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

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

NASA Federal Credit Union checking account options

Premier Checking account

A basic noninterest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $7, which can be waived if you maintain a combined balance of $2,500 in your NASA Federal Credit Union accounts
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

This checking account does not offer the ability to earn interest. The monthly maintenance fee isn’t a large one, but if you’re not able to meet that requirement to waive it, you could easily find other checking accounts that won’t charge a fee and without a catch. As noted above, there are various rewards programs that allow you to get a handful of (or even unlimited) ATM fee refunds. Please note that to qualify to Silver rewards, you must meet one of the following criteria:

  • You are a primary credit union members that is age 23 or under;
  • You are a primary credit union members age 62 or older;
  • You are a new member during the first 90 days of membership;
  • You are a household member of a credit union member who already qualifies for Silver Rewards

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Premier eChecking account

Another noninterest-bearing checking account with slightly more perks.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $8, which can be waived with a recurring direct deposit or if you use Active Bill Pay, which requires paying three bills per month with the credit union’s online bill pay service.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and qualify through one of the criteria mentioned earlier), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

As with the Premier Checking account, this account also doesn’t earn any interest and also has a small monthly maintenance fee that can be waived. The main difference between the two accounts are the requirements to waive the monthly fee, and that this one has a couple of additional perks such as free online bill pay and one free box of checks per year.

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Premier Preferred Checking account

A checking account that allows you to earn a small amount of interest.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $9, which can be waived if you maintain an average daily balance of at least $2,500.
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999) or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 or qualify through one of the program’s criteria), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

The biggest difference between this checking account and the others offered by NASA Federal Credit Union is that this one has the ability to earn interest, albeit at a very low rate.

Like the other accounts, it has a monthly fee that isn’t all that high, but if you aren’t able to meet the minimum balance requirement to waive it, you might be better off opening a checking account elsewhere that will offer you a higher rate without any monthly fees or hoops to jump through to waive them. This account also comes with a free box of checks every year.

How to get NASA Federal Credit Union’s checking accounts

You can open all of NASA Federal Credit Union’s Premier Checking and Premier eChecking accounts online after establishing membership by opening a Share Savings Account. You’ll need to be a U.S. citizen or permanent resident and have your Social Security number and a government-issued ID on hand to apply for membership and open an account.

For the Premier Preferred Checking account, interested individuals can put in a request to open the account online, after which a credit union representative will contact them to move forward with the process. Or, they can contact the credit union by phone or visit a local branch.

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How NASA Federal Credit Union’s checking accounts compare

As we mention in our list of the best online checking accounts out there, the greatest accounts are those that allow account holders to earn interest, have no monthly fees and offer ATM fee refunds. NASA Federal Credit Union’s checking accounts lose points on all these fronts, with the exception of the Premier Preferred Checking account, which earns a very small amount of interest.

These accounts do come with some perks, however, including early payroll access, cashback rewards on debit card purchases and one forgiven overdraft fee each year. But you may be better off researching checking accounts that offer higher interest rates.

NASA Federal Credit Union savings account options

Share Savings account

This account is required to establish membership with the credit union.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs and none at out-of-network ATMs if you qualify for Platinum Rewards (meaning you maintain a balance of $50,000 or more). If you qualify for Gold Rewards (meaning you maintain a balance of $20,000 to $49,999), or Silver Rewards (meaning you maintain a balance of $2,500 to $19,999 and meet one of its other qualifying factors), you get six free transactions at out-of-network ATMs per month. If you qualify for Bronze Rewards (meaning you maintain a balance of up to $2,499), you get three free transactions at out-of-network ATMs per month. After you reach those limits, or if you don’t qualify for any of these programs, the fee is $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $32

If you’re interested in opening any other products at NASA Federal Credit Union, you’re required to also open this account beforehand or at the same time. Luckily, it has a very small opening deposit requirement and no monthly maintenance fee, so having this account open on the side won’t hurt you or be a pain to manage.

As an added bonus, the account earns interest — albeit a very small amount. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

How to get NASA Federal Credit Union’s Share Savings account

You can easily open this account online, by phone or in person at a branch. You’ll need to be a U.S. citizen or permanent resident to apply for membership, and provide a Social Security number and a government-issued ID to open an account.

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Holiday Club account

This account allows you to put funds away specifically for holiday savings.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account easily lets you sock away cash for holiday purchases and expenses, while earning a small amount of interest. In November, your funds will be moved to your checking or savings account (whichever you choose) so you can start getting ready for the holidays. Since this is a savings account, it’s subject to Federal Regulation D, which limits you to making six certain withdrawals/transfers per month.

How to get NASA Federal Credit Union’s Holiday Club Savings account

You can open this account online at the same time that you open your Share Savings Account. You can also open this account by phone or in person by visiting a branch. In addition to being a U.S. citizen or permanent resident, you’ll need your Social Security number and a government-issued ID to apply for membership and open an account.

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Sub-Savings accounts

A savings account that allows you to put away funds for a specific purpose, like a vacation or new car.
APYMinimum Balance to Earn APY
0.10%None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None at CO-OP network ATMs. This account is not accessible through out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $32

Once you’ve become a member and opened a Share Savings account with a minimum deposit of $5, you can open one or more savings accounts and label them as you’d like. They will then appear right under your main savings account in eBranch, the credit union’s online banking portal, and you can set it up to make automatic transfers from your main savings account.

The only requirement for this account is that you maintain a minimum balance of $5 in your Share Savings account, which also serves as your membership dues. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

How to get NASA Federal Credit Union’s Sub Savings account

Existing NASA Federal Credit Union members can open this account through eBranch — the credit union’s online banking platform — over the phone, or in person at a local branch.

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Education Savings account

A savings account that allows you to put away funds specifically for a child, grandchild or other family member’s education.
APYMinimum Balance to Earn APY
0.15%None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

As the name suggests, this account allows you to save funds for family members’ future educational expenses. You can deposit up to $2,000 per year for each child under age 18, who can use the funds for educational purposes until age 30. These funds are eligible for tax breaks, though the credit union recommends consulting a tax adviser for further information.

Like other savings accounts, this account is subject to Federal Reserve Regulation D, meaning you’re limited to six certain withdrawals or transactions per month.

How to get NASA Federal Credit Union’s Education Savings account

Once you’re an established member of NASA Federal Credit Union, you can open the account online, over the phone or in person at a local branch.

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How NASA Federal Credit Union’s savings accounts compare

NASA Federal Credit Union’s savings accounts have their lack of monthly fees and balance requirements going for them, but the rates really can’t compare to some of the best savings accounts options on our list.

While you need to open its basic Share Savings account to be able to open any other product at the credit union, we wouldn’t recommend establishing membership for this product alone.

NASA Federal Credit Union CD rates

Share Certificates

Standard CDs with mostly mediocre rates.
TermAPYMinimum balance requirement
6 months1.20%$1,000
12 months1.60%$1,000
15 months0%
$5,000
24 months1.35%$1,000
36 months1.55%$1,000
48 months1.70%$1,000
49 months0%$5,000
60 months1.95%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD to save for your child’s educational expenses.
TermAPYMinimum balance requirement
12 months1.25%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This certificate is intended to be saved for your child’s educational future if he or she is 23 years old or younger. (After he or she turns 24, it will roll into a standard 12 month certificate term.) It can be opened with as little as $50, and additional contributions can be made throughout its 12 month term.

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Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 months1.15%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

This CD is a great option for those who are looking for a way to build their savings but don’t have a lot to deposit right away. The biggest advantage of this 12 month CD is that you can make additional deposits of up to $2,500 per month throughout its short term.

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Premier Bump-Rate certificates

Share certificates that allow you to increase your rate one time during your term.
TermAPYMinimum balance requirement
24 months0%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s Bump-Rate certificates are a good option for those who are hesitant to put funds away in a long-term account, as these offer the flexibility of increasing to a better rate if you see rates go up at some point.

How to get NASA Federal Credit Union’s certificates

Individuals interested in opening one of NASA Federal Credit Union’s certificates can do so easily online as long as they commit to also opening the Share Savings account required to establish membership.

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How NASA Federal Credit Union’s certificate rates compare

NASA Federal Credit Union offers a wide range of share certificates, from six months to five years. While some of them have significant advantages like low opening deposit requirements and the ability to make several additional deposits during their short terms, most of their rates really don’t compare with the best CD offerings out there — in fact, many of them fall below the national average. We recommend doing your research and going for a certificate that offers a rate that will really give you the most bang for your buck.>

NASA Federal Credit Union money market account options

Premier Money Market account

This account allows you to earn a higher rate than a basic savings account, with no monthly fees to boot.
APYMinimum Balance to Earn APY
0.80% $10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

This account’s rate, while low compared with others out there, is higher than the national average. Its minimum balance requirement is comparable to the competition, and the lack of a monthly maintenance fee is a definite plus. Like other savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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Premier Advantage Money Market account

This tiered account has higher balance requirements but not much higher rates than the credit union’s other money market accounts.
APYMinimum Balance to Earn APY
0.65%$0-$49,999.99
0.85%$50,000-$99,999.99
0.95%$100,000+
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Varies
  • Monthly account maintenance fee: $10 if balance falls below $25,000 in a given month
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While this money market account has a higher opening deposit requirement than the Premier Money Market account, it allows you to earn a higher rate at different tiers (though these rates are still lower than the competition).

It does have a monthly maintenance fee that can easily be avoided so long as you don’t let your balance dip below the minimum deposit amount. Like other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

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Premier Plus Money Money Market account

This account has a much bigger minimum deposit requirement to open than the credit union’s other money market accounts, but not a much higher rate.
APYMinimum Balance to Earn APY
0.85% $40,000
  • Minimum opening deposit: $40,000
  • Minimum balance to earn APY: $40,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $32

While it has the lack of a monthly fee going for it, this account still offers a subpar rate compared to the competition, and in order to get it, you must meet its minimum balance requirement, which is a bit steep compared with other accounts. Since it’s a savings account, it’s also subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s money market accounts

Existing NASA Federal Credit Union members have the ability to open a money market account through eBranch, the credit union’s online banking platform. They can also do so over the phone or in person at a local branch.

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How NASA Federal Credit Union’s money market accounts compare

As we mentioned above, all of NASA Federal Credit Union’s accounts fall short when it comes to their rates. You can earn much higher rates on the money market accounts on our list, many of which have significantly lower opening deposit and minimum balance requirements. You can’t even open these accounts without being an existing member, so we wouldn’t recommend seeking out NASA Federal Credit Union specifically for these accounts.

NASA Federal Credit Union IRA options

IRA certificates with the same rates as the regular certificate options.

TermAPYMinimum balance requirement
6 months1.20%$1,000
12 months1.25%
$1,000
15 months0%
$5,000
24 months1.35%
$1,000
36 months1.55%$1,000
48 months1.70%$1,000
49 months0%$5,000
60 months1.95%$1,000
  • Minimum opening deposit: Varies
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

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Early Savers certificates

A CD for your child’s educational expenses.
TermAPYMinimum Balance Requirement
12 months1.25%$50
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular share certificate, this meant to be put toward your child’s educational future if he or she is 23 years old or under. (After he or she turns 24, it will roll into a standard 12 month certificate term.) With as little as $50 deposited at opening, additional contributions can be made throughout the certificate’s 12 month term.

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Add-On certificates

A CD with a low opening deposit that allows you to make additional deposits during its term.
TermAPYMinimum balance requirement
12 month1.15%$250
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of dividends on the amount withdrawn

As with the regular certificate, this IRA share certificate option could be beneficial for individuals wanting to grow their savings but don’t have a lot to deposit right away. This 12 month CD allows you to make additional deposits of up to $2,500 per month throughout its short term. At the end of its term, this certificate will roll over into a regular 12 month certificate.

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Premier Bump-Rate certificates

IRA certificates that allow you to increase your rate one time.
TermAPYMinimum balance requirement
24 months1.30%$1,000
36 months1.50%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 182 days’ worth of dividends for those with terms up to 24 months and 365 days’ worth of dividends for certificate accounts with terms greater than 24 months

NASA Federal Credit Union’s IRA Bump-Rate certificates are a good option for those who want to save for retirement but are hesitant to put funds away in a long-term account. These certificates offer members the chance to a higher rate if they see rates go up at some point during their term. Once your term ends, your funds will roll over into a regular IRA share certificate of the same term length.

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How NASA Federal Credit Union’s IRA CD rates compare

NASA Federal Credit Union’s IRA share certificates are all virtually the same as its regular share certificates; the only difference is that these are designated as retirement savings and must be opened within the credit union’s online IRA Service Center. Unfortunately, the similarities line up right down to the rates, which really don’t compare to the best IRA CD rates out there, despite their flexible terms and deposit requirements. We say look elsewhere if you really want to see your retirement savings grow.

IRA savings account

You can open this account either as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.15% None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

NASA Federal Credit Union’s IRAs, which can be opened either in Roth or traditional versions, are pretty standard as far as these accounts go. Although the interest rate is pretty low, the low opening deposit requirement is a plus for those seeking flexibility on this front. Like all savings accounts, these are subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month.

How to get NASA Federal Credit Union’s IRAs and IRA certificates

Existing NASA Federal Credit Union members can open its IRAs and IRA certificates through the online IRA Service Center within the eBranch online banking platform. They can also do so over the phone or in person at a local branch.

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Overall review of NASA Federal Credit Union’s banking products

We hate to say it, but most of NASA Federal Credit Union’s products fall short when it comes to their rates, which is often one of the most important things customers prioritize when growing savings funds. The flexibility that comes with many of its share certificates is a definite plus, but overall, shop around to ensure that you’re getting the most worthwhile account to build your funds.

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

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

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Reviews

Review of Edward Jones CD Rates

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

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

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

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

Wealthfront Cash Account Review

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Fintech startups are challenging incumbents in every corner of the financial services industry. Robo-advisor Wealthfront is part of this trend, one of many new investing apps that also offer cash management accounts with high APYs and a mix of features offered by traditional bank accounts.

Cash management accounts combine features like easy access to your money and a decent interest rate, typically found separately in checking accounts and savings accounts, respectively.  Wealthfront admits that its Cash Account won’t replace your checking account, instead touting it as a place to stash your emergency savings or achieve other savings goals and enjoy a high 2.57% APY, all with the FDIC protections of a traditional bank account.

Wealthfront Cash Account Pros

Wealthfront Cash Account Cons

  • Offers a high APY compared to other online savings accounts
  • Charges zero fees, $1 minimum balance requirement
  • Deposits are covered by FDIC insurance up to $1 million
  • Ability transfer funds from Cash Account into Wealthfront's taxable investment account.
  • Takes 1-3 business days to access your funds
  • You cannot make payments from the account

Let’s take a closer look at how Wealthfront’s Cash Account compares to both traditional bank savings accounts, and similar cash management offerings from other fintech startups, so you can determine whether it’s right for your savings.

Wealthfront Cash Account vs. online savings accounts

Wealthfront markets its Cash Account as a place to deposit savings you plan on spending in the next five years, or as a good place for an emergency fund. For longer-term returns on your money, Wealthfront advocates investing in the stock market using its core robo-advisor functionality. As an additional incentive to do so, Wealthfront allows you to transfer money from your Cash Account into one of the company’s taxable investment accounts. However, there is nothing in Wealthfront‘s terms of service that would discourage you from treating this account like any other online savings account.

Here’s how Wealthfront’s Cash Account stacks up against the highest-earning online savings accounts from our best online savings accounts review:

Financial InstitutionAPYMinimum balance
Wealthfront

2.57%

$1 minimum, no monthly fee
Vio Bank

2.52%

$100 minimum, no monthly fee
Customers Bank

2.50%

$25,000 minimum, no monthly fee
Barclays

2.10%

None
Marcus by Goldman Sachs

2.15%

$1 minimum, no monthly fee
Ally

2.10%

None

Judged by APY alone, Wealthfront‘s Cash Account emerges as one of the strongest contenders out there, surpassed only by Vio Bank’s online savings account. Like many online savings accounts, there’s a limit to the liquidity of the money placed in Wealthfront‘s Cash Account.

However, there is no option to withdraw funds or make payments from the account via check or ATM card. Your only way to get money into and out of the account is via ACH transfers to and from a separate checking account that’s held in your name. Transfers take one to three business days, and Wealthfront permits an unlimited number of transfers into and out of your Cash Account (with a daily limit of $250,000).

Wealthfront is not a bank, so it has deals with a network of regional banks that are FDIC insured. After you deposit your money in a Cash Account, your funds are swept into multiple accounts with Wealthfront’s bank partners, giving you FDIC insurance coverage up to $1 million (or $2 million if you have a joint Cash Account). This a big advantage that makes the Cash Account an attractive choice for anyone who wants FDIC coverage beyond the $250,000 limit available with a single online savings account.

Wealthfront Cash Account vs. robo-advisor cash management accounts

Many other robo-advisor firms offer cash management accounts. These accounts take varying forms: Some resemble a personal savings account, others have both savings and checking account features, while some are a type of investment account. Below we compare the Wealthfront Cash Account with cash management offerings from robo-advisors Betterment and SoFi.

Account nameFunctionFeesYield
Wealthfront Cash Account

FDIC-insured savings account

None

2.57% APY

Betterment Smart Saver

Low-risk bond investments

0.25% annual fee

2.14% APY

SoFi Money

FDIC-insured checking/savings hybrid account

None

An average of 2.25% APY

Wealthfront Cash Account vs. Betterment Smart Saver

Betterment‘s Smart Saver account is a low-risk investment account, not a deposit account, so it plays by a different set of rules than Wealthfront‘s Cash Account. For one, as an investment it does not have FDIC coverage. Betterment‘s website claims you could earn returns of 2.14% (which factors in the standard 0.25% Betterment charges for its services) — notice the word “could.” Money placed in the Smart Saver account is invested in a mix of treasuries and corporate bonds—fairly safe investment vehicles—but it still can’t guarantee the 2.14% return in the same way a deposit account can guarantee an APY.

The Smart Saver account does have some bells and whistles that may make it an appealing choice for your savings. These include:

  • Smart Sweep: This feature aims to maximize your investing returns by only maintaining as much cash in your linked checking account as you need for day-to-day spending. It works like this: After giving  access to your checking account, the app analyses how you spend money. Then it sweeps money above and beyond what you need to pay 35 days of expenses — up to $5,000 per sweep — into the Smart Saver investment account. Likewise, if the app thinks you’ll need more money to cover your expenses, it will sweep money from the Smart Saver investment account into your checking account. You can read more details here.
  • Tax relief: While you can’t avoid paying taxes entirely, the fact that 80% of the money placed in the Smart Saver investment account will be invested in U.S. Treasury bonds means that some of the earnings from the Smart Saver account won’t be subject to state and local taxes. You can read more details here.

Like Wealthfront’s account, there is an inconvenient waiting period to withdraw money from the account — four to five business days, which is longer than Wealthfront‘s one to three business days. This longer period accounts for the fact that your money is invested in bonds, making it less liquid than funds placed with Wealthfront in FDIC-insured deposit accounts.

Wealthfront Cash Account vs. SoFi Money

SoFi Money is a checking and savings hybrid account, meaning you earn both a high yield — 2.25% APY vs. Wealthfront‘s 2.57% APY — and enjoy instant access to your money with a debit card and paper checks.

Similarly to Wealthfront, SoFi Money spreads any funds you deposit across multiple FDIC-insured bank accounts — six in this case — providing up to $1.5 million in FDIC insurance vs. Wealthfront‘s $1 million.

SoFi Money may lag behind Wealthfront in terms of APY, but it makes up for this by providing the utility of both a savings and checking account. You can use your debit card to make purchases and withdraw money from ATMs (there is a daily limit of $610) just like you would with any other checking account. You can read more details on SoFi Money in our review.

Who should get a Wealthfront Cash Account?

If you’re looking for an FDIC insured account that provides one of the highest APY’s available, than the Wealthfront Cash Account may be right for you. However, you won’t have easy access to your funds like you would with a hybrid checking/savings account, such as SoFi Money. However the simplicity of the account, and the promise of additional features in the future such as a debit card and ATM withdrawals, could make it a compelling option for your savings.

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James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here