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

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Updated on Tuesday, September 1, 2020

Coastal Credit Union’s checking account options

Simple Basic Checking

Simple Basic Checking is the credit union’s most basic checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover overdraft by 11 p.m. on the same day

Coastal Credit Union’s Simple Basic Checking account is the credit union’s traditional checking account. Although a small opening balance is required, there is no maintaining balance requirement, and there are no monthly fees. Extensive features are included in this no-cost package, including the following:

  • Digital, mobile and telephone banking
  • Remote check deposit via the mobile app
  • More than 80,000 surcharge-free ATMs nationwide
  • Apple Pay™ and Visa Checkout
  • Eligible for annual Loyalty Bonus payout
  • One cent is donated to the Coastal Credit Union Foundation with each debit card transaction
  • Free id AllySM identity theft recovery program
  • Control over debit card permissions and preferences using CardNav

Although this account is low-cost overall, it does carry high overdraft fees, even with overdraft protection. However, the bank does have a short grace period, allowing members to cover any overdrafts.

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Simple Standard Checking

Simple Standard Checking is for customers who may have trouble opening a traditional checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Coastal Credit Union’s Simple Standard Checking account has a bit of a misleading name. Rather than being the credit union’s “standard” checking account, it actually serves as a “second-chance” account, targeted toward customers that need help rebuilding their checking history.

The account does carry a monthly service fee that cannot be waived, but after a small opening deposit, it doesn’t require any maintaining balance. As befitting a rebuilding account, Simple Standard Checking includes access to free financial counseling and budgeting services. After 12 months of positive history, customers can qualify to upgrade to Go Green Checking.

As with the credit union’s Basic Checking account, there are no in-network ATM fees, and ATM fees at non-network ATMs are waived up to five times per month. Apple Pay™ and Visa Checkout are available, along with the control of debit card permissions and preferences via CardNav. The account also donates one cent to the Coastal Credit Union Foundation with each debit card use, and customers can earn the annual Loyalty Bonus payout.

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Go Green Checking

Go Green Checking is Coastal Credit Union’s flagship checking product.
TierAPYMinimum Balance to Earn APY
Premium 0.60%$0.01
Premium 0.10%$10,000
Standard0.60%$0.01
Standard0.10%$10,000
Base0.10%$0.01
Base0.10%$10,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Go Green Checking is Coastal Credit Union’s top-tier checking account, emphasizing convenience, technology, security, perks and a high APY. The highlight feature is the exceptional interest rate paid starting with the first dollar deposited in the premium tier, which customers can qualify for with 30-plus debit card transactions per month. Standard Tier rates kick in with 12 to 29 posted debit card transactions, while the Base Tier applies to accounts with zero to 11 such transactions monthly.

Beyond the enhanced yield, the Go Green Checking account looks a lot like the other checking accounts at Coastal Credit Union. The account has a small opening balance requirement but no ongoing restrictions, it charges no monthly fee, and in-network ATMs are free, with five withdrawals per month free at non-network ATMs. Overdraft fees remain high, although a provision allows for overdrafts to be covered by additional deposits made before 11 p.m. the same day.

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Student Go Green Checking

The Student Go Green Checking account carries the same high APY as the standard Go Green Checking account, but it has some variations.
TierAPYMinimum Balance to Earn APY
Premium 0%$0.01
Premium 0.75%$10,000
Standard0.75%$0.01
Standard0.75%$10,000
Base0.10%$0.01
Base0.10%$10,000
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $4.99
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

The student version of Coastal Credit Union’s Go Green Checking has the same requirements as the general Go Green Checking account to earn an exceptional yield: the posting of 30 or more debit transactions per month. An enhanced, but lesser, yield is available with 12 to 29 processed debit transactions per month. Those with zero to 11 monthly transactions still qualify for an interest-bearing account.

Student Go Green Checking comes with a smaller opening deposit requirement than the standard Go Green account, has free ATM withdrawals both in- and out-of-network, and it refunds foreign ATM withdrawals up to $4.99.

All of the other standard checking account perks at Coastal Credit Union apply to this account as well, including online, mobile and telephone banking, free ID protection services through id AllySM, Apple Pay™ and Visa Checkout, CardNav debit card control services, the annual Loyalty Bonus payout, and a one cent donation to the Coastal Credit Union Foundation for each use of the debit card.

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Student Basic checking

Student Basic Checking is a lot like the Student Go Green Checking account, but without the high yields and the debit card requirements.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $4.99
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Students looking for a basic, no-frills checking account might be drawn to the Student Basic Checking account. The account pays no interest, but doesn’t require any monthly debit card transactions.

Beyond that, the bones of the account are just like the Student Go Green Checking account, with a small deposit to open, no monthly maintenance fee, free ATM withdrawals, and a refund of up to $4.99 for foreign ATM withdrawals. The account carries the same high overdraft fee as Coastal Credit Union’s other checking accounts, although same-day deposits made by 11 p.m. can reduce that fee to just $0.01.

How to get Coastal Credit Union’s checking accounts

As mentioned above, you can apply for all of Coastal Credit Union’s checking accounts online. Once you’ve become a member of the credit union, you can choose the account(s) you would like to open. Then you can provide the necessary applicant information, such as your employment information and a valid form of ID, and then you’re all set to fund the account.

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How Coastal Credit Union’s checking accounts compare

Coastal Credit Union offers a good range of checking accounts, offering tailor-made accounts to no-frills investors, those looking to rebuild their checking history, and customers seeking the highest possible checking yields. On that front, the Go Green Checking accounts succeed admirably, offering top-tier yields well above national average rates for reward checking accounts and ranking among the best available national checking account rates.

Coastal Credit Union’s savings account options

Primary Savings Account

Primary Savings is Coastal Credit Union’s membership savings account.
APYMinimum Balance to Earn APY
0.10%$5
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

All credit union members must open a Primary Savings account. The account pays interest on all balances above $5 and charges no monthly maintenance fee. As with the credit union’s checking accounts, ATM access is free in the Coastal Credit Union network, and the first five withdrawals from non-network ATMs are also free. These accounts also qualify for the Loyalty Bonus payout and the complimentary identity theft recovery program id AllySM.

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Special Savings Account

Special Savings accounts are essentially secondary versions of the Primary Savings account at Coastal Credit Union.
APYMinimum Balance to Earn APY
0.10%$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

With the exception of the smaller opening deposit requirement, a Secondary Savings account at Coastal Credit Union is the same as a Primary Savings account. The interest rate is the same, but it is paid on all balances. Special Savings accounts can be used for distinct purposes, such as vacation, hobby or holiday savings.

The ATM fee structure is the same as with a Primary Savings account, meaning withdrawals are free at network ATMs and free for the first five withdrawals from non-network ATMs as well. Secondary Savings accounts are also eligible for the Loyalty Bonus payout and the free-of-charge identity theft recovery program id AllySM.

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Health Savings Account

A traditional Health Savings account that pays interest and has various IRS restrictions.
APYMinimum Balance to Earn APY
0.60%$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
  • ATM fee refund: None
  • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

As with all HSAs, you can’t open a Coastal Credit Union Health Savings account unless you participate in a high-deductible health plan, as defined by the IRS. When you qualify, you get a tax deduction on your contributions and can take money out tax-free for qualifying medical expenses. Along the way, you earn an interest rate far above Coastal Credit Union’s traditional savings account rate. You can also choose to invest in an Investor Choice CD for 24, 36 or 48 months (see CD section below for rates).

This account provides a debit card so you can pay your medical bills. You can also use the debit card as an ATM card, with withdrawals of up to $1,000 per day allowed. The account also qualifies for Coastal Credit Union’s Loyalty Bonus payout and identity theft recovery program id AllySM.

How to get Coastal Credit Union’s savings accounts

As mentioned above, you can apply for all of Coastal Credit Union’s savings accounts online. In fact, you’ll need to open a Primary Savings account to be a member. After joining, you can choose the additional account(s) you would like to open, provide the necessary applicant information, such as your employment information and a valid form of ID, and then fund the account.

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How Coastal Credit Union’s savings accounts compare

The savings account options at Coastal Credit Union are fairly pedestrian. For both the Primary Savings and Secondary Savings accounts, interest rates are currently less than half of the nationwide average, and far below the best rates available on savings accounts nationwide. However, the accounts do pay interest, and they charge no monthly maintenance fees. The Health Savings account pays a rate more than three times the national average HSA rate.

Coastal Credit Union’s CD account options

Certificates (CDs)

These CDs offer less-than-impressive rates.
TermAPYMinimum Balance to Earn APY
7-90 days0.50%$50,000
6 months0.60%$250
12 months0.60%$250
18 month Special2.75%$250
24 months0.60%$250
24 months Investor Choice1.25%$10,000
36 months0.60%$250
36 months Investor Choice0.80%$10,000
48 months0.60%$250
48 months Investor Choice1.05%$10,000
60 months0.60%$250
  • Minimum balance to open account: $250; $50,000 for 7 to 90 day certificates; $10,000 for Investor Choice Certificates
  • Minimum balance to earn APY: $250 or $50,000, depending on product
  • Early withdrawal penalty: For terms less than 12 months, $25 or 90 days of dividends, whichever is greater; for terms greater than 12 months, $25 or 365 days of dividends, whichever is greater

Standard certificates of deposit at Coastal Credit Union run from 6 months to 5 years in maturity, with a small $250 deposit required to open. The credit union offers mini-jumbo CDs ranging from seven to 90 days; those certificates require a hefty $50,000 minimum deposit to open. Coastal Credit Union offers Investor’s Choice CDs with three maturity levels, 24, 36 and 48 months, but those are available in Coastal Credit Union’s HSA only. Coastal Credit Union is also currently offering an 18 month CD special. All CD accounts qualify for Coastal Credit Union’s Loyalty Bonus payment, and all are covered by the complimentary identity theft recovery program id AllySM.

How to get Coastal Credit Union’s CD accounts

As mentioned above, you can apply for all of Coastal Credit Union’s CD accounts online after becoming a member of the credit union. Once you’ve done that, you can choose the account(s) you would like to open and proceed after providing your employment information and a valid form of ID before funding the account.

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How Coastal Credit Union’s CD accounts compare

Coastal Credit Union offers a wide variety of CD types to choose from. You can find CD maturities as short as 7 days or as long as 60 months. For the most part, CD rates are above average across-the-board, in some cases considerably so. Coastal Credit Union’s top CD rates compete well with the best CD rates available around the country.

Coastal Credit Union’s money market account options

Money Market

Coastal Credit Union’s bottom-tier money market accounts provides traditional services and a modest yield.
APYMinimum Balance to Earn APY
0.25%$100
    • Minimum opening deposit: $100
    • Monthly account maintenance fee: $0
    • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
    • ATM fee refund: None
    • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

    Coastal Credit Union’s basic Money Market account provides yields higher than you can find in the credit union’s standard checking and savings accounts, but they don’t measure up to the institution’s Go Green Checking rates. You are permitted up to six certain withdrawals per month, per Federal Reserve Regulation D. However, beyond that, withdrawals are not limited as they are with a CD account, for example. Dividends are compounded and credited monthly.

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Go Green Money Market

The Go Green Money Market is modeled on the Go Green Savings account, allowing customers to earn much higher yields with some qualifying activities.
TierAPYMinimum Balance to Earn APY
Premium 0.60%$0.01
Premium 0.35%$10,000
Standard0.60%$0.01
Standard0.35%$10,000
Base0.35%$0.01
Base0.35%$10,000
    • Minimum opening deposit: $100
    • Monthly account maintenance fee: $0
    • ATM fee: $0 for Coastal Credit Union ATMs and first five withdrawals from non-Coastal Credit Union ATMs per month; $2 thereafter
    • ATM fee refund: None
    • Overdraft fee: $33 per item; $31 with Bounce Guard or Bounce Guard Plus overdraft protection, up to twice per day; interest charges only with overdraft line of credit; $0.01 per overdraft if customer deposits enough to cover the overdraft by 11 p.m. on the same day

Coastal Credit Union’s Go Green Money Market account has a straightforward appeal. If you make 30 or more debit transactions per month, your APY jumps considerably. Otherwise, the account is essentially a standard Money Market account. You’ll still have online and mobile access, and your account is limited up to six certain withdrawals per month. As with a standard Money Market account, the Go Green Money Market account is eligible for the Coastal Credit Union Loyalty Bonus payment.

How to get Coastal Credit Union’s money market accounts

As mentioned above, you can apply for all of Coastal Credit Union’s money market accounts online. You’ll need to open a Primary Savings account and become a member before you can open an account, however. After joining, you can choose the additional account(s) you would like to open, provide the necessary applicant information, such as your employment information and a valid form of ID, and then fund the account.

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How Coastal Credit Union’s money market accounts compare

As with Coastal Credit Union’s checking accounts, if you want to earn a high APY, you’ll want the Go Green version of the credit union’s money market accounts. While the standard Money Market pays a yield just shy of the national average, the Go Green Money Market can pay as much as five times the national average, a rate approaching some of the best available money market rates in the nation.

Coastal Credit Union’s IRA options

IRA Savings account

Coastal Credit Union’s IRA Savings account is a parking place for IRA funds that aren’t otherwise invested.
APYMinimum Balance to Earn APY
0.35%$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The IRA Savings account at Coastal Credit Union pays a much higher rate than the credit union’s other savings accounts. The account minimum is very low and there’s no monthly fee. Customer don’t have ATM access with this account, as money coming out of an IRA could trigger taxes and IRS penalties; similarly, there is no provision for overdrawing this account.

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IRA Certificate accounts (CDs)

IRA Certificates are available in the same maturities and at the same yields as in Coastal Credit Union’s non-IRA accounts, with the exception of the Investor’s Choice CDs.
TermAPYMinimum Balance to Earn APY
7-90 days0.50%$50,000
6 months0.60%$250
12 months0.60%$250
18 month Special2.75%$250
24 months0.60%$250
36 months0.60%$250
48 months0.60%$250
60 months0.60%$250
  • Minimum balance to open account: $250; $50,000 for 7 to 90 day certificates
  • Minimum balance to earn APY: $250 or $50,000, depending on product
  • Early withdrawal penalty: For terms less than 12 months, $25 or 90 days’ worth of dividends, whichever is greater; for terms greater than 12 months, $25 or 365 days’ worth of dividends, whichever is greater

For the most part, customers will find the same CDs available in a Coastal Credit Union IRA as they will in a taxable account. However, there are no Investor’s Choice CDs available in an IRA at Coastal Credit Union. Standard certificates of deposit run from 6 months to 5 years, with a small $250 deposit required to open them.

The credit union offers mini-jumbo CDs in its IRAs ranging from 7 to 90 days. Those certificates require a larger $50,000 minimum to open. Coastal Credit Union is also currently offering an 18 month CD special paying an above-average rate.

All IRA accounts qualify for Coastal Credit Union’s Loyalty Bonus payment, and all are covered by the complimentary identity theft recovery program id AllySM.

How to get Coastal Credit Union’s IRA accounts

As mentioned above, you can apply for all of Coastal Credit Union’s IRA accounts online. After becoming a member of the credit union, you can choose the account(s) you would like to open, provide the necessary applicant information, such as your employment information and a valid form of ID, and then fund the account.

SEE DETAILS Secured

on Coastal Credit Union (NC)’s secure website

NCUA Insured

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How Coastal Credit Union’s IRA products compare

From start to finish, these IRA CD rates are noteworthy. In every case, they are above the national average, and at the top end approach the best available IRA CD rates. Minimum deposits are fairly low on a relative basis, and a good range of CD maturities is offered. The IRA Savings account offers a rate well above the normal savings rate offered by the credit union.

Overall review of Coastal Credit Union’s products

Coastal Credit Union is a good place to look for customers seeking a wide range of checking accounts. Those looking for high yields in a checking account will appreciate the Go Green Checking account, which offers top-tier rates that are among the very best available.

The savings account options are fairly pedestrian, paying rates less than half of the nationwide average. However, the accounts are free of charge. Those that can tie up their money a bit longer would be better served with the credit union’s CD offerings, which are above-average across-the-board and in some instances approach the best CD rates available around the country. The same is true for the credit union’s IRA CDs.

As with the credit union’s checking accounts, customers will want to Go Green if they are looking for a high-yielding money market account, as Coastal Credit Union’s Go Green Money Market rate is one of the best in the nation and carries no monthly fees.

Overall, Coastal Credit Union does an outstanding job of providing a wide range of low-cost or free accounts that pay very high yields. Although there are some weak spots in the roster, taken as a whole, Coastal Credit Union’s consumer product offerings are standouts that should appeal to nearly every customer.

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