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Navy Federal Credit Union: Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1947
Total Assets$91.8B
LEARN MORE on Navy Federal Credit Union’s secure websiteNCUA Insured

Credit unions have traditionally been organized around affinity groups — including co-workers, fraternal organizations and the like. Members of the Virginia-based Navy Federal Credit Union share a connection to the military as the institution has been serving service members and employees of the Defense Department since 1933.

The 7 million members have made Navy Federal Credit Union among the largest credit unions in the world, taking advantage of a bevy of perks that the credit union offers.

In order to become a member, you or a relative must be among the following:

  • Active Duty members of the Army, Marine Corps, Navy, Air Force and Coast Guard
  • Army and Air National Guard
  • Delayed Entry Program (DEP)
  • DoD Officer Candidate/ROTC
  • DoD Reservists
  • Veterans, retirees and annuitants

Once you become a Navy Federal Credit Union member, you can always be a member regardless of whether you change employers, retire, get married, or move.

Navy Federal Credit Union provides a variety of personal banking products like checking account and savings accounts options along with CDs, money market accounts, and IRA savings.

In this review, we’ll go over their personal banking products and compare them against some of the best in the industry.

Navy Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Navy Federal Credit Union Share Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.25%

CD Rates

Navy Federal Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.60%

CD Rates

Navy Federal Credit Union 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Navy Federal Credit Union 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Navy Federal Credit Union checking account options

Flagship Checking

Standard checking account that allows you to earn tiered dividends based on your balance.
APYMinimum balance amount
0.35%
$0.00 - $9,999
0.40%
$10,000 - $24,999
0.45%
$25,000+
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10
  • ATM fee: $0 – $1
  • ATM fee refund: $10 per statement cycle
  • Overdraft fee: $0

Navy Federal Credit Union’s Flagship Checking account has some noteworthy features. It is an interest-bearing account with tiered dividends (the credit union equivalent of interest) based on your balance. There’s a big jump from the lowest to the highest tier, which at $25,000 will give you a 10-basis-point bump to the highest APY.

There is no minimum opening deposit, but you’ll pay a $10 monthly fee if your balance is below $1,500 during the statement period. Another benefit of this account is that deposits to your account are generally available the same day or the next business day. If a check deposit will be available the following business day, the first $200 is made available on or before the first business day following the deposit.

In terms of making withdrawals, members with a Flagship checking account can withdraw from their account for free when using any Co-Op Network ATM. There is a $1 charge for any PLUS System ATM (overseas included). Be mindful that the owner of a non-Navy Federal Credit Union ATM may charge a fee, but the credit union will refund up to $10 in ATM fee charges per statement cycle.

Like all Navy Federal Credit Union checking accounts, this account has free online banking, online deposits, direct deposit, online statements, and checking protection options.

Flagship Checking would be a good option for someone looking for an interest-bearing account with extra perks and who can maintain enough funds in the account to avoid the monthly fee.

How to get Navy Federal Credit Union’s Flagship Checking account

Applying for a Flagship Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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Free EveryDay Checking

An interest-bearing checking account with no monthly fees or minimum balance requirements.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: None
  • ATM fee: $0 -$1
  • ATM fee refund: None.
  • Overdraft fee: $0 but optional $20 protection

While the free EveryDay Checking account doesn’t have any fees or minimum opening deposit requirements, the interest rate is quite low and there are no rate tiers like the Flagship Checking account.

There also isn’t an ATM refund or credit for out-of-network fees. There is an Optional Overdraft Protection Service (OOPS) for $20 that enables members to authorize overdraft transactions and avoid non-sufficient funds (NSF) fees of $29 per transaction.

This account would be ideal for a member who just wants a basic checking account with no fees and minimum balance requirements.

How to get Navy Federal Credit Union’s Free EveryDay Checking account

Applying for a Free EveryDay Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

e-Checking

An interest-bearing online checking account with low fees.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $5
  • ATM fee: $0 – $1
  • ATM fee refund: Up to $10
  • Overdraft fee: $0

Navy Federal Credit Union’s e-Checking account is similar to their Free EveryDay checking account in terms of interest rate and $0 minimum opening deposit.

This account does have a $5 monthly maintenance fee that can be waived if you set up direct deposit or make 20 Visa debit card transactions per statement cycle.

If you want to make sure you avoid the monthly maintenance fee, you might be better off with the Free EveryDay Checking unless you plan on setting up direct deposit and making at least 20 debit card transactions per month anyway.

How to get Navy Federal Credit Union’s e-Checking account

Applying for an e-Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Free Active Duty Checking

Offers unique benefits for active duty military members.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: up to $20 per statement cycle
  • Overdraft fee: $0

This checking account allows early access to military pay with direct deposit. The interest rate is very low, so if you’re looking for a better return on your money, you may want to consider the Flagship Checking account.

Still, this account comes with free personalized checks, no monthly service fees, and ATM fee rebates of up to $20 per statement period.

There’s also no minimum opening deposit, making it accessible to many active duty members of the credit union.

How to get Navy Federal Credit Union’s Free Active Duty Checking account

Applying for a Free Active Duty Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Campus Checking

A checking account for full-time students.
APYMinimum deposit amount
0.05%
$0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 – $1
  • ATM fee refund: $10
  • Overdraft fee: $0

This account is ideal for full-time students from ages 14 – 24. There is no minimum balance requirement and no minimum opening deposit.

If you withdraw funds at non-Navy Federal Credit Union ATMs and incur an ATM fee, the credit union will refund it up to $10 per billing cycle.

This account doesn’t really offer any significant benefits or features that would set it apart from the other checking accounts, besides the fact that it is available to minors. Still, an under-18 customer may find a much better interest rate on a checking account at another bank.

How to get a Navy Federal Credit Union’s Campus Checking account

Applying for a Campus Checking account is easy and you can do it online. You’ll be able to create your own account and join the Navy Federal Credit Union if you haven’t done so already.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s checking accounts compare

When it comes to Navy Federal Credit Union’s checking account interest rates, you can get a much better rate at other banks. In fact, some of the best online checking accounts have much higher rates and low minimum opening deposits.

It’s clear that their Flagship Checking account is the best in terms of APY, but you have to deposit $25,000 to reach the highest APY tier. The low rates and the monthly maintenance fees on some of Navy Federal Credit Union’s checking accounts can lead military members and their families to consider other banking options.

Navy Federal Credit Union’s savings account

Basic Savings

No fees and simple requirements, but low returns as well.
APYMinimum Deposit Amount
0.25%
$5.00
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1
  • ATM fee refund:
  • Overdraft fee: None

The Basic Savings account comes with membership to Navy Federal Credit Union. There are no monthly service charges and any charges that might trigger an overdraft will get rejected.

The interest rate is very low compared to their certificates and even their Flagship Checking account.

There is a $3 inactivity fee per quarter if members age 24 and over have less than $50.00 in their account, no activity in 12 months, and no other Navy Federal Credit Union products.

All in all, you’d probably be better off storing your savings in one of Navy Federal Credit Union’s certificates or money market accounts.

How to get Navy Federal Credit Union’s Basic Savings account

This account comes with your membership to Navy Federal Credit Union. All you’ll have to do is apply for become a member and deposit your funds.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s savings account compares

Navy Federal Credit Union’s savings account falls pretty low on the scale when compared to some of the best savings account rates offered by other banks.

Banks like Synchrony Bank, American Express, and Barclays all offer savings accounts with very competitive rates and no fees or minimum opening deposit requirements.

If you’re looking to get the best return for your money, you’d be better off with a higher-yielding savings account.

Navy Federal Credit Union CD rates

Share Certificates

A fixed-rate CD with short and long-term savings options.
Term$1,000-$99,999.99$100k+
3 months0.85%
0.95%
6 months1.50%
1.60%
9 months1.76%
1.85%
12 months2.25%
2.35%
18 months2.35%
2.45%
24 months2.50%
3.00%
3 years2.60%
2.70%
4 years2.65%
2.75%
5 years3.00%
3.10%
6 years3.05%
3.15%
7 years3.10%
3.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s share certificates are their most-standard type of certificate of deposit. While the credit union does offer variable CD rates, this one provides customers with a guaranteed fixed rate.

The rates are pretty competitive, but you must meet the minimum opening deposit to open an account and it’s pretty steep. The other downside is that there’s only a slight rate increase for deposits at or over $100,000. That’s a lot of money that might gain a better return in another investment as opposed to a CD.

Dividends are compounded daily and credited monthly. There is an early withdrawal penalty if you need to take money out before your CD matures so it’s important to choose your term wisely and base it on by when you’d want to start using the money.

How to get Navy Federal Credit Union’s Share Certificates

Opening a share certificate with Navy Federal Credit Union is easy and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Special EasyStart Certificate

A flexible short-term savings certificate with the best rate.
TermAPY
12 months3.00%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The Special EasyStart Certificate is a 12-month CD with a much-higher interest rate than the credit union’s share certificates. The minimum opening deposit is also very low and reasonable allowing more people to open an account despite what their budget is.

Another perk of having this account is that you can make additional deposits (up to $3,000) at any time. Generally, CD products only allow you to make an initial deposit then lock in your rate for a specific term. With the Special EasyStart Certificate, you can add more money as you go.

This account would be great for someone who wants to see a guaranteed return on short-term savings.

How to get Navy Federal Credit Union’s Special EasyStart Certificate

Opening a Special EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

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EasyStart Certificate

A step down from the Special EasyStart certificate in terms of interest.
TermAPY
12 months2.25%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The EasyStart Certificate has a lower rate than the Special EasyStart Certificate and it has a higher minimum opening balance.

However, it’s lower than regular certificate shares with Navy Federal Credit Union so you can open this account if you can’t meet the $1,000 minimum opening deposit requirement.

With this account, you can also make deposits at any time of at least $10 or more to grow your savings. This certificate could be a good option for someone looking to ladder their savings. For example, instead of opening one 5-year certificate for $20,000, you could open five certificates for $4,000 at various different terms.

How to get Navy Federal Credit Union’s EasyStart Certificate

Opening an EasyStart certificate with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

SaveFirst Account

High-yield savings with the lowest minimum opening deposit.
TermAPY
3 months - 5 years0.90%
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $5
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s SaveFirst Account is ideal for members looking for a high-yield savings vehicle, but without a lot to contribute to the minimum opening deposit.

The APY isn’t as high as some of Navy Federal Credit Union’s other certificates and there are only two terms to choose from, but you only need a $5 deposit.

Dividends are compounded daily and you can make deposits to your account at any time to grow your account.

How to get Navy Federal Credit Union’s SaveFirst Account

Opening a SaveFirst account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

3-Year Variable share certificate

A variable-rate certificate you can add to over time.
TermAPY
3 years3.04%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

This certificate has a variable APY which sets it apart from the other certificates. The rate is pretty competitive, but the downside is that it can fluctuate on the 12th and 24th month from the purchase date.

The minimum opening deposit is higher than the SaveFirst and Easy Start certificates and members can only add funds to their account on its 12-month and 24-month anniversary dates.

If you opened an account with a smaller opening balance and could only add funds annually, you may not see much of a return on your investment.

This account would be ideal for a member who doesn’t want to have a locked savings rate for several years.

How to get Navy Federal Credit Union’s 3-Year Variable share certificate

Opening a 3-Year Variable certificate account with Navy Federal Credit Union is simple and can be done online. You need to either be a current Navy Federal Credit Union member and/or have online banking with the credit union to apply.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s CD rates compare

Navy Federal Credit Union’s CD rates are pretty competitive when compared against some of the best rates currently offered by other banks.

The $1,000 minimum opening deposit for standard share certificates is a middle-of-the-road option: it isn’t the highest, but it’s not the lowest market offering right now. One clear benefit is that the credit union offers different options for certificates, flexible terms, and the ability for members to add funds to their certificate after opening, but before the maturity date.

The one major downside is that Navy Federal Credit Union’s competitive certificate rates aren’t an option for just anyone. You must be a service member, employed by the Department of Defense, or related to someone who is in order to qualify.

Navy Federal Credit Union’s money market accounts

Standard Money Market Savings account

Tiered interest rates for higher balances, but a high minimum balance to earn APY.
APYMinimum balance amount
0.80%
$0 - $9,999
0.85%
$10,000 - $24,999
0.90%
$25,000 - $49,999
0.95%
$50,000+
  • Monthly account maintenance fee: None
  • Minimum balance to receive APY: $2,500
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

The Standard Money Market Savings account has tiered interest rates based on your account balance. In order to earn interest, your account must have a minimum balance of $2,500.

Interest is compounded monthly and credited monthly. Federal Reserve Regulation D allows a maximum of six transfers and/or withdrawals per calendar month.

Navy Federal Credit Union will honor any checks or ACH debits that exceed the monthly limit, but an excessive item fee per check will be debited from your account. This is why it’s best to limit your withdrawals to six per month or fewer with a money market account.

This account’s higher minimum balance requirement to earn APY may not appeal to some people. If you’re looking to earn interest right away and can’t deposit $2,500 to your account just yet, you may want to consider other options for money market savings.

How to get Navy Federal Credit Union’s Standard Money Market Savings account

You can apply for Navy Federal Credit Union’s Standard Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Jumbo Money Market Savings account

There’s not much of a interest rate reward for this account’s highest balance tiers.
APYMinimum balance amount
$0 - $99,9990.25%
$100,000 - $249,9991.25%
$250,000+1.35%
  • Monthly account maintenance fee: None
  • ATM fee: $0 – $1 (Out of network ATM may charge their own fee)
  • ATM fee refund: None
  • Overdraft fee: Non-sufficient funds fee of $29 is charged

While Navy Federal Credit Union’s Jumbo Money Market Savings account provides an interest rate on-par with other money market accounts, members need to maintain a six-figure balance to earn it.

That’s a lot of money and could likely get a much better return with a smaller deposit at another bank.

How to get Navy Federal Credit Union’s Jumbo Money Market account

If you still want to look into applying for Navy Federal Credit Union’s Jumbo Money Market account easily online. Just click the orange ‘Open Now’ button for the money market account you’re interested in and complete the online application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s money market accounts compare

While Navy Federal Credit Union’s money market accounts offer free checks and tiered interest rates with no monthly maintenance fees, they can’t hold a candle to some of the best money market accounts offered by other banks.

Banks like CIT, Ally, Virtual Bank, and Sallie Mae all offer a much higher rate than Navy Federal Credit Union and they require a smaller deposit or no minimum opening deposit at all.

If you already bank at Navy Federal Credit Union and enjoy some of their benefits, it may seem convenient to get one of their money market accounts, but you can certainly find better terms and rates elsewhere.

Navy Federal Credit Union’s IRA accounts

IRA CD Rates

Get a guaranteed rate of return for your retirement savings along with flexible certificate terms to choose from.
Term$1,000-$99,999.99$100k+
3 months0.85%
0.95%
6 months1.50%
1.60%
9 months1.76%
1.85%
12 months2.25%
2.35%
18 months2.35%
2.45%
24 months2.50%
3.00%
3 years2.60%
2.70%
4 years2.65%
2.75%
5 years3.00%
3.10%
6 years3.05%
3.15%
7 years3.10%
3.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Traditional IRAs are tax-deferred retirement plans meaning you don’t have to pay taxes on contributions until you withdraw funds. Roth IRAs are funded with already-taxed dollars meaning you don’t have to pay any taxes when you withdraw your money.

Some people don’t like the risk involved with investing in the stock market with an IRA. This is where IRA Certificates can come in pretty handy. You can set your term and you’ll earn a fixed rate of interest.

Navy Federal Credit Union offers flexible terms ranging from three months to seven years to accommodate anyone’s savings goals.

There are withdrawal restrictions meaning you can’t take funds out of the account early or you’ll face a penalty.

How to get Navy Federal Credit Union’s IRA certificates

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

EasyStart IRA Certificate

A competitive APY with a lower minimum opening deposit.
TermAPY
12 months2.25%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

Navy Federal Credit Union’s EasyStart IRA Certificate currently has the same APY as their regular IRA certificate.

However, the minimum opening deposit is much lower allowing members to start saving for retirement with less money. Members can also make deposits at any time to grow their account balance. An early withdrawal penalty will apply if you try to take funds out before the end of the 12-month term.

This is a good option for members who are looking to open an IRA Certificate, but can’t afford the $1,000 minimum opening deposit for Navy Federal Credit Union’s standard IRA Certificate.

How to get Navy Federal Credit Union’s EasyStart IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

3-Year Variable IRA Certificate

This IRA certificate has a variable rate with a capped minimum and uncapped maximum rate.
TermAPY
3 years3.04%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 12- month certificate and under: 90 days of dividends, 1 to 5-year certificate: 180 days of dividends, 5+ year term certificate: 365 days of dividends

The minimum opening deposit for this IRA Certificate is a little higher than the EasyStart IRA Certificate, but it currently has a better interest rate and a longer term. The interest rate is subject to change each year, but is locked for a 12-month period. You can continue to add unlimited funds on the 12-month and 24-month anniversary dates after opening your certificate account.

Even though this rate is variable, the fluctuating rate will never fall more than half a percentage point below the initial rate and there is no maximum rate limit.

This IRA certificate would be ideal for someone looking to maximize their return and willing to take a small risk with a variable rate certificate.

How to get Navy Federal Credit Union’s 3-Year Variable IRA Certificate

Opening an IRA Certificate and can be done online. Just go to the IRA certificates page on their website and click the orange ‘Open Now’ button under the account you wish to open to start your application.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

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How Navy Federal Credit Union’s IRA CD rates compare

Navy Federal Credit Union’s IRA CD rates are competitive, but they are a little behind some of the best IRA rates offered by other banks.

This all depends on which certificate term you’re looking for. Navy Federal Credit Union has much lower rates for shorter terms 12-months and under. Their rates generally get better the longer you plan to save.

If you’re looking to save long-term in an IRA certificate, Navy Federal Credit Union’s rates are still pretty good. If you’re looking for a shorter term, you can probably find better rates at another bank.

Navy Federal Credit Union’s IRA money market account options

Standard IRA Money Market Savings Account

The IRA version of Navy Federal Credit Union’s standard Money Market Savings account.
APYMinimum Deposit Amount
0.80%
$0.00 - $9,999
0.85%
$10,000 - $24,999
0.90%
$25,000 - $49,999
0.95%
$50,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

There’s really not much of a difference when you compare this to the standard Money Market Savings Account. It also has tiered interest rates based on your account balance and a high minimum balance requirement to meet in order to earn interest on your savings.

If you’re looking to invest in retirement, you’d probably be better off with Navy Federal Credit Union’s IRA Certificates or a traditional IRA or Roth IRA account if you’re comfortable with more risk.

How to get Navy Federal Credit Union’s standard IRA Money Market account

To apply for Navy Federal Credit Union’s standard IRA Money Market account, go to their website then click the orange ‘Open Now’ button under the account you want to apply for.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Jumbo IRA Money Market Savings Account

Better returns with a much higher minimum deposit.
APYMinimum Deposit Amount
0.25%
$0.00 - $9,999
1.25%
$100,000 - $249,000
1.35%
$250,000+
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59½ years old

Navy Federal Credit Union’s Jumbo IRA Money Market savings account offers a higher rate than the standard IRA money market account, but it also requires a much higher account balance in order to earn it.

If you don’t have a six-figure balance to earn the jumbo rate, the standard IRA money market account with tiered interest rates would be better.

How to get Navy Federal Credit Union’s Jumbo IRA Money Market account

To apply for Navy Federal Credit Union’s Standard IRA Money Market account, go to the website then click the orange ‘Open Now’ button under the account you want to apply for.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

IRA Savings Account

This account earns much less than their standard Money Market Account.
APYMinimum Deposit Amount
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: None from Navy Federal Credit Union, but the IRS will charge a penalty if you’re not at least 59 ½ years old

With Navy Federal Credit Union’s IRA Savings account, you can get the tax benefits associated with investing in a Roth, SEP, or Traditional IRA without all the stock market risk.

This account has no fees and no early withdrawal penalty from the credit union.

However, this account’s interest rate is quite low meaning it may not provide the best return for your money.

How to get Navy Federal Credit Union’s IRA Savings account

Applying for Navy Federal Credit Union’s IRA Savings account is easy and you can do it online if you’re a member. If you’re not a member, you can call the credit union to open an account.

LEARN MORE Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Overall review of Navy Federal Credit Union’s banking products

Navy Federal Credit Union offers a wide selection of banking products with no fees or at least waivable fees for members of the military and their family.

While the bank serves an exclusive customer base, they don’t offer exclusive banking features or highly competitive rates outside of their certificates and variable rate products. Their certificates have fair rates and terms with flexible offerings to accommodate anyone’s savings goals.

However, military families can get better rates for savings accounts, money market accounts, and IRA savings at an online bank.

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Chonce Maddox
Chonce Maddox |

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The Berkshire Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1989
Total Assets$0.7B
LEARN MORE on The Berkshire Bank’s secure websiteMember FDIC

The Berkshire Bank is a small community bank serving New York and New Jersey residents. Originally known as Goshen Savings Bank, this company has been in operation since 1871. It has 10 branches in New York and one in New Jersey.

We’ve reviewed all the personal banking products offered by The Berkshire Bank and compared them to some of our favorites. While The Berkshire Bank fared relatively well, they can’t claim the highest rates or the lowest fees.

The Berkshire Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

The Berkshire Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.30%

CD Rates

The Berkshire Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.50%

CD Rates

The Berkshire Bank 24 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.45%

CD Rates

The Berkshire Bank 36 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

The Berkshire Bank’s checking account options

Regular Checking

This entry-level account has a lot of fees and doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Berkshire Bank’s Regular Checking account has a fairly steep minimum opening deposit considering the account’s very basic features. This checking account does not earn interest, and it charges a monthly service fee unless you maintain an average daily balance of $1,200.

You’ll also have to pay out-of-network ATM fees. Even at The Berkshire Bank ATMs, you’re only allowed 25 free withdrawals a month. If you use its ATMs more than 25 times in a month, you’ll have to pay an ATM fee. Finally, you’re allowed a maximum of 75 debits or withdrawals per month at no charge; after that, you’ll be charged 25 cents per transaction.

While it’s possible to use this account in a way that minimizes fees, it requires you to carefully track your daily balance and monthly transactions — and doesn’t offer much in return.

How to get The Berkshire Bank’s Regular Checking account

There is no option to apply for any of The Berkshire Bank’s accounts online. Instead, you’ll have to visit a branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

NOW Checking

In exchange for a higher monthly service fee, you’ll earn interest on this account.
APYMinimum Balance to Earn APY
0.30%
$1,500
0.40%
$25,000
0.50%
$1,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

If you’re looking for a checking account that earns interest, The Berkshire Bank’s NOW Checking account will at least pay a little. This account earns tiered interest, meaning the interest rate you earn depends on your balance. The minimum balance required to earn interest is quite high, though, and the interest rates are less than impressive.

This account also charges a monthly service fee that’s even higher than that charged by the Regular Checking account. To waive the fee, you’ll have to maintain an average daily balance of at least $1,500. Many may find this difficult to do on a regular basis. This account only allows 50 debits or withdrawals per month at no charge. If you exceed that number, you’ll have to pay 25 cents per transaction.

How to get The Berkshire Bank’s NOW Checking account

You cannot apply for The Berkshire Bank’s checking accounts online. To open an account, you’ll have to visit a branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Ultimate College Checking

A free checking account for college students.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

If you’re a college student between the ages of 18 and 24, you can qualify for The Berkshire Bank’s Ultimate College Checking account. This is one of only two checking accounts offered by The Berkshire Bank that doesn’t charge a monthly service fee. You’ll also get unlimited debits and withdrawals at no charge, while almost all this bank’s other accounts have a monthly cap.

You won’t earn interest with this account, and you will still incur ATM fees at all non-The Berkshire Bank ATMs. Like this bank’s other checking accounts, you’re only allowed 25 free ATM withdrawals at The Berkshire Bank ATMs per month. But if you qualify for this checking account, it’s one of the low-fee checking accounts offered.

How to get The Berkshire Bank’s Ultimate College Checking account

You will need to provide proof that you are a student with your application for this account. You can open an account at any The Berkshire Bank branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Super Security Checking

Earn a competitive interest rate if you get monthly direct deposits from Social Security.
APYMinimum Balance to Earn APY
0.75%
$500
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This checking account comes with a monthly service fee that can only be waived by maintaining an average daily balance of at least $500. While we prefer checking accounts with no monthly service fee, the requirements for waiving the fee on this account are lower than those required by other checking accounts at The Berkshire Bank.

The Super Security Checking account is designed for customers who receive monthly direct deposits from Social Security. If you do, and if you can maintain a minimum daily balance of at least $500, you’ll qualify for this account’s interest rate. For a checking account, this  rate is quite competitive.

You’ll only get 50 fee-free withdrawals and debits per month with a Super Security Checking account. After that, you’ll be charged a 25 cents fee for each transaction.

How to get The Berkshire Bank’s Super Security Checking account

To qualify for this account, you need to receive monthly direct deposits from Social Security. You can apply in a branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Premier Checking

This account charges a monthly fee unless you can maintain a very high account balance.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Premier Checking account is a non-interest-bearing account. Like most of The Berkshire Bank’s checking products, this account charges a monthly maintenance fee. You’ll need to maintain at least $25,000 in combined account balances to waive the monthly service fee, and this minimum is also required to qualify for Premier Checking anyway.

But you’re only allowed 25 debits or withdrawals per month at no charge. If you use your debit card more than 25 times per month, you’ll be charged 25 cents for each additional transaction. You also will not earn interest on this account. Ultimately, there are few features that make this account’s monthly maintenance fee and high balance requirements worthwhile.

How to get The Berkshire Bank’s Premier Checking account

You can open a Premier Checking account by visiting a branch and applying in person. There are no online applications.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

60 & Better Checking

Designed for customers 60 or older, this account has no monthly maintenance fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

You won’t earn any interest with this checking account, but it’s one of only two checking accounts at The Berkshire Bank that doesn’t charge a monthly service fee. The minimum opening deposit requirement is higher than most other banks, but it’s still feasible.

You will still have to pay ATM fees at non-The Berkshire Bank ATMs, and this account only allows 50 free debits or withdrawals per month. If you exceed that limit, you’ll be charged 25 cents per transaction.

How to get The Berkshire Bank’s 60 & Better Checking account

You can apply for a 60 & Better Checking account by visiting a The Berkshire Bank branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Basic Banking

The Berkshire Bank’s most basic checking account has lower fees, but it is open to New York residents only.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (cannot be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Berkshire Bank’s Basic Banking account has a low monthly maintenance fee, but it cannot be waived. It also has the lowest minimum opening deposit requirement of any checking account offered by this bank. The account does not earn interest, and ATM fees aren’t refunded.

There are some serious limitations that come with the Basic Banking account. First, you’re only allowed eight free debits or withdrawals per month at no charge, and you can’t exceed that number. You must be a New York resident to open this account, and you can’t have any other transactional accounts with The Berkshire Bank or any other financial institution if you hold this account. This account has little practical purpose for most people.

How to get The Berkshire Bank’s Basic Banking account

You can apply for a Basic Banking account at any of The Berkshire Bank’s New York locations.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

New Jersey Consumer Checking

New Jersey residents qualify for this low-fee checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3 (cannot be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at Berkshire ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

Like the Basic Banking account but for New Jersey residents, this checking account charges a low monthly maintenance fee that cannot be waived. It doesn’t earn interest, and you will have to pay ATM fees on non-The Berkshire Bank ATMs.

You can only use your account for up to eight debits or withdrawals per month, which is pretty limiting. The account is only open to New Jersey residents, and you can’t hold this account if you have any other transactional accounts with The Berkshire Bank or other financial institutions.

How to get The Berkshire Bank’s New Jersey Consumer Checking account

You can apply for this account at any of The Berkshire Bank’s New Jersey branches.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Blue Ribbon Checking

This account comes with a monthly maintenance fee that is easier to waive for customers who open a Blue Ribbon Savings account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at Berkshire ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This account does not bear interest. But it requires that you open a Blue Ribbon Savings account to go with it, which does earn interest. You’ll need to maintain an average daily balance of at least $800 to waive the monthly service fee, which is lower than the requirements for most other checking accounts at The Berkshire Bank.

This account has the same ATM fees as the rest of The Berkshire Bank’s checking accounts. Unlike most of this bank’s checking accounts, though, the Blue Ribbon Checking account allows unlimited fee-free transactions.

While this is one of The Berkshire Bank’s better checking account offerings, it still comes with monthly maintenance and ATM fees, which can be avoided at other banks.

How to get The Berkshire Bank’s Blue Ribbon Checking account

You’ll need to open a Blue Ribbon Savings account to qualify for this checking account. You can open both at a branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

magnifying glass

How The Berkshire Bank’s checking accounts compare

While The Berkshire Bank offers a very wide range of checking account options, none of them can compete with the best online checking accounts. Most of these accounts have higher interest rates and no monthly service fees, and many of them also reimburse ATM fees.

In comparison, almost all the checking accounts at The Berkshire Bank charge monthly service fees, and they aren’t so easy to waive. Most of its accounts also come with some odd limitations, such as limits on holding accounts with other institutions, on the number of debit transactions you can complete per month and on the number of times you can use The Berkshire Bank ATMs for free per month.

Most banks don’t limit customers on any of those fronts. Also, while the interest-earning checking accounts at The Berkshire Bank do earn rates higher than what you might find at bigger traditional banks, they still aren’t as high as what you’ll get from our favorite online checking accounts.

The Berkshire Bank’s savings account options

Blue Ribbon Savings

This is an interest-earning savings account for Blue Ribbon Checking customers.
APYMinimum Balance to Earn APY
0.20%
$10,000
0.30%
$50,000
0.70%
$250,000
0.75%
$1,000,000
0.75%
$4,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at Berkshire ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This savings account requires that you also sign up for a Blue Ribbon Checking account. With the two accounts paired together, you’ll get free unlimited check-writing, as well as your first order of checks.

With the Blue Ribbon Savings account, you’ll earn better interest rates than you would at many traditional banks, but it’s still possible to find significantly higher rates at online banks. With The Berkshire Bank’s savings accounts, this account is the best option for balances of $250,000 or more. Customers with balances that fall in the lower tiers may want to consider other savings options with The Berkshire Bank that offer a slightly higher APY.

Per Federal Reserve Regulation D, you’re allowed a maximum of six certain withdrawals a month. After that, a fee is exacted by the bank.

How to get The Berkshire Bank’s Blue Ribbon Savings account

You can apply for Blue Ribbon Savings and Blue Ribbon Checking accounts by visiting one of The Berkshire Bank’s branches.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Platinum Super Savings

This savings account earns interest on balances of $10,000 or more.
APYMinimum Balance to Earn APY
0.20%
$10,000
0.45%
$50,000
0.50%
$250,000
0.60%
$1,000,000
0.10%
$5,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Platinum Super Savings account offers decent rates, but you do have to maintain a sizable minimum balance to earn interest. It’s not the best option The Berkshire Bank offers for customers with balances in the highest and lowest tiers, but if you plan to maintain a balance of $50,000, the Platinum Super Savings account is a good alternative to Blue Ribbon Savings because it doesn’t require you to maintain any specific checking account with The Berkshire Bank.

You’re only allowed to complete up to six certain withdrawals per month. If you complete more, you’ll be charged a fee by the bank. This is the case with all savings accounts due to Federal Reserve Regulation D.

How to get The Berkshire Bank’s Platinum Super Savings account

You can visit any The Berkshire Bank branch to open a Platinum Super Savings account.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Statement Super Savings

This savings account has a high minimum balance required to earn interest.
APYMinimum Balance to Earn APY
0.40%
$15,000
0.50%
$1,000,000
0.75%
$5,000,000
0.70%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $15,000
  • Monthly account maintenance fee: None
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This account requires a slightly higher minimum balance to begin earning interest than the others. But of The Berkshire Bank’s savings accounts, it offers the best interest rate for balances in the lowest tier. More specifically, this account is best if you plan to maintain a balance between $15,000 and $499,999.99.

As with any savings account, you are limited up to six certain withdrawals a month due to Federal Reserve Regulation D. If you exceed this amount, you’ll be charged a fee for each transaction by the bank.

How to get The Berkshire Bank’s Statement Super Savings

If you’re interested in opening one of The Berkshire Bank’s savings accounts, you can do so by visiting a branch or calling their customer service line.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

Statement Savings

The Statement Savings account has the lowest minimum balance to earn APY.
APYMinimum Balance to Earn APY
0.20%
$300
0.30%
$10,000
0.50%
$100,000
0.20%
$3,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $300
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

This account is ideal for customers who don’t plan to deposit a lot of money into their savings account. It’s the only savings account at The Berkshire Bank that earns interest on balances below $10,000, although the rate is low. It actually offers the best rates of any of The Berkshire Bank savings accounts for balances below $250,000. After that, you’ll want to switch to one of its other savings options.

The Statement Savings account is also the only savings account at The Berkshire Bank that charges a monthly maintenance fee. While it can be waived by maintaining an average daily balance of $300 or more, there are plenty of other banks that offer fee-free savings accounts.

As per Federal Reserve Regulation D, you’re allowed a maximum of six certain withdrawals. After that, a fee is exacted by the bank.

How to get The Berkshire Bank’s Statement Savings account

To open a Statement Savings account, you’ll need to visit a branch. Accounts cannot be opened online.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

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How The Berkshire Bank’s savings accounts compare

The Berkshire Bank offers a range of different savings options, although they’re all very similar. The main difference between each savings account is the rates. While these savings accounts do offer decent interest rates, the best online savings accounts offer rates that are more than double what The Berkshire Bank provides.

Most of these online savings accounts don’t come with any monthly maintenance fees. Only two of The Berkshire Bank’s four savings options compare on fees, as one has a monthly service fee and the other requires you to open a checking account that comes with a monthly service fee.

The Berkshire Bank offers middle-of-the-road options when it comes to savings accounts. They’re better than many savings accounts offered by traditional banks, but they don’t come close to competing with the best online savings accounts.

The Berkshire Bank’s CD rates

Certificates of Deposit

Lots of short-term options, but very low rates.
$1,000 to $9,999$10,000 to 499,999.99
TermAPYTermAPY
1 month0.05%
1 month0.10%
2 months0.05%
2 months0.10%
3 months0.15%
3 months0.25%
4 months0.15%
4 months0.25%
6 months0.40%
6 months0.80%
9 months0.40%
9 months0.90%
12 months0.30%
12 months2.00%
14 months0.50%
14 months1.75%
18 months0.50%
18 months2.25%
2.20%0.50%
24 months2.25%
36 months0.45%
36 months1.05%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Half of the interest that would have been earned over the entire term of the CD

The Berkshire Bank offers many short-term CDs that can be hard to find at other financial institutions, allowing you to choose term lengths as short as one month. There are a wide variety of options for people who prefer flexibility, but its offerings fall short when it comes to long-term CDs. The longest term length available is three years, while most banks offer up to five years.

The rates offered by most of these CDs are also less than impressive, especially if you don’t plan to make a large deposit. That being said, if you plan to deposit $10,000 or more, the rates offered for the six month, nine month, 12 month, 14 month, 18 month and 24 month CDs are closer to those offered by the competition. The minimum opening deposit is fairly low.

How to get The Berkshire Bank’s CDs

You can open a certificate of deposit with The Berkshire Bank at any of its branches.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

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How The Berkshire Bank’s CD rates compare

If you’re looking for short-term CDs of less than six months, The Berkshire Bank offers some unique options. The 2 month and 4 month CDs stand out as products that very few banks offer. The 14 month CD is also hard to find.

That being said, The Berkshire Bank’s short-term CDs barely offer better rates than a regular savings account. All its CDs have rates that are notably lower than the best CD rates, and the rates on the 36 month CD drop far below the competition. If you want a CD for longer than three years, The Berkshire Bank doesn’t even offer the option. The penalty is also steep, particularly if you have a longer CD.

The Berkshire Bank’s money market account option

Money Market Checking

This account has pretty steep minimum balances to earn interest.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.20%
$25,000
0.25%
$50,000
0.30%
$100,000
0.10%
$1,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $1 at non-The Berkshire Bank ATMs; at The Berkshire Bank ATMs, the first 25 withdrawals are free each month ($1 each after that)
  • ATM fee refund: None
  • Overdraft fee: $30

The Money Market Checking account requires a minimum balance to earn interest that might not be attainable for some customers. Also, the interest rate on this account is quite low, and any interest accumulated is likely to be unnoticeable.

You’ll also have to pay a monthly maintenance fee on this account unless you can meet the requirements to get it waived. To do that, you have to keep an average daily balance of at least $2,500.

Federal Reserve Regulation D limits savings accounts to six certain withdrawals a month. If you make more than six withdrawals from your money market account in one month, you’ll be charged a fee by the bank for each additional withdrawal.

How to get The Berkshire Bank’s Money Market Checking account

You can apply for a money market account at any The Berkshire Bank branch.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

magnifying glass

How The Berkshire Bank’s money market accounts compare

The rates offered by The Berkshire Bank’s money market accounts are much lower than those offered by the best money market accounts. That being said, they are more accessible than many of the money market accounts with the highest rates due to their low minimum balance amount.

It’s still possible to find money market accounts with low balance requirements — some as low as $0 — that offer much higher rates than what’s offered by The Berkshire Bank. Also, several of them don’t charge monthly maintenance fees or ATM fees.

The Berkshire Bank’s IRA account options

IRA CD

The Berkshire Bank says it offers “a variety of rates and terms.”
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Half of the interest that would have been earned over the entire term of the CD

To check the most current rates on The Berkshire Bank’s IRAs, you’ll have to give them a call. According to a customer service representative, they match the rates on their regular CDs.

While there are a wide range of short-term IRAs available at The Berkshire Bank, the longest term they offer is 18 months. The early withdrawal penalty can be sizeable if you have a larger balance and a longer term.

How to get The Berkshire Bank’s IRA CDs

You can open an IRA with The Berkshire Bank at any of its branches.

LEARN MORE Secured

on The Berkshire Bank’s secure website

Member FDIC

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How The Berkshire Bank’s IRA CD rates compare

You’ll have to call The Berkshire Bank to get the latest rates on their IRA CDs. You can then compare those with the best IRA CD rates before making a decision.

The Berkshire Bank does offer a wide range of IRA CD terms, especially if you’re looking for something under 6 months. They also have a low minimum opening deposit requirement. However, many of the best IRA CD rates have minimum opening deposit requirements that are the same or even lower.

Overall review of The Berkshire Bank’s banking products

With nine different checking accounts and a handful of savings accounts, The Berkshire Bank offers a wide range of personal banking options for customers in all stages of life. We like that it offers low-cost options like its Basic Banking account, Ultimate College Checking and 60 & Better Checking, as well as interest-bearing options such as NOW Checking and Super Security Checking.

In the end, though, the majority of its checking accounts charge monthly service fees and ATM fees, and most of them place strict limits on the number of monthly transactions you can complete for free. We always prefer checking accounts without such limitations, and it’s not hard to find fee-free checking accounts online.

When it comes to its savings, CD and money market options, The Berkshire Bank offers better rates than many large traditional banks. But its rates are still significantly lower than those offered by the banks with the best rates.

If you prefer small banks with branches in the New York City area and great customer service, The Berkshire Bank might be a good choice for you. But if you’re looking for the lowest fees and the best rates, there are better options.

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.

Elizabeth Aldrich |

Elizabeth Aldrich is a writer at MagnifyMoney. You can email Elizabeth here

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Featured, Personal Loans, Reviews

Marcus by Goldman Sachs Review: GS Bank Takes on Online Savings, CDs, and Personal Loans

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1990
Total Assets$179.2B
Most Americans probably think of fancy white-collar stock traders on Wall Street when they think of Goldman Sachs, a global investment firm that’s been around since the late 19th century.

In recent years, Goldman made a major pivot, launching a new arm of the company called GS Bank, which would provide internet-only savings accounts to the masses.

They also launched Marcus by Goldman Sachs®, a line of personal loans. Eventually, they decided to rebrand their savings account business, putting it under the Marcus umbrella as well.

Today, through Marcus, you’ll find three product offerings: personal loans, savings accounts, and CDs.

In this article, we’ll take a deep dive into all three products. We’ll tell you what you need to know before opening an account, including what rates they are offering.
Goldman Sachs Bank USA’s Most Popular Accounts

APY

Account Type

Account Name

3.10%

CD Rates

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.65%

CD Rates

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.05%

Savings

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

Member FDIC

Marcus by Goldman Sachs savings account

A very high interest rate and no fees make this one of the best savings accounts out there.

APY

Minimum Balance Amount

2.05%

None

  • Minimum opening deposit: None. However, you’ll need to deposit at least $1.00 if you want to earn any interest
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

This is a great account for almost anyone. However, before you click that “Learn More” button below, there are a couple of things to know.

No ATMs. First, Marcus by Goldman Sachs doesn’t offer ATM access to your savings account. You’ll either need to deposit or withdraw money by sending in a physical check, setting up direct deposits, or by moving the money to and from your other bank accounts via ACH or wire transfer.

No checking account. Second, Marcus does’t offer a corresponding checking account. That means you can only use this account as an external place to park your cash from your everyday money flow.

Keeping a separate savings account does have its benefits. For example, it’s harder to tempt yourself to withdraw the cash if you’re a chronic over-spender. But, it also means that there might be a delay of a few days if you need to transfer the money out of your Goldman Sachs online savings account and into your other checking account.

How to open a Goldman Sachs online savings account

It’s really easy to open an online savings account with Marcus by Goldman Sachs. You can do it online or over the phone as long as you’re 18 years or older, have a physical street address, and a Social Security Number or Individual Taxpayer Identification Number.

You’ll be required to sign a form which you can do online, or by mail if you’re opening the account over the phone.

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

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How their online savings account compares

Marcus’ online savings account can easily be described with one word: outstanding.

You’ll get a relatively high interest rate with this account, which is among the best online savings account rates you’ll find today. In fact, these rates are currently over seven times higher than the average savings account interest rate.

Even better, this account won’t charge you any fees for the privilege of keeping your money stashed there. It’s a tall order to find another bank that offers these high interest rates with terms this good.

Marcus by Goldman Sachs CD rates

Sky-high CD rates, but watch out for early withdrawal limitations.

Term

APY

Minimum Deposit Amount

6 months

0.60%

$500

9 months

0.70%

$500

12 months

2.65%

$500

18 months

2.65%

$500

24 months

2.70%

$500

3 years

2.75%

$500

4 years

2.80%

$500

5 years

3.10%

$500

6 years

3.15%

$500

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • For CDs under 12 months, 90 days’ worth of interest
    • For CDs of 12 months to 5 years, 270 days’ worth of interest
    • For CDs of 5 years or over, 365 days’ worth of interest

Marcus’ CDs work a little differently from other CDs. Rather than having to set up and fund your account all at once, Goldman Sachs will give you 30 days to fully fund your account.

Once open, your interest will be tallied up and credited to your CD account each month. You can withdraw the interest earned at any time without paying an early withdrawal penalty, but heads up: If you withdraw the interest, your returns will be lower than the stated APY when you opened your account.

If you need to withdraw the money from your CD, you can only do so by pulling out the entire CD balance and paying the required early withdrawal penalty. There is no option for partial withdrawals of your cash.

Finally, once your CD has fully matured, you’ll have a 10-day grace period to withdraw the money, add more funds, and/or switch to a different CD term. If you don’t do anything, Marcus will automatically roll over your CD into another one of the same type, but with the current interest rate of the day.

How to open a Goldman Sachs CD

Marcus has made it super simple to open up a CD. First, you’ll need to be at least 18 years old, and have either a Social Security Number or an Individual Taxpayer Identification Number.

You can open an account easily online, or call them up by phone. You’ll need to sign an account opening form, which you can do online or via a hard-copy mailed form. Then, simply fund your CD account within 30 days, and you’re all set.

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

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How their CDs compare

The interest rates that Marcus offers on their CDs are top-notch. In fact, a few of their CD terms are among the current contenders for the best CD rates.

If you’re interested in pursuing a CD ladder approach, Marcus is one of our top picks because each of their CD terms offer above-average rates. This means you can rest easy that you’ll get the best rates for your CD ladder without having to complicate things by spreading out all of your CDs among a handful of different banks.

The only downside to these CDs compared with many other banks is that you can’t withdraw a portion of your cash if you need it. It’s either all-in, or all-out. However, once out, you’re still free to open a new CD with the surplus cash, as long as it’s at least the $500 minimum deposit size.

Marcus by Goldman Sachs personal loan

Personal loans offered by Marcus have low APRs, flexible terms, and no fees.

Terms

APR

Credit Required

Fees

Max Loan Amount

36 to 72 months

6.99%-24.99%

Varies

None

$40,000

Marcus by Goldman Sachs® personal loans can be used for just about anything, from consolidating debt to financing a large home improvement project. They offer some of the best rates available, with APRs as low as 6.99%, and you’ll not only be able to choose between a range of loan terms, but you can also choose the specific day of the month when you want to make your loan payments.

While there are no specific credit requirements to get a loan through Marcus, the company does try to target those that have “prime” credit, which is usually those with a FICO score higher than 660. Even with a less than excellent credit score, you may be able to qualify for a personal loan from Marcus, though, those that have recent, negative marks on their credit report, such as missed payments, will likely be rejected.

Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.

No fees. Marcus charges no extra fees for their personal loans. There is No origination fee associated with getting a loan, but there are also no late fees associated with missing payments. Those missed payments simply accrue more interest and your loan will be extended.

Defer payments. Once you have made on-time payments for a full year, you will have the ability to defer a payment. This means that if an unexpected expense or lost job hurts your budget one month, you can push that payment back by a month without negatively impacting your credit report.

How to apply for a Marcus personal loan

Marcus by Goldman Sachs offers a process that is completely online, allowing you to apply, choose the loan you want, submit all of your documents, and get approved without having to leave home. Here are the steps that you will complete to get a personal loan from Marcus:

  1. Fill out the information that is required in the online application, including your basic personal and financial information, as well as how much you would like to borrow and what you will use the money for.
  2. After a soft pull on your credit, and if you qualify, you will be presented a list of different loan options that may include different rates and terms.
  3. Once you have chosen the loan you want, you will need to provide additional information to verify your identity. You may also be asked for information that can be used to verify your income and you will need to provide your bank account information so that the money can be distributed.
  4. You will receive your funds 1 – 4 business days after your loan has been approved.

SEE OFFERS Secured

on LendingTree’s secure website

By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

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How their personal loans compare

Marcus offers low APRs and flexible terms with their personal loans, but their main feature is that they have no fees. If you are looking for a straightforward lending experience with no hidden fees or costs, Marcus will be perfect for you since you won’t even have to worry about late fees if you happen to miss a payment.

While Marcus offers some great perks, you may be able to get a lower rate if you choose to go with another lender, such as LightStream or SoFi. Both of these lenders offer lower APR ranges and they don’t charge origination fees, though, LightStreamwill do a hard pull on your credit to preapprove you.

LendingClub and Peerform both have lower credit requirements than Marcus, but they also charge origination fees and, being P2P lending platforms, you will need to wait for your loan to be funded and you run the risk that other users might not fund your loan.

Overall review of Marcus by Goldman Sachs‘ products

Marcus has really hit it out of the park with their personal loans, online savings, and CD accounts. Each of these accounts offers some of the best features available on the market, while shrinking the fees down to a minuscule, or even nonexistent, amount. Their website is also slick and easy to use for online-savvy people.

The only thing we can find to complain about with Marcus is that they don’t offer an equally-awesome checking account to accompany their other deposit products. Indeed, it seems like Marcus has turned their former hoity-toity image around: Today, they’re a bank that we’d recommend to anyone, even blue-collar folks.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Reviews

MidFirst Direct Review: Savings and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1911
Total Assets$16.5B
LEARN MORE on MidFirst Direct’s secure websiteMember FDIC

MidFirst Direct is the online arm of MidFirst Bank, one of the largest privately-held banks in the U.S. On this platform, the bank offers an online savings account and a variety of certificates of deposit. You can manage the accounts through online and mobile banking, and customer support is available by phone. MidFirst Direct online accounts are available throughout the U.S., except for Alaska and Hawaii.

We took a close look at MidFirst Direct’s savings account and CDs. They certainly offer better-than-average interest rates, but it takes a fairly sizable chunk of change to open one. And if you’re the type who prefers to organize all your financial accounts within one institution, you should know that MidFirst Direct does not offer online checking, money market or other deposit accounts.

MidFirst Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.25%

Savings

MidFirst Direct High Yield Online Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.55%

CD Rates

MidFirst Direct 12 Month High Yield Online CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.60%

CD Rates

MidFirst Direct 36 Month High Yield Online CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.10%

CD Rates

MidFirst Direct 60 Month High Yield Online CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

MidFirst Direct’s savings account option

High Yield Online Savings

The interest rate on this free savings account is well above average but by no means the best you can find from an internet bank.
APYMinimum Balance to Earn APY
1.25% All balances
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: No minimum
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $34 per item; maximum of five fees per day; $25 extended overdraft fee if overdrawn for seven days; overdraft protection available with $12.50 transfer fee

High Yield Online Savings is a basic account that is fine if your main concerns are avoiding monthly fees and earning a bit of interest, although the minimum deposit required to open the account is steep. The interest rate offered is decent, though far from the best in the market. The human customer service is a nice touch. Per the federal rule known as Regulation D, you can make up to six certain withdrawals/transfers per month. You’ll be charged an $8 fee for each additional withdrawal after that by the bank. Note there is no ATM card available.

How to get MidFirst Direct’s High Yield Online Savings

You can open a High Yield Online Savings account by filling out a brief application online. You’ll need to provide your Social Security number, driver’s license information, address and other personal details. If you want to transfer money from another bank, you’ll also need the account number, name of the financial institution and the routing number from your checks.

LEARN MORE Secured

on MidFirst Direct’s secure website

Member FDIC

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How MidFirst Direct’s savings account compares

You’ll need at least a grand to open a high-yield online savings account at MidFirst Direct, a fairly steep minimum opening requirement compared with a lot of internet savings accounts. MidFirst Direct does pay an interest rate that is well above the national average, but it’s not the top rate in the market.

If your priority is to park some cash in an account where it can earn as much interest as possible, you should choose another account from this list of some of the best online savings account offerings out there.

MidFirst Direct’s CD rates

MidFirst Direct High Yield Online CD

MidFirst Direct CDs pay above-average rates and come in a wide range of terms.
TermMinimum Balance to Earn APYAPY
91 Days$1,0001.25%
182 Days$1,0001.80%
9 Month (Special)$5,0002.00%
12 Month$1,0002.55%
15 Month (Special)$5,0002.45%
18 Month$1,0002.40%
24 Month$1,0002.55%
36 Month$1,0002.60%
48 Month$1,0003.00%
60 Month$1,0003.10%
84 Month$1,0003.00%
120 Month$1,0003.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000; $5,000 for special CDs.
  • Early withdrawal penalty: 7-31 days all interest earned; 32 days-12 months 1% of the amount, greater than 12 months 3% of the amount.

MidFirst Direct’s CDs pay decent interest rates for terms ranging from three months to 10 years, with many options in between. The CDs provide a guaranteed and relatively high rate of return for those who want a safe place to stash their money, though deposits are capped at $250,000 per CD. Interest is compounded daily. There are two “special” options, a 9 month CD and a 15 month CD, that require deposits of at least $5,000. The 9 month option pays a premium over the 182 day option. However, contrary to what you’d expect, the 15 month CD actually currently pays a lower rate than the 12 month one.

Before you commit to any CD, be absolutely certain you won’t want to access the money until end of the term. If you need to withdraw it early, you may incur a penalty — seven to 31 days all of the interest earned on the amount being withdrawn; 32 days to 12 months 1% of the amount, plus a $25 fee; and greater than 12 months 3% of the amount withdrawn, plus a $25 fee.

How to get MidFirst Direct’s CDs

You can open a CD online by selecting the term you want and filling out the application. You’ll need to provide your Social Security number, driver’s license information, address and other information. To transfer money from an account at another institution, you’ll also need to provide the bank name, account number and routing number.

LEARN MORE Secured

on MidFirst Direct’s secure website

Member FDIC

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How MidFirst Direct’s CD rates compare

MidFirst Direct’s CDs are convenient to open and offer a wide choice of terms ranging from a few months to a decade. They pay guaranteed interest rates that are well above the national average. However, the minimum deposits required are much higher than at other institutions, while the rates offered are not the absolute best. Before you lock your money away, it’s best to research other options for maximizing your earnings among the best CD rates in the market.

Overall review of MidFirst Direct banking products

MidFirst Direct has a simple menu of offerings: a high-yield online savings account and a range of high-yield CDs. Both are solid enough choices, but not the best, and the minimum opening deposits may present a barrier for some customers.

It’s convenient that you can open and manage the accounts through online and mobile banking, while still having the option of accessing customer service by phone seven days a week. If you’re nervous about online-only banks, you might like the fact that MidFirst Direct is backed by a well-established, brick-and-mortar parent, MidFirst Bank.

However, the bottom line is that there are many other institutions offering better rates. To really put your money to work, you’ll do better with another bank.

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.

Jeanne Lee
Jeanne Lee |

Jeanne Lee is a writer at MagnifyMoney. You can email Jeanne here

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Reviews

BancorpSouth Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1876
Total Assets$17.3B
LEARN MORE on Bancorp South’s secure website

BancorpSouth was founded in 1876 in the back of a hardware store in tiny Verona, Miss. Now headquartered five miles up the road in Tupelo, this bank has approximately 280 locations across eight states: Alabama, Arkansas, Florida, Louisiana, Missouri, Mississippi, Tennessee and Texas. The bank holds total assets north of $17 billion.

BancorpSouth carries a wide range of financial products, such as credit cards, auto, boat and RV loans, home loans, and investment accounts. They also offer checking, savings, CD, money market and IRA accounts. We’ll focus on these accounts in this review.

In this review, we put BancorpSouth’s accounts to the test. BancorpSouth may offer different rates depending on what region you’re in. To keep things consistent, we always looked at rates in the 38803 zip code (in Tupelo, Miss.), because this is where BancorpSouth is headquartered.

Bancorp South’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Bancorp South My Goal Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

BancorpSouth’s checking account options

BancorpSouth My Way Checking

This entry-level checking account does not earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (waived if you meet specific requirements, detailed below)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call the bank to ask about current costs associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

This checking doesn’t earn interest, but it’s relatively easy to avoid monthly fees. You can avoid the above-referenced service charge by meeting one these requirements during the statement cycle:

  • $100 minimum daily balance, or
  • Five debit card purchase transactions, or
  • At least one direct deposit of $100 or more

The My Way Checking account also comes with access to BudgetWi$e, the bank’s free online budgeting tool.

LEARN MORE Secured

on Bancorp South’s secure website

BancorpSouth Performance Checking

This account lets you earn higher interest rates if you have a relationship with the bank.
APYMinimum Balance to Earn APY
0.10%$30,000+
1.76%$0.01 - $30,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (waived if you meet certain requirements, detailed below)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call the bank to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: The bank will refund their $2 ATM fee plus up to $2 in fees paid by the ATM owner for the first five non-BancorpSouth transactions if the account holder meets all three of the higher rate requirements listed below.
  • Overdraft fee: $36 per item

The standard interest rate for this checking account is pretty meager, but it may be easy for you to earn the bonus rate. The Bonus APY of 1.76% applies on balances of $30,000 or less if you meet these three requirements each statement period:

  • Must have at least one direct credit or debit, such as direct deposit or automatic bill payment
  • Must make at least 12 debit card purchase transactions
  • Must be enrolled to receive online statements

You’ll definitely want to make sure you meet the requirements to receive the bonus rate every month. Doing so will not only get you a higher APY, but you’ll also be able to avoid the $10 monthly service charge and get up to $10 in ATM fees refunded each month. You can also avoid the monthly service charge by maintaining a $1,000 minimum daily balance in your account.

The Performance Checking account also comes with access to BudgetWi$e, BancorpSouth’s free online budgeting tool.

LEARN MORE Secured

on Bancorp South’s secure website

BancorpSouth Interest Plus Checking

This account lets you earn higher interest rates as you deposit more money in your account.
APY
Minimum Balance to Earn APY
0.10%$0.01 - $4,999.99
0.12%$5,000 - $9,999.99
0.15%$10,000 - $24,999.99
0.17%$25,000 - $49,999.99
0.20%$50,000 - $99,999.99
0.25%$100,000+
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 (waived if you maintain a $1,000 minimum daily balance)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

The interest rates available for this checking account aren’t exactly generous. The highest rates available on this account are quite a bit lower than the bonus rate available through the Performing Checking account. However, since the bonus rate is available only on balances up to $30,000, this account might be a better option if you maintain a higher balance in your checking account.

And there’s one more benefit that might be appealing to people who prefer paper statements with imaged checks. This service is free for Interest Plus Checking account holders, whereas some of BancorpSouth’s other checking account options charge a fee.

The Interest Plus Checking account also comes with access to BudgetWi$e, BancorpSouth’s free online budgeting tool.

LEARN MORE Secured

on Bancorp South’s secure website

BancorpSouth Heritage Checking

This account gives seniors age 62 and older the ability to earn travel and bonus rewards.
APYMinimum Balance to Earn APY
0.10%$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (waived if you maintain a $500 minimum daily balance)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

The interest rates available for this checking account are modest, but it offers some unique perks. Account holders receive:

  • One free box of checks per year
  • $100,000 common carrier Accidental Death and Dismemberment Insurance
  • A free Savers Club Book with discount offers at over 3,000 participating lodging properties, theme parks and car rental companies
  • The ability to receive discounts and earn cash rewards when they arrange travel through a third-party partner
  • Free copies of Sojourns magazine

LEARN MORE Secured

on Bancorp South’s secure website

BancorpSouth Student Checking

This account doesn’t earn interest, but it makes free checking available to students age 24 and under with no minimum balance requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

This checking account doesn’t earn interest, but with no minimum monthly balance requirements and no monthly maintenance fee, it’s an affordable option for college students. Plus, it comes with a few nice features. Account holders receive their first box of 25 checks printed at no charge and have the option to upgrade to checks with their college’s logo.

The Student Checking account is available for students through the age of 24. After age 24, the account will automatically be converted to another standard checking account.

The Student Checking account also comes with access to BudgetWi$e, BancorpSouth’s free online budgeting tool.

How to get BancorpSouth’s checking accounts

You’ll need to provide some basic personal information, such as your name, Social Security number, date of birth, address and driver’s license number. You’ll also need details for your current U.S. checking or savings account to fund your new account. If you don’t already have a U.S. checking or savings account, you’ll have to apply in person at a BancorpSouth location.

LEARN MORE Secured

on Bancorp South’s secure website

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How BancorpSouth’s checking accounts compare

This bank’s checking accounts offer modest interest rates compared with the best online checking accounts out there. Truly fee-free checking is only available to students, although it’s possible to avoid monthly service fees rather easily.

If you’re between the ages of 24 and 62 and don’t mind jumping through a few hoops to meet the requirements each month, you’ll earn a better rate with BancorpSouth’s Performance Checking than you will with their other accounts. However, you might be able to earn more by keeping less money in your checking and more in another interest-bearing account.

BancorpSouth’s savings account options

BancorpSouth My Goal Savings

A good beginner account focused on saving toward a goal.
APYMinimum Balance to Earn APY
0.15%$0.01
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (waived if you maintain a minimum balance of $100)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

This is BancorpSouth’s basic savings account, and an option if you’re looking for a simple, no-frills place to store your cash. This account does have a monthly fee, but you can easily avoid it by keeping a minimum of $100 in your account.

Per Regulation D, you’re allowed up to six certain withdrawals or transfers per month. After that, there’s a $5 fee for each transaction from the bank.

LEARN MORE Secured

on Bancorp South’s secure website

BancorpSouth Performance Savings

Earn a higher rate of interest by making a minimum monthly deposit.

Account holders can earn a higher interest rate on balances of $100,000 or less by making a minimum of $50 in total deposits into the account through either online banking transfer or ACH deposit. If you don’t make the minimum deposit, your account will earn the standard rate of interest. Call BancorpSouth to learn about the current rates.

  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $2.50 (waived if you maintain a minimum balance of $50)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

This savings account is an option if you plan to save at least $50 per month and can take advantage of the bonus interest rate. Even if you skip a month, the service fee is half that of the My Goal Savings account.

Again, watch out if you plan to make a lot of withdrawals each month. You’re allowed up to six certain withdrawals or transfers each month, per Federal Regulation D. After that, there’s a $5 fee for each transaction from the bank.

You cannot open a Performance Checking account online. Use BancorpSouth’s Find a Branch tool to locate a branch near you and sign up in person.

LEARN MORE Secured

on Bancorp South’s secure website

BancorpSouth Select Savings

This account has a higher minimum balance requirement to open an account and avoid fees, but it also earns a higher interest rate.
APYMinimum Balance to Earn APY
0.25%$0.01
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Quarterly account maintenance fee: $15 (waived if you maintain a minimum balance of $1,000)
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

For people with a little more money available to open an account, the Select Savings account pays a higher rate of interest than you’ll get from BancorpSouth’s My Goal Savings account. This account does have a quarterly maintenance fee, but you can avoid it by keeping a minimum of $1,000 in the account.

Per Regulation D, you’re allowed up to six certain withdrawals or transfers each month. After that, there’s a $5 fee for each transaction from the bank.

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BancorpSouth Young Savers Savings

A low-fee alternative for teaching your children how to save.

Call BancorpSouth to learn about the current rates.

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for using BancorpSouth ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call BancorpSouth to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

This account is only available to account holders below 17 years of age and requires a parent or guardian over 18 to be a joint account holder. Once the account holder reaches age 18, the account will convert to a My Goal Savings account.It’s a good account for teaching kids the value of savings because the minimum opening deposit is low, there’s no minimum balance requirement and no monthly service charge.

You’re allowed up to six certain withdrawals or transfer each month, per Regulation D. After that, there’s a $5 fee for each transaction imposed by the bank.

You cannot open a Young Savers Checking account online. Use BancorpSouth’s Find a Branch tool to locate a branch near you and sign up in person.

How to get a Bancop South savings account

You’ll need to provide some basic personal information, such as your name, Social Security number, date of birth, address and driver’s license number. You’ll also need details for your current U.S. checking or savings account to fund your new account. If you don’t already have a U.S. checking or savings account, you’ll have to apply in person at a BancorpSouth location.

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How BancorpSouth’s savings accounts compare

These savings accounts make it easy to avoid monthly or quarterly account maintenance fees, but their interest rates aren’t really that competitive. You’ll earn a better return on your money by opening one of these top online savings accounts.

BancorpSouth’s CD rates

BancorpSouth Certificate of Deposit

Earn a higher rate of return than a standard savings account.

Interest rates are determined at the time of purchase. Call BancorpSouth to discover current rates.

  • Minimum opening deposit: $1,000 – $5,000, depending on maturity
  • Minimum balance amount to earn APY: $1,000 – $5,000, depending on maturity
  • Early withdrawal penalty: Early withdrawal penalties apply. Call BancorpSouth to learn more.

If you want to earn a higher rate of interest and don’t mind tying up your money for anywhere from one to 60-plus months, consider a BancorpSouth CD. The longer the term, the higher the rate.

You can open a CD with BancorpSouth with as little as $1,000, so there’s a low barrier to entry.

You cannot open a BancorpSouth CD online. Use their Find a Branch tool to locate a branch near you and apply in person.

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How BancorpSouth’s CD rates compare

BancorpSouth doesn’t publish their CD rates online, so it’s impossible to know how they compare to the CDs that you can get elsewhere. However, we do like their low opening balance requirements and a variety of maturity terms.

BancorpSouth’s money market account options

BancorpSouth Money Market Select

Earn tiered interest rates based on your account balance.
APYMinimum Balance to Earn APY
0.10%$0.01 - $9,999.99
0.10%$10,000 - $24,999.99
0.15%$25,000 - $49,999.99
0.20%$50,000 - $99,999.99
0.25%$100,000 - $149,999.99
0.30%$150,000 - $499,999.99
0.50%$500,000+
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (waived if you maintain a $10,000 minimum monthly ledger balance)
  • ATM fee: No fee for using the bank’s ATMs. If you use an out-of-network ATM in the United States, you may be charged a fee by both BancorpSouth and the ATM’s owner. Call the bank to ask about current fees associated with out-of-network ATMs. If you use a foreign ATM, you’ll pay $2 per transaction, plus a 2% cross-border fee.
  • ATM fee refund: None
  • Overdraft fee: $36 per item

You’ll only need $1,000 to open a Money Market Select account, but you’ll need 10 times that amount to avoid the monthly fee mentioned above. If you can clear that hurdle, this is a way to earn a little more interest than you’d get from some of the bank’s checking account options. You’ll have access to unlimited over-the-counter and ATM transaction, but more than six withdrawals during any given month will hit you with a $10 fee per withdrawal.Keep in mind, though, you must have a BancorpSouth checking account to open a Money Market Select account.

How to get BancorpSouth’s Money Market Select account

You’ll need to provide some basic personal information, such as your name, Social Security number, date of birth, address and driver’s license number. You’ll also need details for your current U.S. checking or savings account to fund your new account. If you don’t already have a U.S. checking or savings account, you’ll have to apply in person at a BancorpSouth location.

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How BancorpSouth’s money market accounts compare

This account has a low opening deposit requirement, but the interest rates are low, too. You could potentially earn a better rate of return with a money market account from an internet bank.

BancorpSouth’s IRA account options

IRA

BancorpSouth’s IRA lets you save for retirement with flexible contribution options.

Call BancorpSouth the learn the current rates.

  • Minimum opening deposit: Call the bank to learn more
  • Minimum balance to earn APY: Call the bank to learn more
  • Monthly account maintenance fee: None

If you’re under age 70½, you can contribute to an IRA and take advantage of potential tax savings. BancorpSouth’s IRA does not charge a monthly service fee, however, if you need to withdraw funds early, those withdrawals may be taxed as earned income and incur an early withdrawal penalty.

You’ll have to call the bank to learn more about interest rates associated with this account and how to open the account.

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How BancorpSouth’s IRA accounts compare

We don’t know how BancorpSouth’s IRA CDs compare because the bank chooses not to advertise its rates. You’ll have to call to find out. If you do, be sure to compare the rates they’re paying to our list of the top IRA CD rates.

Overall review of BancorpSouth’s banking products

BancorpSouth does offer a wide variety of account options for checking and savings, and while many of their accounts to charge a monthly or quarterly service fee, they make it easy to avoid the fees by maintaining relatively low minimum balances, using your debit card, or using direct deposit.

But if you’re like most people, you probably want to put your money where it will earn the best interest rate. If that’s the case, BancorpSouth might not be the best option for you because their interest rates just aren’t competitive with those offered by other banks. With many of its rates not published online, the bank doesn’t make it easy for you to shop around.

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.

Janet Berry-Johnson
Janet Berry-Johnson |

Janet Berry-Johnson is a writer at MagnifyMoney. You can email Janet here

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Earning Interest, Reviews

Discover Bank CD Rates Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Discover Bank
Most people know Discover as a credit card company, but it also operates an online bank and offers some of the best rates and terms on checking and savings accounts and certificates of deposit (CDs). As a bank, Discover offers some of the best products on the market. Currently, they’re offering a major deal on their online savings account. If you apply for their savings account by 01/14/19 and deposit or grow a balance of at least $15,000 by 01/28/19, you can earn a $150 bonus. If you deposit or grow a balance of at least $25,000 by the same date, you can earn a $200 bonus. Applying for the account is easy as you don’t need to go to a branch. You can apply online or over the phone. Just be sure to enter or mention the promo code MM1218 when you apply.

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Member FDIC

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If you’re looking for CDs in particular, Discover is currently considered to have some of the best CDs due to their customer service and digital tools.

Discover Bank CD rates

CD term

Annual Percentage Yield (APY)

3 months

0.35%

6 months

0.65%

9 months

0.70%

12 months

2.60%

18 months

2.60%

24 months

2.65%

30 months

2.65%

3 years

2.70%

4 years

2.75%

5 years

3.00%

7 years

3.05%

10 years

3.10%

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How do Discover Bank CD rates compare?

While Discover Bank CD rates aren’t always the highest available, they are consistently among the top offers across all terms. However, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover’s $2,500 requirement. Currently, several nationwide banks offered a 12-month CD at a rate higher than Discover’s 12-month CD APY, while requiring a lower minimum deposit. For example, at the same time the above rates were available at Discover, there were 12-month CDs with rates as high as 2.65% APY with a lower minimum balance amount to earn the APY.

It’s always great to go for the highest interest rates possible, but keep your CD investing strategy in mind. If you’re investing in CDs using the ladder strategy, it might be easier to keep everything in one bank since you’ll be switching in and out of CDs frequently.

Discover also stands out from its competition in the CD space with its mobile app and 24/7 U.S.-based customer service. If you value such features, keep those particulars in mind when weighing Discover CD rates against others’.

What you need to know about Discover Bank’s CDs

Discover Bank is very transparent in terms of fine print. It’s not difficult to understand what’ll happen with your money after you invest it. We’ll cover the basics here about what you need to know to invest in Discover Bank’s CDs.

How to open a CD

It’s very simple to open up a CD with Discover Bank. Go to their CD webpage and click on the orange “Open an Account” button near the top right of the page. You can then choose which accounts you’d like to open. Select “CD,” choose a CD term and enter how much you’d like to deposit.

You’ll then need to complete the application by providing your name, address, date of birth, phone number, Social Security number, employment status and possibly even your driver’s license. Once your application is complete and accepted, you’ll need to fund the account.

How to fund the CD

You’ll need to fund it within 45 days of submitting your application, which you can do in one of three ways:

  • Transfer funds from another bank account over the phone. (You can only do this when you first fund your account.)
  • Transfer funds from another bank via online transfer.
  • Write a check to yourself and send it to the following address:Discover Bank
    P.O. Box 30417
    Salt Lake City, UT 84130

The minimum deposit amount for each of Discover Bank’s CDs is $2,500. Once you open a CD, you can’t deposit more money later, so it’s a good idea to make sure you have all the cash you want to invest before you open the account.

Withdrawing funds from the CD

When you want to withdraw money from your CD, the biggest thing to consider is whether that CD has matured yet, or finished its term.

If your CD has not matured, you’ve got options: You can take the interest out penalty-free at any time, or you can withdraw the principal (or the money you deposited) at any time as long as you pay an early-withdrawal penalty. This penalty varies depending on the original term of your CD:

  • less than one year: three months’ worth of simple interest
  • one year to less than four years: six months’ worth of simple interest
  • four years: nine months’ worth of simple interest
  • five years to less than seven years: 18 months’ worth of simple interest
  • seven years or longer: 24 months’ worth of simple interest

If your CD has finished its term, you can withdraw your money penalty-free, allow the CD to renew or roll it into a CD of a different term length. (More on that in a bit).

Earning interest on a Discover CD

Your CD will start earning interest on the same business day that you fund the account. The interest will be added to your account once each month, however.

When it comes to what to do with your interest, you have two options: The default option is to allow it to compound within the CD (meaning you’ll earn interest on that interest), or you can have it automatically deposited each month into another Discover bank account.

What happens once the CD matures?

You’ll get a heads-up notice about a month before your CD matures so you can decide what to do with the money. You have two main options: Either reinvest it into another CD (of the same term length or a different term length), or withdraw the money from the CD and put it into another account (such as a checking or savings account, or perhaps a CD at a different institution).

If you don’t let Discover know what you want to do with the maturing CD, the CD will automatically renew into another one of the same term length. You have a nine-day grace period after your CD automatically rolls over to make any changes or withdrawals penalty-free.

The bottom line

As far as big-name banks go, Discover offers great CD products. Wells Fargo, for example, only offers interest rates as high as 1.55% APY on a $5,000 deposit for a 58-month CD. Chase Bank offers even lower maximum rates — an abysmal 1.05% APY, and only if you can commit a minimum of $100,000 for 10 years.

If you’re the kind of person who likes to keep your finances in one place, Discover also has great credit cards, as well as competitive online savings and checking accounts. No matter how long you’re considering putting money in a CD, Discover is worth a look. Even if it doesn’t have the best available rate, it’s usually within several basis points of the top offerings and well above the average APY.

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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.

Lindsay VanSomeren
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Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1941
Total Assets$1.5B
LEARN MORE on Austin Telco Federal Credit Union’s secure websiteNCUA Insured

Founded in 1941 to serve a phone company employees in the Texas capital, Austin Telco Federal Credit Union today has over $1.5 billion in assets and two dozen branches throughout the Austin area.

You can become a member of Austin Telco Federal Credit Union if you live, work, worship or attend school in Bastrop, Caldwell, Hays, Travis or Williamson counties. You can also get an account if anyone in your immediate family is an existing member. To join, the credit union requires you to open a Share Savings account with a minimum of $25.

While individual credit unions often have limited ATM networks, members at Austin Telco Federal Credit Union can also access surcharge-free ATMs within the Austin Alliance of Credit Unions network — consisting of 15 other Austin-area credit unions — at no extra charge.

But are their accounts are worth it? Read on to find out our review of Austin Telco Federal Credit Union’s checking, savings, CD, money market and IRA accounts.

Austin Telco Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Austin Telco Federal Credit Union Share Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.12%

CD Rates

Austin Telco Federal Credit Union 12 Month Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.63%

CD Rates

Austin Telco Federal Credit Union 36 Month Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.98%

CD Rates

Austin Telco Federal Credit Union 60 Month Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Austin Telco Federal Credit Union’s checking account options

Free Checking

You don’t need to pay any monthly maintenance fee, but the low rates aren’t worth it.
APYMinimum Balance to Earn APY
0.05%
$1,500
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $27.50

The Free Checking account doesn’t offer much in the way of interest, but you get perks such as no monthly maintenance fees, a Visa debit card, and online and mobile banking. If you’re 60 or older, you may qualify for the Senior Account which has the same features as the Free Checking account, but you also get two boxes of custom checks each year and money orders for free.

You can enroll in overdraft protection by linking your savings and checking accounts together. Austin Telco Federal Credit Union will make transfers in $50 increments and charge you $5 each time for this service. The bill pay feature lets you pay up to 15 bills each month, and then it’ll cost you $0.35 each afterwards.

How to get Austin Telco Federal Credit Union’s Free Checking Account

You can apply for a Free Checking account in person or by completing an online application form. First, indicate how you’re eligible to become a member, then fill out personal details such as your name, address and Social Security number. After agreeing to open a Share Savings account to establish membership, you can then fund the account.

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How Austin Telco Federal Credit Union’s checking account compares

There’s not much to say except that the rate earned on the Free Checking account is extremely low. You could also be paying a lot in ATM fees if you travel frequently and end up using a lot of out-of-network machines.

There are better alternatives among our list of checking accounts that offer higher rates, free checks and ATM refunds.

Austin Telco Federal Credit Union’s savings account options

Regular Savings

All members need to open this account to establish membership.
APYMinimum Balance to Earn APY
0.25%
$100
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Also called a Share Savings account, opening this account is mandatory for all Austin Telco Federal Credit Union members. Your $25 minimum opening deposit needs to remain in the account as long as you’re a member — that represents your ownership share in Austin Telco Federal Credit Union.

There is no ATM access unless you decide to open a Free Checking account, and you can also link these two together for overdraft protection. Don’t forget that Federal Regulation D limits you up to six certain withdrawals a month. If you go over that amount — with the exception of in-person or ATM withdrawals — Austin Telco Federal Credit Union will deny the transaction.

How to get Austin Telco Federal Credit Union’s Regular Savings account

To open a Regular Savings account, head to your nearest branch or complete an online application form. After indicating how you qualify for membership, fill in details such as your name, address and Social Security number. Then provide a U.S. checking or savings account or a credit or debit card to fund the account.

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How Austin Telco Federal Credit Union’s savings account compares

We like the low minimum opening balance and that there are no monthly maintenance fees, but the APY is a pittance compared to online competitors. That, plus this account requires a higher minimum balance to earn the advertised APY, whereas ones on our list of the best savings accounts don’t.

If you’re after a high-yield savings account, you’re better off looking elsewhere.

Austin Telco Federal Credit Union’s CD rates

Share Certificate

These CDs offer decent rates compared to other competitors
$1,000 minimum deposit
TermAPY
6 months1.46%
12 months2.12%
18 months2.22%
24 months2.42%
36 months2.63%
48 months2.73%
60 months2.98%
$95,000 minimum deposit (Jumbo Certificate)
TermAPY
6 months1.76%
12 months2.37%
18 months2.42%
24 months2.78%
36 months2.88%
48 months2.98%
60 months3.24%
$225,000 minimum deposit (Super Jumbo Certificate)
TermAPY
6 months1.86%
12 months2.68%
18 months2.78%
24 months2.88%
36 months2.98%
48 months3.08%
60 months3.34%
  • Minimum opening deposit: $1000, $95,000 or $225,000, depending on the CD you wish to open.
  • Minimum balance amount to earn APY: $1000, $95,000 or $225,000 depending on the CD you have.
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days interest
    • More than 12 months – 180 days interest

The current APYs on these CDs aren’t half bad — some are on par or just slightly lower than online competitors. Interest is compounded and credited quarterly.

Upon maturity, you’ll receive a 15-day grace period where you can make changes such as making additional deposits, withdrawals or renewing for another term. Otherwise, it’ll automatically be renewed after the grace period. It’s best to double check with Austin Telco Federal Credit Union first, but most of their CDs give you the option to either transfer interest earned into your Regular Savings or Free Checking account, paid via check or kept in the CD.

How to get Austin Telco Federal Credit Union’s CDs

Head to the nearest branch to open a CD. If you’re not a member, you’ll need to become one by opening a Regular Savings account with a $25 minimum opening deposit. Don’t forget to bring along important documentation such as your Social Security number, government-issued ID and a check to fund the account.

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How Austin Telco Federal Credit Union’s CD rates compare

Austin Telco Federal Credit Union makes up for their checking and savings accounts by offering decent CD rates. Depending on the term, they’re comparable to competitors, either on par or falling a few basis points lower.

The downside is that there are restrictive membership requirements, so if you don’t want to open a savings account or live near a branch then you have no choice but to pick an alternative like our top CD account picks.

Austin Telco Federal Credit Union’s money market account options

Money Market

There is no ATM or check writing capabilities, plus the rate is low.
APYMinimum Balance to Earn APY
0.35%
$2,000
0.40%
$25,000
0.45%
$75,000
0.60%
$125,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Market account isn’t meant to be an everyday account considering the only way to access funds is via telephone banking, online transfers or going to a local branch. You can’t link it to a checking account for ATM access, and there is no check writing option. On top of that, these rates are low if you compare them with online competitors.

There are no limits as to how many withdrawals you can make per month in person, but Regulation D limits you up to six certain transfers a month via preauthorized transfers, telephone or online banking. If you attempt to make more using either of those methods, Austin Telco Federal Credit Union will deny your transaction.

How to get Austin Telco Federal Credit Union’s Money Market account

You have two choices in opening these accounts: in person or online. If you choose to go the online route, go to their online application page and indicate how you qualify for membership. The rest of the application form will ask you to agree to open a Regular Savings account to establish membership ($25 minimum opening deposit) and for personal details such as your name, address, Social Security number. Once you complete this section, fund your new accounts.

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How Austin Telco Federal Credit Union’s money market accounts compare

While it’s nice that you get a higher rate of return compared to the Share Savings or Free Checking account, we’re still not impressed. Other accounts we’ve reviewed offer much higher rates and some with lower minimum balance requirements. Many also offer ATM access and limited check writing capabilities.

Even if you’re using this account to stash away funds for a rainy day — meaning you don’t care about check writing and ATM access — you’re still better off finding another money market accounts, like these ones offering some of the best money market rates.

Austin Telco Federal Credit Union’s IRA account options

IRA CD rates

IRA Share Certificate

The IRA CDs are essentially the same as the normal CDs, except there is no super jumbo option.
$1,000 minimum deposit
TermAPY
6 months1.46%
12 months2.12%
18 months2.22%
24 months2.42%
36 months2.63%
48 months2.73%
60 months2.98%
$95,000 minimum deposit (Jumbo Certificate)
TermAPY
6 months1.76%
12 months2.37%
18 months2.42%
24 months2.78%
36 months2.88%
48 months2.98%
60 months3.24%
  • Minimum opening deposit: $1,000 or $95,000
  • Minimum balance amount to earn APY: $1,000 or $95,000
  • Early withdrawal penalty: Depends on length of term
    • 12 months or less – 90 days interest
    • More than 12 months – 180 days interest

These retirement accounts are a decent option to consider if you want something that offers a guaranteed rate of return. You can choose from either a Traditional or Roth IRA CD. Like the normal CDs, interest is compounded and credited quarterly.

Once your IRA CD matures, your account will automatically be renewed unless you make changes. There is a 15-day grace period in which to do so, whether it’s making additional deposits, withdrawals or moving your money to a different type of retirement account. There may be restrictions when it comes to how much more you can deposit into an IRA account, so check with the IRS for the latest regulations. You’ll also want to be careful when it comes to withdrawals because you may have to pay a penalty and/or taxes on money you take out before you’re 59 ½ years old.

How to get Austin Telco Federal Credit Union’s IRA CDs

You’ll need to open an IRA CD in person. Don’t forget to provide information such as your Social Security number and a method to fund your account. If you’re not an existing member of Austin Telco Federal Credit Union, you’ll need to establish membership by opening a Regular Savings account with a minimum $25 deposit.

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IRA Share Savings

This account offers a low minimum opening deposit and no monthly fees.
APYMinimum Balance to Earn APY
0.50%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account can be a great option if you want some flexibility instead of tying up your money in an IRA CD. The low minimum opening amount makes it more accessible compared to the $1,000 minimum required for an IRA CD.

There is no ATM access but it doesn’t really make sense to make frequent withdrawals since this account is meant to help you stash retirement funds anyway. Remember that the IRS regulates how much you can deposit each year plus when you can make withdrawals, so check the current regulations before moving funds.

How to get Austin Telco Federal Credit Union’s IRA savings account

To open an IRA savings account, head to the nearest branch. You’ll need to provide details like your Social Security number, government-issued ID and a way to fund the account. If you’re not an existing member, you’ll need to open a Regular Savings account to establish membership.

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How Austin Telco Federal Credit Union’s IRA CD rates compare

Unfortunately, these IRA CD rates fall short compared to the best IRA CD rates we’ve seen. As well, the minimum opening deposit is higher than other accounts we’ve reviewed. If you’re already a member of Austin Telco Federal Credit Union and do regular banking with them, it may make sense to open an IRA CD. For the rest, the restrictive membership requirements may not be worth it.

Overall review of Austin Telco Federal Credit Union’s banking products

We think Austin Telco Federal Credit Union’s CDs are worth looking into as the rates are comparable to other places. However, the rest of their accounts leave much to be desired.

Sure, there are no monthly maintenance fees with their checking, savings and money market accounts, but the rates are a fraction of what you could be earning elsewhere. You’re also limited to a few hundred surcharge-free ATMs, making it hard to avoid fees if you want to use your debit card while traveling. If you want to open any account, you’re limited to strict membership requirements, including opening a savings account.

Overall, we’d give a pass on these products as there are better options elsewhere.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Reviews

American Heritage Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1948
Total Assets$2.3B
LEARN MORE on American Heritage Federal Credit Union’s secure websiteNCUA Insured

American Heritage Credit Union was founded in 1948. The member-owned financial cooperative has over 170,000 members that are served by 35 locations across Montgomery, Delaware, Camden, Philadelphia and Bucks counties. With over $2.2 billion in assets, American Heritage Credit Union now ranks as one of the 100 largest credit unions in the U.S.

As a credit union, prospective customers must become members before they can open accounts at American Heritage Credit Union. Membership can be obtained through employment at one of the credit union’s Workplace Partners or by means of one of the following:

  • Working, worshipping, or attending school in Philadelphia or one of 16 other cities
  • If you live in the same household as a current or eligible member
  • If you’re an immediate family member of a current or eligible member
  • Making a donation to the Kids-N-Hope Foundation

Most American Heritage Credit Union accounts for adults can be opened online. The online application process takes about five minutes. To apply, you’ll need your complete physical and mailing addresses, your date of birth, Social Security number and a valid form of ID, such as a driver’s license, state ID, passport or other government-issued ID that has your current address. You’ll also need to open a Primary Share Savings account to be eligible to open additional accounts.

American Heritage Credit Union offers an extensive lineup of personal financial products. On top of the standard checking and savings, money market, CD and IRA accounts, the credit union offers various special savings accounts and accounts for minors. Here’s an in-depth look at all of American Heritage Credit Union’s account offerings, including information on fees, rates and other features.

American Heritage Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.16%

Savings

American Heritage Federal Credit Union Primary Share Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.26%

CD Rates

American Heritage Federal Credit Union 12 Month Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.76%

CD Rates

American Heritage Federal Credit Union 36 Month Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.11%

CD Rates

American Heritage Federal Credit Union 60 Month Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

American Heritage Credit Union’s checking account options

Totally Free Checking Plus

The credit union’s entry-level checking account carries additional features not usually seen in a fee-free offering.
APYMinimum Balance to Earn APY
0.15%$1,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $0 on 6 overdraft transfers per month from your primary Share Savings Account; otherwise, $25; with overdraft privilege fee, $24 for overdrafts greater than $25, $10 for overdrafts less than or equal to $25

Lots of checking accounts have no fees and no minimum balance requirements, but American Heritage Credit Union’s free checking account also offers the ability to earn interest with a relatively modest deposit of $1,000. The free checking account also offers these additional free benefits:

  • Debit card offering ScoreCard Reward points
  • Online teller
  • Phone teller and bill pay services
  • No per-check fees
  • Up to six free overdrafts per month, with transfers from a Share Savings account
  • Direct deposit
  • Payroll deduction

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VIP Checking

VIP Checking is American Heritage Credit Union’s middle-tier checking account.
APYMinimum Balance to Earn APY
0.15%$5,000
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $0 on 6 overdraft transfers per month from your primary Share Savings account; otherwise, $25; with overdraft privilege fee, $24 for overdrafts greater than $25, $10 for overdrafts less than or equal to $25

The VIP Checking account at American Heritage Credit Union is a step up from the credit union’s base checking account, but in terms of its opening deposit only. Whereas the credit union’s free checking account requires no minimum balance, the VIP Checking account requires $5,000 to start.

The account is touted as a way to earn high, money-market-like dividends with no restrictions, but currently, the APY on the account is the same as with the credit union’s free checking account. The extra services provided by the VIP Checking account are also identical to those offered by the free checking account, including a debit rewards card, free online and phone teller services, free checking and bill pay, free direct deposit and payroll deduction and six free overdraft transfers per month.

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Identity Protection Checking

A standard checking account with various identity theft countermeasures built in.
APYMinimum Balance to Earn APY
0.15%$1,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: none
  • Overdraft fee: $0 on 6 overdraft transfers per month from your primary Share Savings account; otherwise, $25; with overdraft privilege fee, $24 for overdrafts greater than $25, $10 for overdrafts less than or equal to $25

The Identity Theft Checking account is similar to the credit union’s Totally Free Checking Plus account, but for a small fee, it adds various identity theft countermeasures. Protective features that come with the account include:

  • Card Patrol, a technology that scans the web for Social Security and debit/credit card numbers of the account holder
  • A fraud assist toolbox
  • Professional identity theft support services
  • Up to $2,500 in Identity theft insurance
  • Education services via the MyIDMatters™ website
  • Payment card protection

The account pays interest in a single tier and carries all the same ATM and overdraft fees and provisions of the credit union’s free checking account.

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Platinum Checking

Platinum Checking is American Heritage Credit Union’s premier checking account.
APYMinimum Balance to Earn APY
0.16%$7,500
0.21%$25,000
  • Minimum opening deposit: $7,500
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: none
  • Overdraft fee: $0 on 6 overdraft transfers per month from your primary Share Savings account;otherwise, $25; with overdraft privilege fee, $24 for overdrafts greater than $25, $10 for overdrafts less than or equal to $25

As American Heritage Credit Union’s top-tier account, Platinum Checking also has the highest minimum opening deposit requirement, at $7,500. Structurally, the account mirrors the credit union’s other checking accounts, offering perks such as free online and phone banking, a debit rewards card, free check writing and bill pay and six free overdraft transfers per month. The Platinum Checking account pays interest in two tiers, at rates that exceed those paid on the credit union’s other checking accounts.

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Cash Management Checking

With Cash Management Checking, American Heritage Credit Union customers can link a checking account to a brokerage account.
APYMinimum Balance to Earn APY
0.16%$7,500
  • Minimum opening deposit: $7,500
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $0 on 6 overdraft transfers per month from your primary Share Savings account; otherwise, $25; with overdraft privilege fee, $24 for overdrafts greater than $25, $10 for overdrafts less than or equal to $25

The features and benefits of the Cash Management Checking account are almost identical to American Heritage Credit Union’s Platinum Checking account. The primary difference is that the Cash Management Checking account is designed to be linked to a brokerage account at the credit union, a feature not offered by any other AHCU checking accounts. The other difference is that there is only one interest-rate tier on the Cash Management Checking account, for deposits of $7,500 or more.

How to get American Heritage Credit Union’s checking accounts

As mentioned above, you can obtain some of American Heritage Credit Union’s checking accounts online. Specifically, the Totally Free Checking, VIP Checking and Platinum Checking accounts are available online. For Cash Management Checking, which is linked to a brokerage account, and Identity Protection Checking, you’ll have to visit a branch or speak with a banker. Documents needed for an online application include your address, date of birth, Social Security number and valid form of ID, such as a state ID, passport, driver’s license or other government-issued ID with your current address.

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How American Heritage Credit Union’s checking accounts compare

American Heritage has five distinct checking accounts, all of which pay interest and have no monthly fees, with the exception of the feature-enhanced Identity Protection Checking account. All pay roughly the same rate, with the top rates found at the top tier of the Platinum Checking account. In all cases, rates paid are not that noteworthy, coming in close to the national average. Customers looking for no-fee checking accounts might be satisfied here, but those seeking the best available checking account rates should look elsewhere.

American Heritage Credit Union’s savings account options

Primary Share Savings account

The Primary Share Savings account is American Heritage Credit Union’s membership account.
APYMinimum Balance to Earn APY
0.16%$100
0.21%$10,000
  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

A $15 opening deposit in a Primary Share Savings account is a requirement for membership in the American Heritage Credit Union. To earn interest, account holders must deposit $100 or more. Interest is paid in two tiers, with the best rates requiring a $10,000 deposit. The account comes with online and phone banking, along with a a mobile teller app. However, there is no overdraft protection with this account.

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High Yield Savings account

The High Yield Savings account is American Heritage Credit Union’s flagship savings account.
APYMinimum Balance to Earn APY
2.00%$10,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

The High Yield Savings account at American Heritage Credit Union lives up to its name. Although the account only pays interest in one tier and requires a minimum deposit of $10,000, the rate paid on all qualifying balances is high. Transactions, however, are limited to one preauthorized, internet or automatic transfer a month. Excess transactions face a $25 fee. The balance maximum for this account is $1 million. There is no overdraft protection for this account, and in order to avoid the $10 monthly maintenance fee, you must maintain a daily balance of at least $10,000.

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Identity Protection Savings

As with its sibling Identity Protection Checking, the Identity Protection Savings account offers proactive measures to guard against identity theft.
APYMinimum Balance to Earn APY
0.16%$100
0.21%$10,000
  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $4
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

The Identity Theft Savings account functions like a Share Savings account, but with active identity theft countermeasures in place for a small monthly fee. Features that come with the account include:

  • A web-crawling technology known as Card Patrol to monitor the internet for customer Social Security and debit/credit card numbers
  • A fraud assist toolbox
  • Professional identity theft assistance
  • Identity theft insurance of up to $2,500
  • An educational website known as MyIDMatters™
  • Payment card protection

The account pays interest in tiers and carries all the same ATM and overdraft fees and provisions of a traditional Share Savings account.

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Holiday Club account

The Holiday Club account pays out once per year to help encourage savings for year-end purchases.
APYMinimum Balance to Earn APY
0.16%$100
0.21%$10,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $25

The Holiday Club account at American Heritage Credit Union is an annual contributory account that requires deposits of at least $5 per week. On Oct. 1, the entire balance is paid back, either via check or transfer to another account. You cannot normally make withdrawals from the account at any other time; however, if you really need the money, you can close the account and forfeit all accrued and unpaid dividends. This account has no ATM access and no overdraft protection.

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Vacation Club account

The Vacation Club account is an additional savings account that has no contributory requirements.
APYMinimum Balance to Earn APY
0.16%$100
0.21%$10,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $25

The Vacation Club account at American Heritage Credit Union is essentially a second savings account. Unlike the Holiday Club account, there are no mandatory contribution requirements, and there is also no payout date. Typically, customers use this account to save for a specific goal, such as a vacation, wedding or other big event. This account has no ATM access and no overdraft protection.

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Little Patriots account

The first in a series of youth accounts at American Heritage Credit Union, designed for children aged 0 to 4 years old.
APYMinimum Balance to Earn APY
0.16%$100
0.21%$10,000
  • Minimum opening deposit: $15* (if depositing $5, American Heritage will contribute the remaining $10)
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: None
  • Overdraft fee: $25

The Little Patriots account is a youth account that must be opened by a parent or grandparent on behalf of a child aged 4 or younger. The account functions like a traditional savings account, but there is no ATM access or overdraft protection with the account. However, the account does earn interest.

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Pat & Lucy’s Money Club

This account is the second tier in the credit union’s Youth Account lineup, serving youths aged 5 to 12.
  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

Pat & Lucy’s Money Club is a traditional savings account for older children, designed to help them learn the basics of savings and money management. The account does come with a debit card, but it must be issued in the name of the sponsoring joint owner’s name.

ATM and overdraft fees are the same as the credit union’s traditional savings account, and there is no overdraft protection. This account does come with mobile, phone and online teller access, along with access to CD investments. The account also pays interest, but you can’t find the rates on the credit union’s website and will have to call or visit a branch.

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Benjamin’s Money Club

Benjamin’s Money Club is a more feature-rich youth account designed for young teenagers, aged 13 to 15.
  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

Benjamin’s Money Club is the third step up the ladder of American Heritage Credit Union youth accounts, and it is more like a full-fledged, regular savings account than the accounts for younger children.

This is the first account in the youth line that offers a debit card in the name of the child, rather than the guardian, although an adult joint owner is still required for the account. It also comes with a free checking account, online and phone banking, a mobile app with eDeposit and access to CD accounts.

As with the credit union’s other savings accounts, there is no overdraft protection for Benjamin’s Money Club. Interest is paid on this account, but rates are unavailable on the credit union’s website.

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Independence account

This savings account is for youths aged 16 to 17 years old.
  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

Designed for older teenagers, the Independence account is very similar to the Benjamin’s Money Club account. With the Independence account, teenagers receive a debit card in their own name and have access to a free checking account, online, phone and mobile banking, including eDeposit, and CD accounts. However, this account has access to over 5,300 shared branches nationwide. There is no overdraft protection option. Youths can earn interest on this account, but rates are not listed on the credit union’s website, so you would have to call to find out what they are..

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Young Adults account

The final step in the American Heritage Credit Union youth account ladder, the Young Adults accounts is for customers aged 18 to 22.
  • Minimum opening deposit: $15
  • Monthly account maintenance fee: $0
  • ATM fee: $0 on American Heritage/Proprietary Machines; $0 on other machines up to 10 transactions per month; $1 per transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $25

Feature-wise, the Young Adults account is essentially the same as a Share Savings account at American Heritage Credit Union. This account provides access to all of the features that the credit union has to offer, from ATMs and checking accounts to CDs and nationwide shared branches.

Unlike the credit union’s other youth accounts, the Young Adults account also offers access to a Platinum Mastercard. No overdraft protection is available. The account earns interest, but you’ll have to contact the credit union to get current rates.

How to get American Heritage Credit Union’s savings accounts

Only some of American Heritage Credit Union’s savings accounts are available online. Specifically, you can open a Primary Share Savings and a High Yield Savings account online.

For the remainder of American Heritage Credit Union’s savings accounts, you’ll have to speak with a banker or visit a branch. Documents needed for an online application include your address, date of birth, Social Security number and valid form of ID, such as a state ID, passport, driver’s license or other government-issued ID with your current address.

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How American Heritage Credit Union’s savings accounts compare

American Heritage Credit Union offers a dizzying array of savings accounts, 10 in all, although five of those are dedicated youth accounts. With the exception of the Identity Protection Savings account, which offers additional services to guard against identity theft, all of the savings accounts are free of monthly fees, and all pay interest. For the most part, interest rates run slightly below the national average for savings accounts. The notable exception is the High Yield Savings account, which stands head and shoulders above the other offerings. Although a $10,000 minimum balance is required, customers can enjoy one of the best rates available on savings accounts nationwide.

American Heritage Credit Union’s CD account options

Certificates (CDs)

American Heritage Credit Union offers a standard range of CDs, along with various specials.
APYMinimum Balance to Earn APYTerm
0.80%$1,0003 months
0.90%$1,0004 months
4.00%$1,0004 months special
0.95%$1,0005 months
1.00%$1,0006 months
1.10%$1,0007 months
1.20%$1,0008 months
1.30%$1,0009 months
1.40%$1,00010 months
1.50%$1,00011 months
2.26%$1,00012 months
1.65%$1,00013 months
2.50%$1,00015 months
2.80%$1,00018 months
2.51%$1,00024 months
2.76%$1,00030 months
2.86%$1,00030 months Legacy Club Certificate
2.76%$1,00036 months
2.70%$1,00047 months Bump-Up Certificate
2.76%$1,00048 months
3.05%$1,00059 months Bump-Up Certificate
3.11%$1,00060 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 90 days’ dividends for terms of 11 months or less; 180 days’ dividends for terms of 12 months to 35 months; 360 days’ dividends for terms of 36 months or longer

American Heritage Credit Union’s standard line of CDs carries a $500 investment minimum; however, to earn the best rates, you’ll need to deposit $1,000 or more, as the credit union’s $500 CDs pay 0.10% less.

The credit union currently offers a 4 month special CD at a high rate. Only one 4 month special CD is allowed per account, and it must be funded with new money that does not exceed $2,000.

The credit union also offers two “Bump-Up” CD specials, for 47 and 59 months, that allow you to “bump up” your dividend rate one time during the term of the CD. The credit union’s 30 month Legacy Club Certificate offers a slight increase in yield for its Legacy Club members, who are members aged 60 and above.

How to get American Heritage Credit Union’s CD accounts

Existing American Heritage Credit Union customers can use the OnLine teller feature to open a CD account. New customers must visit a local branch or call the credit union’s contact center at (215) 969-0777. When you apply, you’ll need to provide your address, Social Security number and date of birth. You’ll also have to bring valid ID with an up-to-date address.

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How American Heritage Credit Union’s CD accounts compare

American Heritage Credit Union offers an outstanding line of CD products. Even with its numerous maturities, not a single CD falls below the national average rate, and in some cases, the credit union’s CD rates pay nearly double the average. The current 4 month CD special blows away even the best CD rates available around the country, although the maximum deposit of $2,000 limits its appeal. Overall, however, rates are not that far from the best yields you can find at other institutions.

American Heritage Credit Union’s money market account options

Standard Money Market account

The first of three American Heritage Credit Union money market accounts, the Standard account requires the smallest deposit and pays the lowest yield.
APYMinimum Balance to Earn APY
0.50%$2,000
0.66%$25,000
  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $25

With this traditional money market account, you’re allowed to write checks or transfer money up to six times per month. You’ll be charged a $20 fee for every additional transaction thereafter. Each transaction must be for $500 or more. This account pays higher interest than the credit union’s savings accounts, in two tiers. At least $2,000 is required to earn interest, but the best yields are paid on deposits of at least $25,000.

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VIP Money Market account

The VIP Money Market account is the second-tier money market account in American Heritage Credit Union’s lineup.
APYMinimum Balance to Earn APY
0.71%$50,000
  • Minimum opening deposit: $50,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $25

The VIP Money Market is structured just like its counterpart, the Standard Money Market account. Both accounts have the same six-transaction restriction, with a minimum transaction size of $500. Additional transactions after six carry a fee of $20. The differences between the two accounts lie in the minimum balance requirement and the interest paid. For the VIP Money Market, a $50,000 deposit is required to open an account. Interest is paid in a single tier, with a rate higher than the Standard Money Market account.

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Platinum Money Market account

The Platinum Money Market is American Heritage Credit Union’s top-tier money market account.
APYMinimum Balance to Earn APY
0.76%$75,000
  • Minimum opening deposit: $75,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $25

The Platinum Money Market account pays the highest yields available in an American Heritage Credit Union money market account. However, the account carries a steep $75,000 minimum opening deposit requirement. As with the credit union’s other money market accounts, checks and other transfers are limited to six per month, with a $20 fee for each additional transaction. One important difference with the Platinum Money Market account is that each withdrawal carries a $1,000 minimum.

How to get American Heritage Credit Union’s money market accounts

You can open the entire line of American Heritage Credit Union money market accounts online in about five minutes. You’ll have to provide information including your address, date of birth, Social Security number and a valid ID. Most official forms of ID that carry your current address will suffice, such as a passport, state ID, driver’s license or other government-issued ID.

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How American Heritage Credit Union’s money market accounts compare

American Heritage Credit Union offers a respectable line of money market accounts, with three different versions available to serve different customers. Even the entry-level money market account provides a rate just under double the national average, while the other two money market accounts pay slightly higher yields in exchange for higher minimum balance requirements. There’s still some work to be done, however, before the credit union can compete with best money market rates in the nation.

American Heritage Credit Union’s IRA options

Regular IRA Share account

The Regular IRA Share account is a deposit account for IRA funds not invested in other options, such as CDs.
APYMinimum Balance to Earn APY
0.31%$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This fee-free account is a place where customers can park their free IRA cash and still earn interest. There is no minimum deposit with this account, and no monthly fee is charged. However, there is no ATM access with this account, which also cannot be overdrawn.

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Platinum IRA Share account

American Heritage Credit Union’s Platinum IRA Share account pays a slightly higher yield than the base IRA savings account, in exchange for a higher minimum balance.
APYMinimum Balance to Earn APY
0.36%$4,000

The Platinum IRA Share account is a top-tier version of the credit union’s Regular IRA Share account.

  • Minimum opening deposit: $4,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Account holders with larger balances can put that free cash to work in the credit union’s Platinum IRA Share account. This account functions just like the Regular IRA Share account, except it requires a higher $4,000 minimum opening deposit and pays a higher APY. There is no monthly fee with this share account, nor is there ATM access.

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IRA CD accounts

The American Heritage Credit Union IRA CD lineup is the same as the one found in the credit union’s non-retirement accounts.
APYMinimum Balance to Earn APYTerm
0.80%$1,0003 months
0.90%$1,0004 months
4.00%$1,0004 months special
0.95%$1,0005 months
1.00%$1,0006 months
1.10%$1,0007 months
1.20%$1,0008 months
1.30%$1,0009 months
1.40%$1,00010 months
1.50%$1,00011 months
2.26%$1,00012 months
1.65%$1,00013 months
2.50%$1,00015 months
2.80%$1,00018 months
2.51%$1,00024 months
2.76%$1,00030 months
2.86%$1,00030 months Legacy Club Certificate
2.76%$1,00036 months
2.70%$1,00047 months Bump-Up Certificate
2.76%$1,00048 months
3.05%$1,00059 months Bump-Up Certificate
3.11%$1,00060 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 90 days’ dividends for terms of 11 months or less; 180 days’ dividends for terms of 12 months to 35 months; 360 days’ dividends for terms of 36 months or longer

American Heritage Credit Union offers the same line of CDs in its IRAs as it does in its taxable accounts. Standard CDs carry a $500 investment minimum, but deposits of $1,000 or more earn an additional 0.10% APY. The current CD special at the credit union comes in the form of a 4 month CD with an enhanced rate. This CD must be funded with new money, and it has a maximum deposit of $2,000.

The credit union has two “Bump-Up” IRA CD specials, with maturities of 47 and 59 months. With these CDs, you can “bump up” your APY one time during the term of the CD. Customers aged 60 and older can invest in the credit union’s 30 month Legacy Club Certificate, which pays a slightly higher rate than a regular 30 month CD.

How to get American Heritage Credit Union’s IRA products

You can’t open an American Heritage Credit Union IRA online. To open an account in a branch, bring your a valid form of ID and your personal information, such as your date of birth, Social Security number and your address.

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How American Heritage Credit Union’s IRA products compare

American Heritage Credit Union offers some good options for money deposited into an IRA. Both the Regular IRA Share account and the Platinum IRA Share account pay rates above the national average savings account rate, without any monthly fees. The credit union’s line of IRA CDs stands out, with all rates higher than the national average IRA CD rates, sometimes considerably so. Rates still need to tick a bit higher to approach the best available IRA CD rates, however.

Overall review of American Heritage Credit Union’s products

American Heritage is bursting with account options for customers. The credit union offers five checking accounts and 10 savings accounts, on top of money market accounts, CDs and IRA options. The checking account lineup is notable for charging no fees, but those seeking high yields might not be satisfied.

The standout account in American Heritage Credit Union’s entire lineup from a yield perspective is the High Yield Savings account, with an APY that’s among the very best you can find in the country. Yield seekers will also appreciate the credit union’s impressive line of CDs, both in and out of IRAs. Every CD in the credit union’s roster pays an above-average yield, which is impressive given the wide range of maturities offered. The current 4 month CD special pays an exceptional rate, but it has a low maximum allowable deposit. On the money market front, American Heritage Credit Union offers a line of three decent accounts, although yields still need to stretch more to make the credit union a top competitor nationally.

Overall, American Heritage Credit Union offers enough high-paying, low-fee accounts to recommend the institution. Those looking for a large choice of products will also be happy here. However, as with most banks and credit unions, you’ll have to pick and choose your spots to get the best yields.

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

NEFCU Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1938
Total Assets$3.0B
LEARN MORE on NEFCU’s secure websiteNCUA Insured

NEFCU was established in 1938 when a group of school employees joined together to form the Valley Stream Teachers Federal Credit Union, pooling their savings and borrowing from one another to meet their financial needs. The Westbury, N.Y.-based credit union adopted its current name in 1981, and has since grown to more than 350 employees and nearly 200,000 members.

Membership at NEFCU is open to customers who who live, work, or attend school in Nassau or Suffolk counties, with the exception of the Villages of East Hampton, Southampton and the Town of Shelter Island. To establish membership and open any other personal deposit accounts, customers must open a Share Savings account with a minimum deposit of $5.The credit union currently offers checking, savings, CD, IRA and money market accounts for its personal banking products. Read on to determine if one of these products could be the right account for you.

NEFCU’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

NEFCU Share Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

NEFCU 1 Year Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.00%

CD Rates

NEFCU 3 Year Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.75%

CD Rates

NEFCU 5 Year Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

NEFCU’s checking account option

Go Green Checking account

This account pays a decent bit of interest at three different tiers.
APYMinimum Balance to Earn APY
1.00%$0.01 (rate drops to 0.50% on balances above $25,000)
2.00%$0.01 (rate drops to 0.50% on balances above $25,000)
3.00%$0.01 (rate drops to 0.50% on balances above $25,000)
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None at Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each
  • ATM fee refund: Up to $15 per month on non-NEFCU ATMs
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

This account allows you to earn a decent amount of interest at three different tier levels on any amount up to $25,000. The tier level you qualify for depends on your overall relationship with the credit union. You’ll need a deposit and loan balance of more than $25,000 to get the 2% APR, and the loan balance itself needs to be more than $25,000 to get the 3% rate. This free account also comes with online and mobile banking services, Voice Banking with Amazon and Google devices and a Visa debit card. As an added bonus, you can get up to $15 per month in ATM fee refunds.

How to get NEFCU’s checking account

Once you’ve proven how you qualify for membership and applied to open your Share Savings account with a minimum deposit of $5, you can open this checking account online or in person. To do so, you’ll need to have your government-issued ID and Social Security number handy.

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How NEFCU’s checking account compares

If you’ve determined you qualify for the second or third rate tiers on this account, it’s definitely worth your while. Between that and the lack of fees and balance requirements, easy-to-navigate online interface and the ability to get ATM fee refunds, you’ve really got a winner here that easily stacks up against those on our list of the best online checking accounts.

NEFCU’s savings account option

Share Savings account

This account is required to open any of the credit union’s other personal accounts.
APYMinimum Balance to Earn APY
0.30% $20.28
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: None on Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

This savings account is your gateway to opening any other NEFCU personal accounts, as your deposit of $5 represents your share in the credit union. Other than an OK rate and access to mobile and online banking products, this savings account doesn’t offer much else. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. Transactions beyond that will face a $10 fee.

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Holiday, Camp or Vacation account

This account allows you to save and designate funds for a special occasion.
APYMinimum Balance to Earn APY
0.30%$20.28
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This sub-savings account is a great way to sock away funds for a special purchase or occasion, earning interest all the while. The fact that it doesn’t come with ATM access makes it easy to avoid touching this money before you intend to. As a savings account, this is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. Additional transactions will include a $10 fee.

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Tuition Builder

This higher-yielding account is designed to put money away for your education.
APYMinimum Balance to Earn APY
1.19% $100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-bearing account is meant to serve as a savings fund for expenses such as college tuition and room and board. It comes with a low opening deposit requirement, as well as mobile and online banking capabilities. It can only be accessed from June 1-20 and Dec. 1-30 without otherwise incurring a penalty. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. More than that, and you’ll pay a $10 fee per transaction.

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Dollar Dog Kids account

This account can be opened for a child at any age up to 10 years old, after which it will convert into an Elements Teen Club account.
APYMinimum Balance to Earn APY
1.00%$20.28
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This interest-bearing youth account allows young customers easy access to their money at branch locations, as well as through the credit union’s online and mobile banking platforms. It comes with a free membership card, a complimentary gift at opening and with every subsequent deposit and a fun, an age-appropriate quarterly newsletter. As a savings account, this is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. More than that, and you’ll pay a $10 fee.

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Elements Teen Club account

This account can be opened for children ages 11 to 17, after which it will turn into a Share Savings account.
APYMinimum Balance to Earn APY
1.00% $20.28
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $20.28
  • Monthly account maintenance fee: None
  • ATM fee: If account holder also has a Go Green Checking account with a debit card, no fees on Allpoint ATMs; first eight out-of-network ATM transactions are free, then $1 each thereafter
  • ATM fee refund: None
  • Overdraft fee: $30, unless you have a debit card and the overdraft is pulled from a safety line or savings account, in which case, it’s $3. If you have courtesy pay enabled, the fee is $10.

The credit union’s teen account is very similar to the kids’ account as far as its requirements, interest rates and perks are concerned. In addition to the characteristics listed above, the teen account also comes with the ability to open a Go Green Checking account with a debit card. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. After that, there’s a $10 fee.

How to get NEFCU’s savings accounts

NEFCU’s Share Savings account can be opened online or in person once you’ve established that you qualify for membership; the Holiday, Camp and Vacation accounts can only be opened over the phone or at a branch location. You’ll just need to provide your Social Security number and government-issued ID. The youth accounts and Tuition Builder must be opened in person with those documents from a parent or guardian, who must serve as a joint owner on the Dollar Dog account, or on the Go Green Checking account with debit card for kids under age 17.

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How NEFCU’s savings accounts compare

Rates-wise, none of these accounts really stand up to those on our list of the best online savings accounts. While it wouldn’t hurt you to open any of them if you’ve become a member of the credit union for one of its other products, we wouldn’t seek out NEFCU for any of these products alone. Consider one of the accounts on our list instead to get the most bang for your buck.

NEFCU’s CD rates

Certificates

The credit union’s CDs offer decent rates on its longer term lengths.
TermAPY
3 months0.30%
6 months1.25%
7 months2.00%
1 year2.00%
18 month penalty-free2.45%
2 years2.15%
3 years3.00%
4 years2.30%
5 years2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On maturities of less than 1 year at account opening or account renewal, it’s 90 days’ worth of dividends on the amount withdrawn; on maturities of one year to less than three years at account opening or account renewal, it’s 180 days’ worth of dividends on the amount withdrawn; on maturities of 3 years or more at account opening or account renewal, it’s 270 days’ worth of dividends on the amount withdrawn.

These CDs are pretty run-of-the-mill as far as their opening deposit requirements and early withdrawal penalties are concerned. They renew automatically once the term is completed, but please note that the 7 month term will renew to only 6 months.

How to get NEFCU’s CDs

Once you’ve determined that you qualify to become a member and have opened a Share Savings account with a minimum deposit of $5, you can open a CD online or in person. You’ll need your Social Security number and valid government-issued ID to do so.

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How NEFCU’s CD rates compare

Compared to the CDs on our list of the best available CD rates, NEFCU’s rates are pretty mediocre. You can easily find CDs with the same requirements and penalties that offer a much more competitive rate. Shop around or consider one on our list instead.

NEFCU’s money market account option

Money Market account

The credit union’s money market account allows account holders to earn interest at five different tier levels.
APYMinimum Balance to Earn APY
0.40%$2,500
0.45%$25,000
1.65%$50,000
1.85%$100,000
2.00%$250,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

NEFCU’s money market account allows you to earn a small amount of interest at five different tier levels, while offering the same online and mobile banking capabilities as its other products. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month. After that, you’ll pay a $10 fee per transaction.

How to get NEFCU’S money market account

As with most of the credit union’s other personal banking products, you can open its money market account online after proving you qualify to become a member and opening its Share Savings account with a minimum deposit of $5. To do so, you’ll need to provide your government-issued ID and Social Security number, as well as other personal details.

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How NEFCU’s money market account compares

When comparing the rates on this account to those on our list of the best money market account rates, NEFCU’s account doesn’t even come close. NEFCU also requires a sky-high minimum balance requirement to earn the highest rate tier. Some of the accounts on our list offer twice these rates on much lower balance amounts, so we strongly advise considering one of those instead.

NEFCU’s IRA options

IRA CD rates

IRA certificates

The same CDs are available to open within an IRA with a lower opening deposit.
TermAPY
3 months0.30%
6 months1.25%
7 months2.00%
1 year2.00%
18 month penalty-free2.45%
2 years2.15%
3 years3.00%
4 years2.30%
5 years2.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: On maturities of less than 1 year at account opening or account renewal, it’s 90 days’ worth of dividends on the amount withdrawn; on maturities of one year to less than three years at account opening or account renewal, it’s 180 days’ worth of dividends on the amount withdrawn; on maturities of 3 years or more at account opening or account renewal, it’s 270 days’ worth of dividends on the amount withdrawn.

These IRA CDs are virtually the same as the regular CDs, with the exception of the fact they require a lower opening deposit ($500). This, along with the early withdrawal penalty, are pretty standard as far as IRA CDs are concerned. If you open a 1 year certificate, you’ll have the opportunity to bump up the rate if it increases at one point during your term.

How to get NEFCU’s IRA CDs

Once you’ve determined that you qualify to become a credit union member and have opened your Share Savings account with a minimum deposit of $5, you can open an IRA CD online through the IRA Service Center. Just be sure to have your Social Security number and government-issued ID handy to be able to do so.

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How NEFCU’s IRA CD rates compare

The opening deposit requirements and early withdrawal penalties fare pretty similarly in comparison to the accounts on our list of the best IRA CD rates, but that’s where the similarities end — NEFCU’s IRA CD rates don’t even come close. You’ll want to do your due diligence and take your time shopping around when it comes to saving for your retirement, so consider one of the CDs on our list instead.

Liquid Savers IRA

This savings account is available to opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
1.50% $4.09
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $4.09
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is NEFCU’s IRA savings account, which can be opened as a traditional or Roth IRA. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month. After that, there’s a $10 fee.

How to get NEFCU’s IRA savings account

Just like with the IRA CDs, once you’ve determined that you qualify to become an NEFCU member and have opened your Share Savings account with a minimum deposit of $5, you can open an IRA CD online through the IRA Service Center. You’ll need your government-issued ID and Social Security number to do so.

LEARN MORE Secured

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Overall review of NEFCU’s banking products

NEFCU’s checking account pays competitive rates, but beyond that, this credit union’s deposit accounts don’t come close to beating out the competition. But even with the checking account, you’ll want to make sure you qualify for those special relationship-based rates after becoming a member. If it turns out that you don’t, it’s safe to say we give all of these accounts a hard pass.

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
Emilia Benton |

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

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Reviews

Capital Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1864
Total Assets$40.4B
LEARN MORE on Capital Bank (NC)’s secure websiteMember FDIC

Capital Bank has a short history, being that they were just founded in 2010, but they grew rather rapidly by acquiring a series of financial institutions in the southeastern United States. After merging with First Tennessee Bank in 2017, Capital Bank became the fourth largest regional bank in the southeast. They are now part of the First Horizon family of financial companies, which is headquartered in Memphis, Tennessee. The bank operates a large number of branches in Tenn., Fla., and N.C., as well as a handful of branches in Miss. and S.C., one in Va., and one in Texas.

We decided to do a comprehensive review all of Capital Bank’s banking products to see how well they stack up against the competition. As it turns out, their rates and fees are similar to what you’d find at many large traditional banks. However, when compared against the best banking products out there, Capital Bank charges more fees and offers far lower interest rates.

Capital Bank (NC)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Capital Bank (NC) Traditional Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.10%

CD Rates

Capital Bank (NC) 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.30%

CD Rates

Capital Bank (NC) 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.55%

CD Rates

Capital Bank (NC) 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Capital Bank’s checking account options

Express Checking

This is a low-fee, no-frills checking account for people who are comfortable with online banking.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

Capital Bank’s Express Checking account is designed for people who want the bare minimum of what a checking account can offer in exchange for lower fees. With this account, you won’t be earning interest or getting access to perks that other accounts have, such as free ATMs nationwide, free checks, savings bonuses, and overdraft fee refunds. You also don’t have the option to receive paper statements – only electronic.

If you won’t take advantage of those benefits, though, the minimum opening deposit required for this account is reasonable, and the relatively low monthly service fee can be easily waived with one direct deposit per monthly statement. Although you don’t get free ATMs nationwide, Capital Bank and the Allpoint Network does have plenty of ATMs throughout the country that won’t charge you.

We always prefer checking accounts with no monthly service fee so you don’t have to worry about meeting monthly requirements. They aren’t hard to find, and many of these no-fee checking accounts have lower or no minimum opening deposit. While the Express Checking account is one of Capital Bank’s best options for minimizing fees, there are better checking accounts out there.

How to get an Express Checking account

You can easily open an Express Checking account with Capital Bank online. Their application can be completed in less than 15 minutes and requires your social security number and date of birth, a form of identification, and contact information. You can then fund your account with a transfer from another bank account or a transfer from a debit or credit card.

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Classic Checking

This account has a monthly service fee that can’t be waived and doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (cannot be waived)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

Capital Bank’s Classic Checking account is nearly identical to their Express Checking account with one major difference: the monthly service fee is slightly higher, and it can’t be waived. You won’t get interest, overdraft fee refunds, or ATM fee refunds for that monthly service fee, but you will get the option to receive paper statements for free and “QuickStatements” at an ATM for a $2.00 charge, as well as 24/7 access to your account information via their customer service line.

Essentially, this account is designed for people who aren’t comfortable enough with mobile and online banking to go for the cheaper Express Checking option. We don’t think services such as paper statements and a 24/7 customer service line merit paying a monthly service fee, especially because there are plenty of online banks that offer free accounts with no minimum opening deposit requirement.

However, we also realize that paying a monthly service fee might be worth it if you’re incapable of using online banking or are simply uncomfortable with the idea of relying on electronic statements. Keep in mind that the accounts below also paper statements too but have monthly service fees that can be waived if you qualify.

How to get a Classic Checking account

You can apply for a Classic Checking account online in about 15 minutes. The application will ask for basic information like your date of birth, social security number, and a form of identification, so have those ready. Once you’re approved, you’ll have to submit the minimum opening deposit by transferring money from another bank account or from a debit or credit card.

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Select Checking

Select Checking offers a couple extra bells and whistles for a waivable monthly service fee but still doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

While the Select Checking account charges a slightly higher monthly service fee than the previous two accounts, it’s not too difficult to get it waived it if your account is active. In order to get a rebate for the monthly fee on the Select Checking account, you’ll need to complete one direct deposit and at least 15 debit transaction each billing cycle.

This requirement is more than what’s needed to waive the fee on the Express Checking account, but the Select Checking account does come with extra benefits like the option to order paper statements for $2.00 to $3.00 per month and one overdraft fee refund per calendar year.

The Select Checking account attempts to offer a middle ground between Capital Bank’s minimal accounts and more comprehensive, interest-bearing checking options. In the end, though, there are plenty of checking accounts that don’t have monthly service fees at all. Even though this one can be waived, it requires tracking your transactions and ensuring a monthly direct deposits, which can be a pain.

How to get a Select Checking account

The application for the Select Checking account can be found online, and requires that you submit a form of identification along with standard personal information. It should only take about 15 minutes to apply. This account also requires a minimum opening deposit, which you can pay with a credit or debit card or by transferring money from another bank account.

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Premier Checking

For folks who keep a higher balance, this interest-bearing account offers extra perks.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs everywhere in the U.S.
  • ATM fee refund: ATM fees charged by the owner of any out-of-network ATM in the U.S. are refunded.
  • Overdraft fee: $37 for each item

This account is packed with benefits and fee waivers, but it comes at a cost: the sizeable monthly service fee. You can get that waived by maintaining a minimum monthly balance of $5,000 across all of your Capital Bank accounts.

As a Premier Checking member, you’ll get free ATMs everywhere in the U.S., and Capital Bank will even refund you for ATM surcharges imposed by other institutions. You’ll also get free checks, a 50% discount on a safe deposit box, and two overdraft fee refunds per calendar year. Finally, this account bears interest. The interest rate is variable, meaning that it can change at any time, so call Capital Bank to receive the latest rates. It’s also tiered, which means that you may be able to earn more interest by maintaining a higher balance.

Overall, the fee waivers and interest make this one of Capital Bank’s better checking accounts if you’re certain you’ll be able to maintain a balance high enough to get the monthly service fee waived every month.

How to get a Premier Checking account

Fill out an application online in order to apply for the Premier Checking account. Make sure to have a form of identification and your social security number handy. You’ll need to make the minimum opening deposit upon opening the account, and you can do this with a debit or credit card or a transfer from another bank account.

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Premier Plus

Premier Plus is Capital Bank’s most comprehensive checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs everywhere in the U.S.
  • ATM fee refund: ATM fees charged by the owner of any out-of-network ATM in the U.S. are refunded.
  • Overdraft fee: $37 for each item

The monthly account maintenance fee on this account is steep, and although it can be waived, you’ll have to keep a large amount of cash in your accounts to do so.  In order to qualify for a Premier Plus account, you must have an existing Premier Checking account. Upgrading to a Premier Plus account adds an additional $6 on top of the typical $12 monthly fee on the Premier Checking account. You can get the $12 fee waived by maintaining a $5,000 balance across your Capital Bank accounts. You can get the $6 fee waived by maintaining $25,000 across your accounts.

You’ll get all of the benefits that come with Premier Checking, including free ATMs nationwide, two overdraft fee refunds per year, free checks, and variable, tiered interest. On top of that, you’ll get a special savings rate bonus on Capital Bank’s Money Market Savings account that’s reserved solely for Premier Plus customers. That being said, the bonus rate is barely higher than the regular rate.

Given that this is Capital Bank’s most elite checking account, Premier Plus customers do get special attention when it comes to customer service. You’ll get your own dedicated customer service line and your calls will be given priority. If you choose to open a certificate of deposit with Capital Bank as well, you can withdraw your funds early with no penalty if you’re facing personal hardship.

How to get a Premier Plus account

You cannot apply for a Premier Plus account online. If you’d like to open this account, you’ll have to call Capital Bank or visit a branch to apply in-person.

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How Capital Bank’s checking accounts compare

Capital Bank offers a wide range of checking account options for every type of customer. However, when compared to online checking accounts, Capital Bank falls short. All of their checking accounts come with a monthly service fee, and most of them don’t offer any interest at all.

Options that do bear interest and offer extra benefits like free checks and free ATMs come with service fees and require very high balances to get the monthly service fee waived. Checking account interest rates vary and aren’t published online, but if the interest rates on their other products listed below are any indication, Capital Bank’s checking Premier checking options probably don’t offer a competitive APY.

Not only do the best online checking accounts offer high APYs, but many of them come with no monthly service fee and free ATMs nationwide for all customers. Plenty of these accounts have no minimum opening deposit requirement.

Capital Bank’s savings account options

Traditional Savings

Capital Bank’s only savings account is basic and offers minimal interest.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0, (there is a quarterly maintenance fee of $5 that can be waived if you meet certain requirements, detailed below)
  • ATM fee: No fees for using in-network ATMs. Out-of-network ATMs incur a $3.00 fee for each transaction unless you’re a Premier Checking or Premier Plus customer, in which case ATMs are free nationwide.
  • ATM fee refund: No ATM fee refunds unless you’re a Premier Checking or Premier Plus customer, in which case any fees incurred at ATMs in the U.S. will be refunded.
  • Overdraft fee: $37 for each item

The Traditional Savings account from Capital Bank earns interest, but the APY is so low that you’re unlikely to even notice it. On top of that, you’ll be charged a quarterly maintenance fee if your daily balance falls below $250.

You’ll be FDIC insured on up to $250,000 with this account, which is standard. This account also offers standard features like ATM access with a linked checking account and the ability to set up automatic transfers into your savings. Keep in mind that if you’ll be transferring money out of your savings account regularly, Federal Reserve Regulation D limits savings accounts to six transfers per month.

How to get a Traditional Savings account

You can apply for a Traditional Savings account online in about 15 minutes. The application asks for your personal information, contact information, and a form of identification. In order to make the minimum opening deposit online, you’ll need to be able to pay with debit or credit card or by transferring money from another bank account.

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How Capital Bank’s savings accounts compare

Ultimately, there’s nothing special about Capital Bank’s savings account. It offers the basic services to be expected of a savings account, with low interest and a quarterly maintenance fee. While the quarterly maintenance fee is easy to waive, it is something you’ll have to keep in mind.

On the other hand, the best online savings accounts come with high APYs and, often, no monthly or quarterly maintenance fee. It’s not hard to find options that don’t have minimum balance requirements either.

Capital Bank’s CD rates

Regular CD

This CD offers a lot of flexibility and bonus rates for customers with a checking account.
TermAPYAPY for checking account customers
30 days0.02%
N/A
60 days0.02%
N/A
90 days0.02%
N/A
180 days0.06%
N/A
270 days0.06%
N/A
12 months0.10%
0.25%
24 months0.15%
0.30%
36 months0.30%
0.45%
48 months0.40%
0.55%
60 months0.55%
0.70%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your term is between 1 and 364 days, you will lose 90 days of interest. Terms between 1 year and 59 months lose 180 days of interest, and terms of 60 months or longer lose 1 year of interest.

Capital Bank’s certificate of deposit accounts offer good variety when it comes to term options. They even offer several very short-term CDs that can be hard to find at other banks. This can be helpful for people who want added flexibility or plan to withdraw their money soon. You can also choose from several different interest payment options: monthly, quarterly, semi-annually, or annually.

The minimum opening deposit required is low. However, if you’re don’t have enough to meet it, there are other options that have even lower minimum opening deposit requirements.

How to get Capital Bank’s Regular CD

If you’re interested in opening a certificate of deposit (CD) with Capital Bank, you can do so online. The application is brief, and you’ll need to provide standard personal and security information as well as the funds for your opening deposit, which can be transferred from another bank account or paid with a debit or credit card.

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Add-On CD

This ultra-flexible CD allows you to add money at any time and withdraw with more leniency.
Balance to Earn APYAPY
Less than $25,0000.02%
$25,000 or more0.06%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Penalty free withdrawal is allowed every six months, but more frequent withdrawals will incur a penalty fee that amounts to 90 days of interest.

Capital Bank’s Add-On CD is an easy, basic CD that offers an alternative to their traditional savings account for people who are looking for a slightly higher interest rate and won’t need to withdraw money regularly. That being said, the interest rate on this CD is still extremely low for both tiers. It’s also based on your account balance rather than terms, and the APY on the lower tier is barely higher than what’s offered by their regular savings account.

There are some redeeming features of this CD. Rather than locking up your money for a pre-specified term, you’re able to access your money without penalty once every six months. You can also add to your CD at any time with a deposit or automatic transfer of at least $25, and interest gained can be added to your CD or transferred to your checking account. Finally, the minimum opening deposit is quite low.

If you’re set on saving money with Capital Bank because you prefer their customer service or want to build a relationship with them, the Add-On CD is an option worth considering. The way it is structured is unique and gives customers a level of flexibility that most CDs don’t offer. However, if you’re looking to make the most of your money, the rates on this account aren’t even close to competitive.

How to get Capital Bank’s Add-On CD

You can apply online for an Add-On CD with Capital Bank. The application form takes about 15 minutes to complete and will require that you submit a form of identification, your social security number, and contact information. You can fund the account online with a debit or credit card or by transferring the funds from another bank account.

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How Capital Bank’s CD rates compare

Unfortunately, the rates offered by Capital Bank’s CDs just can’t compete, even when compared to national averages. If you take a look at the best CD rates available, they blow Capital Bank’s rates out of the water, offering rates as much as 10 times higher on CDs with terms of at least 12 months.

Capital Bank fares a little better when it comes to flexibility and short-term CDs, and they’re one of few banks to offer CD terms as short as 30 days and 60 days. They also have fairly low minimum deposit requirements, although a number of banks with the far better CD rates also offer CDs with low minimum opening deposits. Also, it’s worth noting that when we called customer service, the representative offered us a promotional rate on CDs that is actually competitive with some of the best rates available. So, if you plan to open a CD with Capital Bank, you should call them first to see if you qualify for any promotional rates.

Capital Bank’s money market account options

Money Market Savings

This money market account has low interest rates and charges a monthly service fee.
Balance to Earn APYAPYAPY with Premier Plus
$0.01 - $24,9990.15%
0.20%
$25,000 - $49,9990.28%
0.33%
$50,000 - $99,9990.45%
0.50%
$100,000 - $249,9990.75%
0.80%
$250,000+1.00%
1.06%
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $9 (waived if you meet certain requirements, detailed below)
  • ATM fee: No fees for using in-network ATMs. Out-of-network ATMs incur a $3.00 fee for each transaction unless you’re a Premier Checking or Premier Plus customer, in which case ATMs are free nationwide.
  • ATM fee refund: No ATM fee refunds unless you’re a Premier Checking or Premier Plus customer, in which case any fees incurred at ATMs in the U.S. will be refunded.
  • Overdraft fee: $37 for each item

Capital Bank’s Money Market Savings account comes with a low minimum opening deposit requirement but it also has a monthly account maintenance fee. This can be waived by maintaining a combined balance of at least $5,000 across all of your Capital Bank accounts. However, it’s easier to go with a money market option that doesn’t charge any monthly fees at all.

On top of that, the rates offered by this account aren’t competitive. You’ll have to maintain an extremely high balance in order to earn a noticeable amount of interest, and with balances that high, you could easily find rates double what Capital Bank is offering for even its highest tiered members.

Their tiered-interest system is based on your daily balance, and interest is compounded and credit monthly. You can also link this account to your Capital Bank checking account for easier access to your funds. However, federal regulations don’t allow more than six easy withdrawals per month, and if you surpass this limit, Capital Bank may convert your savings to a checking account.

How to get Capital Bank’s Money Market Savings account

You can open a Money Market Savings account online through Capital Bank’s website. The application process is quick and easy, and you’ll be able to fund your account online with a debit or credit card or a transfer from another bank account.

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How Capital Bank’s money market accounts compare

In terms of rates, Capital Bank’s money market accounts fall short of the competition by a significant margin. Most of the best money market account rates are more than two times higher than what Capital Bank’s highest tiers offer, and many of these accounts require much lower balances to start earning good interest rates. On top of that, this money market account charges a monthly service fee, while many others don’t.

Capital Bank’s minimum opening deposit requirement is very low, so it might be a good option if you’re just getting started with your savings and don’t have a lot to deposit. That being said, several of the best money market accounts have no minimum balance amount at all. At the low rates offered by Capital Bank, even online savings accounts have more to offer.

Overall review of Capital Bank’s banking products

Folks looking to earn the most on their money might not benefit from Capital Bank’s services. Their interest rates are low to non-existent across all accounts. On top of that, all of their checking options come with unnecessary monthly service fees, as do their traditional savings and money market accounts.

Capital Bank does offer a wide range of options to fit different customer needs. They have five different checking accounts, and each one offers its own unique set of features. If you’re looking for a short-term of flexible CD, you’ll find some interesting options at Capital Bank. In the end, though, having more options doesn’t always translate to having better options, and none of the accounts mentioned offer competitive terms.

We recognize that some people prefer to bank with institutions that have less competitive rates in exchange for excellent customer service. When we called their customer service line to ask some questions, they answered immediately and were very helpful. However, in terms of products, Capital Bank falls short.

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.

Elizabeth Aldrich |

Elizabeth Aldrich is a writer at MagnifyMoney. You can email Elizabeth here

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