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Earning Interest, Reviews

Discover Bank CD Rates Review

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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).

Savings account bonus offer: Earn up to $200 on your first Discover savings account

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, which currently earns 1.90% APY. If you apply for their savings account for the very first time by 10/07/19 and deposit a balance of at least $15,000 by 10/21/19, you can earn a $150 bonus. If you deposit 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. Bonuses will be credited to your account by 11/04/19. You can apply online or over the phone. Just be sure to enter or mention the promo code MM919 when you apply.

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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

2.40%

18 months

2.40%

24 months

2.45%

30 months

2.45%

3 years

2.45%

4 years

2.45%

5 years

2.50%

7 years

2.55%

10 years

2.60%

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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 2.25% 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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Disney Premier Visa Review

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.

The information related to Disney® Premier Visa® Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

If movies such as “The Lion King” and “Beauty and the Beast” are among your go-to options for family movie night, and your vacation of preference is visiting Disney World or Disneyland, then the Disney® Premier Visa® Card might be the right credit card for your wallet.

The card is issued by Chase Bank, and is available with a variety of popular characters from Disney movies and Disney-owned properties. Choices include Mickey Mouse (available solo in his sorcerer’s robe from “Fantasia” and alongside his famous pals, Donald Duck and Goofy), Yoda from “Star Wars” and Elsa from “Frozen.”

Its rewards rate is just OK: Earn 2% in Disney Rewards Dollars on card purchases at gas stations, grocery stores, restaurants and most Disney locations. Earn 1% on all your other card purchases But there are perks that might still make this card worth it for hardcore Disney fans.

If you’ve been approved for five personal credit cards with any issuer within the past 24 months, you are likely to be turned down if you apply for this or any other Chase card due to the Chase 5/24 rule. You’ll have to look at your credit history and tally up how many credit cards you’ve been approved for within the past 24 months.

For a full breakdown of what this card offers, read on. But if you’re looking for a cashback card that rewards you a higher cashback rate on all purchases, you may want to take a look at the Citi® Double Cash Card – 18 month BT offer instead.

Where the Disney® Premier Visa® Card stands out

Disney Perks

If Disney vacations and Disney store shopping are a regular part of your life, here’s how this card can help:

  • 10% off select merchandise purchases of $50 or more at select locations at Disney World and Disneyland.
  • 10% off select dining locations most days at Disney World and Disneyland.
  • 15% off the non-discounted price of select guided tours at Disney World and Disneyland.
  • Get exclusive photo opportunities at private cardmember locations at Disney World and Disneyland.
  • 10% off select purchases at Disney store and shopDisney.com.
  • Get access to exclusive cardmember events at Disney store.

Terms may apply.

Statement Credit

Earn a $200 Statement Credit after you spend $500 on purchases in the first 3 months from account opening with a new Disney Premier Visa Card. You’re eligible for this if you don’t already have this card and haven’t received a new cardmember bonus for this card in the past 24 months.

Redeem for Air Travel

When you purchase airline tickets on any airline using your Disney® Premier Visa® Card, you can redeem your Disney Rewards Dollars for a statement credit to cover the tickets. Each Disney Rewards Dollar is worth $1. The minimum amount to redeem this way is $50 in rewards.

Additional Disney® Premier Visa® Card benefits

Disney Rewards Dollars

Earn 2% in Disney Rewards Dollars on card purchases at gas stations, grocery stores, restaurants and most Disney locations. Earn 1% on all your other card purchases The rewards rate isn’t bad, and you can redeem Disney Rewards Dollars toward Disney and Star Wars purchases at most Disney locations — some examples being theme park tickets, resort stays, shopping and dining. Every Disney Rewards Dollar is worth $1 when redeeming toward eligible Disney goods and services.

The issue with these rewards is that before you can use them, in most cases you’ll have to put them on a separate Disney Rewards Redemption Card. You can order one of these as soon as you have earned 20 Disney Reward Dollars. And anytime you want to transfer rewards to the redemption card, you must have a minimum of 10 Disney Rewards Dollars to transfer.

Special Vacation Financing

Get 0% promotional APR for six months on select Disney vacation packages from the date of purchase. After the promo period, the APR increases to 17.99% Variable.

Travel and Purchase Perks

This card comes with:

  • Baggage delay insurance
  • Purchase protection
  • Extended warranty protection

Where the Disney® Premier Visa® Card falls short

Redemption Process

As we outlined above, you have to transfer Disney Rewards Dollars to a separate redemption card before you can use them for most of what they’re eligible for. (Redeeming toward air travel is a situation where you don’t have to put them on the redemption card first.)

In a world where other credit cards will let you redeem rewards as statement credits and bank account deposits, or apply them toward online shopping, having to take the extra step of putting your rewards on a separate card can be a deterrent to use the Disney® Premier Visa® Card.

Annual Fee

There’s an annual fee of $49.00* on this card. While some cards charge higher annual fees, it’s still disappointing — you can get cards with no annual fee that have rewards rates just as good as what the Disney® Premier Visa® Card offers. What you won’t get on other cards is the Disney-specific perks, so you have to decide if those are worth the fee.

Compare it with the Citi® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card – 18 month BT offer sets the standard for flat-rate cashback cards. If you’re not a hardcore Disney fan, chances are you’ll get more value out of the Citi card. You might prefer the Citi card even if you are a Disney fan, but prefer a simpler rewards experience.

 Disney® Premier Visa® CardCiti® Double Cash Card – 18 month BT offer
Annual Fee$49.00*$0
Regular Purchase APR17.99% Variable15.99%– 25.99% (Variable)
RewardsEarn 2% in Disney Rewards Dollars on card purchases at gas stations, grocery stores, restaurants and most Disney locations. Earn 1% on all your other card purchasesEarn 2% cash back on purchases: 1% when you buy plus 1% as you pay.
Sign-Up BonusEarn a $200 Statement Credit after you spend $500 on purchases in the first 3 months from account opening with a new Disney Premier Visa Card.No bonus
Foreign Transaction Fee3% of the amount of each transaction in U.S. dollars.3%

Both cards charge foreign transaction fees, so they’re best to leave at home if you’re traveling outside the United States.

The bottom line

The Disney® Premier Visa® Card could offer value to Disney fans who frequent Disney World or Disnleyland, who value the opportunity for photos with Disney and Star Wars characters, and who purchase enough Disney merchandise so that the card’s discounts add up.

There’s also a nice option to redeem rewards for travel in a straightforward fashion — purchase your airline tickets on this card, then redeem your rewards for a statement credit.

That said, using your rewards for anything else requires the extra step of first transferring them to a redemption card. We’re not a fan of that extra step slowing down the redemption process.

Read: Best Rewards Credit Cards

In addition, this card charges a $49.00* annual fee. If you don’t want to pay an annual fee, a card such as the Citi® Double Cash Card – 18 month BT offer is probably a better choice. And if you are willing to pay an annual fee, you might consider paying a little more each year for a card such as the Chase Sapphire Preferred® Card, which charges $95 a year but offers significant value for the frequent traveler.

This article contains links to CompareCards, which, like MagnifyMoney, is owned by LendingTree.

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.

Glen Luke Flanagan
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Glen Luke Flanagan is a writer at MagnifyMoney. You can email Glen Luke here

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

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

Avadian Credit Union’ss checking account options

Choice Checking

This account lets you choose from a few different perks so you can customize the account to your needs.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: $1 for each out-of-network withdrawal; $0.50 for each out-of-network transfer or account inquiry.
  • ATM fee refund: As an option, up to $10 per month in ATM fee refunds if you keep the receipts and submit them to Avadian Credit Union each month.
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

If you just want a basic checking account and aren’t too concerned about receiving interest, this might be a good account to choose at Avadian Credit Union. There aren’t any monthly fees that come along with it either.

A unique feature of this account is that you can choose from a few different options to tailor it to your needs. You can choose from three benefits on the following list to go along with your account:

  • Two free domestic wire transfers per month
  • Discounts on car, boat and other collateral loans (except for mortgages)
  • Three free cashier’s checks per month
  • $10 in ATM fee reimbursements per month (if you provide Avadian Credit Union with the receipts)
  • Special rates on CDs
  • 25% discount on safety deposit boxes

How to get Avadian Credit Union’s Choice Checking account

You’ll first need to join the credit union by visiting a local branch, calling up the credit union or going online to request an account application. You’ll need to show at least two forms of ID to open an account, and deposit at least $5 in a Savings (Share) account to establish your membership. After that, you can request to open a Choice Checking account.

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Choice Checking with Interest

This is the same as the regular Choice Checking account, but offers the ability to earn interest if you keep at least $2,500 in the account.
APYMinimum Balance to Earn APY
0.15%
$2,500
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $7 if your account balance falls below $2,500.
  • ATM fee: $1 for each out-of-network withdrawal; $0.50 for each out-of-network transfer or account inquiry.
  • ATM fee refund: As an option, up to $10 per month in ATM fee refunds if you keep the receipts and submit them to Avadian Credit Union each month.
  • Overdraft fee: $30 per item, or $5 on day of withdrawal if overdraft transfer account linked up.

If you’re hoping to earn any interest on your checking account deposit at Avadian Credit Union, this is the checking account for you. We don’t recommend going for this account unless you can keep at least $2,500 in it at all times, however, because if your balance drops below this level you’ll a) not earn any interest, and b) be hit with a $7 fee for the month. Ouch.

Aside from those factors, this account works in the same way as the normal Choice Checking account. You can choose from three services — up to $10 in ATM fee refunds per month, discounted loans, higher CD rates, three free cashier’s checks per month, discounted safe deposit boxes or two free wire transfers per month — to customize this account to your needs.

How to get Avadian Credit Union’s Choice Checking with Interest account

As long as you can provide two forms of ID and fit the membership eligibility requirements, you can become a member of Avadian Credit Union. To complete your application, you can either visit a local branch, make an online request or call up the credit union directly. After you’ve established membership by depositing at least $5 in a Savings (Share) account, you can open this account.

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e-Checking

This is a pretty poor checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8.95
  • ATM fee: $1 for each out-of-network withdrawal; $0.50 for each out-of-network transfer or account inquiry.
  • ATM fee refund: None
  • Overdraft fee: $30 per item, or $5 on day of withdrawal if overdraft transfer account is linked up.

If you’ve been declined for a Choice Checking or Choice Checking with Interest account due to past problems, you may be able to qualify for an e-Checking account instead. We warn you though: You’re not going to like this account.

First off, there’s the $8.95 monthly fee. Then there are the limitations that come with this account.

You’re limited to making payments through your debit card, since you won’t have access to online Bill Pay or have the ability to write physical paper checks. You’ll also need to have direct deposit set up with this account, but even then Avadian Credit Union will only accept payroll checks from the select employer groups required for membership. You also aren’t able to bank in person at a branch; it has to be entirely over the phone or through this account’s limited Online Banking center.

How to get Avadian Credit Union’s e-Checking account

If you decide you want to start out with this account, you’ll need to become a member first by completing an application at a local branch or by requesting an application. Once you’ve gone through that process (and deposited at least $5 in a Savings (Share) account), you can apply for an e-Checking account as well.

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How Avadian Credit Union’s checking accounts compare

Honestly, we’re just not that impressed with these accounts. The e-Checking account is a real stinker, and while it has its uses (when you’re trying to rebuild eligibility for other checking accounts, for example), we recommend dropping this one as soon as you’re able to qualify for a fee-free checking account.

The Choice Checking and Choice Checking with Interest accounts are better. It’s nice that the credit union offers you a choice of three features to go along with these accounts, but it also leaves us wondering: Why not just offer all of these perks instead? Why limit it to three? In fact, these online checking accounts offer many of the same features with low (or no) fees, and have higher interest rates to boot.

Avadian Credit Union’s savings account options

Savings (Share)

Everyone has to open this account before they’re eligible to open any others at Avadian Credit Union.
APYMinimum Balance to Earn APY
0.15%
$100-$2,499.99
0.20%
$2,500-$24,999.99
0.40%
$25,000-$74,999.99
0.50%
Over $75,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1 for each out-of-network withdrawal; $0.50 for each out-of-network transfer or account inquiry.
  • ATM fee refund: None
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

There’s no way of getting around it: You’ll need to open this account to establish your membership at Avadian Credit Union. Unlike most credit union savings accounts, however, this one actually offers a better-than-average interest rate, and multiple tiers that allow you the chance to earn more.

Another unique feature of this account is that you won’t earn dividends monthly. Instead, they’ll be tallied up and deposited into your account on a quarterly basis. One heads-up with this account: you can only make three withdrawals per month, unlike most banks and credit unions which limit you to six monthly withdrawals. If you need to make more withdrawals than that, you’ll pay a $2 per-withdrawal fee.

Avadian Credit Union also allows you to open a personally-named clone of a Savings (Share) account (a “U Name It” savings account) that allows you to save for specific purposes. These savings accounts follow all of the same rules and offer the same rates as this Savings (Share) account, but allow you to personalize the name with fun things like “Beach Vacation Fund” or “Rainy Day Fund.”

How to get Avadian Credit Union’s Savings (Share) account

You’re in luck. This is the default account that all Avadian Credit Union members must open to establish membership. You can complete the application process in a local branch (bring two forms of ID with you), or by calling up the credit union or visiting them online to request an application.

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Christmas Club

This account has some rules that might make it easier for you to save for Christmas.
APYMinimum Balance to Earn APY
0.15%
$100-$2,499.99
0.20%
$2,500-$24,999.99
0.40%
$25,000-$74,999.99
0.50%
Over $75,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

If you always find yourself going into debt over Christmas, a Christmas Club savings account like this one might be just the thing you need. This account lets you save for Christmas throughout the year. If your paycheck is direct deposited into your checking account, you can also specify a portion of each paycheck to be funneled directly into this account so you don’t even have to think about it. Otherwise, there are no deposit requirements like with some Christmas Club accounts at other banks and credit unions.

Lest you be tempted to tap into your funds too early, there is a $10 per-withdrawal fee if you make any withdrawals at all during the first three quarters of the year. After that, from the months of October to December (prime Christmas shopping time), you can make withdrawals without penalty. You’ll need to withdraw the funds in person, over the phone, online or at a branch, since the account doesn’t have ATM access.

How to get Avadian Credit Union’s Christmas Club account

To establish your membership at Avadian Credit Union (assuming you are eligible for membership), you’ll need to show two forms of ID at a local branch and complete an application.

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Centsible Savings

This unique savings account automatically rounds up your everyday purchases and deposits the difference into this high-yielding savings account.
APYMinimum Balance to Earn APY
5.00%
$0.01-$2,499.99
5.00%
$2,500-$24,999.99
5.00%
$25,000-$74,999.99
5.00%
Over $75,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

Have you heard of those roundup apps that track your purchases, round up to the nearest dollar, and deposit the difference into some sort of savings pot? That’s the premise behind this savings account, too.

You’ll need a checking account, a savings account and a debit card in order to be eligible to open this account. Once it’s open, the total from each of your purchases will be rounded up to the nearest dollar and the difference will be deposited into this Centsible Savings account at the end of the day. Easy peasy. You can make up to six electronic or telephone withdrawals per month, or three in-person withdrawals per month. Each in-person withdrawal after that costs $2. Plan your withdrawals wisely, since the account also doesn’t come with ATM access.

Even better, this account earns a fantastic interest rate, with dividends being deposited each quarter. It might be a good idea to wait to open this account until you’ve got a big debit card purchase (or purchases) coming up, since Avadian Credit Union will match 25% of your roundups into the account for the first 30 days after you open it. After 30 days have passed, Avadian Credit Union will still match 5% of your roundup contributions. This matching is limited to just $250 per year, but that’s still a good chunk of free change. Make sure you’re signed up for e-Statements as well, since this is a precondition to earn the matching contributions.

How to get Avadian Credit Union’s Centsible Savings account

If you already have a checking account, savings account and a debit card with Avadian Credit Union, you can open this account, too. You’ll need to visit an Avadian Credit Union branch to open it, or at least contact the credit union to request an application.

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Kids Savings School

This account helps teach youngsters up to age 12 about saving money.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

This passbook-style savings account offers a lot of unique features for kids under age 12. For accounts with a balance over $100, you’ll earn quarterly dividends.

Kids are also rewarded with a special gift every time they make a deposit into the account at a local branch. The account also comes with a wristband (we’ll be honest; that probably doesn’t sound too exciting for kids) and a fun interactive website. Kids (and the families who take them) can also get discounted access to the McWane Science Center and the Georgia Aquarium.

When your child turns 13, this account will automatically transfer into an Edge Savings account, designed specifically for teens with a continued focus toward teaching young people valuable financial management skills. Since it’s a passbook-style account, it doesn’t offer ATM access.

One of the unfortunate things with this account is that while it only takes a small $5 deposit to open, your child won’t actually earn any interest until they’ve saved at least $100. That’s a lot of money for a little one to muster up, so if you want to teach them about interest compounding, you might need to jump-start their savings account with some of your own cash. Contact credit union for rate information.

How to get Avadian Credit Union’s Kids Savings School account

You’ll need to open this as a joint account with your child. You’ll also need to deposit at least $5 in the account to open it. Since this account relies heavily on in-person transactions, it might be best just to get used to that process by visiting a local branch to open this account with your child.

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Edge Savings for Teens

This savings account offers teen-specific financial education, but nothing else really special.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

This account is a continuation of the Kids Savings School account, but for those between the ages of 13 and 19. This account continues the financial education with a special website and a Facebook page just for teaching teen-specific financial concepts.

Aside from that though, there really aren’t too many special features to this account. It doesn’t come with an ATM card. Teens can get a $20 referral fee if they refer friends to open an Edge Savings account. If teens opt to open a Choice Checking account to go along with this savings account, they get one free pass from an overdraft fee. There are also “special gifts and giveaways throughout the year.”

How to get Avadian Credit Union’s Edge Savings for Teens account

You can open this account with a small $5 deposit into the account. You’ll need to fill out an application form at a local branch, or you can request one.

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How Avadian Credit Union’s savings accounts compare

The savings accounts at Avadian Credit Union are a bit hit-and-miss. We really like the Centsible Savings account that rounds up each purchase and allows you to save more — especially so with the high interest rate and matching contributions offered on this account. That’s something you’ll be hard-pressed to find elsewhere, even in the fancy new fintech apps. Its kids and teen savings accounts also offer a nice range of financial education products specifically geared toward teaching new savers the ropes.

On the other hand, its plain-Jane adult savings accounts don’t offer anything special. On the contrary, they’re a bit restrictive, since all savings accounts only allow three in-person penalty-free withdrawals per month. That’s half as much as most banks and credit unions allow. And while the interest rates offered are better than many other credit unions, they’ve still got a long way to go before they can catch up with the savings account front-runners in its class.

Avadian Credit Union’s CD rates

Certificate of Deposit Special

These temporarily-offered rates are quite good.
TermAPY
13 months2.50%
21 months2.65%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 180 days’ worth of interest

Thirteen months and 21 months are odd term lengths. But if you don’t mind that weirdness, you can earn much better rates with these temporary CD specials. There’s a catch, though (isn’t there always?): You can only open these CDs with “new” money, meaning it has to be transferred in to Avadian Credit Union from an outside source. You can’t open these CDs with money already sitting in your Avadian Credit Union account.

When you open the CD, you’ll get the chance to tell Avadian Credit Union what you want done with the account. You have two choices: either have a check mailed to you when it matures or have it automatically renew. If it does automatically renew, you will get a 10-day grace period to withdraw or add money, or make any other changes penalty-free.

How to get Avadian Credit Union’s Certificate of Deposit Special

You’ll first need to apply for membership at Avadian Credit Union, assuming that you do meet the membership criteria. The easiest way to join is by visiting a local branch (remember to bring two forms of ID with you). You can shorten the process a bit by requesting an application to be sent to you by calling up the credit union or visiting them online. You’ll also need to deposit at least $5 in a Savings (Share) account to establish membership.

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on Avadian Credit Union’s secure website

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Rising Rate CD

This limited-time offer offers automatic rate bumps each year on your CD’s anniversary.
3-Year Rising Rate CD
TermAPY
3 Year Rising Rate CD Special2.50% Blended
5-Year Rising Rate CD
TermAPY
5 Year Rising Rate CD Special3.00% Blended
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 270 days’ worth of interest

This is the second of Avadian Credit Union’s special CD promotions. It’s only available for a limited amount of time, since it’s not a regularly-offered product.

The way the CD works is this: you put in at least $5,000 (quite a hefty deposit). Each year on your CD’s anniversary, the rate will be bumped up a notch. If you keep the money in your account, you’ll be rewarded with the highest tier rate at the end.

Avadian Credit Union advertises the “blended rate” — i.e., the average interest rate when you take into account the different APYs across term length — and it’s a good idea to compare this rate with the normal CDs before opening an account. Currently, the 5-year Rising Rate CD offers a blended rate that’s actually slightly less than the normal 5-year rate, so it may not work out to be such a deal in the long run.

When the CD matures, it’ll automatically renew for another term length, with a 10-day grace period to make any penalty-free changes to the account.

How to get Avadian Credit Union’s Rising Rate CDs

To join the credit union, you’ll need to deposit at least $5 in a Savings (Share) account and complete a membership application. Once that’s done, you can also apply for this account at a local branch.

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on Avadian Credit Union’s secure website

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Certificate of Deposit

These are your standard, ho-hum CDs that don’t offer any special features.
TermAPY
3-5 months0.25%
6-11 months0.60%
12-17 months1.75%
18-23 months1.65%
24-35 months1.75%
36-47 months1.90%
48-59 months1.95%
60 months2.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For 3-11 month CDs, you’ll pay either seven days’ worth of interest or all interest earned, whichever is more
    • For 12-35 month CDs, you’ll pay 180 days’ worth of interest
    • For CDs 36 months or longer, you’ll pay 270 days’ worth of interest

Avadian Credit Union has a lot of unique CDs, but these are its basic, bread-and-butter CDs. The credit union offers a pretty standard set of term lengths, ranging from three months all the way out to 60 months.

These CDs are best for people who just want a simple, no-fuss CD that earns a reliable interest rate. It’s for people who just want to set it and forget it, essentially, since no other work is required on your part once you open the CD. Once the CD matures, it will automatically renew for another CD of the same term length. You can withdraw the CD penalty-free during the first 10 days after the CD renews, however. You can also opt to have the CD paid out at maturity to you in the form of a check if you don’t want it to auto-renew.

How to get Avadian Credit Union’s CDs

Since this is a credit union, you’ll first need to become a member. You can do this by bringing two forms of ID with you to a local branch, or requesting an application to be sent to you online or over the phone. You’ll also need to deposit at least $5 in a Savings (Share) account in order to establish membership. After that, you can open a CD.

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Save Up CD

This cool CD lets you start with a smaller amount and add more money to it during its term.
TermAPY
12 months1.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 180 days’ worth of interest

Sometimes it’s hard to amass all that money you need to open a normal CD. If that’s your case, then this CD might be a better option for you. It only requires half of the normal deposit amount — $500 vs. $1,000 — which makes it more accessible to more people. (Don’t get us wrong; that’s still a lot of money, but it’s less than it might otherwise cost you.)

Once you’ve opened this CD you’re also allowed to make regular deposits into the CD, unlike most CD accounts. There’s a catch, though: You can only deposit more money into the account if it’s $100 or more. When you open the CD, you can opt to have it mailed out to you as a check when it matures. Otherwise, it will automatically renew for another term, with a 10-day grace period to withdraw the money penalty-free if you change your mind.

How to get Avadian Credit Union’s Save Up CDs

If you’re already a member of Avadian Credit Union, you can open one of these CDs by visiting a local branch or requesting a new account application.

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Step Up CD

If interest rates head north, you’re allowed to opt in to the new higher rate once per term with these CDs.
TermAPY
18-23 months1.55%
24-35 months1.65%
36-47 months1.75%
48-59 months1.75%
60 months2.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For 18-35 month CDs, you’ll pay 180 days’ worth of interest
    • For CDs 36 months or longer, you’ll pay 270 days’ worth of interest

Step Up CDs are designed to give you some peace of mind during an environment where interest rates seem to keep rising, like we find ourselves in today. If, for example, you put a bunch of money in a 60month CD and interest rates increased, you’re stuck with that less-than-optimal interest rate for the long haul.

This Step Up CD mitigates that by allowing you the option to boost your rate to the new higher level once per term, if interest rates do indeed increase. It’s still a bit of a gamble, though: interest rates for these CDs are lower than its normal, non-Step-Up counterparts, so you’re already putting yourself at a bit of a disadvantage to start. But if interest rates do rise drastically, these CDs can really pay off.

When you open the CD, you can designate what you want to happen to it when it renews. It will either be automatically rolled over into another CD (with a 10-day grace period for penalty-free withdrawals), or mailed out to you as a check.

How to get Avadian Credit Union’s Step Up CDs

If you’re already an Avadian Credit Union member, you’ll need to fill out an application to add this new CD to your account. You can get this application at a local branch, or you can request one be sent to you.

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on Avadian Credit Union’s secure website

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How Avadian Credit Union’s CD rates compare

Avadian Credit Union’s CD rates are better than average, but they’re still not really that competitive with the current top-yielding CDs.

We do like the wide range of CD products that Avadian Credit Union offers. The credit union has two different CD products that allow for deposits after the CD has already been opened, which is pretty unique. This feature might interest you if you’re just getting started with CDs and don’t have a ton of cash yet. Otherwise, we suggest passing on these CDs for ones that earn a higher interest rate.

Avadian Credit Union’s money market account options

Money Market

These rates aren’t really that impressive.
APYMinimum Balance to Earn APY
$2,500-$9,999.990.20%
$10,000-$24,999.990.30%
$25,000-$49,999.990.40%
$50,000-$99,999.990.50%
Over $100,0000.60%
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 if your account balance falls below $2,500
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

Avadian Credit Union’s money market accounts work just like regular savings accounts, with a few exceptions. First, you’ll need a higher deposit amount — at least $2,500 — in order to reap the benefits of this account (and avoid a monthly service charge). Second, you’ll earn slightly higher interest rates with a money market versus a savings account.

You can also write checks with this account, but you’re limited to writing just six checks per month. Other types of withdrawals, such as ACH withdrawals, also count toward this limit. Anything beyond these limits will incur a $2 per-withdrawal penalty. ATM withdrawals also won’t be possible, since the account doesn’t come with ATM access.

How to get Avadian Credit Union’s Money Market account

You can join Avadian Credit Union by making a small $5 deposit into a Savings (Share) account. Once you’ve established an account, you can apply for a Money Market account.

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Premium Money Market

This account earns slightly better rates, but requires a larger deposit amount.
APYMinimum Balance to Earn APY
0.30%
$0.01-$9,999.99
0.45%
$10,000-$24,999.99
0.55%
$25,000-$49,999.99
0.75%
$50,000-$99,999.99
0.80%
Over $100,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 if your account balance falls below $10,000
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

If you’ve got a larger deposit amount, this Premium Money Market account offers slightly better rates than the normal Money Market account. This one works a bit differently, since it still does offer interest if your balance drops below the minimum opening deposit ($10,000). Still, it’s a good idea to avoid doing that if possible, since you will owe a $15 monthly fee if your balance drops below $10,000. This fee will wipe out any interest you receive on balances below $10,000 anyway.

You can make six withdrawals per month with this account as well. Any withdrawals past this limit will cost you $2 per withdrawal. This account also does not come with an ATM card.

How to get Avadian Credit Union’s Premium Money Market account

To open any accounts at Avadian Credit Union, you’ll first need to become a member by depositing at least $5 in a Savings (Share) account. You can do this by visiting a local branch, or by requesting an application online or over the phone. Once established, you can choose to open this Premium Money Market account.

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on Avadian Credit Union’s secure website

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How Avadian Credit Union’s money market accounts compare

Money market accounts usually don’t have too much to offer besides the ability to write a limited number of checks and a higher interest rate than many savings accounts. If you want to write checks, then these accounts will do that. But if you want to earn high interest rates, there are many better options out there. In fact, here are our top picks for best money market accounts.

If you want to stick with Avadian Credit Union because your other accounts are there, then this account isn’t a bad option. But for people trying to maximize the interest rate on each of their accounts, this one won’t fit the bill.

Avadian Credit Union’s IRA account options

IRA CD Special

These special CDs will net you a bit more toward your retirement savings.
TermAPY
13 months2.50%
21 months2.65%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 180 days’ worth of interest

If you’re quick to snatch up this deal before it goes away, you can earn slightly better-than-normal interest rates on your IRA CD deposit. There are only two terms offered — 13 and 25 months oddly enough.

Another “gotcha” is that you can only open these IRA CDs with money that’s new to Avadian Credit Union, so the money sitting in your checking or savings account need not apply. Once the CD matures, it will renew for another term length automatically. You will get a 10-day grace period to withdraw or add money, or roll it over into another IRA investment if you so choose.

How to get Avadian Credit Union’s IRA CD Special

Remember, you’ll need to open these IRA CDs with “new” money. If you’re new to Avadian Credit Union, that won’t be difficult — but you will need to go through the membership application process first. If you’re already a member, you can open these IRA CDs by completing a form and bringing it with you to a local branch.

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on Avadian Credit Union’s secure website

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Rising Rate IRA CD

These unique IRA CDs come with automatic interest rate bumps at regular intervals.
3-Year Rising Rate IRA CD
TermAPY
3 Year Rising Rate IRA Special2.50% Blended
5-Year Rising Rate IRA CD
TermAPY
5 Year Rising Rate IRA Special3.00% Blended
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 270 days’ worth of interest

Here’s another IRA CD special that Avadian Credit Union is offering temporarily. It also offers much better rates than normal. These IRA CDs are also unique because every year on the IRA CD’s anniversary, the rate will increase.

Even though the interest rate bumps up every year, you still need to keep the money in the account, otherwise you’ll face an early withdrawal penalty. You can choose to withdraw the money when the IRA CD matures, but you’ll only get a brief 10-day grace period to do so. Otherwise, the CD will automatically renew for another term and you’ll be locked in again for another three or five years.

How to get Avadian Credit Union’s Rising Rate IRA CD

Unlike the other IRA CD special, this one doesn’t require “new” money to open the IRA CD. You’ll need at least $5,000 to open it, however, which is significantly more than a normal Avadian Credit Union CD. You’ll need to complete an application for this account at your local branch to open it.

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IRA CD

You can do a lot better than these rates for an IRA CD.
TermAPY
3-5 months0.25%
6-11 months0.60%
12-17 months1.75%
18-23 months1.65%
24-35 months1.75%
36-47 months1.90%
48-59 months1.95%
60 months2.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For 3-11 month CDs, you’ll pay either seven days’ worth of interest or all interest earned, whichever is more
    • For 12-35 month CDs, you’ll pay 180 days’ worth of interest
    • For CDs 36 months or longer, you’ll pay 270 days’ worth of interest

All of Avadian Credit Union’s CDs are also available as IRA CDs. They can be opened as Roth IRAs or Traditional IRAs.

These IRA CDs offer term lengths ranging from 3-60 months, which is pretty standard for most banks. Interest on these IRA CDs is paid out at maturity for CDs under 11 months in length, and monthly for CDs over 12 months in length, and when the term ends, it’ll automatically be renewed for another term. If you’d rather pull your money out and move it into a different IRA investment, you will have a 10-day grace period after the IRA CD renews where you can do so without penalty.

How to get Avadian Credit Union’s IRA CDs

If you’re eligible for membership or are already a member, you can open these CDs by filling out an account application form with the credit union.

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on Avadian Credit Union’s secure website

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Step Up IRA CD

If you’re worried about interest rates rising, this IRA CD is a decent option to hedge your bets.
TermAPY
18-23 months1.55%
24-35 months1.65%
36-47 months1.75%
48-59 months1.75%
60 months2.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For 18-35 month CDs, you’ll pay 180 days’ worth of interest
    • For CDs 36 months or longer, you’ll pay 270 days’ worth of interest

By definition, for most people, saving for retirement is a long-haul activity. Interest rates could rise or fall on deposit accounts during the many decades you have to save for retirement (hopefully, that is). Right now, interest rates seem to be rising, which means you could be missing out on valuable returns if you lock your money away at a low interest rate.

These Step Up IRA CDs allow you to hedge your bets. The rate offered is a bit lower than the normal IRA CDs, and to compensate for that disadvantage, you are allowed to opt for a one-time interest rate increase if rates rise after opening your account.

Each Step Up IRA CD will renew itself for another term once it matures. It will come with a 10-day grace period, however, where you can withdraw your money or roll it over into another IRA account.

How to get Avadian Credit Union’s Step Up IRA CDs

Unfortunately, applying for an account at Avadian Credit Union isn’t as easy as at some other banks and credit unions since there is no way to complete an application online. Instead, you’ll need to visit a branch or request an application online or over the phone and bring it with you to a branch. Remember to bring two forms of ID with you to open an account, and at least $5 to open a required Savings (Share) account. After that, you can open a Step Up IRA CD.

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How Avadian Credit Union’s IRA CD rates compare

Avadian Credit Union also has a wide range of IRA CDs that can meet diverse needs, which is good. For example, the credit union offers products for people still working on their savings, those who don’t yet have the minimum deposit for a standard IRA CD and for those worried about rising interest rates. All of that is very good.

But what Avadian Credit Union doesn’t offer is the top interest rates on IRA CDs. For that, you’ll have to turn to these IRA CDs instead. The credit union doesn’t offer bad rates, but you can still do much better with other options.

IRA Share

This IRA savings account offers better rates than on a normal savings account, but they’re still not great.
APYMinimum Balance to Earn APY
0.70%
$0.01-$2,499.99
0.90%
$2,500-$24,999.99
1.05%
$25,000-$74,999.99
1.20%
Over $75,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • Overdraft fee: $30 per item, or $5 per day of withdrawal if overdraft transfer account is linked up.

There are a lot of ways you can save money for retirement, including in an IRA savings account like this one. It works just like a normal savings account in that you can put money in (and withdraw it, as long as you’re willing to pay the IRS penalties) at any time.

Since retirement accounts aren’t designed to be as transactional as a normal savings or checking account, this account doesn’t come with an ATM card. It does offer a better rate than the normal savings account, but it’s still not as good as your potential yield with a higher-earning investment such as an index or bond fund. On the other hand, this type of account is one of the only IRA savings vehicles that is NCUA-insured, so you know you’re guaranteed to earn this rate no matter what happens.

Avadian Credit Union allows you to open this account as either a Roth IRA or a traditional IRA.

How to get Avadian Credit Union’s IRA Share account

If you meet membership eligibility criteria, you can join Avadian Credit Union by filling out an application at a branch, or requesting one be sent to you online or over the phone. You’ll need to show two forms of ID when you open your account, and deposit at least $5 in a Savings (Share) account.

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on Avadian Credit Union’s secure website

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Overall review of Avadian Credit Union’s banking products

We really like Avadian Credit Union for a few of its accounts. First off, it offers many different CD and IRA CD accounts which should make it easier for more people to use these higher-yielding accounts. We also like the Christmas Club account (saving up for Christmas is never a bad thing) and the Centsible Savings account, which offers a smokin’ hot interest rate on rounded-up amounts from purchases. This account alone may be worth banking here if you have a hard time saving (although you can get similar services from certain fintech apps).

What we don’t like about Avadian is its poor online presence and its strict membership requirements. You cannot apply for membership and open an account online, and unless you fall on the credit union’s narrow membership eligibility list, you won’t be able to open an account here, period.

We also don’t like the fee structure that Avadian Credit Union has adopted. For example, if you call up the credit union and the representative determines that your request could have been handled online or through the telephone banking system, they’ll charge you a $1 fee. If you have a bad address on file, you’ll be charged $5 per month, 60 days after returned mail. If your checking account has less than $100 in it and it’s been more than six months since you made a transaction, you’ll pay another $5 monthly “inactivity fee.”

All in all, if you’re intrigued by Avadian Credit Union’s accounts and don’t mind the hassle of navigating past fees or possibly having to visit a branch regularly to conduct business, this isn’t a bad bank to work with. But as always, there are still many other better options out there, especially if you head online.

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David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here