Hanscom Federal Credit Union: Checking, Savings, CD, and Money Market Rates

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Updated on Tuesday, September 1, 2020

Hanscom Federal Credit Union’s checking account options

Free Kasasa Cash Checking

Kasasa Cash Checking is the credit union’s full-service, high-interest checking account.

APY

Minimum Balance Amount

1.00%
$0.01 to $15,000.00
0.10%
$15,000.01 and over
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for in-network ATMs
  • ATM fee refund: $20 per month
  • Overdraft fee: $30; free transfers if linked to savings account

The Free Kasasa Cash Checking account pays very high interest rates on balances of up to $15,000. However, certain qualifications must be met or that rate drops to effectively zero. All of the following qualifications must be met each month to earn the enhanced interest rate:

  • At least 1 direct/ACH deposit
  • 12 or more credit or debit purchases
  • Agreement to receive online statements

Balances above $15,000 receive a much-reduced interest rate, although still far above the non-qualifying rate.

Customers also enjoy a host of free services, including: online banking, bill pay and transfers; mobile banking with remote deposits; free online statements; a free debit card; and, unlimited check writing.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

Premier Checking

Premier Checking is the only Hanscom Federal Credit Union account that charges a monthly fee, although it can be avoided.
APYMinimum Balance Amount
0.10%
$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $9.95; waivable with an average daily balance of $2,000 or a combined average daily balance of $6,000 in any type of savings or loan account
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to savings account or Hanscom Federal Credit Union credit card

The Premier Checking account pays a flat rate of interest across all balances. It also has a slightly different ATM fee structure from the other checking accounts. You’ll never be assessed an ATM fee from Hanscom Federal Credit Union, no matter where you conduct your transaction, but you also won’t benefit from any ATM fee rebates.

Beyond that, the Premier Checking account shares many of the same free benefits as the other checking accounts, including the following:

  • Online/mobile access
  • Bill pay
  • Online statements
  • Online money transfer
  • Debit card
  • Free checks

One of the best benefits of the Premier Checking is the enhanced yield paid on CDs to Premier Checking customers.

SEE DETAILS Secured

on Hanscom Federal Credit Union’s secure website

NCUA Insured

Free Kasasa Cash Back Checking

    Kasasa Cash Back Checking delivers its returns in the form of cash back on debit card transactions.

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for in-network ATMs
  • ATM fee refund: $20 per month
  • Overdraft fee: $30; free transfers if linked to savings account or Hanscom Federal Credit Union credit card

The Free Kasasa Cash Back Checking account pays customers 2 percent cash back on debit card purchases, up to $7 per month ($84 per year). The account also offers up to $20 monthly in ATM fee rebates.

To qualify for the cash back account, all of the following activities must post and settle in the account every month:

  • At least 12 debit or credit card purchases
  • At least 1 ACH credit/direct deposit
  • Enrollment in online statements

The account remains maintenance-fee free if these qualifications are met in any month, but no cash back will accrue that period.

In addition to the cash back benefit, this account also offers more traditional checking account offerings, including the following:

  • Unlimited check writing
  • Free online banking, bill pay, and transfers
  • Free mobile banking, including mobile deposits
  • Free debit/ATM card, with no annual fee
  • Free online statements

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on Hanscom Federal Credit Union’s secure website

Free Checking

The Free Checking account is Hanscom Federal Credit Union’s most basic offering, charging no fees and offering more limited services.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: First 10 in-network ATM transactions are free; thereafter, $1.25
  • ATM fee refund: $0
  • Overdraft fee: $30; free transfers if linked to savings account or Hanscom Federal Credit Union credit card

The Free Checking account is the standard, basic account to get your foot in the door in terms of a checking account. There are no minimum deposit requirements or monthly fees, and the first 10 in-network ATM transactions are free. Under the Payday Perqs program, customers can receive their direct deposit paychecks up to two days early. Customers also get rewards on every purchase (terms apply), along with free checks, bill pay and mobile deposits.

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How Hanscom Federal Credit Union’s checking accounts compare

Hanscom Federal Credit Union offers a broad range of checking account options. Customers can choose everything from the no-frills Free Checking account to the high interest rates of the Kasasa Cash Checking account. For balances of up to $15,000, the Kasasa Cash pays an almost unmatched checking account interest rate, topping the best available checking account rates from across the nation. However, larger deposits don’t enjoy that premium.

Customers who prefer cash back may enjoy the 2 percent returns offered by the Kasasa Cash Back Checking account, although that benefit is capped at $7 a month. The credit union’s Premier Checking account is the only one that carries a monthly fee, but it can be waived with a modest deposit.

The account can be a good option for CD customers, as the Premier Checking account allows access to higher CD rates. Linking a savings account or Hanscom Federal Credit Union credit card is a good option, as it allows customers to avoid the $30 overdraft fees.

Hanscom Federal Credit Union’s savings account options

Primary (Share) Savings

Entry into credit union as a member is obtained through this mandatory savings account.
APYMinimum Balance Amount
0.10%
$25+
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

A $25 deposit establishes credit union membership through this primary account, which also offers free online and mobile access. A flat interest rate is earned on all balances of $25 or more once the account is open. This rate is compounded daily and credited monthly. Through the account’s Payday Perqs program, customers can receive their direct deposit paychecks up to two days early.

As a savings account, transactions are limited to six per month. Any excess activity is assessed a $15 excess activity fee.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

Kasasa Saver

The Kasasa Saver account is a free savings account that pays dividends.
APYMinimum Balance Amount
1.00%
$0.01 to $50,000.00
0.10%
$50,000.01 and over
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

This account serves as the depository for rewards earnings when linked to the Kasasa Cash or Kasasa Cash Back checking accounts. Customers who qualify for rewards from those two checking accounts automatically qualify for the best rates offered by the Kasasa Savings account. Specifically, requirements include:

  • Online statements
  • 12 monthly debit or credit transactions
  • At least 1 monthly ACH/direct deposit into a Kasasa Cash or Kasasa Cash Back account

The account also includes free online and mobile banking.

SEE DETAILS Secured

on Hanscom Federal Credit Union’s secure website

NCUA Insured

Higher Yield Savings

Hanscom Federal Credit Union’s Higher Yield Savings account carries high minimums and a restrictive withdrawal policy.
APYMinimum Balance Amount
0.50%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

The Higher Yield Savings account requires $25,000 to open but pays a high rate of interest on all balances above that level. Unlike traditional savings accounts which assess an excess activity fee after six monthly withdrawals, the Higher Yield Savings account restricts fee-free withdrawals to just one per month. After that, you’ll pay $25 for any additional withdrawals.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

Holiday and Vacation Club

APYMinimum Balance Amount
0%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • verdraft fee: n/a

The Holiday and Vacation Club savings accounts are two options at Hanscom Federal Credit Union that operate much like those at other institutions, affording customers the opportunity to earn interest on savings dedicated to a specific purpose. In the case of the Holiday and Vacation accounts, interest is earned beginning on the first dollar deposited, but money cannot be withdrawn until October. For Vacation Club accounts, the same principle applies, but the customer can select the month in which funds are allowed to be withdrawn, such as June for a summer vacation.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

Secondary Shares

APYMinimum Balance Amount
0.10%
$25
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

The Secondary Shares account at Hanscom Federal Credit Union operates exactly like the primary shares account, although the minimum is only $1. The account is intended to serve the needs of customers saving for a particular need, without the withdrawal restrictions of a Holiday or Vacation Club savings account. Customers can open as many secondary shares accounts as need be to help keep their finances straight.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

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How Hanscom Federal Credit Union’s savings rates compare

Hanscom Federal Credit Union’s basic savings account rates on its Primary and Secondary Shares and Holiday and Vacation Club accounts are slightly above the national average. Rates become competitive on a national basis with the pickup in yields offered on the Higher Yield Savings and Kasasa Saver accounts. Although not quite on par with the best savings rates in the nation, these two accounts offer competitive yields, particularly on deposits of up to $50,000 in the Kasasa Saver account.

Hanscom Federal Credit Union’s CD rates

EasyStart CD

The EasyStart CD has a lower minimum opening deposit but offers a limited range of maturities.
TermAPY
3 months0.30%
6 months0.30%
12 months0.30%
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 90 days’ interest on maturities of one year or less; 180 days’ interest on maturities longer than one year

The EasyStart CD at Hanscom Federal Credit Union lets customers get started investing in CDs with as little as $250. Unlimited additional deposits, with a minimum of $10, can be added at any time. However, certificates are only offered for three, six or 12 months. EasyStart CDs also have different rates than Hanscom Federal Credit Union’s traditional CDs.

Additional features of the EasyStart CDs include the following:

  • Automatically renewable into the same term
  • 10 calendar day grace period
  • Online and mobile access
  • No monthly fees
  • Federally insured

Dividends accrue daily and are paid at the end of the month.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

Traditional CD

While Hanscom Federal Credit Union offers a standard range of CD maturities, higher yields are paid to Premier Checking customer.
TermAPY
3 to 5 Month0.30%
6 to 11 Month0.40%
11 Month (available with Premier Checking)1.50%
12 to 17 Month0.60%
18 to 29 Month0.70%
30-59 Month0.75%
48 Month (available with Premier Checking)2.75%
60 Month1.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest on maturities of one year or less; 180 days’ interest on maturities longer than one year

Hanscom Federal Credit Union’s Traditional CDs carry a $1,000 minimum and cover a range of maturities, from three to 60 months. Premier Checking account customers get higher rates on 11-month and 48-month CDs only. Additional features of Hanscom Federal Credit Union’s traditional CD accounts include:

  • Automatic renewal into same term
  • A renewal grace period of 10 calendar days
  • Mobile and online access
  • FDIC insurance
  • No monthly fees

As with the credit union’s EasyStart CDs, dividends accrue daily and post to the account on the last day of every month.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

CU Thrive Automated Savings Program

Required monthly deposits and a single term generate high yields in this hybrid savings/CD account.
APYMinimum Balance Amount
2.00%
$0+
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0, with minimum $5+ automated deposits monthly
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The CU Thrive Automated Savings Program requires monthly automated transfers of $5 to $500 from a Hanscom Federal Credit Union checking account. Rates are fixed for an entire 12-month term. Only one CU Thrive account can be opened per member, and the account does not renew at the end of the 12-month term.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

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How Hanscom Federal Credit Union’s CD rates compare

Hanscom Federal Credit Union’s CD rates are generally high, topping the national average across every maturity. Yet, rates on the traditional CDs don’t approach the best available online CD rates.

The true gem in the lineup is the hybrid CU Thrive Automated Savings Program. Customers are required to make monthly transfers into the account from an eligible Hanscom Federal Credit Union checking account, and the term is limited to 12 months only, with no automatic renewal. However, the rate is exceptionally high, particularly on such a short-term account. One of the few drawbacks to the program is that monthly contributions are limited to $500, meaning the total amount of interest earned will be relatively low.

Hanscom Federal Credit Union’s money market account

Money Market Account

APYMinimum Balance Amount
0%
Balance less than $2,000.00
0.10%
$2,000.00 - $9,999.99
0.20%
$10,000.00 - $24,999.99
0.25%
$25,000.00 - $49,999.99
0.25%
$50,000.00 - $74,999.99
0.35%
$75,000.00 - and over
  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund:  None
  • Overdraft fee: $30; free transfers if linked to a savings account or Hanscom Federal Credit Union credit card

The Hanscom Federal Credit Union Money Market account compounds dividends daily and credits them monthly to customers with balances of at least $2,000. The account comes with a free box of checks and no monthly fee. Rates step up gradually in a tiered structure, topping out for balances of $75,000 or more.

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NCUA Insured

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How Hanscom Federal Credit Union’s money market rates compare

Rates for Hanscom Federal Credit Union’s Money Market account compare favorably with its competitors, topping the national average across every interest tier level. At the highest tier, for deposits of $75,000 or more, rates are nearly quadruple the national average. The best money market rates available nationwide, however, are much higher than what you can earn at Hanscom Federal Credit Union.

Hanscom Federal Credit Union’s IRA rates

IRA Share

The IRA Share account is designed for smaller IRA balances.
APYMinimum Balance Amount
0.10%
$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 Share account is a flexible slush fund for smaller IRA balances. Money can be accessed at any time and moved into higher-yielding investments within an IRA. Larger balances can earn higher interest in both the IRA Money Market and the IRA certificates available at Hanscom Federal Credit Union.

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NCUA Insured

IRA Money Market

The IRA Money Market provides flexibility with higher yields.
APYMinimum Balance Amount
0%
Balance less than $2,000.00
0.10%
$2,000.00 - $9,999.99
0.20%
$10,000.00 - $24,999.99
0.25%
$25,000.00 - $49,999.99
0.25%
$50,000.00 - $74,999.99
0.35%
$75,000.00 - and over
  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Savers with larger balances that still want some flexibility in accessing their funds might consider Hanscom Federal Credit Union’s IRA Money Market account. There are six rate tiers. Balances of at least $2,000 pay nearly double the rate of the IRA Share account, while in the top tier — for balances of at least $75,000 — rates are more than triple those of the IRA Share account. Withdrawal activity in this account is restricted to six transactions per month, in accordance with federal standards.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

IRA Certificates

Hanscom Federal Credit Union’s IRA Certificates are traditional CDs with higher rates and less flexibility than the credit union’s other IRA offerings.
TermsAPY
6 Month0.40%
12 Month0.60%
18 Month0.70%
30 Month0.75%
60 Month1.00%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal fee: 90 days’ interest on maturities of one year or less; 180 days’ interest on maturities longer than one year

Hanscom Federal Credit Union offers a simplified maturity schedule in its IRA CDs as opposed to its non-IRA CDs, with just five maturities available in its IRAs. Minimum deposits are lower, however, at $500. Rates on Hanscom Federal Credit Union’s IRA CDs are generally higher than can be earned in the credit union’s IRA money market account.

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on Hanscom Federal Credit Union’s secure website

NCUA Insured

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How Hanscom Federal Credit Union’s IRA rates compare

The limited options available for CDs in Hanscom Federal Credit Union’s IRAs are slightly above national averages for every maturity. You can find better rates at competitors when looking for the best available IRA CD rates on a national basis.

Rates on the credit union’s IRA money market account are the same as in its non-IRA accounts, meaning they are well above-average but not quite approaching the top money market rates in the country.

Although the IRA Share account is not a great choice as a longer-term investment, it’s good to have an account that pays interest even on small amounts until they can be better deployed.

How to Get Hanscom Federal Credit Union’s accounts

The application process for any type of Hanscom Federal Credit Union account is the same. The one exception is the CU Thrive Automated Savings Program, as it already requires an open Hanscom Federal Credit Union account. To participate in the CU Thrive program, you can request a callback from the credit union by completing a form on the website, or you can visit a branch or call the credit union’s Customer Service line. For all other accounts, click any of the numerous “open an account” links on the credit union’s web pages and you’ll be brought to the application page. You’ll need three pieces of information to get started:

  • Your Social Security number or Individual Tax Identification Number (ITIN)
  • A valid, government-issued ID, such as a passport, driver’s license, or state or military ID
  • A source of funding for your account, such as a checking or savings account, or a credit or debit card

The first step in the application process is to select the type of account you’d like to open. The application page has a drop-down menu that offers more than a dozen options.

Once you select your account, you’ll have to qualify for membership. If you’re already a member and are applying for a new account, you can select that option to continue. Otherwise, you’ll have to qualify in one of the following five ways:

  • You are an employee or retired employee of a federal government agency with a Massachusetts duty station
  • You are an employee of a qualifying employer
  • You are active duty or retired military
  • You are the relative or domestic partner of a Hanscom Federal Credit Union member
  • You are a member of or will be joining a sponsoring member organization

From there, the application asks for the standard personal and financial information you’d expect when opening an account at any financial institution. For example, you’ll be asked to provide your name and address, date of birth and employment information. Once you give the appropriate consent and your information is verified, you’ll be asked for funding information for your account.

If you don’t want to open an account online, you can visit a representative at any of the credit unions branches in Massachusetts or Virginia. You can also call the credit union if you have any account-opening questions.

Overall review of Hanscom Federal Credit Union’s products

Hanscom Federal Credit Union offers a very extensive range of accounts for its members. Whereas some financial institutions only offer a single checking or savings account, for instance, Hanscom Federal Credit Union carries four or more accounts of each type. Even in its IRAs, the credit union offers three options, a share account, a money market account and CDs.

For the most part, fees and minimums are low on Hanscom Federal Credit Union’s products. However, the credit union doesn’t offer a completely fee-free lineup, and it doesn’t offer fee rebates on non-network ATMs.

Interest rates offered at Hanscom Federal Credit Union are a mixed bag. Some accounts don’t pay any interest at all, while others are among the best available nationwide. Of particular note is the CU Thrive Automated Savings Program, which carries an exceptional rate but also has contribution limits and just a single, 12-month term.

With a broad range of product offerings that offer mostly competitive terms, Hanscom Federal Credit Union members shouldn’t have a problem finding accounts that serve their specific needs.

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