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

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

Oritani Bank’s checking account options

TGIF Checking

This basic, no-frills account does not earn interest, but it’s a solid fee-free checking account.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

The selling point for this account is that it is very easy to open and maintain with such a low opening deposit requirement and no monthly fee or minimum balance to maintain. This account also comes with free online and mobile banking, bill pay, a free MasterMoney debit or Oritani Bank ATM card and a free first order of basic checks.

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on Oritani Bank’s secure website

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Choice Plus Checking

A step above the TGIF account, this one allows you to earn a bit of interest on fairly low balances.
APYMinimum Balance to Earn APY
0.20%$1,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account does earn interest on balances of $1,000 or more. While it does have minimal requirements compared to the TGIF account, the $6 monthly service charge is fairly easy to avoid if you have a monthly direct deposit or maintain a $500 minimum balance. This account also offers free online banking and bill pay, along with an Oritani Bank MasterMoney debit card and a free first order of checks. “Bounce protection” is also a possibility, though you’ll have to contact the bank to learn more about what that entails.

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on Oritani Bank’s secure website

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Nifty-Fifty Checking

A checking account for customers 50 and older.
APYMinimum Balance to Earn APY
0.20%$1,000
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account is meant for bank customers who are 50 or older. Like the Choice Plus account, this one earns interest on balances of $1,000 or more. There are no monthly balance requirements, as well as no monthly fee, and this account offers unlimited check-writing. It also offers free online banking and bill pay services, a free 3-inch by 5-inch safety deposit box for the first year (with a 75% discount on other sizes), 50 free printed checks, an Oritani Bank MasterMoney debit card and bounce protection, though you will need to contact the bank about what that entails.

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on Oritani Bank’s secure website

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Optimum Gold Checking

A checking account with a higher opening deposit account and lackluster tiered rates.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.30%$10,000
0.40%$25,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $20 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account earns interest at four different tiers. Although the rates aren’t extraordinary, this account does come with a higher opening deposit requirement and a $10,000 minimum monthly balance requirement to avoid a higher-than-average $20 fee. On the plus side, it does come with free transactions at all Oritani Bank ATMs, free FastBanking phone service, free Optimum Gold checks, 50 free printed checks, an Oritani Bank MasterMoney debit card and bounce protection, though you’ll need to call the bank to inquire about what that entails.

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on Oritani Bank’s secure website

Member FDIC

NJ Consumer Checking

The bank’s cheap checking option, with minimal requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account does not earn interest. It’s another no-frills checking account option with a low opening deposit requirement, and then no balance requirement after that first minimum deposit. You can write up to eight checks a month for a fee of $3. You also get 50 free printed checks.

How to get Oritani Bank’s checking accounts

If you are a resident of New Jersey, you can open any of the above checking accounts at a branch. You’ll need to come with your government-issued ID, Social Security number and address.

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on Oritani Bank’s secure website

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How Oritani Bank’s checking accounts compare

While most of Oritani Bank’s checking accounts come with low or no monthly fees and balance requirements, the interest rates on the accounts that offer it don’t stack up to the rates on our list of the best online checking accounts. Not only that, but the fact that you can only open an account in person could be an inconvenience if you don’t live near one of its branches. We say consider one of the accounts on our list instead.

Oritani Bank’s savings account options

Platinum Savings

This account offers an OK rate for a fairly high minimum balance requirement.
APYMinimum Balance to Earn APY
1.70%$10,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account is advertised as the bank’s “preferred rate consumer Statement Savings account.” Although it comes with a low opening deposit, the minimum to earn interest is pretty high in comparison. Interest on this account is accrued daily and paid out monthly. This account also comes with online banking services and can be linked to an Oritani Bank checking account. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

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Passbook Savings

This savings account comes with easier-to-meet requirements.
APYMinimum Balance to Earn APY
0.25%$100
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account also requires a very low opening deposit. But the minimum balance to earn the APY is also low at $100. This account accrues interest daily and pays it out monthly. It is not eligible for electronic transactions. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Statement Savings

The bank’s basic savings account.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account also comes with the same $1 minimum opening deposit as many of the bank’s other accounts. The minimum balance requirement to earn the rate is fairly low, too. This account accrues interest daily and pays it out monthly. You can access the account via online banking, and you can link it to an Oritani Bank checking account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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Super Passbook Savings

This account offers the same rate as the regular Passbook Savings, though the balance required to earn it is higher.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account claims to be an upgrade from the regular Passbook Savings account, but the rate begs to differ, as it is the same. But as we mentioned before, the balance required to earn it is slightly higher. This account accrues interest daily and pays it monthly. It is not eligible for electronic transactions. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Super Saver Plus

Once linked to any active Oritani Bank checking account, this account can earn tiered rates depending on your daily balance.
APYMinimum Balance to Earn APY
0.15%$250
0.20%$5,000
0.25%$10,000
0.25%$25,000
  • Minimum opening deposit: $250
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account must be linked to an active Oritani Bank checking account. From there, you can earn one of four tiered interest rate levels. Interest is accrued daily and paid monthly on this account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

How to get Oritani Bank’s savings accounts

Like with the bank’s other personal accounts, these savings accounts must be opened in person if you meet the requirement of being a resident of New Jersey. Be sure to come with your government-issued ID, Social Security number and address.

LEARN MORE Secured

on Oritani Bank’s secure website

Member FDIC

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How Oritani Bank’s savings accounts compare

While the Platinum Savings account’s rate is on par with some of the accounts on our list of the best online savings accounts, none of the others are. Not only that, but on that specific account, you need to maintain a pretty steep balance to earn that rate. This — along with the fact that you can’t open any of these accounts online — would lead us to say that you should continue to shop around or consider one of our recommended products.

Oritani Bank’s CD rates

Standard Certificates of Deposit

The bank’s regular CDs, with a minimum deposit of $1,000.
TermAPY
3 months0.25%
6 months0.50%
12-15 months0.90%
18 months1.00%
19-24 months1.25%
30 months0.90%
36 months1.25%
48 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These CDs are pretty standard as far as the minimum deposit requirements and early withdrawal penalties go. Interest on these accounts is compounded daily and credited monthly. The rates are fixed until the maturity date, at which point the interest may remain in the account, be automatically withdrawn by check or transferred to another Oritani Bank account. These certificates will automatically renew for the same term length upon maturity.

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on Oritani Bank’s secure website

Member FDIC

Promo CDs, Loyalty CDs

The bank’s promotional CDs, with an opening deposit of $1,000.
TermAPY
6 month Promo CD1.50%
6 month Loyalty CD1.75%
12 month Promo CD1.60%
12 month Loyalty CD1.85%
15 month Promo CD1.75%
24 month Promo CD1.75%
24 month Loyalty CD2.00%
60 month Promo CD1.75%
60 month Loyalty CD2.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These are Oritani Bank’s promotional CDs, which are offered from time to time for various terms. These will automatically renew at a traditional term that is determined at the time the account is opened at maturity. There is a seven-day grace period following maturity during which principal may be added to or withdrawn without penalty.

How to get Oritani Bank’s CDs

Oritani Bank’s CDs are the lone product that is open to anyone, even if they don’t live in New Jersey. But you still have to visit a branch to open one either way, so that’s likely not a win for potential out-of-state customers.

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on Oritani Bank’s secure website

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How Oritani Bank’s CD rates compare

Although the bank claims its CD rates are competitive, only the promotional rates prove to be on par with the accounts on our list of the best CD rates. If there’s one product to go for at Oritani Bank, it’s these CDs. Get one while you can if it’s convenient for you to visit a bank branch in person and you’ve done your research to know this is the best product available to you.

Oritani Bank’s money market account options

Money Market

Oritani Bank’s basic money market account, offering three tiers.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.30%$10,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Oritani Bank’s money market accounts can be opened with a fairly low deposit, though the $10 monthly fee is only waivable if a minimum $1,000 balance is maintained. It comes with a free first order of Money Market checks, an Oritani Bank ATM card or MasterMoney debit card with no monthly charges, online banking and bill pay services, FastBanking phone service, statements with check images online or by mail, automatic transfers to other Oritani Bank accounts, direct deposit capability and bounce protection (though you’ll need to contact the bank about what that protection entails). This account allows for unlimited deposits and in-person withdrawals. But as a savings account, it is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Diamond Money Market

This money market account offers a higher rate than the regular account.
APYMinimum Balance to Earn APY
1.05%$0.01
0.45%$250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Like with the regular Money Market account, this account can be opened with a fairly low deposit, though the monthly $10 fee is only waivable if a $1,000 average balance is maintained. Offering a higher rate at two tiers, the Diamond Money Market account also comes with a free first order of Money Market checks, an Oritani Bank ATM card or MasterMoney debit card with no monthly charges, online banking and bill pay services, FastBanking phone service, statements with check images online or by mail, automatic transfers to other Oritani Bank accounts, direct deposit capability and bounce protection (though you’ll need to contact the bank about what that protection entails). This account allows for unlimited deposits and in-person withdrawals. Keep in mind, though, that as a savings account, this one is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

LEARN MORE Secured

on Oritani Bank’s secure website

Member FDIC

Premier Money Market account

The bank’s “premier” money market account doesn’t live up to its name as far as the rates are concerned.
APYMinimum Balance to Earn APY
1.50%$0.01
0.45%$250,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account requires a higher opening deposit of $10,000, though the monthly $10 fee is only waivable if that $10,000 balance is maintained. It also offers a slightly higher rate at the first tier than with the Diamond Money Market account. The Premier Money Market account comes with the same account features as the Money Market and Diamond Money Market accounts. But as with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

How to get Oritani Bank’s money market accounts

Like all of Oritani Bank’s personal banking products, its money market accounts must be opened at a branch. You must also be a New Jersey resident to open these accounts. Be sure to come with your government-issued ID, Social Security number and address.

LEARN MORE Secured

on Oritani Bank’s secure website

Member FDIC

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How Oritani Bank’s money market accounts compare

As far as rates are concerned, none of Oritani Bank’s money market accounts stack up against the competing accounts on our list of the best money market account rates. Not only that, but a few of the tier levels require an astronomical balance to even earn these subpar rates. Add to that the fact that you have to open these in person, and we say give these money market accounts a hard pass.

Oritani Bank’s IRA options

IRA CD rates

IRA Standard Certificates

Oritani Bank’s regular CDs available to open within an IRA, with a $1,000 opening deposit.
TermAPY
3 months0.25%
6 months0.50%
12-15 months0.90%
18 months1.00%
19-24 months1.25%
30 months0.90%
36 months1.25%
48 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These are Oritani Bank’s CDs opened within an IRA. They, too, are pretty standard as far as the minimum deposit requirements and early withdrawal penalties go. Interest on these accounts is compounded daily and credited monthly. The IRA CD rates are fixed until the maturity date, at which point the interest may remain in the account, be automatically withdrawn by check or transferred to another Oritani Bank account. Like with the regular CDs, these certificates will automatically renew for the same term length upon maturity.

LEARN MORE Secured

on Oritani Bank’s secure website

Member FDIC

Promo IRA CDs, Loyalty IRA CDs

The bank’s promotional IRA CDs, with a $1,000 opening deposit.
TermAPY
6 month Promo CD1.50%
6 month Loyalty CD1.75%
12 month Promo CD1.60%
12 month Loyalty CD1.85%
15 month Promo CD1.75%
24 month Promo CD1.75%
24 month Loyalty CD2.00%
60 month Promo CD1.75%
60 month Loyalty CD2.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

Oritani Bank’s promotional certificates of deposit extend to its IRA CDs, which are also offered from time to time for various terms. Like with the regular ones, these will automatically renew at a traditional term that is determined at the time the account is opened at maturity. There is a seven-day grace period after maturity during which principal may be added to or withdrawn without penalty.

How to get Oritani Bank’s IRA CDs

Although these IRA CDs are available to anyone even if they live outside of New Jersey, you still have to visit a branch to open one. To do so, you’ll need to come with your government-issued ID, Social Security number and address.

LEARN MORE Secured

on Oritani Bank’s secure website

Member FDIC

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How Oritani Bank’s IRA CD rates compare

Like with the regular CD products, Oritani Bank’s standard IRA CDs don’t compare to those on our list of the best IRA CD rates. But its promotional rates do, so if this bank is a convenient option for you (convenient enough that you can visit a branch to open an account, anyway), there’s no reason to not at least consider one of these products when doing your research.

IRA Savings

This account can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA Savings account can be opened as a traditional or Roth IRA. If you go the traditional route, some or all of your contributions may be tax deductible, which is dependent on your adjusted gross income. The interest can grow tax-deferred until you decide to withdraw it. If you open it as a Roth IRA, your interest can grow tax-free when withdrawn as a qualified distribution, though your contributions are not tax deductible. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six a month. This account may also be subject to an additional early withdrawal penalty by the IRS if you withdraw funds before age 59½.

How to get Oritani Bank’s IRA savings account

As with all of Oritani Bank’s deposit accounts, you must open the IRA Savings account in person if you qualify to do so by being a resident of New Jersey. Be sure to come with your government-issued ID, Social Security number and address.

LEARN MORE Secured

on Oritani Bank’s secure website

Member FDIC

Overall review of Oritani Bank’s banking products

When you look at the rates across the board for Oritani Bank’s personal banking products, none of them is anything to get excited about, save for its promotional CDs and IRA CDs, which you can open even if you’re not a New Jersey resident. But for those, like with all its personal banking products, you have to open them at a branch, which is sure to be a huge inconvenience for those who don’t live near one. If this alone causes you to give the bank a general pass, we can’t say we blame you.

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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Earning Cashback, Reviews

Chase Freedom or Discover it: Who is the King of 5% Bonus Cash?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Chase Freedom or Discover it: Who is the King of 5% Bonus Cash?

If you’re going to use a credit card, choosing one that rewards you for spending is a given. Choosing the right card? That’s another story. With so many cards offering similar cash back programs and terms it can be difficult to choose one over another.

For example, should you get the Chase Freedom® or Discover it® Cash Back?

Both offer 5% cash back categories that change each quarter, with that 5% limited to your first $1,500 in spending on those categories each quarter. Where they differ is in the actual 5% bonus categories, the introductory bonus offer, and some fine print.

In this post, we’re going to dissect both cards and how they stack up against each other.

Chase Freedom®

Chase Freedom®

The information related to Chase Freedom® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom®

Regular Purchase APR
16.49% - 25.24% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

With Chase Freedom®, you can Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

Discover it® Cash Back

Discover it® Cash Back

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Rates & Fees

Discover it® Cash Back

Regular APR
13.49% - 24.49% Variable
Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.

You earn 5% cash back at different places each quarter like grocery stores, gas stations, Uber and Lyft, restaurants, and Amazon.com up to the quarterly maximum each time you activate. The 5% is limited to $1,500 spending per quarter, 1% after that.

  • January – March 2020 – Grocery stores, Walgreens and CVS
  • April – June 2020 – Gas Stations, Uber and Lyft, wholesale clubs
  • July – September 2020 – Restaurants and PayPal
  • October – December 2020 – Amazon.com, Target.com, and Walmart.com

All other purchases get unlimited 1% cash back, automatically. You can redeem cash back for gifts cards, statement credits, charitable donations, deposits to an account or merchandise.

Aside from the cash back program, Discover it® has special introductory offers. There’s an intro APR of 0% for 14 months on purchases and balance transfers. There is a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.

Pros and Cons

Now, let’s dive into the pros and cons of both cash back programs.

Chase Freedom®

Pro: A competitive intro bonus for small spenders. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
This sign-on bonus is great perk for new customers.

Pro: Flexible points. While you can always use your points for cash back, the Freedom earns Chase Ultimate Rewards® points. That means you can also use them for travel, gift cards, and other items. In addition, if you have another card that earns Chase Ultimate Rewards® points you can combine the points for more reward opportunities.

Con: You need to activate your 5% bonus. Another negative of the Chase Freedom® card is the 5% bonus category requires activation each quarter. If you forget to subscribe to the program, you’ll only get 1% cash back for all spending, so this is a card that you’ll have to actively manage. Plus, the 5% bonus categories are announced quarterly, so it can be difficult to plan ahead.

Discover it® Cash Back

Pro: A good introductory offer for big spenders. You can get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically (new cardmembers only). That can really add up if you tend to be a big spender, though the catch is that bonus double cash back doesn’t hit your account until the very end of your first year. The Chase Freedom®‘s introductory offer hits your account after just 3 months worth of spending.

Con: You need to activate your 5% bonus. Like the Chase Freedom® card, Discover it® makes you subscribe to the 5% bonus place each quarter. You can set up email reminders, but it’s still a hassle to actively opt-in instead of being about to set that on auto pilot. So, again, this isn’t a card where you can passively earn cash back.

When to Consider Both Cards

Now, it’s possible to have the best of both worlds if it makes sense.

You can get both cards and alternate use throughout quarters so you can take advantage of both card’s 5% bonus categories to get 5% on more of your spending.

Of course, you’ll have to remember to activate each bonus category and label the cards in your wallet to know which one to use at what time.

But, if you spend in these areas anyway why not earn cash back for doing so?

There’s no annual fee for either card.

Other Cash Back Card Options

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Regular Purchase APR
11.00% - 15.00% Variable
Annual fee
$0
Rewards Rate
Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter).

The Visa® Platinum Rewards Credit Card from Nusenda Credit Union let you Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter). Rates are 11.00% - 15.00% Variable APR with no balance transfer fee. There’s an intro 5% APR Intro Rate for all Balance Transfers (first six cycles after card opening).

Even better, you don’t have to activate the categories each quarter. Here are the 5% cash back categories in detail:

  • January to March – Groceries and gas expenses
  • April to June – Movies, restaurants and home improvement
  • July to September – Gas and education expenses
  • October to December – Restaurants, hotels and airfare

U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

Regular Purchase APR
15.74% - 25.24%* (Variable)
Annual fee
$0*
Rewards Rate
5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

The U.S. Bank Cash+™ Visa Signature® Card has a rewards program that’s a little different than all three offers above. With this card you can earn 5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

Which Card Will Benefit You the Most?

Overall, the Chase Freedom® and Discover it® Cash Backare similar cards. Both earn 5% cash back in revolving categories (up to $1,500 in combined purchases each quarter you activate). If you’re making a choice of one over the other, your choice would ultimately depend on your spending habits, so you can use the card (or a combination of both cards) to maximize your regular purchases.

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.

Taylor Gordon
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Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Reviews

GTE Financial Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

GTE Financial’s checking account options

Go Premium with GTE Secure

Hands-down one of the highest-yielding checking accounts on the market. Just make sure you can meet deposit and transaction requirements.
APYMinimum Balance to Earn APY
1.00%
None (Max: $3,000)
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $4.95 if you do not deposit at least $500 a month, enroll in eStatements and make at least 15 transactions per month that don’t involve using your debit PIN.
  • ATM fee: $3 at all out-of-network ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

GTE Financial’s Go Premium with GTE Secure checking account comes with a phenomenal dividend rate for all balances less than $3,000. The account also provides fraud-fighting and resolution services, prescription drug and vision savings, and a points reward program. To earn those dividends without a monthly maintenance fee, though, you want to make sure you cross all your t’s and dot your i’s.

First, you need to ensure you deposit at least $500 a month. Those with a regular paycheck should be able to do this by setting up direct deposit. You will also have to enroll in eStatements, and make sure you’re making at least 15 transactions a month.

If you can meet all these requirements, this is one of the highest-yielding checking accounts on the market.

How to get GTE Financial’s Go Premium checking account

You can easily open this checking account online, though if you live close to a branch, you can open it in person, too.

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on GTE Financial’s secure website

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Go Full Access

This is a bare-bones checking account that bears no dividends.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $4.95 unless you are enrolled in eStatements and do one of the following: deposit $500-plus per month or have 15 transactions per month that don’t involve using your debit PIN.
  • ATM fee: $3 at all out-of-network ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Go Full Access is your standard checking account, but it doesn’t bear any dividends. You must be enrolled in eStatements to avoid a monthly maintenance fee, but unlike Go Premium accounts, you only have to deposit $500 a month or make 15 transactions. If you can do both, you’d be far better off opting for the Go Premium account, though.

How to get GTE Financial’s Go Full Access checking account

As with all of GTE Financial’s checking accounts, you can open a Go Full Access checking account either in person or online.

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on GTE Financial’s secure website

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Go Student

An account for students that waives many common fees.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: One per month from outside financial institution
  • Overdraft fee: $35

While GTE Financial’s Go Student checking account does not yield any dividends, it does waive a lot of fees as students get comfortable managing money on their own. It’s the only checking account at this credit union without any monthly maintenance fee. It also comes with one waived nonsufficient funds or overdraft fee per month, and it is the only account here that offers any refund of ATM fees charged by outside financial institutions or ATM owners.

How to get GTE Financial’s Go Student checking account

Students can open their account at a branch or online.

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on GTE Financial’s secure website

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Go Further

An account to help you reboot your financial life.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $9.95 if you are not enrolled in eStatements. You must also make a minimum of $500 in deposits per month and make 15 transactions that don’t involve using your debit PIN each month if you want this fee waived.
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you’ve had a spotty banking history in the past — whether due to circumstances in or beyond your control — your financial institution may have added you to the CHEXSystem. Once in the CHEXSystem, it can be extremely difficult to get another bank account. Because credit unions are community-focused, some offer checking accounts specifically to give you the opportunity to prove you can do better and re-enter the mainstream banking system.

GTE Financial is one of those credit unions, and the Go Further checking account is their account to help. It does not come with any dividends, but it does allow you full access to a traditional checking account without any check-cashing fees. It has a $9.95-a-month maintenance fee, which will be waived if you enroll in eStatements, make a minimum of $500 in deposits per month or make 15 non-debit card/PIN transactions per month.

If you’re meeting all these requirements anyways, after you rebuild your banking reputation you may even be able to qualify for those high APY rates on the Go Premium account.

How to get GTE Financial’s Go Further checking account

You can easily open your Go Further checking account online or in person.

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on GTE Financial’s secure website

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How GTE Financial’s checking accounts compare

In a world of online banks, most often it’s the financial institutions with no brick-and-mortar overhead costs that can offer the highest rates. GTE Financial’s checking account options buck that norm.

With rates that top even the best online checking accounts, Go Premium checking is one of the best on the market. While the Go Student checking account doesn’t offer any dividends, it is extremely generous in the fees it waives as young people learn how to responsibly manage their finances, and Go Further checking gives a second shot to those who would normally be shut out of the conventional financial system.

While the Go Full Access checking account doesn’t carry the same bragging rights as GTE Financial’s other checking accounts — especially as it bears no dividends — it is nice that the credit union offers a checking account with more flexible ways to evade the monthly maintenance fee.

GTE Financial’s savings account options

Member Owner Share

A standard savings account necessary to establish credit union membership. Also standard is the small dividend earned.
APYMinimum Balance to Earn APY
0.10%
$100
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

When you join GTE Financial, your Member Owner Share savings will anchor your membership. You will not earn any APY until you reach a balance of $100, and even then, the rate isn’t anything to write home about. But this account does avoid monthly maintenance fees.

Opening this account is a requirement of membership, so it doesn’t matter if you’re in love with the APY. You have to have it.

You also must know that savings accounts, in general, are regulated by the federal government. Specifically, Regulation D dictates that you are allowed to make up to six certain withdrawals per month from your savings account, unless they’re made in person, at an ATM or as part of a GTE Financial loan payment. If you exceed the six withdrawal-per-month limit, GTE Financial will not let you make any further transactions that month unless you’re doing so at an ATM, in person or via fax. This rule applies to all savings accounts and not just Member Owner Share account.

How to get GTE Financial’s Member Owner Share savings account

You will be prompted to open this account when you sign up for membership, whether you do so online or at your local branch.

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on GTE Financial’s secure website

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Special Savings

An additional share savings account to set aside money for an independent goal.
APYMinimum Balance to Earn APY
0.10%
$100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you want to set aside money for a specific goal — such as a wedding, new car or holiday gift purchases — you can do so by opening an additional share savings account. This Special Savings account is identical to regular share savings in terms of APY and fees, though there is no minimum opening deposit requirement.

While setting up a second account with GTE Financial may be convenient, it’s not your best option. You can get far higher rates elsewhere, and unlike the Member Owner Share savings product, this is not a mandatory account.

How to get GTE Financial’s Special Share Savings

Should you opt to open a Special Share Savings account, you can do so online or in person.

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on GTE Financial’s secure website

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Future Change Savings

Round up your purchases to throw extra money at your loans.
APYMinimum Balance to Earn APY
0.10%
$100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

Future Change Savings is a unique account. At first glance, it looks identical to the Special Savings account, but under the hood there’s a lot more going on.

This account links with your checking account to round up your daily purchases to the nearest dollar. The extra change is then deposited into your Future Change Savings account. With the account’s corresponding app, you will then be able to view how applying the money from this savings account to your GTE Financial auto loan or mortgage would affect your finances long term.

If you do decide to apply the savings from this account toward your debt, remember that you are allowed up to six certain withdrawals/electronic transfers per month or you risk violating Regulation D.

How to get GTE Financial’s Future Change Savings

To open this account, you will have to download the app from Google Play or the iTunes App Store. From there, you’ll be prompted to enter your checking account and loan information to link to your new account.

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on GTE Financial’s secure website

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Early Saver

GTE Financial offers higher rates for children who save.
APYMinimum Balance to Earn APY
1.00%
$0.01
0.10%
$500
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $3 at all out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

If you want to teach your child about savings, GTE Financial offers an option for that. Children younger than 17 can open an Early Saver account, which offers a much higher APY on balances up to $500 before reverting to the same rate as a regular share savings account.

This higher rate is encouraging as it will better illustrate how interest works for your child, though it will be a bummer when they turn 18 and the account converts into a regular share savings account with a lower rate of return.

How to get GTE Financial’s Early Saver Account

Accounts for children ages 12 and younger must be opened in person, but children 13 through 17 can open an account online.

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on GTE Financial’s secure website

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How GTE Financial’s savings accounts compare

Funnily enough, kids are the only ones getting a decent rate out of GTE Financial savings accounts. The Early Saver Account rates are extremely competitive, though that doesn’t much help the adults in the room.

The dividends on adult accounts also pale in comparison to the competition. You will need some money in your regular share savings to maintain membership, and the Future Change Savings account is an innovative product. But at the end of the day, you’re getting the short end of the stick with GTE Financial’s offered APY and terms on savings. Shop around to find better savings account rates.

GTE Financial’s CD rates

Share Certificates

A fairly competitive certificate product with a low barrier to entry.
TermAPY
6 Months1.26%
12 Months2.02%
18 Months2.27%
24 Months2.53%
30 Months2.68%
60 Months3.04%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

Share Certificates are the credit union equivalent of certificates of deposit, or CDs. GTE Financial’s rates are relatively competitive, but they’re not the best on the market, either. One thing that does make them abundantly attractive, though, is that the minimum opening deposit is on the far low end for CDs offering similar rates of return.

How to get GTE Financial’s CDs

You can open your Share Certificate at a branch or online. If your opening balance will be $5,000 or more, you’ll be required to make that in-person visit or call 888-871-2690, ext. 40535.

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on GTE Financial’s secure website

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Jumbo Share Certificates

Even more competitive rates but with a high barrier to entry.
TermAPY
6 Months1.51%
12 Months2.27%
18 Months2.53%
24 Months2.78%
30 Months2.94%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

Have some extra money to throw at your Share Certificate? If you can get a balance of $100,000 or more, you will qualify for Jumbo Share Certificate rates on terms of up to 30 months, which are 0.25% higher than those of regular Share Certificate. This small bump is enough to start closing the gap between GTE Financial and the competition, though with a $100,000 minimum, the pool of people who will be able to access this increased rate will be small.

How to get GTE Financial’s Jumbo Share Certificate

All Jumbo Share Certificates must be opened in person or via phone by calling 888-871-2690, ext. 40535.

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Youth Share Certificate

Teach your child valuable money lessons on the cost of APY.
TermAPY
12 Months0.75%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 3 months’ worth of interest

Youth Share Certificates offer extremely low rates, but also allow your child to open a certificate with as little as $100. They will also be able to add up to $6,000 in additional funding throughout the 12-month term. Opening a Youth Share Certificate is likely something you’d do as a hands-on lesson for your child rather than a gift. The yield simply isn’t high enough unless you’re taking the hit to impart an experiential lesson.

How to get GTE Financial’s Youth Share Certificate

Your child can open a Youth Share Certificate at a branch or online.

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on GTE Financial’s secure website

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How GTE Financial’s CD rates compare

Overall, GTE Financial’s certificate options are just all right. While rates on Share Certificates and Jumbo Share Certificates are relatively competitive, they’ve got some stiff CD competition. Given the fact that the competition doesn’t always have the same low minimum deposit requirement as GTE Financial, though, regular Share Certificates may be able to take a small hit in APY and remain competitive.

Youth Share Accounts aren’t a great product if you’re looking only at yield, but if you’re trying to give your child their own financial experiences before they leave home, it can be a good product to achieve that goal.

GTE Financial’s money market account options

Money Market

Low rates and excess maintenance fees make it acceptable to overlook this money market option.
APYMinimum Balance to Earn APY
0.15%
$2,500
0.25%
$10,000
0.35%
$50,000
0.55%
$100,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: $6 every month your account has no activity
  • ATM fee: $3 at all out-of-network ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

GTE Financial’s Money Market account is lackluster. First of all, the rates are not competitive. In fact, they’re extremely low. On top of that, GTE Financial is one of the few financial institutions that charge maintenance fees on its money market accounts without minimum balance restrictions. If you have no account activity, you’ll get charged. You cannot set and forget your money market account with this credit union.

You also need to remember that money market accounts are technically savings accounts, and are thus subject to the same rules and restrictions under Regulation D. That means you are allowed to make up to six certain withdrawals from your money market account per month — even if you’re trying to keep it active to avoid that monthly maintenance fee.

How to get GTE Financial’s Money Market Account

Should you choose to open a money market account with GTE Financial, you can do so at a branch or online.

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on GTE Financial’s secure website

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How GTE Financial’s money market account compares

Frankly, GTE Financial’s Money Market account isn’t in the same league as the best options on the market. By shopping around for other money market accounts, you’ll be able to find rates that are up to seven times greater than that offered by this credit union, and many of these accounts offer these higher rates without any maintenance fee.

GTE Financial’s IRA options

IRA CD rates

IRA Share Certificates

GTE Financial’s certificate rates start to look less attractive when placed into the realm of IRA certificates.
TermAPY
6 Months0.65%
12 Months1.00%
18 Months1.26%
24 Months1.41%
30 Months1.46%
60 Months1.76%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

GTE Financial’s Share Certificates aren’t a bad choice when you’re looking outside of your IRA. But their rates are carbon copied into the credit union’s IRA certificate, where they start looking a bit less competitive. The low minimum balance requirement is still attractive, but it only goes so far when you’re looking at long-term growth on an already conservative portfolio holding.

How to get GTE Financial’s IRA CDs

To set up an IRA Share Certificate, call 813-871-2690.

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on GTE Financial’s secure website

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Youth Share Certificate

Low rates on tax-advantaged accounts for children.
TermAPY
12 Months0.75%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty:
    • 3 months’ worth of interest for certificates with terms up to 12 months
    • 6 months’ worth of interest for certificates with terms greater than 12 months

Yes, even your child can open an IRA — a Roth IRA specifically. Your child must have earned income to contribute. Keep in mind that if they’re using baby-sitting or landscaping income, they’ll have to report it to the IRS on a Schedule C to use it toward their Roth IRA contributions.

While they will be able to withdraw earnings from their Roth IRA to pay for qualified educational expenses without paying a penalty, they may have to pay income taxes on their earnings when they make this kind of withdrawal. Because this account will be custodial with a parent or guardian, it could also adversely affect their chances for financial aid.

On top of it all, the rates on GTE Financial’s Youth Share Certificates leave much to be desired. A Roth IRA is not the place to teach lessons about certificates. If you’re going to open a custodial account anyways, you might as well look at other options and find an account with a higher yield.

How to get GTE Financial’s Youth Share Certificates

All IRA products must be opened by calling 813-871-2690.

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on GTE Financial’s secure website

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How GTE Financial’s IRA CD rates compare

Youth Share Certificates and Share Certificates are not a great way to go when it comes to IRA CDs. But rates on Jumbo Share Certificates are relatively competitive if you have the money to finance one for the higher rates. Regardless, be sure to shop around to ensure you’re getting the best deal possible on an IRA CD.

Overall review of GTE Financial’s banking products

GTE Financial is a mixed bag when it comes to personal deposit accounts. Its money market accounts can be passed over, as can a couple of its savings accounts. Its IRA certificates are only worth investigating at the jumbo level, and certificates outside of an IRA barely squeak by as competitive.

But most of the credit union’s checking accounts are worth a closer look, whether they’re offering some of the best rates on the market, limiting fees on young people or welcoming back those who have been pushed out of the traditional banking system. It also has some innovative products, such as Future Change Savings, and offers children great rates on their savings accounts.

GTE Financial has some interesting products. Definitely include it in your search, but make sure you investigate each product individually before deciding it’s the right match for you.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here