Latino Community Credit Union Review: Checking, Savings, CDs and Money Market Accounts

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Latino Community Credit Union’s checking account options

Regular Checking

This is Latino Community Credit Union’s basic checking account, which requires no minimum opening deposit.
APYMinimum Balance Amount to Earn APY
0.10%
$250
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 when minimum balance of $250 is maintained; if not maintained, monthly fee is $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

Anyone who is looking for a low-cost checking account and can maintain the minimum balance requirement may enjoy this account. The $250 balance requirement is pretty low compared to other banks. If the balance is not met, a $2 monthly fee is charged. This account earns interest, which is an added benefit.

This account comes with a Visa debit card for ATM access and purchases. There is an option to receive e-statements for this account, which comes with online banking access. Consumers can clear 50 checks for free each month on this account. After that, a $1 fee applies per check.

How to get Latino Community Credit Union’s Regular Checking

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

CashPoints Global

This checking account is designed for those who send money abroad or travel frequently.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign multicurrency transactions, 1% fee. Single currency transactions, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: Debit transactions are limited to the amount in the account, so overdraft fees cannot be incurred.

Individuals who travel frequently or need to send money abroad will be best suited for the CashPoints Global checking account. This account is also marketed by Latino Community Credit Union as suitable for anyone who shops online.

This account requires no minimum balance, which is nice, but it’s noninterest-bearing. It comes with a Visa debit card and ATM access. There is an unavoidable $2 monthly maintenance fee.

This account comes with an option to receive e-statements. Account holders may designate authorized users on the account such as a student or family member in another country through the CashPoints Global feature.

How to get Latino Community Credit Union’s CashPoints Global

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Checking

The Youth Checking account is a starter checking account targeted toward teens ages 13 to 19.
APYMinimum Balance Amount to Earn APY
0.10%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: No fee
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month. Transactions beyond this amount will be charged a $30 fee.

The Youth Checking account is intended as an account to help teens “get a head start on life.”

Teens will earn interest on their account balance, which offers a nice incentive. They can receive e-statements on the account, access the account via online banking, access ATMs via a Visa debit card and basically have all the same privileges that come with the Regular Checking account for adults.

This account is best for teens who want to start learning about money and earn some interest on their checking account balance.

How to get Latino Community Credit Union’s Youth Checking

Apply to become a credit union member. You must be ages 13 to 19. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

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How Latino Community Credit Union’s checking accounts compare

While the institution advertises its checking account interest rates as being above average, they are not the best available when compared to the best online checking accounts.

Better checking account interest rates can be found elsewhere. The CashPoints Global and Youth Checking accounts do not require a minimum balance, which is on par with some of the best accounts available. They are enticing for consumers who want an account with no balance requirement.

Latino Community Credit Union’s savings account options

Regular Savings

Regular Savings is Latino Community Credit Union’s basic deposit account. It comes with a low initial deposit requirement, allowing almost anyone to begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

The Regular Savings account at Latino Community Credit Union allows individuals to open a savings account and begin saving with a very low opening deposit. This account would be good for anyone who wants to start saving but is intimidated by opening and minimum balance requirements.

There is a $2 monthly maintenance fee on this account, but only if balance drops below the $10 opening balance requirement. This account does earn interest — twice the rate on Latino Community Credit Union’s Regular Checking account.

Account holders can opt to receive e-statements and can access their account via ATMs. This account is opened as part of the new credit union membership process.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Regular Savings

This account is automatically opened for new credit union members.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Holiday Savings

This unique account offers a savings vehicle with one caveat: You cannot access your money until the end of October.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: N/A (withdrawals are not permitted from this account)
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for someone who wants to save but may lack the necessary discipline. This account is touted as a Holiday Savings account to help consumers save money for holiday expenses. While deposits can be made into this account throughout the year, none of the money is available until the end of October, when the entire account balance is transferred to an account chosen by the member.

While this account is intended for holiday saving, it could be used for any savings milestone.

This account would not be good for anyone who plans to make withdrawals from their savings account or needs access to their money prior to Oct. 31 of each year.

This account earns interest and comes with other basics, such as e-statements, access to ATMs and online banking.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Holiday Savings

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Savings

The Youth Savings account is a starter savings account for teens that requires a minimal opening deposit.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for anyone ages 13 to 19 who wants to open a savings account with specific goals — a car, college or something else.

The $10 minimum initial deposit requirement is low, which could help encourage teens to begin saving. If that balance is maintained, there is no monthly maintenance fee. This account does earn interest.

It also comes with the basics such as the option to receive e-statements, online banking and ATM access. There is no overdraft protection on this account. To be a member of Latino Community Credit Union, this account must be opened if you’re ages 13 to 19.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Youth Savings

Visit a local branch to open this account. All account holders must be credit union members first — and must be ages 13 to 19.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Children Savings

The Children Savings account is for those 12 and younger, and is intended to help them learn about money and begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

According to Latino Community Credit Union, this account will help teach children about the value of money and encourage saving. The account requires a low opening deposit amount and a low minimum balance. The Children Savings account comes with membership to Tita’s Savings Club, a savings program for youth.

The account must be jointly opened and held with a parent, grandparent or other adult. There is no monthly maintenance fee on this account, which is nice. This account earns interest.

Once the account holder reaches age 13, their account will be converted to a Youth Savings account. All account holders for this account must first be a member of Latino Community Credit Union. Checks cannot be written on this account, and Automated Clearing House debits are not allowed on the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Children Savings

Visit a local branch to open this account. All account holders must be credit union members first and must be 12 or younger.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

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How Latino Community Credit Union’s savings accounts compare

Each account offers different features or is geared toward a specific age group.

But when compared to the best online savings accounts, the APY on the accounts that provide interest are nowhere near the highest rate available. Consumers looking for a high interest rate on savings accounts should look elsewhere.

Latino Community Credit Union’s CD rates

Regular Certificates of Deposit

These are the bank’s regular CD products, available in varying terms. Rates may change at any time.
TermAPY
6 months1.50%
12 months1.70%
18 months1.80%
24 months2.00%
36 months2.15%
48 months2.20%
60 months2.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months

These CDs would be best for anyone who does not need access to their money for six to 60 months and would like to earn interest.

The CDs require a $500 minimum initial deposit, with rates fixed by duration.

Latino Community Credit Union’s CDs come with an option to receive e-statements and online access to the account. Interest on these CDs accrues daily but is not compounded.

How to get Latino Community Credit Union’s Regular CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Cash Back Certificates of Deposit

These CDs provide cash back when they’re opened.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This CD would be good for anyone who can meet the $5,000 opening balance requirement and would like to receive a little extra incentive for their investment via the cashback perk.

The bonus is 1% of the total deposit amount rounded to the nearest cent. This bonus comes in addition to interest earned on the CD. The CD must be kept for at least one year from the date of opening; otherwise, the bonus amount will be forfeited.

These CDs come with online banking and an option to receive e-statements. Organizational members cannot open these CDs. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Cash Back CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Good Homes Vibrant Communities CD

These CDs are intended to support the goal of first-time homeownership.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for a first-time homebuyer with the minimum $500 opening deposit amount who can agree to the reasonable terms.

Latino Community Credit Union sees homeownership as a key way for families to build and transfer wealth across generations.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Good Homes Vibrant Communities CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Next Generation CD

These CDs are intended to support an investment in the future by supporting children.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 month duration; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for anyone who can meet the $500 minimum opening deposit amount, can agree to the minimum terms and would like to support their family’s next generation.

According to Latino Community Credit Union, money invested in this CD will “circulate in” and “benefit your community,” namely in the form of helping local families who want to invest in their children’s future. Basically, the bank will use this money to offer loans to families with children.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Next Generation CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

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How Latino Community Credit Union’s CD rates compare

The rates for the Regular CDs are OK, but not the best available when compared to the best CD rates. A careful examination of the duration of a CD product — along with the interest rate — would be best before investing. The higher-term CDs offered by Latino Community Credit Union come close but may have a higher term than other CDs with the same interest rate.

Latino Community Credit Union’s money market account option

Money Market

Latino Community Credit Union says its Money Market account will offer a “better” return on a “bigger” balance.
APYMinimum Balance Amount to Earn APY
1.01%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: No fee if minimum balance is maintained; otherwise, $5 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: N/A
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

This Money Market account would be best for someone looking for more interest than the standard savings accounts offered by Latino Community Credit Union. This account does require a $500 minimum balance amount to earn APY and to avoid monthly fees.

This account earns interest and comes with the basics: an option for e-statements, online banking and ATM access.

The Money Market account would not be well-suited for anyone who wouldn’t be able to keep the minimum balance in the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Money Market account

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

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How Latino Community Credit Union’s money market account compares

When compared on an interest rate basis, this account just barely is on par with the best money market rates available. But many of the accounts with the best rates do not require much of a minimum balance, which the Latino Community Credit Union Money Market account does.

Overall review of Latino Community Credit Union’s banking products

Latino Community Credit Union offers some nice niche products. It has products to encourage saving for those younger than 18, and for teens to learn how to use a checking account. This is better than most institutions, which either offer nothing or just one youth savings account — and forget about checking.

For those who want to invest in a “cause,” the CD products that are closely connected to Latino Community Credit Union’s loan products are worth a look.

The adult checking, savings and money market accounts cover the basics and are nothing special. They do not offer the best interest rates available.

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Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

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