Grow Financial Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, December 1, 2020

Grow Financial Federal Credit Union’s checking account options

Grow Cashback Checking

Get cash back every time you swipe your debit card, but the APY is abysmal.
APYMinimum Balance to Earn APY
0.00%
none
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: none
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: none
  • Overdraft fee: $35 (exceptions apply)

This checking account is best for those who want a low-cost checking account that also offers some added bonuses. Each time you use your Visa Debit card — either via bill pay, in person or online purchases — you’ll earn $0.05 for each qualified purchase. The cashback earnings will be credited to your account at the end of each month. While this is a nice perk, it doesn’t make up for their extremely low advertised APY.

Other features you get with the account include free direct deposit and access to over 70,000 surcharge-free ATMs via the CO-OP and CU24/CU HERE network.

You can opt into overdraft protection by linking your savings, money market or other Grow Financial Federal Credit Union checking accounts. If a transfer is made, you’ll be charged $5 per transaction. However, if you don’t choose this option and you’re overdrawn by less than $10, you won’t be charged a fee.

How to get the Grow Cashback Checking

You can open an account online. First, you’ll need to become a credit union member by filling out an online application form and open a basic savings account with $5 and pay a $5 membership fee. Then provide personal details such as your name, address, employment information and state-issued ID. You can then fund your account.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

Grow Checkless Checking

This account could be helpful for those who don’t want any overdraft fees.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: none
  • Overdraft fee: none

The Grow Checkless Checking account is best for those who want to avoid overdrafts. With this account, all transactions will be declined and return unpaid if there isn’t enough cash in the account. Grow Financial won’t charge any non-sufficient funds fees for this service.

There is a monthly maintenance fee. To waive it, you’ll need to make at least five debit card purchases and one direct deposit each month. This account also comes with free mobile and online banking as well as access to more than 70,000 surcharge-free ATMs in the CO-OP and CU24/CU HERE networks.

How to get the Grow Checkless Checking account

To open an account you need to become a member. Head over to their online application form and indicate how you qualify for membership. You’ll then select the checking account and agree to open a basic savings account (a $5 deposit and $5 membership fee). Fill in the rest of the form by entering your name, address, employment information and state-issued ID. Then, fund your account.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

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How Grow Financial Federal Credit Union’s checking accounts compare

Sadly the rates for both these accounts are extremely low compared with other online competitors. Even with the perks like no NSF fees and cash back on debit card purchases, it seems hardly worth it.

To find the current best rates, check our list of the 10 best online checking accounts.

Grow Financial Federal Credit Union’s savings account options

Basic Savings (also, Club)

You need to open this account to establish membership.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Anyone who wants to become a member of Grow Financial Federal Credit Union needs to open this account. There is no ATM access unless you link it to a checking account. Otherwise, you can access your funds via bank transfers. You can also use the savings account for overdraft protection if you link a checking account.

If you don’t intend on using this account, don’t sweat it. As long as you keep the $5 opening balance in the account you’ll remain a member. To waive the monthly maintenance fee, you’ll need to maintain a $200 average monthly account balance.

Because this is a savings account, Federal Reserve Regulation D limits you to six withdrawals/transfers a month. Grow Financial Federal Credit Union will reject any requests if you attempt to go over that amount. However, you can make unlimited in-person withdrawals.

The Club account is intended to help people save money toward a specific purpose. Whether it’s for a holiday or another type of short-term goal, the interest rate is higher than a regular savings account, encouraging you put more money into this one. You determine a set amount you want to deposit each month and let it grow.

How to get the Basic Savings account

Head over to Grow Federal’s online application page and indicate how you can qualify to become a member. Then fill in your personal details such as your name, address and state-issued ID and fund your account.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

Get Fit and Project Quince

The bonus you earn for saving money is quite nice.
APYMinimum Balance to Earn APY
0.35%
$5
  • Minimum opening deposit: $5 (exceptions apply)
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Get Fit and Project Quince accounts earn a $100 bonus once you save $10,000. How it works is that you need to make a minimum $20 in monthly deposits and a maximum of $400. Once you reach $10,000, the bonus will be deposited into your basic savings account.

If you happen to deposit more than $400 each month, the excess amount will automatically be transferred into your Basic Savings account. Do that more than three times within 12 months and your entire account balance will be transferred into the Basic Savings account. You’re also limited to six withdrawals each month because of Regulation D and Grow Financial will reject any requests above that amount.

How to get the Get Fit or Project Quince accounts

To open a Get Fit or Project Quince account, you’ll need to establish membership by opening a Basic Savings account and paying an additional $5 to purchase a share. Go to the credit union’s online application form and first indicate how you qualify for membership. You’ll then be asked to fill in personal details such as your name, address, employment information and state-issued ID. Once that’s complete, fund your account.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

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How Grow Financial Federal Credit Union’s savings accounts compare

As far as rates alone go, these savings accounts fall flat. Most of the other online competitors out there are advertising APYs at least double what Grow Financial is offering. While the bonus you earn with the Get Fit and Project Quince accounts are pretty nice, it may not be enough to sway you, especially if you intend to keep the account open for a long time.

To shop around, make sure to check our list of the best online savings accounts.

Grow Financial Federal Credit Union’s CD rates

Certificates

The rates aren’t bad, but there are better ones out there.
$500 minimum opening deposit
TermAPY
6 - 11 months0.25%
12 - 17 months0.35%
18 - 23 months0.35%
24 - 29 months0.40%
30 - 35 months0.40%
36 - 47 months0.50%
48 - 59 months0.60%
60 months0.70%
$100,000 minimum opening deposit
TermAPY
6 - 11 months0.35%
12 - 17 months0.45%
18 - 23 months0.45%
24 - 29 months0.50%
30 - 35 months0.50%
36 - 47 months0.60%
48 - 59 months0.70%
60 months0.80%
  • Minimum opening deposit: $500 or $100,000
  • Minimum balance amount to earn APY: $500 or $100,000
  • Early withdrawal penalty: Depends on length of term (penalty on amount withdrawn):
    • Up to (and including) 12 months: 90 days interest
    • More than 12 months: 180 days interest

These certificates offer fixed-rates and could be great for those looking for higher rates than what the Club account offers. Interest earned is compounded and credited monthly to your account. You can either have your earnings deposited into another account or kept in the CD.

When your account matures, you have a 10-day grace period in which you can make any changes — withdrawals, additional deposits or renew for another term. Otherwise, Grow Financial Federal Credit Union will automatically renew your account.

How to get Grow Financial Federal Credit Union’s CDs

You’ll need to open a Basic Savings account at the same time you open a CD if you’re not already a member. Head to Grow Federal Federal Credit Union’s online application form and indicate how you qualify for membership then fill in the rest of the form by providing your name, address, employment information and state-issued ID. Then you can fund both accounts.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

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How Grow Financial Federal Credit Union’s CD rates compare

The rates for Grow Financial Federal Credit Union’s certificates aren’t too bad when compared with competitors, just slightly lower than currently advertised rates. What they do have going for them is a lower minimum opening amount. If that’s important to you, then these CDs are a good choice. If you’re after the best rates, you may be better off looking at our list of the current best CD rates.

Grow Financial Federal Credit Union’s money market account options

Money Market

Not much to talk about, except that there’s no monthly maintenance fee.
APYMinimum Balance to Earn APY
0.10%
$1,000 - $9,999.99
0.15%
$10,000 - $24,999.99
0.20%
$25,000 - $49,999.99
0.25%
$50,000 - $99,999.99
0.35%
$100,000+
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market is a pretty basic account that offers a higher rate than the savings account but requires higher deposit amounts to earn the better rates. There is no ATM access or check-writing capabilities, so the only way to access your cash is through online banking, account transfers or in-person transactions. You’re also limited to six withdrawals a month because of Federal Reserve Regulation D, and you won’t be able to make additional withdrawals once you reach that limit.

How to get Grow Financial Federal Credit Union’s money market account

Grow Financial Federal Credit Union requires all members to open a Basic Savings account plus pay a $5 membership fee, so you can do that at the same time you open a money market account by filling an application form online. First, indicate how you can qualify for membership then fill in personal details such as your name, employment information and state-issued ID. Once that’s complete you can fund your accounts.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

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How Grow Financial Federal Credit Union’s money market account compares

Grow Financial Federal Credit Union’s money market rates fall way short of other ones on our list of the current best money market rates. Other financial institutions on our list also have lower minimum balance amounts and limited check-writing capabilities. All this to say, for a money market, you’re better off elsewhere.

Grow Financial Federal Credit Union’s IRA account options

IRA CD rates

IRA certificate

You get a guaranteed rate of return, but there are higher rates elsewhere.
$500 minimum opening deposit
TermAPY
6 - 11 months0.25%
12 - 17 months0.35%
18 - 23 months0.35%
24 - 29 months0.40%
30 - 35 months0.40%
36 - 47 months0.50%
48 - 59 months0.60%
60 months0.70%
$100,000 minimum opening deposit
TermAPY
6 - 11 months0.35%
12 - 17 months0.45%
18 - 23 months0.45%
24 - 29 months0.50%
30 - 35 months0.50%
36 - 47 months0.60%
48 - 59 months0.70%
60 months0.80%
  • Minimum opening deposit: $500 or $100,000
  • Minimum balance amount to earn APY: $500 or $100,000
  • Early withdrawal penalty: Depends on length of term (penalty on amount withdrawn):
    • Up to (and including) 12 months: 90 days interest
    • More than 12 months: 180 days interest

The IRA CDs are a great choice if you’re looking for a guaranteed rate of return on your retirement accounts. Like the regular CDs, interest you earn is compounded and credited every month to your account. If you do make an early withdrawal, you could face IRS penalties if you’re under 59 1/2 years old as well as the ones imposed by Grow Financial.

Upon maturity, you’ll receive a 10-day grace period where you can either make additional deposits, renew for another term or withdraw cash. If you don’t do anything, the IRA CD will be renewed automatically.

How to get Grow Financial Federal Credit Union’s IRA CDs

To open a Federal Credit Union IRA CD, you’ll need to open a basic savings account and pay a $5 membership fee to join. Go to their online application form and specify how you’ll qualify as a member. Then provide personal details such as your name, address and state-issued ID. Afterward, fund your certificates.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

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How Grow Financial Federal Credit Union’s IRA CD rates compare

These IRA CD rates are significantly lower than the ones on our list of the best IRA CD rates. The longer you’re willing to put your cash into a longer term, the ones featured on our list of the best IRA CD rates could be worth it.

IRA savings account

A great low-cost IRA savings account.

You get a guaranteed rate of return, but there are higher rates elsewhere.
APYMinimum Balance to Earn APY
0.25%
$0
  • Minimum opening deposit: $0
  • Minimum balance amount to earn APY: none
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account can be a good option for those who want a low-cost IRA account. There are no account balance requirements and no monthly maintenance fees. Other than that, there are not many other features other than the fact that you don’t get charged an excess withdrawal fee — since you are limited to six withdrawals as per Fed Regulation D — because Grow Financial Federal Credit Union will block them. Keep in mind that if you’re under 59 1/2 years old, you could be penalized by the IRS for making withdrawals.

How to get Grow Financial Federal Credit Union’s IRA savings account

To open a Grow Financial Federal Credit Union IRA savings account, you need to establish membership by opening a Basic Savings account and paying a $5 membership fee. Head over to the credit union’s online application form and after indicating how you qualifying for membership, provide personal details such as your name and state-issued ID. Then, fund your account.

SEE DETAILS Secured

on Grow Financial Federal Credit Union’s secure website

NCUA Insured

Overall review of Grow Financial Federal Credit Union’s banking products

Grow Financial Federal Credit Union has pretty restrictive membership requirements and their rates aren’t the best ones out there. Even though they do have some perks — such as their cashback checking rewards and club account bonuses — the amount you earn may not be worth it.

There are many competitors that offer more better rates and less restrictive requirements, so we suggest you check out those first.