Jovia Financial Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Friday, January 31, 2020

Jovia Financial Checking Account

Go Green Checking account

This account pays an amazing interest rate if you can meet certain requirements.
APYBalance to Earn APY
1.50%$0.01 - $24,999.99*
0.15%$25,000 and above
*if conditions are met. Otherwise, the APY for all balances is 0.30%
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • Account activity requirements to earn APY: You need to fulfill the below requirements to achieve the higher rate:
    • Have direct deposits of $100 or Bill Pay of 1+ bills per month
    • Have debit card transactions totaling at least $250
    • Enroll in paperless statements
  • ATM fee: None at Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each
  • ATM fee refund: Up to $20 per month on non-Jovia Financial ATMs if you meet the APY requirements above
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from an eligible account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10. Under the courtesy pay service, if you make a transaction when you do not have funds available in your account, the bank makes the purchase for you from its own deposits — for a charge of $19 per transaction.

This account offers two annual percentage yield (APY) tiers. The portion of your balance above $25,000 earns 0.15% APY, although it’s still one that rivals some other checking accounts we’ve seen. The account comes with online and mobile banking services, and a Visa debit card. If you meet the additional requirements to get the bonus APY, you can get up to $20 per month in ATM fee refunds. The Go Green checking account will also send your first order of checks for free.

How to get Jovia Financial’s checking account

Once you’ve proven how you qualify for membership and applied to open your Share Savings account with no minimum deposit, you can open this checking account online, over the phone or in person at a Jovia Financial Credit Union branch. Because of the geographic limitations for joining this credit union, you will need to fill out more information than you would for most bank accounts. To join, you’ll need to have your government-issued ID and Social Security number handy, as well as any additional information Jovia Financial requires to check eligibility.

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How Jovia Financials’s checking account compares

If you are able to meet the requirements to earn APY on this account, it looks like a slam dunk. Low ATM fees, a solid ATM refund and no minimum opening deposit make this account an absolute winner. It’s quite rare, even if there are some requirements. Two thumbs up for this account, which ranks not far behind the top accounts on our listing of the best high-yield checking accounts.

Jovia Financial Savings Accounts

Share Savings account

This account is required to open any of the credit union’s other personal accounts.
APYMinimum Balance to Earn APY
Up to 0%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: None on Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

This savings account is your (required) gateway to opening any other Jovia Financial personal accounts, as your deposit of $5 represents your share in the credit union, and also is the minimum required amount you must carry in the account in order to have access to Jovia Financial’s other products.

Despite providing access to Jovia Financial’s ATM network and use of their mobile and online banking products, this savings account doesn’t offer much else. It looks similar to other savings accounts, and it is subject to Federal Reserve’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. Transactions beyond that will face a $10 fee from the Credit Union.

Tuition Builder

This higher-yielding account is designed to put money away for your education.
APYMinimum Balance to Earn APY
1.19%$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-bearing account is meant to serve as a savings fund for education-related expenses, such as college tuition and room and board. It comes with a low opening deposit requirement, as well as mobile and online banking capabilities. The APY is decent, but the account shines in its low minimum balance minimum deposit.

It can only be accessed (for non-tuition-bill related activity) from June 1-30 and Dec. 1-31 without otherwise incurring a penalty (90 days of interest). As a savings account, this one is subject to the Fed’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. More than that and you’ll be subject to a $10 fee from the Credit Union.

Holiday, Camp or Vacation account

This account allows you to save and designate funds for a special occasion.
APYMinimum Balance to Earn APY
0.30%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This sub-savings account is a great way to sock away funds for a special purchase or occasion, earning interest all the while. The fact that it doesn’t come with ATM access makes it easy to avoid touching this money before you intend to. As a savings account, this is subject to the Fed’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. Additional transactions will include a $10 fee from the Credit Union.

Dollar Dog Kids account

This account can be opened for a child of any age up to 10 years old, after which it will convert into an Elements Teen Club account.
APYMinimum Balance to Earn APY
1.00%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-bearing youth account allows young customers easy access to their money at branch locations, as well as through the credit union’s online and mobile banking platforms. As is to be expected, a parent, legal guardian or adult member of the child’s family needs to be a joint owner on the account as well as any accompanying accounts or debit cards. When the account matures and converts to a normal savings account, the parents or legal guardians are carried over on the account. As a savings account, this is subject to the Fed’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. More than that, and you’ll pay a $10 fee to the Credit Union.

Elements Teen Club account

This account can be opened for children ages 11 to 17, after which it will turn into a Share Savings account.
APYMinimum Balance to Earn APY
1.00%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: If account holder also has a Go Green Checking account with a debit card, no fees on Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $30

Jovia Financial’s teen account is very similar to the kids’ account as far as its requirements, interest rates and perks are concerned. However, you don’t need a parent, legal guardian or adult family member to be a joint owner. The interest is lower than on some of the credit union’s other accounts, but youth accounts typically don’t offer high APYs as they are designed more to teach younger people how to save than to accrue serious interest. As a savings account, this one is subject to the Fed’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. After that, there’s a fee imposed by the Credit Union.

How to get Jovia Financial’s savings accounts

Jovia Financial’s Share Savings account can be opened online, over the phone or in person in a Jovia Financial branch once you’ve proven eligibility and provided your Social Security number and government-issued ID. The youth accounts must be opened in person with the necessary documents from a parent or guardian, who must serve as a joint owner on the Dollar Dog account or on the Go Green Checking account with a debit card for kids under age 17.

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How Jovia Financial’s savings accounts compare

The savings accounts offered by the credit union seem fairly basic and rates-wise, none of them compare to the top offerings on our list of the best online savings accounts. While it wouldn’t hurt you to open any of them to become a member of the credit union and access one of its other products, we wouldn’t necessarily add Jovia Financial’s savings accounts to any of our best-of listings.

Jovia Financial Certificates of Deposit

The credit union’s CDs offer decent rates on its longer term lengths.
TermAPY
3 months0.30%
6 months0.40%
1 year0.55%
18 months1.80%
30 months2.05%
2 years0.75%
3 years0.90%
4 years1.05%
5 years1.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • Less than 1 year: 90 days’ worth
    • 1 year to less than 3 years: 180 days’ worth
    • 3 years or more: 270 days’ worth

These CDs are pretty run-of-the-mill as far as their opening deposit requirements and early withdrawal penalties are concerned. They renew automatically once the term is completed, although the renewal terms are not exactly the same and somewhat shorter. CDs at Jovia Financial have decent rates and should be considered as standalone accounts, versus an add-on as they might be if they had lower rates.

How to get Jovia Financial’s CDs

Once you’ve determined that you qualify to become a member and have opened a Share Savings account with a minimum deposit of $5, you can open a CD online, over the phone or in person at a Jovia Financial branch. To join, you’ll need to have your government-issued ID and Social Security number handy, as well as any additional information Jovia Financial requires based on your eligibility selections.

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How Jovia Financial’s CD rates compare

Compared to the products on our list of the best available CD rates, Jovia Financial’s rates fall somewhere in the middle. You can easily find CDs with lower requirements and penalties that offer a more competitive rate. The difference in APYs with CDs can be fairly competitive, but Jovia Financial loses the edge when it comes to minimum deposit amounts.

Jovia Financial’s Money Market account

Money Market account

This money market account allows account holders to earn interest at different tiers.
APYMinimum Balance to Earn APY
0.20%$2,500
0.30%$25,000 and above
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • Early withdrawal penalty: On maturities of less than 1 year at account opening or account renewal, it’s 90 days’ worth of dividends on the amount withdrawn; on maturities of one year to less than three years at account opening or account renewal, it’s 180 days’ worth of dividends on the amount withdrawn; on maturities of 3 years or more at account opening or account renewal, it’s 270 days’ worth of dividends on the amount withdrawn.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Jovia Financial’s money market account allows you to earn a small amount of interest at different tiers, while offering the same online and mobile banking capabilities as its other products. As a savings account, this one is subject to the Federal Reserve’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. After that, you’ll pay a fee to the Credit Union.

Although it isn’t listed in the APY table above, you can have a money market account with a minimum balance of less than $2,500. However, the account still requires the minimum $2,500 opening deposit, and won’t earn any interest until the minimum balance amount is over $2,500.

How to get Jovia Financial’s money market account

As with most of the credit union’s other personal banking products, you can open its money market account online, over the phone or in person at a branch after proving you qualify to become a member and opening its Share Savings account with a minimum deposit of $5. To do so, you’ll need to provide your government-issued ID and Social Security number, as well as other personal details.

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How Jovia Financial’s money market account compares

When comparing the rates on this account to those on our list of the best money market account rates, Jovia Financial’s account doesn’t quite measure up. It also requires a sky-high minimum balance requirement to earn a somewhat decent APY. Some of the accounts on our list offer twice these rates on much lower balance amounts, and therefore they should be the first ones to consider.

IRA CD rates

The same CDs are available to open within an IRA with a lower opening deposit.
TermAPY
3 months0.30%
6 months0.40%
1 year0.55%
2 years0.75%
3 years0.90%
4 years1.05%
5 years1.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • Less than 1 year: 90 days of interest
    • 1 year to 3 years: 180 days of interest
    • 3 years or more: 270 days of interest

These IRA CDs are virtually the same as the regular CDs, with the exception that they require a lower opening deposit ($500). This, along with the early withdrawal penalty, are pretty standard as far as IRA CDs are concerned.

How to get Jovia Financial’s IRA CDs

Once you’ve determined that you qualify to become a credit union member and have opened your Share Savings account with a minimum deposit of $5, you can open an IRA CD by calling Jovia Financial or visiting a branch in person.

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How Jovia Financial’s IRA CD rates compare

The opening deposit requirements and early withdrawal penalties fare pretty similarly in comparison to the accounts on our list of the best IRA CD rates, but that’s where the similarities end — Jovia Financial’s IRA CD rates don’t appear to compete. You’ll want to do your due diligence and take your time shopping around when it comes to saving for your retirement, so consider one of the IRA CDs on our list instead.

Liquid Savers IRA

This savings account can be opened as a traditional, educational or Roth IRA.
APYMinimum Balance to Earn APY
0.25%$3.03
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $3.03
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is Jovia Financial’s IRA savings account, which can be opened as a traditional or Roth IRA. As a savings account, this one is subject to the Fed’s Regulation D, which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. After that, there’s a fee imposed by the Credit Union.

How to get Jovia Financial’s IRA savings account

Just like with the IRA CDs, once you’ve determined that you qualify to become a Jovia Financial member and have opened your Share Savings account with a minimum deposit of $5, you can open an IRA CD by contacting Jovia Financial through the link below.

Overall review of Jovia Financial’s banking products

Jovia Financial Credit Union’s checking account pays competitive rates — some of the highest we’ve seen. Some of the options for younger savers are nice and also pay higher rates than competitors, and are worth considering. You need to remember that in order to grab the high rates in the checking account you need to meet certain criteria, which some customers might find too restrictive or demanding. However, compared to the requirements at other institutions to earn similar interest rates, Jovia Financial’s requirements are lower than most. The ATM access and breadth of account types makes Jovia Financial an interesting contender.

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