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

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Updated on Tuesday, September 1, 2020

Baxter Credit Union checking account options

Baxter Credit Union PowerPlus™ Checking account

If you can meet the monthly transaction and direct deposit requirements, then this is a fantastic account. It offers a superb interest rate and unlimited ATM fee refunds.
APYMinimum Balance Amount to Earn APY
2.00%
$0.01 (qualifying transactions met)
0.01%
Balances over $15,000 (qualifying transactions met)
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Unlimited with qualifying transactions met. Otherwise, no refunds.
  • Overdraft fees: $29

The PowerPlus™ Checking account does not have a minimum balance requirement. You can open an account for any amount and the account never charges a monthly fee, regardless of your balance.

The PowerPlus™ Checking account earns interest but you must meet two requirements each month to qualify:

  1. You make at least $500 of direct deposits into your account.
  2. You make at least 15 transactions with Baxter Credit Union. This includes debit card purchases, credit card purchases, ACH payments and online bill payments.

If you meet the requirements, you’ll earn a fantastic interest rate on your entire balance up to $15,000. If you have more than $15,000, you’ll earn a much lower rate on any amount over $15,000. On the other hand, any month where you don’t meet the qualifying transactions you won’t earn interest.

Thanks to Baxter Credit Union’s partnerships, you can make free withdrawals from their ATMs as well as ATMs that are part of the CO-OP, Star, SUM, Alliance One and Allpoint networks.

As an added benefit, if you meet the qualifying transactions the PowerPlus™ Checking account, Baxter Credit Union will refund all fees for out-of-network ATM transactions. Any month where you don’t meet the requirements, Baxter Credit Union will not charge a fee for out-of-network withdrawals but they also will not refund any fees from the ATM owner.

Before you can open a PowerPlus™ Checking account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. As you complete the membership application, you can set up your PowerPlus™ Checking account at the same time.

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Baxter Credit Union Simply™ Checking account

A free checking account that doesn’t offer interest or ATM refunds. Since the more generous PowerPlus™ Checking account is also free, you are better off using that one instead.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

With the Simply™ Checking account, you only receive basic banking services: online banking, a debit card and the ability to set up direct deposit into your account. The Simply™ Checking account does not earn interest or debit card rewards.

This account does not have a minimum balance requirement. You can open an account for any amount and there’s no monthly maintenance fee, regardless of how low your balance drops.

With the debit card, you can make free withdrawals from Baxter Credit Union ATMs as well as ATMs that are part of the CO-OP, Star, SUM, Alliance One and Allpoint networks. If you make an out-of-network withdrawal, Baxter Credit Union won’t charge anything, but they also won’t refund any fees from the ATM owner.

Before you can open a Simply™ Checking account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. After you’re a member, you can open a Simply™ Checking account by logging into your online banking portal or by visiting a branch.

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How Baxter Credit Union’s checking accounts compare

Usually, when a lender offers two checking accounts, it’s a tradeoff between one with rewards and one that’s free. At Baxter Credit Union, they made it an easy decision because both accounts are free and do not have any balance requirements.

That’s why PowerPlus™ Checking account is clearly the better choice. It comes with unlimited ATM refunds and a fantastic interest rate, as high as anything you’ll see on a checking account. Simply™ Checking isn’t bad for handling basic banking, but it doesn’t really have any advantage considering PowerPlus™ Checking offers so much and is also free.

The only real downside of the PowerPlus™ Checking account is you need to make a bunch of transactions and direct deposits each month to qualify for the benefits. If you want to earn interest without the hassle, these online checking accounts may be a better choice. They earn just as much without making you jump through hoops to qualify.

Baxter Credit Union savings account options

Baxter Credit Union Regular Savings account

Every member at Baxter Credit Union needs this account, though Baxter Credit Union covers the $1 opening deposit requirement on your behalf. This account pays so little interest, we wouldn’t add anything past the $1.
APYMinimum Balance Amount to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $1 – Baxter Credit Union covers this opening deposit
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

When you apply for membership at Baxter Credit Union, one of the requirements is to open a Regular Share Savings account. This buys your ownership share into the credit union. You don’t need to deposit anything to open the Regular Savings account as Baxter Credit Union covers the $1 opening deposit.

This account earns interest on all balances, but the rate is very low. It stays the same regardless of how much you deposit. The Regular Savings account does not charge a monthly fee regardless of your balance.

Baxter Credit Union does limit how often you can take money out of this account. Each month you can make no more than six withdrawals from the Regular Savings account. In addition, no more than three can be checks, drafts, debit card or similar third-party transactions. If you go over the limits, Baxter Credit Union will charge a $3 fee on each excess transaction and could eventually close the account.

Before you can open a Regular Savings account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

Part of the application will ask you to open the Regular Savings account. At this time, you can also open additional Baxter Credit Union deposit accounts using the same information.

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Baxter Credit Union Rainy Day™ Savings account

To encourage you to save for a rainy day, this account requires a monthly deposit to qualify for the best rates. The rates are excellent and well worth the effort.
APYMinimum Balance Amount to Earn APY
1.25%
$0.01 (first 12 months)
1.25%
$0.01 (after 12 months)
0.01%
Balance over $25,000 (after 12 months)
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

The Rainy Day™ Savings account is a unique account and takes a little planning to use properly. First, when you open the account, you need to deposit at least $25 but cannot add more than $1,000.

After that, the account requires you to make a monthly deposit of at least $25 but no more than $500. If you meet the deposit requirements, you earn a solid interest rate for the first year. By year two, the rate doubles and is even more impressive. The top rate only applies on balances up to $25,000. If you have more in your account, you’ll earn just an average return on any amount over $25,000.

Any month where you don’t make the required deposit of at least $25, you’ll earn Baxter Credit Union’s regular savings account rate, which is quite poor. With the Rainy Day™ Savings account, you can make two free withdrawals per calendar year. If you make more than two, Baxter Credit Union charges a $25 penalty for each additional withdrawal.

Before you can open a Rainy Day™ Savings account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. As you complete the membership application, you can set up your Rainy Day™ Savings account at the same time.

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How Baxter Credit Union’s savings accounts compare

If you need some extra motivation to reach your money goals, the Rainy Day™ Savings account could be an intriguing option. It earns an excellent interest rate but only if you add at least $25 to the account each month.

In addition, the account only allows two free withdrawals per year. It charges a steep $25 for each withdrawal past two, which could encourage customers not to cheat and dip into their savings. You need to decide whether these extra rules will help motivate you or if they’re just a headache.

Baxter Credit Union’s Regular Savings account earns too little to be worth using. While it’s nice that it’s free, the interest rate is very low. You’ll need to open one to join Baxter Credit Union but there’s no requirement to add money. We wouldn’t.

If you want to earn a high interest rate but don’t want to deal with the deposit/withdrawal rules for Rainy Day™ Savings, these online savings accounts could be a much better fit. They earn just as much as Baxter Credit Union’s top account but they don’t have the same restrictions.

Baxter Credit Union’s CD rates

Baxter Credit Union Certificates

Baxter Credit Union’s regular CD rates are respectable while their specials are even better. You can qualify for a significant rate upgrade by having other loans or deposit accounts at Baxter Credit Union.
TermAPY (regular)APY (reward rate)
3 months0.05%
0.15%
6 months0.25%
0.35%
11 months (new money special)2.60%
2.60%
12 months0.55%
0.65%
24 months0.55%
0.80%
30 months (special)2.50%
2.75%
36 months0.65%
0.90%
48 months 0.70%
0.95%
60 months0.75%
1.00%
65 months (special)2.75%
3.00%
36 months (kid certificate)2.20%
N/A
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For 3 to 12 month terms, the penalty is 30 days’ interest. For 13 to 24 month terms, the penalty is 90 days’ interest. For 25 to 36 month terms, the penalty is 180 days’ interest. For terms over 36 months, the penalty is 270 days’ interest.

You need to deposit at least $500 to open a Baxter Credit Union Certificate and keep this much in the account to earn the APY. Their regular CD rates are above average. If you have a child younger than 18, you can also open a 36 month Kid Certificate on their behalf.

As of Nov. 12, 2018, they were also offering several specials with exceptional rates.
They note that their promotional rates are subject to change. In addition, their 11 month CD special is for new money only, which they define as funds not currently deposited at Baxter Credit Union as well as funds deposited only within 90 days of opening the CD.

Baxter Credit Union also offers a significant CD rate upgrade for customers with other loan and/or deposit accounts. To qualify for the higher reward rates, you need to meet at least two of the following criteria:

  1. You receive a direct deposit for at least $500 into a Baxter Credit Union checking account.
  2. You have at least $25,000 on deposit with Baxter Credit Union.
  3. You have a qualifying loan in good standing with Baxter Credit Union. This includes mortgages, home equity loans, auto loans and credit cards.

If you take money out of a Baxter Credit Union Certificate before the maturity date, they will charge an early withdrawal penalty. The penalty depends on your CD term:

  • For 3 to 12 month terms, the penalty is 30 days’ interest.
  • For 13 to 24 month terms, the penalty is 90 days’ interest.
  • For 25 to 36 month terms, the penalty is 180 days’ interest.
  • For terms over 36 months, the penalty is 270 days’ interest.

Before you can open a Baxter Credit Union Certificate, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. Once you’re a member, you can open a certificate by visiting a Baxter Credit Union branch or by calling customer service. However, these accounts are not available online.

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How Baxter Credit Union’s CD rates compare

Baxter Credit Union’s regular CD rates are good, but not quite good enough to get excited about. Their CD specials are another story. Just the promotions on their own match up well with pretty much any lender out there.

You can also qualify for a substantial rate increase on all the CDs, even the promotions, through their Rewards program — a loyalty program for customers who have other Baxter Credit Union deposit accounts and loans. When you add the upgrade to the already high CD special rates, you get just a phenomenal return.

There are a couple downsides. First, the CD specials can change over time so there’s no guarantee Baxter Credit Union will still be paying a high rate at the end of your term when you renew. In addition, if you want the higher Rewards rates, you’ll need other accounts at Baxter Credit Union besides your CD.

If you can meet all the Baxter Credit Union requirements, their top CD offers are a terrific choice. But if you want something simpler, these are the other best CD rates in the country. You can sign up for any time and there are no extra requirements, like needing a loan, to qualify.

Baxter Credit Union money market account options

Baxter Credit Union Regular Money Market account

While the Baxter Credit Union’s money market account is free, it doesn’t pay much of an interest rate unless you have $250,000+. Not worth it.
APYMinimum Balance Amount to Earn APY
0.05%
$1,000
0.10%
$25,000
0.15%
$100,000
0.30%
$250,000
0.40%
$500,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

The Regular Money Market account does not have a minimum balance requirement. You can launch one for any amount and the account does not charge a monthly fee, regardless of how low your balance falls.

If you have less than $1,000 in the Regular Money Market account, you earn Baxter Credit Union’s regular savings account rate, which is very low. The money market account rates kick in when you have at least $1,000. They are a little better than the savings account but not by much. You don’t start seeing a decent return until you have at least $250,000 in the account.

With the Regular Money Market account, you can make up to six free withdrawals/transfers to other accounts per month. If you make more than six, Baxter Credit Union charges a $3 fee for each excess transaction.

Before you can open a Money Market account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. As you complete the membership application, you can set up your Money Market account at the same time.

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Baxter Credit Union Money Market Special account

If you bring over at least $15,000 in new funds to Baxter Credit Union, you can qualify for an excellent money market rate that’s guaranteed until the end of 2019.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
0.75%
$15,000
  • Minimum opening deposit: $15,000 (new money only.)
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

Baxter Credit Union offers a promotional money market account for customers bringing over a large amount another institution. You must deposit at least $15,000 to open their Money Market Special account and the deposit has to be new money only: either funds that aren’t already with Baxter Credit Union or funds that you deposited within 90 days of applying for the money market account.

If you qualify for the Money Market Special account, you’ll earn a fantastic interest rate so long as your balance stays at $15,000 or more. If you ever fall below $15,000, you earn the regular Savings account rate, which is incredibly low. However, Baxter Credit Union does not charge a monthly maintenance fee even if you fall below the limit.

Baxter Credit Union guarantees the high rate on their Money Market Special account through Dec. 31, 2019. After that, they state they may change the rate at their discretion.

With the Money Market Special account, you can make up to six free withdrawals/transfers to other accounts per month. If you make more than six, Baxter Credit Union charges a $3 fee for each excess transaction.

Before you can open a Money Market Special account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. After you’re a member, you can open a Money Market Special account by visiting a Baxter Credit Union branch or by calling their customer service line. This account is not available online.

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Baxter Credit Union Investor Money Market account

Baxter Credit Union offers their very best money market account rate for customers who have an investment account and who plan on depositing at least $100,000. If you can meet the steep deposit requirement, you’ll earn a juicy return.
APYMinimum Balance Amount to Earn APY
2.00%
$0.01
  • Minimum opening deposit: $100,000 (new money only.)
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $29

Before you can open an Investor Money Market account, you need to have at least $50,000 in assets under management through Baxter Credit Union investment advisors and/or wealth advisors.

If you qualify, you then need to deposit at least $100,000 with new money only, funds that aren’t already deposited with Baxter Credit Union, to open this account. If you meet these balance requirements, you’ll earn Baxter Credit Union’s very best money market rate, which is excellent.

There is no minimum balance required to earn the top rate and it applies to all balances. Baxter Credit Union guarantees this rate until Dec. 31, 2019. They state that after the guarantee period, they may change the rate at their discretion.

The Investor Money Market account does not charge a monthly maintenance fee, no matter how low your balance drops. Each month, you can make up to six free withdrawals/transfers to other accounts. If you make more than six, Baxter Credit Union charges a $3 fee for each excess transaction.

Before you can open a Investor Money Market account, you need to join as a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. After you’re a member, you can open an Investor Money Market account by visiting a Baxter Credit Union branch or by calling their customer service line. This account is not available online.

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How Baxter Credit Union’s money market accounts compare

Whether these money market accounts are worth opening depends on two factors: how much you plan on depositing as well as where that money is coming from. They offer two exceptional promotions with their Money Market Special and Investor Money Market accounts.

However, these accounts only work for customers with deep pockets. You need at least $15,000 for the Special and at least $100,000 to open the Investor Money Market account. As an added hurdle, the deposit needs to be from new money, funds that aren’t already at Baxter Credit Union.

Their Regular Money Market account is much less impressive. While it doesn’t charge a monthly fee, it barely outearns Baxter Credit Union’s regular savings account unless you have a balance of at least $250,000. Even then, the rate is not high enough to justify bringing in a quarter million dollars.

If you plan on opening a large account with new funds, the Baxter Credit Union specials could be worth a shot. Just remember, the high rates are only guaranteed until the end of 2019. If you want a smaller account or one with a rate that won’t expire in a year, you could check out our list of the best money market accounts available.

Baxter Credit Union’s IRA CD rates

Baxter Credit Union IRA Certificates

Most of the Baxter Credit Union CDs are available through an IRA. The regular rates are decent. When you add on the promotions and Reward program bonus, they turn spectacular.
TermAPY (regular)APY (reward rate)
12 months0.55%
0.65%
24 months0.55%
0.80%
30 months (special) 2.50%
2.75%
36 months0.65%
0.90%
48 months0.70%
0.95%
60 months0.75%
1.00%
65 months (special)2.90%
0.65%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For 3 to 12 month terms, the penalty is 30 days’ interest. For 13 to 24 month terms, the penalty is 90 days’ interest. For 25 to 36 month terms, the penalty is 180 days’ interest. For terms over 36 months, the penalty is 270 days’ interest.

Baxter Credit Union lets you open all their CDs with terms of 12 months or longer as part of an IRA. This includes the two promotional offers. You need to deposit at least $500 to open an IRA CD and keep this much in the account to earn the APY.

Their regular rates are above average while their IRA CD Special rates are fantastic. You can also qualify for a rate bump if you have other deposit accounts and/or loans with Baxter Credit Union. To qualify for the higher reward rates, you need to meet two of the following criteria:

  1. You receive a direct deposit for at least $500 into a Baxter Credit Union checking account.
  2. You have at least $25,000 on deposit with Baxter Credit Union.
  3. You have a qualifying loan in good standing with Baxter Credit Union. This includes mortgages, home equity loans, auto loans and credit cards.

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

  • For 3 to 12 month terms, the penalty is 30 days’ interest.
  • For 13 to 24 month terms, the penalty is 90 days’ interest.
  • For 25 to 36 month terms, the penalty is 180 days’ interest.
  • For terms over 36 months, the penalty is 270 days’ interest.

Before you can open an IRA Certificate, you need to become a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. Once you’re a member, you can open an IRA Certificate by scheduling an appointment with one of the Baxter Credit Union wealth advisors or online through their Retirement Central platform.

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Baxter Credit Union IRA Money Market account

If you want something that gives you more access to your retirement funds than an IRA CD, this account is an excellent choice. There’s no monthly fee and you earn a highly competitive rate, so long as you have at least $1,000.
APYMinimum Balance Amount to Earn APY
0.05%
$0.01
0.85%
$1,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

The IRA Money Market account does not have a minimum opening deposit requirement, so you can set one up for any amount. This account also does not charge a monthly fee, regardless of your balance.

With an IRA Money Market account, you have more access to your money than with an IRA Certificate. You aren’t committing to a set timeline and Baxter Credit Union does not charge an early withdrawal penalty when you take money out. The IRA Money Market account lets you make six free withdrawals per month. If you make more than six, Baxter Credit Union charges $3 for each additional withdrawal.

The IRA Money Market account pays interest on all balances. The rate is very low for balances below $1,000, but it’s excellent when you have at least $1,000.

Before you can open an IRA Money Market account, you need to become a member. You can apply online or at one of their branches. The application will ask how you qualify for membership as well as for your Social Security number, address and a form of government ID.

You’ll also need to open a Regular Savings account to buy your ownership share of the credit union. Baxter Credit Union covers the $1 deposit so you don’t need to add money to the savings account unless you want to. Once you’re a member, you can open an IRA Money Market account by scheduling an appointment with one of the Baxter Credit Union wealth advisors or online through their Retirement Central platform.

SEE DETAILS Secured

on BCU’s secure website

NCUA Insured

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How Baxter Credit Union’s IRA CD rates compare

Baxter Credit Union does a nice job with their retirement plans. Their IRA Certificate rates are excellent, especially since you can use both their CD promotions and higher relationship reward rates. With other lenders, they typically don’t allow their CD promotions for their IRAs. We appreciate that at Baxter Credit Union, they keep all the options open.

Their IRA Money Market account is also extremely competitive. It pays a rate that would be decent even for an IRA CD but then gives you much more access to your money. If you don’t want to worry about early withdrawal penalties from your lender, this is an excellent choice.

If you handle your retirement plan through Baxter Credit Union, you should be happy with the results. But if you’d like to see what else is out there to make sure you get the best deal, check out this review covering the best IRA CD rates.

Overall review of Baxter Credit Union’s banking products

Baxter Credit Union offers terrific interest rates and benefits for all their banking products, but we noticed they make you work for it. On the checking account, you need to meet a minimum number of direct deposits and transactions each month to earn interest and ATM fee refunds.

For their top-paying Rainy Day™ Savings account, you need to make monthly deposits to qualify for the best rates. On the CDs and IRA CDs, you can receive a rate upgrade but only if you meet balance requirements on other Baxter Credit Union loans and deposit accounts. Finally, their most generous money market rates are reserved only for people bringing in new funds.

In other words, you can earn a great return with Baxter Credit Union, but only if you meet all their rules and requirements. If you don’t want to deal with this hassle, you may be better off using a lender with simpler accounts. But if you want to put in the work, keep this information handy so you qualify for all the benefits at Baxter Credit Union.

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