Kinecta Federal Credit Union Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Tuesday, September 1, 2020

Kinecta Federal Credit Union’s checking account options

Checking Plus

The ability to earn dividends and fee-free ATM withdrawals.

APY

Minimum Balance Amount

0.05%

none

0.25%

$100,000

0.25%

$250,000

0.25%

$500,000

0.25%

$750,000

0%

$1,000,000

  • Minimum opening deposit: None
  • Monthly account maintenance fee: $9 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 if no overdraft protection, if yes – $4 per transfer from share account, $2 per transfer for line of credit

This checking account is best for those who want to earn a bit of interest and those who intend on using their account more often. The monthly maintenance fee can be waived if you make a minimum of $500 in direct deposits or at least an average of $2,500 per month.

Aside from the usual features such as your first box of checks, online and mobile banking, bill pay and free remote deposits, you also don’t need to pay any ATM fees, except ones that the out-of-network provider charges.

How to get the Checking Plus account

To open a Checking Plus account, you can fill out an application form on Kinecta Federal Credit Union’s website. You’ll need to first become a member and indicate that you’ll make the $5 minimum deposit to open a savings account. Then you’ll need to select the account you want and provide personal details such as your name, address and government-issued ID. Then you’ll be able to fund your account, up to $3,000 online. If you want to make a larger deposit, you’ll need to wire funds or mail in your deposit amount.

You can also head to a local branch and open an account.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

Classic Checking

An interest-free checking account for those wanting a basic account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $4.95 (this can be waived)
  • ATM fee: $0.50 for transfers, $2 for cash withdrawals and $1 for balance inquiries
  • ATM fee refund: None
  • Overdraft fee: $30 if no overdraft protection. If yes – $4 per transfer from share account, $2 per transfer for line of credit

This is a basic checking account and is best for those who just want a simple everyday checking account. With the ability to use over 30,000 surcharge-fee ATMs in the CO-OP network, you may not need to pay any fees, but if you do, it’s good to know fees may be lower depending on the type of transaction you want to make.

You can waive the monthly maintenance fee by either making at least 10 debit purchases each month, maintain an average monthly balance of $1,500 or more and if the primary account holder is 18 and under. You can also waive the fee if you have a credit card, auto or mortgage with Kinecta Federal Credit Union in good standing and for the first three months after you open a new account.

With your account, you also get a free debit card and your first box of checks for free. You also get free mobile banking, remote deposit and bill pay.

How to get the Classic Checking account

Anyone can open an account by filling out an application form. To do so, head over to the online application form. You’ll need to indicate how you’ll become a member. You’ll then be asked to make a $5 minimum deposit to open a savings account and select the checking account you want. The form will ask you to provide personal details such as your name, address and government-issued ID. Then you can fund your account, up to $3,000 online. If you want to make a larger deposit, you’ll need to wire funds or mail in your deposit amount.

Otherwise, you can head to a local branch to open an account.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

magnifying glass

How Kinecta Federal Credit Union’s checking accounts compare

Unfortunately, Kinecta Federal Credit Union’s checking accounts fall short when compared to rates offered by their online competitors. Although its highest APY for its Checking Plus account is comparable to our list of the best checking account rates out there, it does require a high minimum deposit amount. Other competitors also offer ATM reimbursements and no monthly maintenance fees. If you’re after the best rates, you’re better off looking elsewhere.

Kinecta Federal Credit Union’s savings account

Primary Savings

Just your average savings account with low rates.

APY

Minimum Balance Amount

0.05%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

Every member of the credit union needs to open this account in order to access any of the other products and services Kinecta Federal Credit Union offers. While there is a monthly maintenance fee, it’s waived if it’s within the first three months of the account opening. You can also waive the fee if you maintain an average monthly balance of $250 or have multiple accounts under the same name.

Aside from that, you also get telephone and online banking, and dividends are credited every quarter. Since this is a savings account, Federal Regulation D mandates that account holders can only withdraw from their account a maximum of six times per month. Kinecta Federal Credit Union may charge a fee if you make excessive withdrawals.

How to get the Primary savings account

You can fill out an online application to open a savings account. First, you’ll need to indicate how you are eligible to become member. You’ll then need to indicate you’ll open a savings account and make the $5 minimum deposit. The form will also ask you to provide your personal details such as your name, address, employment information and government-issued ID. Afterward, you can fund your account.

Otherwise, you can also open an account by calling the credit union or heading to the nearest branch.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Kinecta Federal Credit Union’s savings account compares

Kinecta Federal Credit Union doesn’t even come close to other APYs offered by other online banks. Many offer no monthly minimum balance requirements and no monthly fees. Some have limited checking writing capabilities and/or ATM access. If you’re after the best rates possible, you’re better off doing some comparison shopping from our list of the current best savings accounts.

Kinecta Federal Credit Union’s CD rates

Regular share certificate

Fixed rate CDs with a variety of terms offered.

Term

APY

3 months

0.25%

6 months

0.40%

12 months

0.55%

2 years

0.75%

3 years

0.85%

4 years

0.90%

5 years

1.05%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Only applies to the principal withdrawn. If the CD is less than one year until maturity, you’ll need to pay 90 days of interest. If it’s more than one year until maturity, you’ll need to pay 180 days of interest.

This is a pretty basic fixed rate best for those who want a guaranteed rate of return on their investment. Interest is compounded monthly and credited either at the end of the month or when it matures. You can withdraw any interest earned without incurring any penalties. It’s only if you withdraw the principal amount that you do.

Kinecta Federal Credit Union may send you a notice 10 days before your maturity date. When the CD matures, you’ll have a seven-day grace period in which to renew, withdraw funds, add additional money or change it to a different term. If you do nothing, your CD will automatically be renewed.

Account holders who have minors can also opt into the Youth Club share certificate. The terms are the same, except for the 5 year term and the 18 month Bump up CD. The differences are that the minimum opening deposit is $200 and the account won’t be renewed if the account holder is 18 once the CD matures.

How to get a regular share certificate

To open an account, you’ll first need to become a member. To do so, fill out the online application form and indicate how you qualify to become a member. Afterward, you’ll need to open a savings account and make a $5 deposit to fulfill the membership requirements. Other details you’ll need to provide on the form include your name, address, employment information and a government-issued ID. Then you’ll need to fund your account.

You can also open a CD by heading to your nearest branch or by calling the credit union. You can only open a Youth club share certificate this way, though a minor can become a member if opening a joint with their parent or guardian.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

Jumbo share certificate

Offers pretty decent rates compared to its competitors.

Term

APY

3 months

1.05%

6 months

1.30%

12 months

1.75%

2 years

2.10%

3 years

2.10%

4 years

0.85%

5 years

2.50%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Only applies to the principal withdrawn. If the CD is less than one year until maturity, you’ll need to pay 90 days of interest. If it’s more than one year until maturity, you’ll need to pay 180 days of interest.

The jumbo CD is best for those who have a large sum of money to invest and want a conservative option that offers a guaranteed rate of return. Interest earned will be compounded monthly and will either be credited every month or upon maturity. This CD only penalizes you if you withdraw funds from the principal amount, not the interest you earn.

You may receive a notice 10 days before your CD matures. When it does, you will get a seven-day grace period in which to close the account, make additional deposits, or renew to another term. If nothing is done, then your CD will be automatically renewed.

How to get a Jumbo share certificate

You can open a jumbo CD online by first becoming a member. Head over to the application form and indicate how you can qualify to be a member and first open a savings account. Then, you’ll need to fill in personal details such as your name, address, employment information and government-issued ID. Then you’ll need to fund your CD by mailing a check or doing so via a wire transfer.

You can also open a CD by heading to your nearest branch or by calling the credit union.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

Liquid certificate

Term

APY

12 months

0.35%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Only applies to the principal withdrawn. If the CD is less than one year until maturity, you’ll need to pay 90 days of interest. If it’s more than one year until maturity, you’ll need to pay 180 days of interest.

Formerly known as Access Plus share certificates, the Liquid certificate gives you more flexibility compared to the fixed rate CDs. As long as you can maintain the minimum balance amount, you can make as many penalty-free withdrawals as you want, up to 50 percent of the daily balance. You’ll be subject to early withdrawal penalties if you take out more than that. Account holders can also make as many deposits as they want throughout the CD term.

Like other CDs, you may get a 10-day notice before your account matures. Upon maturity, you’ll get a seven-day grace period where you can decide what to do with the account. Otherwise, it’ll automatically be renewed.

How to get a Liquid certificate

You can fill out an online application form to get a Liquid certificate. If you’re not already a member, you’ll need to indicate on the form how you can qualify, then open a savings account with $5. You’ll also be asked to fill in personal details such as your name, address, employment information and government-issued ID. You can then fund your account.

You can also open an account by calling the credit union or in person.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

College Saver certificate

A great option for those looking to save for their child’s education.

Term

APY

Up until child turns 18 years old

2.25%*

*Variable APY
  • Minimum opening deposit: $200
  • Minimum balance amount to earn APY: $200
  • Early withdrawal penalty: Only applies to the principal withdrawn. If the CD is less than one year until maturity, you’ll need to pay 90 days of interest. If it’s more than one year until maturity, you’ll need to pay 180 days of interest.

This CD is meant for parents or grandparents who want to earn a guaranteed rate to help save for a child’s education. Anyone under 18 years is eligible. The rate you see above may change every month. Basically, the APY will be the same as a two year regular term CD rate if your account is less than $4,000 or the account is less than four years old when the rates change. If the CD is more than four years old and it has more than $4,000 in it, then the rate will be the same as the two year regular rate CD plus an additional 0.10%.

This account will mature on the account holder’s 18th birthday. You can’t renew this account and you must tell the credit union where the funds should go. Otherwise, the money will be transferred to your savings account.

How to get a College Saver certificate

You’ll need to either call the credit union or go to a local branch to open a College Saver account. To become a member, minors who are at least 13 years old can apply with a parent or guardian.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

Bump up certificate

This CD gives you an opportunity to increase your rates one time.

Term

APY

18 months

0.50%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Only applies to the principal withdrawn. If the CD is less than one year until maturity, you’ll need to pay 90 days of interest. If it’s more than one year until maturity, you’ll need to pay 180 days of interest.

This CD is perfect for those who want a relatively short term CD and the opportunity to increase rates. If it goes up, you can make a one-time request to adjust your CD to the higher rate before maturity.

You may get a reminder 10 days before the CD matures and when it does, you’ll have a seven-day grace period in which you can decide what to do. Otherwise, the funds will automatically be placed into an 18 month CD at whatever the current rate is, without the bump up option.

How to get the bump up certificate

You can get the bump up certificate by filling out an application form online. You’ll need to first indicate how you can qualify to be a member, then open a savings account alongside the CD you want to open. The form will ask you to provide personal details such as name, address, employment information and government-issued ID. Then you’ll need to fund your account.

You can also open an account by calling the credit union or in person.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Kinecta Federal Credit Union’s CD rates compare

Kinecta Federal Credit Union’s CD rates are pretty competitive compared to our list of the best CD rates out there. Its CDs have a lower minimum opening deposit amount. However, not all of its CD terms offer the best rates, so you’ll want to do some comparison shopping to see which is the best deal.

Kinecta Federal Credit Union does offer a unique CD account: the liquid certificate. If you’re after a CD where you can make additional funds and withdraw as often as you need, this is a great choice.

Kinecta Federal Credit Union’s money market account options

Money Market checking and savings

Get limited check writing capabilities, but at the expense of a low APY.

APY

Minimum Balance Amount

0.05%

none

  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: none

This is a pretty run-of-the-mill money market account. There is a monthly maintenance fee, but you can get it waived if you keep a $2,500 minimum daily balance. Interest earned is compounded monthly and there is the option to make this a checking account with limited check writing capabilities.

Because this is a savings account, you are only allowed six withdrawals a month as per Regulation D. You may be charged an excessive withdrawal fee if you make more than six. If you choose the IRA option for this account, you may be subject to tax penalties by the IRS, so make sure to check the rules and regulations before making any withdrawals.

How to get Kinecta Federal Credit Union’s money market account

You can open a money market account by heading to Kinecta Federal Credit Union’s website and filling out an application. If you’re not already a member, you’ll need to open a savings account in addition to the money market account. You’ll also need to fill in personal details such as your name, address and government-issued ID. All you need to do afterward is to fund your account.

If you’re opening a money market IRA, you’ll need to head to your local branch or call the credit union.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Kinecta Federal Credit Union’s money market accounts compare

Unfortunately, Kinecta Federal Credit Union’s money market account rates fall way short compared to other places. While it does have a lower minimum balance than some of the ones we’ve listed as having the current best money market rates, the low rate doesn’t seem to be worth it. Others on our list also have limited check writing capabilities, so you’re probably better off looking elsewhere for a decent rate.

Kinecta Federal Credit Union’s IRA options

IRA share certificates

These accounts offer a guaranteed rate of return.

Term

$1,000 minimum deposit

$100,000 minimum deposit

3 months

0.20%

0.25%

6 months

0.35%

0.40%

12 months

0.50%

0.55%

2 years

0.70%

0.75%

3 years

0.80%

0.85%

4 years

0.85%

0.90%

5 years

1.00%

1.05%

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Early withdrawal penalty: Only applies to the principal withdrawn. If the CD is less than one year until maturity, you’ll need to pay 90 days of interest. If it’s more than one year until maturity, you’ll need to pay 180 days of interest.

The rates you see here are pretty much the same for the regular rate CDs, and great for those who want an IRA account that offers a guaranteed rate of return. Interest is compounded monthly and either credited monthly or when the certificate matures. Keep in mind that in addition to the early withdrawal penalty, you may be subject to tax penalties from the IRS.

When your CD matures, you’ll get a seven-day grace period in which you can withdraw funds, add more money or renew for another term. If you do nothing, Kinecta Federal Credit Union will automatically renew your CD.

How to get Kinecta Federal Credit Union’s IRA CDs

You can open an IRA CD either by calling the credit union or going to the nearest branch.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Kinecta Federal Credit Union’s IRA CD rates compare

Kinecta Federal Credit Union’s IRA CD rates fall short when looking at other competitors. Many have rates at least double what’s advertised with Kinecta Federal Credit Union and also offer Traditional and Roth IRA options. Truth be told, if you’re looking for the best possible rates, you’re better off checking out our list of the current best IRA CD rates.

IRA savings account

An FDIC-insured account and different types of IRA accounts available.

APY

Minimum Balance Amount

0.05%

$1,000

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

This is a great account for those who are looking for a tax-deferred or tax-sheltered savings account, though the rate seems quite low for what you get. If you decide to authorize payroll deduction, you can open this account with a $1 initial deposit.

Because this is a savings account, you are limited to six withdrawals per month as stated by Federal Regulation D. Also, you may be penalized by the IRS under certain circumstances, so it’s best to know what your tax obligations are before withdrawing any cash.

How to get Kinecta Federal Credit Union’s IRA savings account

You can open an IRA CD either by calling the credit union or going to the nearest branch.

SEE DETAILS Secured

on Kinecta Federal Credit Union’s secure website

NCUA Insured

Overall review of Kinecta Federal Credit Union’s banking products

Most of Kinecta Federal Credit Union’s rates aren’t anything to write home about. Frankly, there are much higher rates to be had elsewhere. However, its CD rates are pretty competitive and offer a lower minimum opening deposit amount than other places. The credit union also offers a CD account where you can make additional funds, whereas not many other places do so.

If all you want is to find a great CD rate, Kinecta Federal Credit Union is a great choice. If you’re looking for place that offers the best rates overall, then you’ll want to look somewhere else.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?