough money to throw into savings to maintain a higher minimum balance requirement.

If you’re putting a big chunk of money into your money market account and know you will need to make large transfers in the future, you may want to keep shopping. Northern Bank Direct’s daily and monthly withdrawal limitations are low for a money market account, and these limitations may cause headaches down the line if you need to move large sums.

Overall review of Northern Bank Direct’s banking products

Overall, Northern Bank Direct’s biggest draw is it low barrier to entry, whether you’re looking at minimum balance requirements on money market accounts or minimum opening deposit requirements on CDs.

There are some drawbacks, though. While the money market rate is competitive, it’s not the cream of the crop when compared to offers from competitors. Northern Bank Direct’s CD rates in particular rank below rivals, so if you’re looking for the highest rates, you’ll want to keep shopping.

Finally, there are the fees. Whether you’re being charged to transfer money out of your money market account or are in the unfortunate situation of having to withdraw money from your CD before its maturation date, you’re going to have to fork over some cash in excess of what other financial institutions would charge in a similar situation.

You’re not necessarily getting a bad product from Northern Bank Direct, but you should go into any of its online agreements with your eyes wide open, knowing that this is potentially a more expensive way to do your banking.

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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Reviews

Boeing Employees Credit Union (BECU) 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 Established1935
Total Assets$18.6B
LEARN MORE on BECU (Boeing Employees Credit Union)’s secure websiteNCUA Insured

Boeing Employees Credit Union was founded in 1935 when a group of Boeing employees wanted to ease the burden of finding money to purchase tools for their jobs, which Boeing required back then.

Today, BECU boasts more than 1 million members — and anyone can become a member by opening a savings account with no minimum opening deposit amount. The credit union’s products are available nationwide. Keep reading for an overview of BECU’s checking, savings, CD, money market and IRA accounts.

BECU (Boeing Employees Credit Union)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

BECU (Boeing Employees Credit Union) Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.85%

CD Rates

BECU (Boeing Employees Credit Union) 12 - 17 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.51%

CD Rates

BECU (Boeing Employees Credit Union) 36 - 47 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.71%

CD Rates

BECU (Boeing Employees Credit Union) 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Boeing Employees Credit Union’s checking account options

Member Share Checking

The APY isn’t anything to write home about.
APYMinimum Balance to Earn APY
0.05%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $25

This is a basic checking account, and it doesn’t offer a great rate. Consider Member Advantage Checking if you want a better rate. What you do get with this account, however, is free online banking, mobile banking, bill pay and a debit MasterCard® with fraud protection. BECU won’t charge you any foreign transaction fees, but an out-of-network ATM might.

How to open a Member Share Checking account

You must become a member to open a checking account at BECU. Visit the application page to open one, and open member share savings account at the same time. The form will ask you to submit details such as your name and address (physical and email) and you’ll need to present valid form of ID. Next, you fund your savings account, then your checking account.

You can also open an account at your local branch. To speed up the process, you can make an appointment in advance.

BECU also offers free checking accounts for children. Parents can access their child’s account online via telephone banking, in person or at an ATM. Once the child turns 18, he or she can convert the account to either a Member Share or Member Advantage checking account. To open a checking account for your child, you will need to first open an Early Saver account for him or her. If you’re already a member, you can log into your account online and open an account — or, you can do it in person.

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Member Advantage Checking

Earn a significantly higher rate on your first $500.
APYMinimum Balance to Earn APY
4.07%$0 - $500
0.05%$500.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $6 per month
  • Overdraft fee: $25

The Member Advantage Checking account is best for those who have more than one account at BECU. Not only do Member Advantage accounts have better rates, you can qualify for premium rates on products such as CDs and money market accounts. And you’ll be hard-pressed to beat the APY you get on the first $500 in your account.

To qualify for this account, you need open a Member Advantage Savings account, sign up to get e-statements and make at least one transaction per month — either via bill pay, direct deposit or using your debit card. Considering you need to open a savings account to qualify for membership, it’s the smarter choice to open a Member Advantage account so you can take advantage of what it offers.

How to get a Member Advantage Checking account

To enjoy the benefits of Member Advantage Checking, you must open a savings account to qualify for membership. Head over to BECU’s online application and select the Member Advantage option. You’ll need to provide personal information, such as your name, address (physical and email) and present a valid form of ID before you can fund your accounts. You can also open an account in person and make an appointment to speed up the process.

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How Boeing Employees Credit Union checking accounts compare

Boeing Employees Credit Union checking accounts come with some of the highest interest rates available — compare them with this list of the best online checking accounts. You also won’t pay any monthly maintenance fees and the Member Advantage account offers ATM refunds. Keep in mind, however, that the high interest rate is available only on the first $500 you have in your Member Advantage account.

Boeing Employees Credit Union savings account options

Member Share Savings

This is the regular savings account you can use to establish membership.
APYMinimum Balance to Earn APY
0.10%$0
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

This is one of the accounts BECU requires everyone to open to become a member. There’s nothing really special about this account except you get free ATM access — even for out-of-network ATMs — though the other financial institution might charge you a fee.

Federal Regulation D limits savings account holders to six debits per month. If you make more than six related transactions, you’ll pay a $20 excess withdrawal fee per transaction. Although you will earn some interest on this account, you’re probably better off with the Member Advantage Savings account because you can earn a much higher rate.

How to get a Member Share Savings account

To open this account, visit BECU’s website and fill out an online application — select the “Just Savings” option. You’ll need to provide personal details, such as your name and address (physical and email) and submit a valid form of ID. Next, you can fund your accounts. You can also go to your local branch and make an appointment to speed up the process.

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Member Advantage Savings

You can earn an extremely high rate on your first $500.
APYMinimum Balance to Earn APY
6.17%$0 - $500
0.10%$500.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $6 per month
  • Overdraft fee: N/A

This account is best for those who want to get a better rate and have access to premium rates for the money market and CD accounts. You get a stellar rate on your first $500, free online banking with bill pay, mobile banking and ATM refunds. Since you have to open a savings account to qualify for membership, you may as well go with this option.

To qualify for a Member Advantage account, you need to open both the savings and checking accounts, sign up for e-statements and make at least one transaction each month. And because this is a savings account, Regulation D mandates that you can only make six debits a month. If you go over the limit, BECU will charge you a $20 excess withdrawal fee.

How to get a Member Advantage Savings account

Go to BECU’s online application and choose the Member Advantage option to open both the checking and savings accounts. You’ll be asked to provide personal details such as your name, address and a valid form of ID. Afterward, you can fund your accounts.

Alternatively, you can head to your local branch. To speed up the application process, you can make an appointment.

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Early Saver

Earn a significant amount of interest on your child’s first $500.
APYMinimum Balance to Earn APY
6.17%$0 - $500
0.10%$500.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

You earn a pretty high rate on the first $500 in this account, and there are no monthly maintenance fees. Those older than 13 can get access to online banking; otherwise, parents and guardians can help children access cash through telephone banking, at a local branch or via the ATM.

Because this is a savings account, Federal Regulation D mandates that account holders are limited to six certain debits a month. You’ll be charged $20 per withdrawal after the first six. Once your child turns 18, he or she can convert to a Member Savings account or a Member Advantage account and start earning BECU’s best rates.

How to get an Early Saver account

You first need to become a member to help your child open an account. Visit the online application and open a savings account first, then open an Early Saver account. The form will ask you to fill in details, such as your name and your child’s, plus your address and Social Security number; then, you can fund the account. You can also open an account at your local branch — and make an appointment in advance.

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How Boeing Employees Credit Union savings accounts compare

The Early Saver and Member Advantage Savings accounts offer one of the highest rates available. Unfortunately, it’s good only for the first $500 in the account. After that, the APY falls, and is below what’s offered in our list of the best online savings accounts.

Is you’re looking for a youth savings account, the Early Saver is a great choice. If you plan on using a savings account to stash your short-term savings, you might want to do some comparison shopping to find the account that will earn more in interest.

Boeing Employees Credit Union CD rates

Certificate of deposit

Earn a healthy APY with Member Advantage rates.
Regular rate
TermAPYMinimum Balance to Earn APY
3 to 5 months0.25%$500
3 to 5 months0.30%$50,000
3 to 5 months0.30%$100,000
6 to 11 months0.30%$500
6 to 11 months0.35%$50,000
6 to 11 months0.35%$100,000
12 to 17 months0.85%$500
12 to 17 months0.90%$50,000
12 to 17 months0.90%$100,000
18 to 23 months1.11%$500
18 to 23 months1.16%$50,000
18 to 23 months1.16%$100,000
24 to 35 months1.36%$500
24 to 35 months1.41%$50,000
24 to 35 months1.41%$100,000
36 to 47 months1.51%$500
36 to 47 months1.56%$50,000
36 to 47 months1.56%$100,000
48 to 59 months1.61%$500
48 to 59 months1.66%$50,000
48 to 59 months1.66%$100,000
60 months1.71%$500
60 months1.76%$50,000
60 months1.76%$100,000
Member Advantage rate
TermAPYMinimum Balance to Earn APY
3 to 5 months0.75%$500
3 to 5 months0.80%$50,000
3 to 5 months0.80%$100,000
6 to 11 months0.75%$500
6 to 11 months0.80%$50,000
6 to 11 months0.80%$100,000
12 to 17 months1.41%$500
12 to 17 months1.46%$50,000
12 to 17 months1.46%$100,000
18 to 23 months1.66%$500
18 to 23 months1.71%$50,000
18 to 23 months1.71%$100,000
24 to 35 months1.92%$500
24 to 35 months1.97%$50,000
24 to 35 months1.97%$100,000
36 to 47 months2.07%$500
36 to 47 months2.12%$50,000
36 to 47 months2.12%$100,000
48 to 59 months2.17%$500
48 to 59 months2.22%$50,000
48 to 59 months2.22%$100,000
60 months2.27%$500
60 months2.32%$50,000
60 months2.32%$100,000
  • Minimum opening deposit: $500 or $100 for add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

BECU CDs are fixed-rate accounts suitable for those who want a guaranteed rate of return from their investment. You can qualify for Member Advantage rates if you have both a Member Advantage checking and savings account.

This CD also a great choice if you decide you want to make additional deposits after your initial one. Instead of making one lump-sum deposit — you would need at least $500 — you can choose the add-to option feature.

If you opt for the add-to option feature, you’ll need only $100 for an opening deposit. You’ll also need to authorize an automatic recurring transfer to the account for up to $1,000 a month. You can’t increase the amount you set, but you can either reduce or stop it at any time. If you make an early withdrawal, the recurring transfer will be discontinued.

When your account matures, you have a seven-day grace period during which you can deposit or withdraw funds, or renew the CD for another term. If you do nothing, your CD will renew automatically.

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Bump up CD

This offer gives you the opportunity to increase your rate during your CD term.
Regular rate
TermAPYMinimum Balance to Earn APY
12 months0.80%$500
12 months0.85%$50,000
12 months0.85%$100,000
24 months1.26%$500
24 months1.31%$50,000
24 months1.31%$100,000
Member Advantage rate
TermAPYMinimum Balance to Earn APY
12 months1.36%$500
12 months1.41%$50,000
12 months1.41%$100,000
24 months1.81%$500
24 months1.87%$50,000
24 months1.87%$100,000
  • Minimum opening deposit: $500 or $100 with add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

The bump up CD offers you the opportunity to increase your rate once during the CD’s term. The advertised rates for the bump up CDs are a bit lower than fixed-rate CDs, however, and there aren’t as many term options.

A bump up CD works like this: If and when the published rate increases, you can request the increased rate for the remainder of your term. Note that the offer does not include promotional rates. When your CD matures, you have a seven-day grace period during which you can renew for another term, make withdrawals or deposit additional funds. Again, do nothing and it will renew automatically.

Like the fixed-rate CD, you can choose the add-to option feature, which will enable you to make a lower opening deposit at $100 but you’ll need to make recurring deposits each month for up to $1,000. You can make changes or even cancel the transfers, but you can’t increase the amount you contribute. BECU will cancel the recurring transfer if you make an early withdrawal.

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Veterans Family Fund CD

This CD gives you the opportunity to help veterans in need.
TermAPYMinimum Balance to Earn APY
6 months0.30%$500
6 months0.35%$50,000
6 months0.35%
$100,000
  • Minimum opening deposit: $500 or $100 with add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 30 days’ interest

This CD gives you an opportunity to earn a guaranteed rate of return and donate half the interest you earn to veteran families in need. You must sign an agreement that authorizes BECU to donate at least half of the interest you earn to the Veterans Family Fund of America, and the other half will go to you when your account matures. The amount you contribute might be tax-deductible, so make sure you check with a tax professional.

You can lower your minimum opening deposit to $100 by choosing the add-to option feature. To qualify, you’ll need to make a monthly recurring deposit of up to $1,000. You can lower your monthly contributions or cancel them when you want, but you can’t increase them.

When your account matures, you have a seven-day grace period during which you can make additional deposits or withdraw funds. Do nothing and your CD will renew automatically.

How to get a Boeing Employees Credit Union CD

You’ll first need to become a BECU member to open a CD. You can do that by opening a savings account and the CD at the same time. Go to the website and fill out an online application form with your name, address and a valid form of ID, then fund your account. Or, open an account in person and make an appointment if you want to speed up the process.

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How Boeing Employees Credit Union CD rates compare

Some of BECU’s CD terms don’t have great rates, but the Member Advantage rates are good. To get the highest rates possible, check out the current best CD rates and do some comparison shopping.

Boeing Employees Credit Union money market account options

Money market account

This account gives you check-writing capabilities.
APYAPY With Member AdvantageMinimum Balance to Earn APY
0.05%0.05%$0
0.15%0.25%$10,000
0.20%0.30%$50,000
0.20%0.35%$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money account is best for those who want a savings account with check-writing capabilities. The rate, however, isn’t as high as the savings account offers for your first $500. You also don’t get ATM access, although you can link it to your checking account if you want.

The Member Advantage rates are the best compared with the regular APY. To qualify, you’ll need to have both the Member Advantage Checking and Savings accounts, sign up for e-statements and conduct at least one transaction each month. Because this is a savings account, you can make only six certain debits per month as mandated by Federal Regulation D — each one you make after that will cost you $20.

How to get a Boeing Employees Credit Union money market account

To open a money market account, you must open a savings account to establish membership. Go to BECU’s website and fill out an online application form with information such as your name and address, then submit a valid form of ID and fund the account. Or, head to your local branch to open an account — speed up the process by making an appointment.

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How Boeing Employees Credit Union money market accounts compare

Unfortunately, this money market account falls short of some of the best offerings out there. Even with the Member Advantage rates, the rates are less than half of what financial institutions are offering on this list of the best money market rates. You might be better off looking elsewhere.

Boeing Employees Credit Union IRA account options

IRA CD rates

IRA CD

You can earn more with Member Advantage rates.
Regular rates
TermAPYMinimum Balance to Earn APY
12 months0.85%$500
12 months0.90%$50,000
12 months0.90%$100,000
24 months1.36%$500
24 months1.41%$50,000
24 months1.41%$100,000
Member Advantage rates
TermAPYMinimum Balance to Earn APY
12 months1.41%$500
12 months1.46%$50,000
12 months1.46%$100,000
24 months1.92%$500
24 months1.97%$50,000
24 months1.97%$100,000
  • Minimum opening deposit: $500 of $100 with the add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

This is a great option for those who want to earn a guaranteed rate of return, especially if you qualify for Member Advantage rates. You have the option of making a one-time deposit or choosing the add-to option feature, which comes with a lower opening deposit minimum of $100. If you choose the latter, you’ll need to make an automatic recurring transfer to the account of up $1,000 each month. You can reduce the amount or cancel it any time, which can come in handy, especially if you’re nearing the IRS limit for yearly contributions.

You get a seven-day grace period during which you can make withdrawals, additional deposits or renew for another term. You can choose the add-to option feature when you open the account. Do nothing and your CD will renew automatically.

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Bump up IRA CD

Get an opportunity to bump up your rate with this IRA account.
Regular rate
TermAPYMinimum Balance to Earn APY
12 months0.80%$500
12 months0.85%$50,000
12 months0.85%$100,000
24 months1.26%$500
24 months1.31%$50,000
24 months1.30%$100,000
Member Advantage rate
TermAPYMinimum Balance to Earn APY
12 months1.36%$500
12 months1.41%$50,000
12 months1.40%$100,000
24 months1.81%$500
24 months1.87%$50,000
24 months1.87%$100,000
  • Minimum opening deposit: $500 or $100 with add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

This CD is best for those who want a fairly conservative investment vehicle with the opportunity to increase the rate of return. You can boost your rate if BECU increases the APY at any time during your term. All you have to do is request a rate increase.

You can also choose the add-to option feature, which lowers your opening deposit to $100. All you need to do is make monthly recurring deposits up to a maximum of $1,000. Remember that the IRS might impose limits on how much you can contribute per year, but you can cancel the transfers any time.

When your account matures, you have a seven-day grace period during which you can withdraw funds, make additional deposits or renew for another term. Do nothing and your account will renew automatically.

How to get a Boeing Employees Credit Union IRA CD

You must become a member to open a BECU IRA CD. Just open a savings with BECU’s online application form, complete the online IRA account form. Next, print out the form, sign it and mail back to complete the application process.

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How Boeing Employees Credit Union IRA CD rates compare

BECU’s IRA CD rates are slightly lower than ones on this list of the current best IRA CD accounts, even member advantage rates. One great thing about these IRAs, however, is the add-to option feature — not a lot of other financial institutions offer the option to make additional deposits. If that’s important to you, BECU is a great choice.

IRA savings account

You’ won’t really earn a great rate with this account.
APYMinimum Balance to Earn APY
0.10%$0
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account offers a low opening deposit. You won’t, however, get ATM access: It’s just a basic account that gives you an opportunity to make tax-sheltered or tax-deferred savings. Keep in mind that you can make only six certain debits a month from this account mandated by Regulation D — the credit union will charge $20 per related transaction that exceeds the limit.

How to get a Boeing Employees Credit Union IRA savings account

You need to establish membership by opening a savings account — use BECU’s online application form to do that, then fill out the IRA form, print it out and submit.

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Overall review of Boeing Employees Credit Union’s banking products

Overall, Boeing Employees Credit Union’s products offer competitive rates and some great features such as ATM refunds, no monthly maintenance fees and the ability to add additional funds to a CD account. If you want to take advantage of even higher rates, having a Member Advantage account will make that happen. Although you might find higher rates out there, BECU offers decent products, depending on your goals.

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Sarah Li Cain
Sarah Li Cain |

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

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