Citizens Equity First Credit Union (CEFCU) Review: Checking, Savings, CD, Money Market and IRA Accounts
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Updated on Monday, February 1, 2021
Citizens Equity First Credit Union’s checking account options
Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: none
- Overdraft fee: $30, up to $120 per day; $8 per day with Overdraft Transfer
With a low $25 opening deposit requirement, no monthly fee and no ongoing balance requirements, CEFCU’s checking account fulfils the basic needs of most checking customers. While not chock-full of features, the account does offer some standard, no-frills checking account basics, including the following:
- Mobile app
- Debit card (could be under adult’s name)
- Access to more than 30,000 fee-free ATMs
- Online check ordering
- eStatements
- Overdraft protection options
CEFCU’s eStatements allow online access to account details for up to seven years.
The Checking account’s overdraft fee is high, but simple overdraft protection can be applied to reduce that cost dramatically.
Dividend Checking
APY | Minimum Balance to Earn APY |
---|---|
0.05% | $2,500 |
0.05% | $5,000 |
0.05% | $10,000 |
- Minimum opening deposit: $2,500
- Monthly account maintenance fee: $0; $6 if balance is below $2,500
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: $30, up to $120 per day; $8 per day with Overdraft Transfer
With the exception of the dividend payout, CEFCU’s Dividend Checking account is essentially the same as the credit union’s non-dividend Checking account.
The minimum balance of $2,500 earns a dividend and waives the account’s $6 monthly maintenance fee. Dividends are paid out across three tiers, although rates are currently the same for all balances. Like CEFCU’s standard checking account, Dividend Checking offers mobile banking, a debit card, overdraft protection, online check ordering, eStatements and access to more than 30,000 fee-free ATMs nationwide. A modest $1 fee applies to non-network ATM transactions.
Milestone Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: $30, up to $120 per day; $8 per day with Overdraft Transfer
Milestone Checking helps young customers learn to manage their finances until they qualify for standard accounts at CEFCU. Educational materials are provided with these accounts to help younger account holders understand banking basics.
Adults must sign on to these accounts, as minors cannot open their own accounts. Otherwise, the Milestone Checking account is the same as CEFCU’s basic Checking account, including fees and minimums.
Capstone Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: none
- Overdraft fee: $30, up to $120 per day; $8 per day with Overdraft Transfer
As with the Milestone Checking account, the Capstone Checking account is designed for younger investors who do not yet qualify for the standard checking account. Capstone Checking is for slightly older teens, but it is otherwise identical to the Milestone Checking account. Both accounts offer the same features, benefits and terms of CEFCU’s basic checking account, along with additional supplementary educational materials.
How to get Citizens Equity First Credit Union’s checking accounts
As mentioned above, you can open most CEFCU checking accounts online. For the youth accounts, you’ll have to contact CEFCU or visit a CEFCU member center. You can reach CEFCU Monday through Saturday at (800) 542-3328.
How Citizens Equity First Credit Union’s checking accounts compare
The CEFCU checking account roster is fairly broad. Investors can choose between a standard, no-frills account and a more premium checking account that pays interest. However, the rates paid on the Dividend Checking account are below the national average and are not competitive at all with the best rates for checking accounts available today. However, teenagers looking to open a youth account may find that CEFCU offers great educational resources and decent starter accounts.
Citizens Equity First Credit Union’s savings account options
Savings
APY | Minimum Balance to Earn APY |
---|---|
0.05% | $5 |
0.05% | $1,000 |
0.05% | $10,000 |
- Minimum opening deposit: $5, plus $1 one-time membership fee
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: None
You’ll need to open a Savings account at CEFCU as part of your membership; the $6 total cost includes a mandatory $1 membership fee. The account has the same ATM fee structure as the credit union’s checking accounts, but overdrafts are not permitted in CEFCU savings accounts.
While not boasting many additional features or benefits, CEFCU’s Savings account does come with online and mobile access, eStatements and direct deposit capability.
My Use Savings
APY | Minimum Balance to Earn APY |
---|---|
0.05% | $0.01 |
0.05% | $1,000 |
0.05% | $10,000 |
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: None
Once you’ve opened your standard savings account at CEFCU, which serves as your membership account, you can open additional savings accounts as My Use Savings accounts. For example, if you want to open a separate account for a property purchase, a home remodeling project and a vacation, each of those would be its own My Use account.
You can open up to 35 individual My Use accounts, which are otherwise identical to standard savings accounts at CEFCU.
Holiday Saver
APY | Minimum Balance to Earn APY |
---|---|
0.05% | $0.01 |
0.05% | $1,000 |
0.05% | $10,000 |
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: none
- Overdraft fee: n/a
Money in the CEFCU Holiday Saver account is automatically rolled to another CEFCU account by Oct. 1 or Nov. 1. However, unlike holiday club accounts at many other institutions, this account allows access throughout the year without penalty. You can also make deposits at any time.
Overdrafts are not allowed in the Holiday Savers account. Interest is tiered. However, current rates are the same on all deposits.
Stepping Stone Savings
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: n/a
- ATM refund: n/a
- Overdraft fee: None
As with the companion checking accounts, Stepping Stone Savings is the first “stone” in a series of savings account designed to get younger savers familiar with how financial services work.
The only “stone” account that doesn’t have a comparable checking account, Stepping Stone Savings is for the youngest account holders, aged 3 to 12. Stepping Stone Savings has the same structure as CEFCU’s standard savings account, with the exceptions of no debit/ATM card and additional educational information geared toward young customers. This account also earns interest, but you’ll have to call the credit union for current rates.
Milestone Savings
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: None
Capstone Savings
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: N/A
Capstone Savings is the final “stone” in the CEFCU youth account roster, designed for older minors. In keeping with the other accounts in the stone program, Capstone Savings is essentially the same as CEFCU’s Savings account, with the same fee structure, ATM access and opportunity to earn interest. The credit union doesn’t publish these rates online, so you’ll have to call for current rates.
How to get Citizens Equity First Credit Union’s savings accounts
As mentioned above, you can open both primary CEFCU savings accounts online. For the youth stone accounts, you’ll have to call CEFCU or visit a CEFCU member center. You can reach CEFCU Monday through Saturday at (800) 542-3328.
How Citizens Equity First Credit Union’s savings account compares
All of CEFCU’s savings accounts pay the same rates. Although rates are tiered, currently you won’t earn more on a higher balance. Across the board, rates are a bit below the national average, and well below the best available national savings rates. The accounts all come with basic savings features, with the exception of the Stepping Stone Savings account, which has no ATM access. Those looking for youth savings accounts, however, are well-served, with three options available at CEFCU.
Citizens Equity First Credit Union’s CD account options
Certificates
APY | Minimum Balance to Earn APY | Term |
---|---|---|
0.10% | $1,000 | 3 months |
0.15% | $1,000 | 6 months |
0.25% | $1,000 | 12 months |
0.30% | $1,000 | 18 months |
0.35% | $1,000 | 24 months |
0.45% | $1,000 | 36 months |
0.60% | $1,000 | 48 months |
0.75% | $1,000 | 60 months |
- Minimum opening deposit: $1,000
- Minimum balance to earn APY: $1,000
- Early withdrawal penalty: If withdrawn after six calendar days following the date of deposit, the penalty is up to 90 days’ dividends for terms of less than 12 months, 180 days’ dividends for between 12 and 24 month maturities, and all dividends, up to 365 days’ dividends, for maturities longer than 24 months
Certificates at CEFCU are fairly standard in nature, with $1,000 minimums and a range of common maturities. Terms are fixed, and no additional deposits are allowed.
Certificates are insured up to $250,000 by the National Credit Union Administration (NCUA), and they automatically renew at maturity. A grace period of six days exists after maturity, during which time funds can be withdrawn without triggering an early withdrawal penalty. There are no fees associated with CD accounts at CEFCU.
Jumbo Certificates
APY | Minimum Balance to Earn APY | Term |
---|---|---|
0.15% | $100,000 | 3 months |
0.20% | $100,000 | 6 months |
0.30% | $100,000 | 12 months |
0.35% | $100,000 | 18 months |
0.40% | $100,000 | 24 months |
0.50% | $100,000 | 36 months |
0.65% | $100,000 | 48 months |
0.80% | $100,000 | 60 months |
- Minimum opening deposit: $100,000
- Minimum balance to earn APY: $100,000
- Early withdrawal penalty: If withdrawn after six calendar days following the date of deposit, the penalty is up to 90 days’ dividends for terms of less than 12 months, 180 days’ dividends for between 12 and 24 month maturities, and all dividends, up to 365 days’ dividends, for maturities longer than 24 months
MySave Certificates
APY | Minimum Balance to Earn APY | Term |
---|---|---|
0.25% | $5 | 12 months |
- Minimum opening deposit: $5
- Minimum balance to earn APY: $5
- Early withdrawal penalty: All dividends, if withdrawn after six (6) calendar days following the date of deposit
The MySave Certificate at CEFCU is something like a slush fund that pays higher interest than a savings account but has withdrawal restrictions like a CD. Accounts can be opened with as little as $5, and additional funds can be deposited at any time. Withdrawals are not allowable for 12 months after deposit without triggering early withdrawal penalties. Dividends, however, can be withdrawn free of charge at any time, or automatically transferred to another CEFCU checking or savings account. MySave Certificates are limited to a maximum deposit of $1,000.
How to get Citizens Equity First Credit Union’s CDs
As mentioned above, CEFCU CDs can be opened online, after a membership account is established. Customers can also contact CEFCU at (800) 542-3328 Monday through Saturday, or visit a Member Center in either Illinois or California.
How Citizens Equity First Credit Union’s CD rates compare
CD rates at Citizens Equity First Credit Union are competitive. For every maturity, CEFCU matches or beats the national average CD rate. The credit union still has some work to do, however, to reach the best available national CD rates. Although Jumbo Certificates earn a higher rate, the premium doesn’t amount to much. The MySave Certificate can be a good option for younger savers (depending on the type of established accompanied account) or those without significant amounts of money to invest.
Citizens Equity First Credit Union’s money market account options
Insured Money Market Account
APY | Minimum Balance to Earn APY |
---|---|
0.10% | $2,500 |
0.10% | $25,000 |
0.10% | $50,000 |
0.15% | $100,000 |
- Minimum opening deposit: $2,500
- Monthly account maintenance fee: $15; $0 if balance remains above $2,500
- ATM fee: $0; $1 fee for each ATM transaction at non-Money Center 24® and non-CO-OP ATMs
- ATM refund: None
- Overdraft fee: $30, up to $120 per day; $8 per day with Overdraft Transfer
CEFCU’s Insured Money Market account offers check writing and ATM access. Withdrawals are fee-free, although they must exceed $200 or CEFCU does assess a $15 fee. Deposits are insured up to $250,000 by the National Credit Union Administration (NCUA). Interest is tiered, with deposits of $100,000 or more earning the highest amount. The account shares the same ATM and overdraft fee structure as the bulk of the credit union’s checking and savings accounts.
How to get Citizens Equity First Credit Union’s money market account
As mentioned above, CEFCU’s Insured Money Market account can be opened online, after a membership savings account is established. Customers can also contact member services at (800) 542-3328, Monday through Saturday, or visit a Member Center in either California or Illinois.
How Citizens Equity First Credit Union’s money market account compares
The APY on the CEFCU Insured Money Market rate is fairly high. Even the lowest interest-rate tier pays above the national average, with the top tier paying more than double the average rate. Still, customers can find higher rates elsewhere, as the best available money market rates nationwide are not to be found at CEFCU.
Citizens Equity First Credit Union’s IRA account options
IRA CDs
APY | Minimum Balance to Earn APY | Term |
---|---|---|
0.25% | $500 | 12 months |
0.35% | $500 | 24 months |
0.45% | $500 | 36 months |
0.60% | $500 | 48 months |
0.75% | $500 | 60 months |
- Minimum opening deposit: $500
- Minimum balance to earn APY: $500
- Early withdrawal penalty: If withdrawn after six calendar days following the date of deposit, the penalty is up to 90 days’ dividends for terms of less than 12 months, 180 days’ dividends for between 12 and 24 month maturities, and all dividends, up to 365 days’ dividends, for maturities longer than 24 months
Jumbo IRA CDs
APY | Minimum Balance to Earn APY | Term |
---|---|---|
0.30% | $100,000 | 12 months |
0.40% | $100,000 | 24 months |
0.50% | $100,000 | 36 months |
0.65% | $100,000 | 48 months |
0.80% | $100,000 | 60 months |
- Minimum opening deposit: $100,000
- Minimum balance to earn APY: $100,000
- Early withdrawal penalty: If withdrawn after six calendar days following the date of deposit, the penalty is up to 90 days’ dividends for terms of less than 12 months, 180 days’ dividends for between 12 and 24 month maturities, and all dividends, up to 365 days’ dividends, for maturities longer than 24 months
IRA Savings Account
APY | Minimum Balance to Earn APY |
---|---|
0.05% | $5 |
- Minimum opening deposit: $5
- Monthly account maintenance fee: $0
- ATM fee: N/A
- ATM refund: None
- Overdraft fee: N/A
Money that piles up in a CEFCU IRA can be invested in the IRA savings account, which pays the same rate as non-IRA savings accounts at the credit union. There is no ATM access or check writing available for this account, and it cannot be overdrawn. No monthly maintenance fees are assessed.
How to get Citizens Equity First Credit Union’s IRA accounts
As mentioned above, CEFCU IRA accounts cannot be opened online. You must either contact the credit union at (800) 542-3328, Monday through Saturday, or visit a branch.
How Citizens Equity First Credit Union’s IRA accounts compare
IRA CD rates at CEFCU are generally near or above national average rates. As with the credit union’s non-IRA CDs, however, CEFCU can’t compete with the best available national IRA CD rates. The IRA Savings account is a nice option to have for otherwise uninvested funds, as you can still earn interest while you wait.
Overall review of Citizens Equity First Credit Union’s products
Citizens Equity First Credit Union, more commonly dubbed CEFCU, has a broad product line, and most accounts have no fees whatsoever. Account minimums are generally reasonable, and the high overdraft fee, where applicable, can be reduced with overdraft protection.
Those seeking accounts for minors are well-served at CEFCU, with plenty of checking and savings account options. Rates are a mixed bag at CEFCU. For the most part, you can earn a moderate rate on products ranging from savings accounts to CDs, with checking rates below average and money market rates above average. However, you can still earn a much higher APY at other institutions.
CEFCU might be best suited for Illinois-based customers who want to see a friendly face at a local branch and aren’t as interested in getting the absolute best yields on their accounts.