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

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Updated on Tuesday, September 1, 2020

Market USA Federal Credit Union checking account options

VIP Checking

This checking account earns you a generous APY at two different tier levels
APYMinimum Balance to Earn APY
3.01% (Platinum tier)$0.01
2.01% (Gold tier)$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on outside ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional out-of-network bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This account offers the opportunity to earn generous interest rates at two tier levels. In order to earn the rates above, account holders must enroll in e-statements, set up a monthly direct deposit of at least $250, and make 12 Visa debit card purchases per month at a minimum of $5 each.

In order to earn the Platinum Tier-level APY, account holders must additionally make three bill payments of at least $20 each per month through Market USA Federal Credit Union’s bill pay service.

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on Market USA Federal Credit Union’s secure website

NCUA Insured

Regular Checking

This basic checking account offers a mediocre rate with a high balance requirement to earn it.
APYMinimum Balance to Earn APY
0.01%
$1,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on outside ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional out-of-network bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

As far as the rate is concerned, this account is far less impressive than the VIP Checking account. With a relatively high balance requirement to even earn this abysmal rate, this account might as well not even offer any interest. The only positives are the absence of deposit and balance requirements — this account also comes with a free Visa debit card, mobile check deposit and no per-check charges.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Direct Deposit Checking

A non-interest-earning checking account meant for depositing all or part of your pay.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on out-of-network ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

Balances in this account don’t earn interest. You’ll get a free initial order of checks, but that’s about it.

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on Market USA Federal Credit Union’s secure website

Fresh Start Checking

Designed to help those with past checking difficulties rebuild a positive checking history.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on out-of-network ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This checking account is designed to give those with a bad banking history a second chance to rebuild their checking reputation. Once this account has been open for six months, it will be upgraded to a Direct Deposit Checking account, with eligibility for mobile check deposit and Privilege Pay to cover overdrafts. One thing that sets this account apart from similar second-chance accounts at other banks is that it has no balance requirements or monthly fees. This account does, however, require that you set up a direct deposit to open it. If you don’t have access to direct deposit, you can contact the bank to see if you qualify for a Provisional Checking account.

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on Market USA Federal Credit Union’s secure website

Minor Checking

This account offers kids and teens an opportunity to build good financial habits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; $1 on out-of-network ATMs. Account holders can get eight free outside ATM transactions if they’ve set up a monthly direct deposit. Outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This free checking account is a great option for parents or guardians who want to teach financial responsibility to their kids and teenagers. Account holders under 18 must open the account with their parent or guardian as a joint owner. This account has no minimum balance requirements or monthly fees, and account holders also get a Visa Check Card in their name, though their parent or guardian must agree to be responsible for the card’s use. Account holders are also eligible for Privilege Pay, a courtesy pay service for overdrafts.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

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How Market USA Federal Credit Union’s checking accounts compare

When you take a look at rates (if the account even offers them), the only true standout at Market Federal Credit Union is its VIP Checking account, which offers an APY that’s even more generous than those on our list of the best online checking accounts. The catch, however, is that you have to qualify for its two tier programs to be able to earn it.

If you can’t meet the requirements outlined above, we say consider one of the accounts on our list instead. The only other Market USA product that offers the chance to earn interest, the Regular Checking account, offers a sub-par rate with a high balance requirement to even earn it. The Fresh Start Checking account is a nice touch: it allows people the chance to rebuild a bad checking history with minimal requirements, even if it doesn’t offer the chance to earn interest.

Market USA Federal Credit Union savings account options

Membership Savings Account

This account is a requirement for anyone wishing to join the credit union.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$2,000
0.06%
$5,000
0.07%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. With a direct deposit of $500 per month in their Membership Savings account, members receive eight free out-of-network ATM transactions per month. Then it’s $1 per outside ATM transaction. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This is a typical savings account that’s usually a requirement to join a credit union, with a small joining fee of $5. Other than that requirement, this account offers holders the chance to earn interest at four different tier levels, though the rates aren’t very high. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limit certain transfers and withdrawals to six per month.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Sub-Savings account

This account can be opened within the Membership Savings Account in order to save for a special occasion or purchase.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$2,000
0.06%
$5,000
0.07%
$25,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. With a direct deposit of $500 per month in their Membership Savings account, members receive eight free out-of-network ATM transactions per month. Then it’s $1 per outside ATM transaction. Additional outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $29

This account, opened within your main savings account, allows you to earn the same rates while saving for a specific goal like a vacation, college fund or a down payment for a new car. This account has no balance requirements, so simply transfer funds as often as you like, in whatever amount. However, since it’s still a savings account, the Sub-Savings account is also subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Holiday Club account

This account allows you to set aside funds specifically for the holidays.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $29

This account allows you to easily save for the holidays by setting aside funds to be automatically transferred into the Market USA Federal Credit Union account of your choice each fall, unless you choose to simply withdraw them. Like all savings accounts, this account is subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Vacation Club account

Similar to the Holiday and Sub-Savings accounts, this account allows you to sock away cash specifically for a vacation.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $29

This account is similar to the Holiday Club account, in that it offers the same rate and requirements, save for the one about dipping into the account’s savings in the fall. With this account, you can save for a vacation by setting up a direct deposit to transfer a set amount to the account each pay period. This account also has no monthly fee or minimum balance requirement. Since it’s a savings account, it’s subject to Federal Reserve Regulation D requirements, which limit account holders to six withdrawals and transfers per month.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

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How Market USA Federal Credit Union’s savings accounts compare

While the Membership Savings account allows account holders to earn interest at four different tiers, even the highest rate doesn’t compare to the accounts on our roundup of the best online savings accounts.

Still, this account is a requirement for joining the credit union, and while it can’t hurt to have it if you’re interested in one of Market USA Federal Credit Union’s other products, we wouldn’t recommend seeking the credit union out for this account alone.

Market USA Federal Credit Union CD rates

Certificates

A variety of CD term lengths, mostly with “just okay” rates.
TermAPYMinimum Opening Deposit
3 months0.45%
$500
6 months0.60%
$500
12 months0.50%
$500
12 month Accumulator0.45%
$100
18 months0.50%
$500
20 months0.80%
$500
24 months0.60%
$500
36 months0.65%
$500
48 months0.70%
$500
60 months0.80%
$500
  • Minimum opening deposit: Varies (see above)
  • Minimum balance amount to earn APY: Varies (see above)
  • Early withdrawal penalty: If the certificate has an original maturity of 1 year or less, it’s 90 days’ dividends on the amount withdrawn. If the certificate has an original maturity of more than 1 year, it’s 180 days’ dividends on the amount.

Market USA Federal Credit Union offers a wide range of certificate terms. A nice bonus on these certificates, however, is that the rates include a 0.35% premium added to the standard rates if account holders have set up a monthly direct deposit and e-statements.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

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How Market USA Federal Credit Union’s CD rates compare

Even with the additional premium added to these CD rates, none of them really compare to those on our list of the best CD rates, save for the 20-month promotional special. Even though the deposit requirements are on the lower end, we would still recommend considering one of the CDs on our list instead.

Market USA Federal Credit Union money market account option

Money Market account

A run-of-the-mill money market account with less-than-stellar rates.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.11%
$2,000
0.11%
$10,000
0.13%
$50,000
  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: $2.50 if minimum balance of $2,000 is not maintained<
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $29

This run-of-the-mill money market rate, similar to that of the credit union’s main savings account, allows account holders to earn interest at four different tier levels, though none of the rates are particularly impressive. Its low monthly maintenance fee is easy to avoid if you maintain a minimum balance of the $2,000 required to open it. Like all savings accounts, this money market account is subject to Federal Reserve Regulation D restrictions, which limit certain transfers and withdrawals to six per month, including three made by check.

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How Market USA Federal Credit Union’s money market account compares

Even the highest tier’s rate on this account doesn’t compare to any on our list of the best money market account rates. Some of the accounts on our list offer rates more than twice as high, with minimum balance requirements that are much lower than what Market USA Federal Credit Union requires. We strongly urge you to consider one of those instead.

Market USA Federal Credit Union IRA options

IRA CD rates

IRA Certificates

The same products as the regular certificates, but opened within an IRA.
TermAPYMinimum Opening Deposit
3 months0.45%
$500
6 months0.60%
$500
12 months0.50%
$500
12 month Accumulator0.50%
$100
18 months0.50%
$500
20 months0.80%
$500
24 months0.60%
$500
36 months0.65%
$500
48 months0.70%
$500
60 months0.80%
$500
  • Minimum opening deposit: Varies (see above)
  • Minimum balance amount to earn APY: Varies (see above)
  • Early withdrawal penalty: If the certificate has an original maturity of 1 year or less, it’s 90 days’ dividends on the amount withdrawn. If the certificate has an original maturity of more than 1 year, it’s 180 days’ dividends on the amount.

These CDs are virtually the same products as the regular certificates, and come with an additional 0.35% premium added to the rates if you enroll in direct deposit or e-statements.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

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How Market USA Federal Credit Union’s IRA CD rates compare

Just like the regular certificates, these IRA certificates just don’t stack up to the ones on our list of the best IRA CDs available. If you’re saving for retirement, take the time to do your research to make sure you’re really getting the most out of the money you’re socking away. Consider one of the CDs on our list instead.

IRA savings account

APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a standard IRA savings account, with a less-than-impressive interest rate. Like all savings accounts, this one’s subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

How to get Market USA Federal Credit Union’s deposit accounts

To open any of Market USA Federal Credit Union’s accounts, customers must first open a Membership Savings account with a minimum deposit of $5, and $5 charity donation. Then, they can open any of its checking, savings, money market or certificate accounts online, over the phone, or in person at a branch.

The credit union’s IRAs can be opened online with the IRA Service Center, or over the phone or at a branch. You’ll need to provide information such as your address, phone, driver’s license and Social Security number.

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Overall review of Market USA Federal Credit Union’s banking products

We’ll be honest with you: the only real standout product at Market USA Federal Credit Union is its VIP Checking account, and that’s only if you qualify for the rewards tiers to earn its generous rates. Otherwise, none of its personal banking products have rates that stack up to or beat out the competition, even if they do have minimal monthly fees and balance requirements going for them.

These accounts aren’t the worst out there, but they’re not the best, either. Take the time to do your research to be able to reap the most benefits from the funds you’re putting away.

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