Logix Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Logix Federal Credit Union’s checking account options

Advantage Checking

This checking account doesn’t earn interest and comes with a potential monthly fee of up to $5.95. We don’t see the “advantage” of signing up for this one.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5.95, or $3.95 if you receive electronic statements (this can be waived)
  • ATM fees: None at Logix Federal Credit Union or CO-OP ATMs; $1.95 per transaction at other ATMs (waived if you have at least Silver relationship status)
  • ATM fee refunds: Up to $3.50 per transaction if you have Silver status; otherwise, no refunds
  • Overdraft fees: $30

You need to deposit at least $25 to open a Logix Federal Credit Union Advantage Checking account. This account charges a $5.95 monthly maintenance fee if you receive paper statements or a $3.95 monthly fee if you go with electronic statements. But Logix Federal Credit Union will waive the fee if you meet one of the following:

  • You make a direct deposit of at least $250
  • You have at least a $750 daily checking balance
  • You have at least Gold status with the credit union, which means a combined loan and deposit balance of at least $35,000

The Advantage Checking account does not earn interest. It only comes with the basics such as a debit card and online banking. If you spend on the debit card, you earn reward points, which you can redeem for gift cards, electronics or a cash deposit in your savings account.

You can open an Advantage Checking account online or by visiting one of its branches. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to make your initial deposit.

As part of the enrollment, you will also need to open a Logix Federal Credit Union savings account with a deposit of at least $5. Every member of the credit union needs this account.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

Premier Checking

Logix Federal Credit Union’s standard, interest-earning checking account. The base interest rate is very low, but it gets better when you have relationship status.
APYMinimum Balance to Earn APY
0.05%$2,500 (no reward status)
0.10%$2,500 (Silver status)
0.25%$2,500 (Gold status)
0.40%$2,500 (Platinum status)
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8.95, or $6.95 if you receive electronic statements (this can be waived)
  • ATM fees: None at Logix Federal Credit Union or CO-OP ATMs; $1.95 per transaction at other ATMs (waived if you have at least Silver relationship status)
  • ATM fee refunds: Up to $3.50 per transaction if you have Silver status; otherwise, no refunds
  • Overdraft fees: $30

You need to deposit at least $25 to open a Premier Checking account. This account charges an $8.95 monthly maintenance fee if you receive paper statements or a $6.95 monthly fee if you go with electronic statements. But Logix Federal Credit Union will waive the fee if you meet one of the following:

  • You have at least a $2,500 daily checking balance
  • You have at least Gold status with the credit union, which means a combined loan and deposit balance of at least $35,000

The Premier Checking account earns interest so long as you have a balance of at least $2,500. The rate depends on your reward status. It’s very low for customers with no status and gradually increases until it is respectable for customers with Platinum status, which means a combined balance of at least $100,000 in deposit accounts and loans at the credit union.

The Premier Checking account also comes with a debit card and online banking. If you spend on the debit card, you earn reward points, which you can redeem for gift cards, electronics or a cash deposit in your savings account.

You can open a Premier Checking account online or by visiting one of its branches. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to make your initial deposit.

As part of the enrollment, you will also need to open a Logix Federal Credit Union savings account with a deposit of at least $5. Every member of the credit union needs this account.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

High Rate Checking

You need to deposit at least $20,000 to use Logix Federal Credit Union’s High Rate Checking account. This top rate is OK, but not nearly high enough to justify the massive deposit requirement.
APYMinimum Balance to Earn APY
0.30%$20,000
0.40%$50,000
0.45%$100,000
  • Minimum opening deposit: $20,000
  • Monthly account maintenance fee: $12.95, or $10.95 if you receive electronic statements (these can be waived)
  • ATM fees: None at Logix Federal Credit Union or CO-OP ATMs; $1.95 per transaction at other ATMs (waived if you have at least Silver relationship status)
  • ATM fee refunds: Up to $3.50 per transaction if you have Silver status; otherwise, no refunds
  • Overdraft fees: $30

The Logix Federal Credit Union High Rate Checking account has an incredibly steep minimum opening deposit. You need at least $20,000 to open this account. After that, this account also charges a costly monthly fee. It’s $12.95 if you use paper statements, or $10.95 if you only use electronic statements. But the credit union will waive the fee if you meet one of the following:

  • You have at least a $20,000 daily checking balance
  • You have at least Gold status with the credit union, which means a combined loan and deposit balance of at least $35,000

This account earns interest so long as your balance is at least $20,000. The rate increases as you deposit more before maxing out at a balance of at least $100,000. Even at the top level, the rate is just OK.

Before you can open a High Rate Checking account, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a High Rate Checking account through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

Teen Checking

This account is only available for customers ages 13 through 17. It automatically waives several of the fees and includes the benefits of Silver status.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $3.50 per transaction
  • Overdraft fees: $30

Customers between the ages of 13 to 17 can open a Teen Checking account. This account requires an opening deposit of at least $25. It provides the same basic banking services as Advantage Checking but waives several of the fees. First, this account doesn’t charge a monthly fee.

Logix Federal Credit Union also automatically gives this account Silver status benefits, even if the customer doesn’t have a large enough balance to qualify. With this status, the account holder does not owe a fee for using out-of-network ATMs. If an ATM owner charges a fee, Logix Federal Credit Union will refund up to $3.50 per transaction.

Before you can open a Teen Checking account, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a Teen Checking account through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

Nextgen Checking

A discounted checking account for customers between the ages of 18 to 24. Identical to Advantage Checking, except it has lower fees and balance requirements.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $2.95, or none if you receive electronic statements (this can be waived)
  • ATM fees: None
  • ATM fee refunds: Up to $3.50 per transaction
  • Overdraft fees: $30

Logix Federal Credit Union’s Nextgen Checking account is only available for customers between the ages of 18 to 24. The minimum opening deposit is at least $25. It offers the same basic banking services of Advantage Checking, except it has lower fees.

First, the monthly account maintenance fee is lower. It’s only $2.95 for paper statements, or free when you just use electronic statements. You can also get the fee waived if you:

  • Make a direct deposit of at least $100
  • Have at least a $250 daily checking balance
  • Have at least Gold status with the credit union, which means a combined loan and deposit balance of at least $35,000

Also, this account automatically comes with Silver status benefits. This means you will not owe a fee for using out-of-network ATMs, and if the ATM owner charges a fee, Logix Federal Credit Union will refund up to $3.50 per transaction.

This account does not earn interest. But if you spend on the debit card, you earn reward points, which you can redeem for gift cards, electronics or a cash deposit in your savings account.

Before you can open a Nextgen Checking account, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a Nextgen Checking account through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

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How Logix Federal Credit Union’s checking accounts compare

Credit unions typically have lower fees on their accounts than larger banks. That’s why we were a little surprised to see how costly some of the Logix Federal Credit Union’s checking accounts could be.

Nearly all its checking accounts come with a monthly maintenance fee. Also, Logix Federal Credit Union charges an out-of-network ATM fee and doesn’t refund fees from the ATM owner unless you have Silver status, which means keeping at least $20,000 in combined balances at the credit union.

We also weren’t blown away by its checking account rates. While its interest-earning accounts pay more than the large national banks, they are still nowhere near the best rates on the market today.

Because of the costly fees, high balance requirements and so-so interest rates, we aren’t crazy about these checking accounts. For a low-fee account with a generous interest rate, you could consider something on this list of the best online checking accounts in the country.

Logix Federal Credit Union’s savings account options

Main Savings

Every member of Logix Federal Credit Union needs to open this savings account. It pays an average interest rate not high enough that we’d go out of our way to deposit money.
APYMinimum Balance to Earn APY
0.25%$0.01
0.25%$2,500
0.25%$7,500
0.25%$10,000
0.25%$25,000
0.25%$50,000
0.25%$100,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Logix Federal Credit Union or CO-OP ATMs; $1.95 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $30

If you want to join Logix Federal Credit Union, you need to open a Main Savings account with a deposit of at least $5. You also need to keep a minimum daily balance of at least $5 in the account to keep your membership active.

The Logix Federal Credit Union Savings account does not charge a monthly maintenance fee. It also pays interest on all balances. Even though Logix Federal Credit Union has set up tiers for the account’s interest rate, you earn the same rate no matter how much you deposit.

Since this is a savings account, the government limits how often you can take out money. Each month, you can only make six transactions such as transfers to other accounts, checks, debit card purchases, bill payments and bank drafts. There’s no limit on ATM or bank withdrawals, so you can make as many of these as you’d like. On Oct. 23, 2018, we asked Logix Federal Credit Union’s customer service department what would happen if you tried to make more than six of the restricted transactions. It said it will block the transaction but will not charge a fee.

You can open a Logix Federal Credit Union Main Savings account online, at one of its branches or by mailing in the new membership forms. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to make your initial deposit.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

Holiday and Vacation Club

These savings accounts hold on to your money until you reach a certain point in the year, such as summer vacations. They earn the same rate as the Main Savings account.
APYMinimum Balance to Earn APY
0.25%$0.01
0.25%$2,500
0.25%$7,500
0.25%$10,000
0.25%$25,000
0.25%$50,000
0.25%$100,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Logix Federal Credit Union or CO-OP ATMs; $1.95 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $30

Logix Federal Credit Union also offers Holiday and Vacation Club accounts. These accounts earn the same interest rate as the Main Savings account. There is no minimum opening deposit to set one up, and these accounts do not charge a monthly maintenance fee.

The key difference is these accounts save your money up to a certain point during the year and then they will release everything to your checking account so you can spend. The Vacation Club account releases your money on June 1, while the Holiday Club account releases your money on Nov. 1, in time for Christmas and other holiday shopping.

On Oct. 23, 2018, we asked customer service if you could access your money before the deadline. We were told yes. There’s also no penalty for taking money out early.

Since these are savings account, the government limits how often you can take out money. Each month, you can only make six transactions such as transfers to other accounts, checks, debit card purchases, bill payments and bank drafts. There’s no limit on ATM or bank withdrawals, so you can make as many of these as you’d like. On Oct. 23, 2018, we asked Logix Federal Credit Union’s customer service department what would happen if you tried to make more than six of the restricted transactions. It said it will block the transaction but will not charge a fee.

You can open a Logix Federal Credit Union Holiday or Vacation Club account online, at one of its branches or by mailing in the new membership forms. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport.

As part of the enrollment, you will also need to open a Logix Federal Credit Union savings account with a deposit of at least $5. This is a membership requirement.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

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How Logix Federal Credit Union’s savings accounts compare

Everyone who joins Logix Federal Credit Union needs to open a savings account with a balance of at least $5. For a mandatory savings account, it isn’t terrible. The interest rate is average and there’s no monthly fee. Still, the rate is too low for us to get excited about, especially since you can’t earn more by depositing more.

The Holiday and Vacation Club accounts are basically the same, except they release all your funds at a set date during the year. They use the same low rate as the Main Savings account, which will make it difficult to reach your holiday and vacation goals.

While the Logix Federal Credit Union savings accounts aren’t the worst, there are much better options for growing your money. These savings accounts are also low-fee and earn four times as much, if not more, as Logix Federal Credit Union.

Logix Federal Credit Union’s CD rates

Regular Certificates

Logix Federal Credit Union’s CD rates are average, though they have some more generous promotions. If you have relationship status, you also receive a rate increase.
TermAPY (base)APY (Silver)APY (Gold)APY (Platinum)
91 days0.15%0.25%0.35%0.55%
6 months0.20%0.35%0.60%0.80%
12 months0.45%0.60%0.85%1.05%
12 months (Flex)0.30%0.45%0.70%0.90%
12 months (Bump)0.35%0.50%0.75%0.95%
13 months (Promo)2.35%2.35%2.35%2.35%
18 months0.45%0.60%0.85%1.05%
24 months0.50%0.65%0.90%1.10%
27 months (Promo)2.50%2.50%2.50%2.50%
36 months0.55%0.70%0.95%1.15%
48 months0.60%0.75%1.00%1.20%
60 months

0.65%0.80%1.05%1.25%
  • Minimum opening deposit: $1,000 ($2,500 for promos, $5,000 for 12-month Bump)
  • Minimum balance amount to earn APY: $1,000 ($2,500 for promos, $5,000 for 12-month Bump)
  • Early withdrawal penalty: For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn; for terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn; for terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn

The Logix Federal Credit Union Regular Certificates range from as short as 91 days up to 60 months (five years). You must deposit at least $1,000 to open a Regular Certificate and keep this much in the account to earn the APY.

Logix Federal Credit Union’s rates are average. If you have relationship status because of your combined balance at the credit union, it will give you a higher interest rate based on your status (Silver, Gold or Platinum).

It has several promotional offers with different rates and terms. It currently offers promotions for a 13-month and 27-month certificate with higher rates. The 27-month certificate also comes with a bump-up feature, which automatically increases your rate if market rates go up before your certificate matures. You must deposit at least $2,500 to use these promotions.

Logix Federal Credit Union also offers a 12-month Bump certificate that takes a minimum deposit of $5,000. If the credit union starts paying more after you sign up, you have the option for a one-time rate increase. Finally, Logix Federal Credit Union has a 12-month Flex certificate, which takes a $1,000 deposit. This certificate lets you make one additional contribution within the first 11 months of opening, and you can withdraw up to 25% of your initial deposit without a penalty.

If you make an early withdrawal on the other certificates or go over 25% for the Flex certificate, Logix Federal Credit Union charges an early withdrawal penalty:

  • For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn
  • For terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn
  • For terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn

If you take money out of your certificate early so that you can transfer the funds into a qualified brokerage product with Logix Financial Services (either a qualifying annuity or mutual fund), the credit union will waive the early withdrawal penalty.

Before you can open a Regular Certificate, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a Regular Certificate through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

Jumbo Certificates

If you deposit at least $100,000 in a certificate, you get a small rate bump versus the Regular Certificate rates. It’s not much, though, considering the size of your contribution.
TermAPY (base)APY (Silver)APY (Gold)APY (Platinum)
91 days0.25%0.35%0.45%0.65%
6 months0.30%0.70%0.70%0.90%
12 months0.55%0.70%0.95%1.15%
18 months0.55%0.70%0.95%1.15%
24 months0.60%0.75%1.00%1.20%
36 months0.65%0.80%1.05%1.25%
48 months0.70%0.85%1.10%1.30%
60 months0.75%0.90%1.15%1.35%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn; for terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn; for terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn.

If you deposit at least $100,000 into a certificate, you qualify for Logix Federal Credit Union’s Jumbo Certificate rates. You must deposit at least $100,000 and keep this much in the account to earn the APY.

The rates are slightly higher than the Regular Certificate rates, but not by much. You can also qualify for higher rates if you have relationship status with Logix Federal Credit Union (Silver, Gold or Platinum).

If you make an early withdrawal from your Jumbo Certificate, Logix Federal Credit Union charges an early withdrawal penalty:

  • For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn
  • For terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn
  • For terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn

If you take money out of your certificate early so that you can transfer the funds into a qualified brokerage product with Logix Financial Services (either a qualifying annuity or mutual fund), the credit union will waive the early withdrawal penalty.

Before you can open a Jumbo Certificate, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a Jumbo Certificate through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

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How Logix Federal Credit Union’s CD rates compare

Logix Federal Credit Union offers so many different options for its certificates that it’s a little overwhelming. Not only does it offer a wide range of terms, but it also has normal rates, Jumbo Certificate rates, relationship status rates, promotional offers, Bump CDs and Flex CDs. While this gives you a lot of room to customize, it makes it a little tricky to identify the best offers.

After reviewing everything, we believe its 13-month and 27-month promotions are by far the most competitive. The rest of the certificates only pay average rates, even if you qualify for Platinum status.

Also, while the Logix Federal Credit Union Regular Certificate promotions are decent, they still don’t quite match the best in the business. For a better rate, we’ve tracked down the highest-paying CDs in the country and presented them in a clear chart so that they’re easy to compare. If the Logix Federal Credit Union certificate maze is leaving you confused, why not check out those rankings instead?

Logix Federal Credit Union’s money market account option

Money Market

If you deposit $100,000 or more, Logix Federal Credit Union’s Money Market account is spectacular. For smaller accounts, it’s OK, but it’s a major step down compared to its top rate.
APYMinimum Balance to Earn APY
0.30%$0.01
0.30%$2,500
0.40%$7,500
0.50%$10,000
0.60%$25,000
0.70%$50,000
0.80%$100,000
0.85%$250,000
0.90%$500,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15 (waived for average daily balance of at least $2,500)
  • ATM fees: None at Logix Federal Credit Union or CO-OP ATMs; $1.95 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $30

You need to deposit at least $2,500 to open a Logix Federal Credit Union Money Market account. After that, if your average daily balance ever falls below $2,500, this account charges a $15 monthly fee. It’s free so long as you stay above this limit.

The Logix Federal Credit Union Money Market account earns interest on all deposits. The rate increases as you deposit more before maxing out once you hit $100,000. The top rate is fantastic, while the lower rates are OK.

Since this is a money market account, the government limits how often you can take out money. Each month, you can only make six transactions such as transfers to other accounts, checks, debit card purchases, bill payments and bank drafts. But there is no limit on ATM or bank withdrawals. On Oct. 23, 2018, we asked Logix Federal Credit Union’s customer service department what would happen if you tried to make more than six of the restricted transactions. It said it will block the transaction but will not charge a fee.

Before you can open a Money Market account, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a Money Market account through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

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How Logix Federal Credit Union’s money market account compares

If you plan on depositing at least $100,000, the Logix Federal Credit Union Money Market account is an excellent choice. Its rate stacks up well even against the best accounts in the entire country.

For smaller balances, Logix Federal Credit Union still pays reasonable rates, but you earn roughly half as much as someone who deposited $100,000. As far as fees and balance requirements go, the credit union’s Money Market account is average. It charges what you’d expect from this type of account.

If you want to earn an awesome money market rate without depositing $100,000, you could try one of these money market options. They pay just as much and sometimes more than Logix Federal Credit Union while having much smaller balance requirements.

Logix Federal Credit Union’s IRA account options

IRA Certificates

Logix Federal Credit Union’s Regular Certificates are available for an IRA, but its higher-paying promotional offers are not.
TermAPY (base)APY (Silver)APY (Gold)APY (Platinum)
91 days0.15%0.25%0.35%0.55%
6 months0.20%0.35%0.60%0.80%
12 months0.45%0.60%0.85%1.05%
18 months0.45%0.60%0.85%1.05%
24 months0.50%0.65%0.90%1.10%
36 months0.55%0.70%0.95%1.15%
48 months0.60%0.75%1.00%1.20%
60 months0.65%0.80%1.05%1.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn; for terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn; for terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn

You can open any of Logix Federal Credit Union’s Regular Certificates as part of an IRA. The terms range from as short as 91 days up to 60 months (five years). But the credit union does not allow you to open its promotional, Flex or Bump rate certificates as part of an IRA.

You must deposit at least $1,000 to open a Logix Federal Credit Union IRA Certificate and keep this much in the account to earn the APY. The normal Logix Federal Credit Union IRA rates are about average. If you have relationship status, you receive an increase until the rates max out at Platinum status.

If you make an early withdrawal from your IRA Certificate, Logix Federal Credit Union charges an early withdrawal penalty:

  • For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn
  • For terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn
  • For terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn

Before you can open an IRA Certificate, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for an IRA Certificate through your online banking account, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

SEE DETAILS Secured

on Logix Federal Credit Union’s secure website

NCUA Insured

IRA Savings

For an IRA Savings account, these rates are excellent, but watch out for the early withdrawal penalty.
APYMinimum Balance to Earn APY
0.30%$0.01
0.30%$2,500
0.40%$7,500
0.50%$10,000
0.60%$25,000
0.70%$50,000
0.80%$100,000
0.85%$250,000
0.90%$500,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Besides its IRA Certificates, Logix Federal Credit Union also offers an IRA Savings account. This account does not have a minimum opening deposit, so you can get started for any amount. Also, there is no monthly fee.

An IRA Savings account gives you a little more access to your money because you aren’t committed to a set amount of time like on an IRA Certificate. But if you take out money before you turn 59½, Logix Federal Credit Union charges a $20 fee. There is no withdrawal fee if you are 59½ or older, the official retirement age for an IRA.

Logix Federal Credit Union’s IRA Savings account earns interest on all balances, and the rate is excellent for this type of account. It’s the same rates as the Money Market account.

Before you can open an IRA Savings accounts, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security Number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for an IRA Savings account through the online banking portal, at a branch or by calling customer service. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

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How Logix Federal Credit Union’s IRA CD rates compare

If you don’t have relationship status, Logix Federal Credit Union’s IRA Certificate rates are average. They aren’t the worse we’ve seen, but they are nowhere near the best. If you do have relationship status with the credit union, the IRA Certificates are a lot look more respectable, especially at the Platinum level. Unfortunately, qualifying for Platinum status takes a combined deposit and loan balance of at least $100,000 at Logix Federal Credit Union, so it’s not a realistic option for everyone.

We were much more impressed with the IRA Savings account. Typically, these accounts pay much lower rates than an IRA CD, but not at Logix Federal Credit Union. Its rates are excellent, especially for deposits over $100,000. We did notice that it charges a penalty if you take money out before you turn 59½, which isn’t that common. Keep this fee in mind as you plan when you’ll need your money.

If you want an IRA, Logix Federal Credit Union has some interesting options. But it isn’t the only place with quality retirement products. These lenders offer the best IRA CD rates in the country and there are no strings attached, such as relationship status to qualify.

Overall review of Logix Federal Credit Union’s banking products

At Logix Federal Credit Union, the more accounts you open, the better they look thanks to its relationship status program. When you have higher status, Logix Federal Credit Union waives many of its fees, pays much more competitive rates and offers discounts on its loans. You could build an attractive package using all these benefits.

But if you want a stand-alone account, Logix Federal Credit Union is less impressive. Its money market and IRA Savings account pay enough that they could be worth using on their own, but the other accounts do not earn competitive rates without the relationship bonus. You’ll also run into more fees. For example, the checking accounts have a monthly maintenance fee and an out-of-network ATM fee for customers who don’t have status.

Keep the relationship requirements in mind as you check out Logix Federal Credit Union. If you think you’ll open enough accounts with large enough balances to qualify for at least Silver status, it could be a great choice. If you just want one account or will only make a small deposit, you’re probably better off elsewhere.

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