Knoxville TVA Employees Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Knoxville TVA Employees Credit Union’s checking account option

Regular Checking account

A basic, non-interest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None if you choose to receive e-statements; otherwise $2 with paper statements
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This no-frills checking account does not have the ability to earn interest. It does however have no minimum balance requirements and makes it easy to avoid its already very low monthly fee.

In addition to mobile and online banking, mobile check deposit, free Visa debit card, bill pay and checks, this account comes with uChoose Rewards®, which allows you to earn points that can be redeemed for cash. All you have to do is be sure to sign for purchases as credit when you use your debit card.

You can opt into overdraft protection by linking one of the bank’s savings accounts to this one in the event that you overdraw your checking account and would like to avoid that fee.

How to get Knoxville TVA Employees Credit Union’s checking account

Knoxville TVA Employees Credit Union allows eligible customers to open its checking account in person or online. All you have to do is first open a Regular Savings account with a minimum deposit of $5. You’ll need to have your Social Security number and government-issued ID on hand.

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How Knoxville TVA Employees Credit Union’s checking account compares

As we outline in our review of the best online checking accounts, you’ll want to do your best to seek out a checking account with no monthly fees, the ability to earn interest, no ATM fees, reimbursement of outside ATM fees and a strong mobile and online banking user interface.

While this checking account off most of those boxes, its lack of interest is a big one that will probably have you leaning toward choosing a product that has that and more. Consider one on our list instead.

Knoxville TVA Employees Credit Union’s savings account options

Regular Savings account

This account is required to establish membership at the credit union.
APYMinimum Balance Amount to Earn APY
0.15%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None if you choose to receive e-statements; $2 with paper statements
  • ATM fee: None for in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account is Knoxville TVA Employees Credit Union’s base membership account, which is required to open any other products. Although requirements are minimal, so is the interest rate. With this account, dividends are accrued daily and compounded quarterly. This savings account earns a small amount of interest. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six per month.

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Centsible Savings Program

This account collects the spare change from your checking account, earning interest all the while.
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is basically a “set-it-and-forget-it” account that allows you to stash away some savings from your checking account that can quickly add up and earn interest with regular debit card use. Each purchase on your debit card is rounded to the nearest dollar, and your “change” is then transferred to this account. Contact the bank for rate information. There’s no minimum balance requirement and the account does allow withdrawals. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Member’s Special/U-Name-It account

This account is virtually the same as the Christmas and Vacation accounts; it just allows you to name it for whatever savings goal you have (e.g. “new car,” “college fund,” etc.)
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to save for whatever special goal you’ve got on your horizon. It does have the ability to earn interest, but you’ll have to contact the bank to find out the rate, as this information is not published online.

This account also does not have ATM access, which makes it even easier to avoid touching your funds or overdrawing your account. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Christmas account

A savings account that allows you to save specifically for the holidays.
APYMinimum Balance Amount to Earn APY
0.10%
$0.00
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.00
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

As the name implies, this fee-free savings account is intended specifically for saving for the holiday season. If you know of a certain amount of cash you’d like to stash aside, this account is a great option to do so while earning a small amount of interest on it.

This account doesn’t have ATM access, which makes it easy to avoid overdrawing it (or touching your funds at all before you hit your goal).

On Oct. 1, all funds will be transferred to the checking or savings account of your choosing, though there is no penalty for withdrawing these funds early (assuming you don’t go over the maximum six certain withdrawals or transfers per month, per Federal Reserve Regulation D).

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Vacation account

A special savings account to save for an upcoming trip.
APYMinimum Balance Amount to Earn APY
0.10%
$0.00
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.00
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is virtually the same as the Christmas and U-Name-It accounts; the only difference is that it’s specifically designated for vacation savings funds that can earn a bit of interest. It doesn’t have ATM access, which allows you to avoid overdrawing the account. As a savings account, this one is subject to Federal Reserve Regulation D, which allows you to make a maximum of six certain withdrawals or transfers per month.

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Health Savings account

A health savings account with the ability to earn interest.
APYMinimum Balance Amount to Earn APY
0.75%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account is intended specifically for health care-related purchases, and as such, it does come with a debit card and ATM access. The fact that it earns interest, albeit a fairly small amount, is a nice touch. As a savings account, it’s subject to Federal Reserve Regulation D, which limits you up to six certain debits per month.

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Jump Start Savings account

This account allows you to initially earn a higher rate than the Regular Savings account.
APYMinimum Balance Amount to Earn APY
3.00%
$5-$500
0.15%
$500.01+
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

This account doesn’t differ much from the bank’s Regular Savings account. The only true difference is that you can earn a much higher rate on up to your first $500 deposited into the account, but then the rate goes down to match that of the Regular Savings account. Otherwise, this is pretty much another no-frills account with minimal fees and requirements, but no real perks either.

As a savings account, this one abides by Federal Reserve Regulation D, a rule that limits certain withdrawals and transfers up to six per month.

How to get Knoxville TVA Employees Credit Union’s savings accounts

Qualified customers can open one of the credit union’s savings accounts either online or in person. They’ll just have to be sure to open a Regular Savings account with a minimum deposit of $5 to start. To open an account, you’ll need your Social Security number and a government ID, such as a driver’s license.

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How Knoxville TVA Employees Credit Union’s savings accounts compare

Save for the rate on the first $500 on the Jump Start Savings account, the rates on the rest of Knoxville TVA Employees Credit Union’s savings accounts are really nothing to get excited about. Not only that, but none of these accounts really offer anything in the way of perks.

That said, don’t seek out Knoxville TVA Employees Credit Union for its savings accounts alone. Instead, we recommend shopping around and possibly going with one of the offerings on our list of the best online savings accounts.

Knoxville TVA Employees Credit Union’s CD rates

Certificates

These are standard, run-of-the-mill certificate products.
TermAPYMinimum Balance Requirement to Earn APY
6 months0.65%
$2,500
12 months1.20%
$2,500
18 months1.25%
$500
24 months1.60%
$500
30 months1.65%
$500
36 months1.70%
$500
42 months1.75%
$500
48 months1.80%
$500
60 months2.00%
$500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These accounts are pretty typical as far as CDs go. Most of the minimum balance requirements are fairly low, with the exception of the 6 and 12 month certificates, which don’t offer higher rates to match them. Dividends are compounded monthly, and if you open a certificate with an initial minimum of $100,000, you can earn 0.10 more on the dividend rate. If you open one with an initial minimum of $250,000, you may add 0.20 to the dividend rate.

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Certificate Specials

These CDs give you the option to deposit half the funds as new money in order to earn a slightly higher rate.
TermAPYMinimum Balance Requirement to Earn APY
12 months2.15% or 2.10%$1,000
18 months2.30% or 2.70%$1,000
36 months2.40% or 3.00%$2,500
60 months2.60% or 3.40%$2,500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These CDs require higher deposits to open than the regular CDs, with the option to earn an even higher rate if at least half of your deposit is new money. In either case, these CD rates are definitely more competitive than Knoxville TVA Employees Credit Union’s regular certificates. Dividends are compounded monthly on these certificates.

How to get Knoxville TVA Employees Credit Union’s CDs

As with most of Knoxville TVA Employees Credit Union’s personal banking products, eligible members can open these CDs in person or online after also opening a Regular Savings account with a minimum deposit of $5. To open a CD, you’ll need to provide your Social Security number and a government ID, such as a driver’s license.

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How Knoxville TVA Employees Credit Union’s CD rates compare

If you’re going to go with one of Knoxville TVA Employees Credit Union’s CDs, the ones on special are the way to go. The deposit requirements are higher than the regular products, but the competitive rates are a definite trade-off, and they are in line with those on our list of the best CD rates available.

Knoxville TVA Employees Credit Union’s money market account option

Member-Managed Funds account

This is Knoxville TVA Employees Credit Union’s only money market account, which offers four tier levels.
APYMinimum Balance to Earn APY
0.25%
$2,500
0.30%
$25,000
0.40%
$50,000
0.50%
$100,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $32

While this account doesn’t have a set amount required to open it, you will need to put away a decent amount to be able to earn interest. If you open this account as a checking account, you can get unlimited withdrawals with this account. If you open it as a savings account, this money market account is subject to Federal Reserve Regulation D, which means certain withdrawals and transfers are limited up to six per month.

How to get Knoxville TVA Employees Credit Union’s money market account

Eligible Knoxville TVA Employees Credit Union members can open this account at a branch location or online after also opening a Regular Savings account. You’ll need to be sure to be prepared with your Social Security number and a government ID.

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How Knoxville TVA Employees Credit Union’s money market account compares

While the rates offered on this account aren’t really anything to write home about, this account would be a better option than the bank’s Regular Checking account for the fact that you can earn interest on it at all, especially since there aren’t any fees associated with it. On the whole, though, this account’s rates can’t compete with those on our list of the best money market rates.

Knoxville TVA Employees Credit Union’s IRA account options

IRA Certificates

Knoxville TVA Employees Credit Union’s CDs are available to be opened within an IRA.
TermAPYMinimum Balance Requirement to Earn APY
6 months0.65%
$2,500
12 months1.20%
$2,500
18 months1.25%
$500
24 months1.60%
$500
30 months1.65%
$500
36 months1.70%
$500
42 months1.75%
$500
48 months1.80%
$500
60 months2.00%
$500
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For those with maturities of 17 months or less, it’s 90 days’ worth of dividends. For those with maturities of 18 months or more, it’s 180 days’ dividends.

These certificates are virtually the same as Knoxville TVA Employees Credit Union’s regular certificate accounts; the only differences are that these can be opened within an IRA, and IRA CD holders are able to earn 0.10 more on the rate. Dividends are compounded monthly on these IRA CDs.

How to get Knoxville TVA Employees Credit Union’s IRA CDs

Knoxville TVA Employees Credit Union members can open this account after opening a Regular Savings account with a minimum deposit of $5. However, unlike with the rest of the bank’s products, you’ll have to open the IRA in person at a branch.

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How Knoxville TVA Employees Credit Union’s IRA CD rates compare

Unfortunately, these IRA CD rates don’t compete with those on our list of the best IRA CD rates. Unlike with the regular certificates, the bank doesn’t offer IRA CD specials with higher rates. We say give these IRA CDs a hard pass and do your research to find one that will give you a better return on your investment.

IRA savings account

An IRA savings account offering four tier levels.
APYMinimum Balance Amount to Earn APY
0.30%
$5,000
0.35%
$25,000
0.45%
$50,000
0.50%
$100,000
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a typical IRA savings account, which allows you to earn a small amount of interest at four different tier levels. It doesn’t have any monthly fees or balance requirements, however. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Accumulation IRA

This IRA has a low opening deposit and balance requirement to earn the rate.
APYMinimum Balance Amount to Earn APY
0.30%
$25
  • Minimum opening deposit: $25
  • Minimum balance amount to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA doesn’t differ much from the IRA Savings account, save for the fact that it has very low opening deposit and balance requirements to earn the rate, which happens to be the same as the lowest tier rate on the other account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month.

How to get Knoxville TVA Employees Credit Union’s IRA savings accounts

Knoxville TVA Employees Credit Union members can open this account after opening a Regular Savings account with a minimum deposit of $5. As with the IRA CDs, however, you’ll have to open the IRA in person at a branch.

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Overall review of Knoxville TVA Employees Credit Union’s banking products

Overall, most of Knoxville TVA Employees Credit Union’s personal banking products aren’t anything to write home about, especially when you take a close look at their mediocre rates and lack of perks. The CD specials are definitely impressive, but who knows how long those will actually remain available. If that’s the product you’re after, call the bank to find out more details before committing to opening any of its other products.

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Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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