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Municipal 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.

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Municipal Credit Union’s checking account options

FasTrack Checking

If you want the ability to make an unlimited number of transactions, this is the checking account you should choose at Municipal Credit Union.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

This will be the checking account that most people get at Municipal Credit Union. That’s because there’s only two accounts offered, and the other account has strict limitations on how many purchases you can make with it per month.

There’s not really anything special about this account, however. It doesn’t offer interest or any other free perks. But on the bright side, there’s also no balance requirements or monthly fees that come with this account. You put money in, spend as much of it or as little of it as you want, and repeat.

How to get Municipal Credit Union’s FasTrack Checking account

You can apply for membership online or at a Municipal Credit Union branch if you meet the membership criteria. Make sure to bring (or provide online) a valid I.D. and proof of eligibility, such as a pay stub with your employer’s name on it. You’ll also need to open a Share savings account with at least $5 in order to establish your membership.

SEE DETAILS 

NCUA Insured

Basic Share Draft

It’s best to pass on this checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

You’ll want to avoid this account unless you aren’t able to be approved for any other accounts. That’s because this is a high-fee, low-feature account if there ever was one.

To start, there’s a $3 fee every month, with no way to get out of it. Then, you’ll need to make sure you keep your balance positive with at least $0.01. If your account dips below that and you incur overdraft fees, Municipal Credit Union reserves the right to close your account completely. If you make recurring deposits (like from a paycheck), you’ll also be required to set those up on direct deposit. Finally, even though this is a checking account, you can’t really use it that often. In fact, you can only make eight free withdrawals per month — i.e., eight purchases total — otherwise you’ll have to pay a $1 fee per withdrawal for the next six withdrawals you make.

How to get Municipal Credit Union’s Basic Share Draft account

To get this account, you can apply in person or online. You’ll need to be a resident of New York to open this account. If you’re not yet a member, you’ll need to apply for membership first and deposit at least $5 in a savings account to start your membership off.

SEE DETAILS 

NCUA Insured

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How Municipal Credit Union’s checking accounts compare

Rate-wise, it’s easy to compare Municipal Credit Union’s checking accounts with other ones. That’s because our top picks for best online checking accounts offer interest, while none of Municipal Credit Union’s accounts do. Thus, the verdict is thus clear: Skip Municipal Credit Union if you want to earn any interest at all from your checking account funds.

Aside from that, these checking accounts don’t really stand out in any way. There’s a good chance that Municipal Credit Union’s Basic Share Draft account is actually a second-chance checking account, designed for folks who aren’t able to be approved for traditional checking accounts. We certainly hope that’s the case, because no average person should be opening this account given the fees and limitations that come with it. Even if you do open the account, we recommend switching to a better account as soon as you’re able.

Municipal Credit Union’s savings account options

Share

This unusual share account charges a high monthly fee if you’re not able to meet certain requirements.
APYMinimum Balance to Earn APY
0.05%
$500.00-$999.99
0.05%
$1,000.00-$3,999.99
0.10%
$4,000.00-$49,999.99
0.20%
Over $50,000.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $9, unless you meet the requirements to have it waived.
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

Every credit union has a share account, but this one’s a bit odd because it comes with a monthly fee, and a high one at that. Thankfully, there are several ways to get around it, but it still might be inconvenient for you. You can have the fee waived in any of the following ways:

  • Keep at least $500 in this account, or combined across your Municipal Credit Union deposit accounts
  • Have at least $5 in combined balances on a secured loan, secured VISA card, or HELOC
  • Have at least $250 in combined balances on an unsecured loan or secured VISA card (not including overdraft or Step lines of credit)
  • Be under 21 years of age, or over age 62
  • If your account has only been open for less than a year
  • If you’re under age 25 and you opened the account under the Young Executive program, or the MCU2 program within the last five years

It’s important to note that you can only open one savings account (not including Holiday or Vacation Club accounts). Often, people open several savings accounts to “bin” their savings, such as having a separate account for new car savings, emergency fund savings, and so on … but you won’t be able to do that at Municipal Credit Union.

How to get Municipal Credit Union’s Share account

You’ll need to be eligible for membership to join the credit union in order to apply for this account. You can apply for membership (and this account) by visiting a local branch or applying online.

SEE DETAILS 

NCUA Insured

Smart Apple Savers

This account is available to children 12 years old and under.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

Municipal Credit Union’s Smart Apple Savers account doesn’t really offer much to it besides higher-than-average interest rates. Children with these accounts aren’t eligible to make withdrawals, and the account doesn’t come with an ATM card or online banking. Instead, you as the parent/guardian and joint owner on the account must make withdrawals for your child.

Dividends are earned quarterly on this account, which might make some kids (and even adults) impatient to see their interest piling up. You are also only allowed to make six withdrawals from this account per month.

How to get Municipal Credit Union’s Smart Apple Savers account

If you want to open this account for your child, you’ll need to open it as a joint owner with them. You’ll need to provide some sort of proof that you’re related to your child (such as a birth certificate or adoption papers) when opening this account. You can also open this account online or in person, but if you open it online, you’ll need to provide the correct paperwork within the first 15 days after you open the account.

SEE DETAILS 

NCUA Insured

Future Investors

This savings account is designed for young adults between ages 13 and 21.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

Not much changes once your child becomes eligible for the Future Investors account, honestly. About the only difference between the Smart Apple Savers and the Future Investors account is that the Future Investors account comes with an ATM card, online account access, and now your child can make their own withdrawals if they want.

Aside from that, the account still has the same limitations. They can only make six withdrawals per month, and any interest they earn on the account will be paid out once per quarter.

How to get Municipal Credit Union’s Future Investors account

If you want to open this account with your child, you’ll need to provide two documents: one that proves your relationship with your child, such as a birth certificate or proof of guardianship, and a proof of identity for your child. This can be a school I.D., learner’s permit, or a passport, for example.

SEE DETAILS 

NCUA Insured

Holiday Club

You can earn slightly higher rates if you save for the holidays with this account.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

Holiday Club accounts are great ways to save for presents. Luckily, Municipal Credit Union offers slightly higher interest rates on these accounts in order to help you save just a bit more. It’s not much, but every little bit helps when the rates are this low to start.

You can open this savings account at any time during the year and set up automatic deposits if you wish. Each month, any interest you’ve earned will be credited to the account. Then, during the first week of November, the entire balance will be automatically cashed out and deposited into either your checking account, or your Share savings account (if you don’t have a checking account). If you have automatic deposits set up and you let them continue, or if you ask Municipal Credit Union to roll over your balance without cashing out, your account will automatically continue to the next year.

The account has specific policies in place that deter you from sticking your hand in the cookie jar too early, so to speak. You’re allowed to make one withdrawal at any time during the year, but that’s it. Once you make your second withdrawal, the account will be automatically closed down and the entire balance will be paid out. You also won’t be eligible to start up a Holiday Club account again until after the first week in November when the next cycle begins.

How to get Municipal Credit Union’s Holiday Club account

You can open this account at any time as long as you’re either already a member of the credit union, or are eligible for membership. If you’re not yet a member, you’ll need to apply first and deposit at least $5 in a Share account in order to establish your membership. You can do this either online, or at a local branch.

SEE DETAILS 

NCUA Insured

Vacation Club

This savings account can help you save for your next big trip as long as you can plan on having the money available in May.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

If you thought the Holiday Club savings account was a good idea, you may be interested in the Vacation Club savings account as well. Just like with the holiday club savings account, there aren’t any limitations on what you actually use the money for, but it’s assumed that it’s for a nice vacation.

This account works similarly to the Holiday Club account. You put money in, and it gets paid out to your checking or savings account once per year. The only difference with this account is that it’s paid out during the first week in May, so we hope you weren’t banking on this for a tropical winter getaway. You can still make one mid-cycle withdrawal without penalty, but the second closes the account.

How to get Municipal Credit Union’s Vacation Club account

Like all of Municipal Credit Union’s accounts, you can apply for this one online or in person at a branch. If you’re not already a credit union member, you’ll need to apply for membership first by providing your I.D., proof of eligibility (such as employment documents), and a $5 opening deposit into a Share savings account.

SEE DETAILS 

NCUA Insured

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How Municipal Credit Union’s savings accounts compare

We like that the credit union offers options for holiday and vacation savings. It’d be even better if you could open however many Share accounts as you’d like, so you could separate your savings even further. These savings accounts would also be much better if they offered decent interest rates.

Sadly, Municipal Credit Union accounts are left in the dust when you compare them to the top online savings accounts out there today.

Municipal Credit Union’s CD rates

Share Certificates

These CDs are offering rates that are too low to be worth your trouble.
TermAPY
3 months0.10%
6 months0.10%
9 months0.20%
12 months0.15%
24 months0.25%
30 months0.50%
36 months0.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest for CDs under a year, or 180 days’ worth of interest for CDs equal to or greater than one year.

Municipal Credit Union doesn’t offer many standard CDs to choose from. The longest term you can get is 36 months, while most banks and credit unions offer CDs all the way out to 60 months at the least.

These CDs also have pretty restrictive policies. You aren’t allowed to make any withdrawals of principal at all without closing down the entire CD (and thus paying an early withdrawal penalty on the whole shebang). You are allowed, however, to withdraw the interest you’ve earned without having to pay the penalty.

If you open one of these CDs, you’ll receive a notice 20 days before the CD is due to mature so you can get ready to take action. Once it does mature, it’ll automatically renew for another CD of the same term length. You will have a short 10-day grace period to withdraw your money after it matures. Alternatively, you can give written instruction to the credit union 10 days before it matures to instruct them what to do with the CD when it does mature.

How to get Municipal Credit Union’s Share Certificates

First, you’ll need to check that you’re eligible to join the credit union. If you are, you can apply for membership and these CDs either online or at a branch location. You’ll need to provide your Social Security Number, proof of eligibility for membership, and a valid I.D. Finally, you’ll also be required to deposit $5 in a Share savings account to start your membership.

SEE DETAILS 

NCUA Insured

Deposit Plus Share Certificate

This CD lets you add more money during the term as you earn it.
TermAPY
18 months0.20%
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 180 days’ worth of interest

Normally, once you open a CD, you can’t add more money in until it matures and then renews. But if you opt for this CD, you get one big advantage: You can add more money at any time after the CD is open, with a few catches. First, you’ll need to make the deposit electronically or via automatic payroll deduction, rather than by writing a check or bringing cash to a branch location. Second, you can only make additional deposits if you’re depositing $50 or more (so, you can’t deposit just $25, for example). Finally, you must make at least one deposit per month.

Aside from that helpful quirk, this CD operates the same as Municipal Credit Union’s normal CDs. The account will automatically renew after it matures, with a 10-day window of opportunity to withdraw your money before it’s locked in for another term.

How to get Municipal Credit Union’s Deposit Plus Share Certificate

You can open this CD by visiting a Municipal Credit Union branch or by applying online. You’ll also need to apply for membership with the credit union in order to be eligible to open this CD.

SEE DETAILS 

NCUA Insured

Secured Visa Share Certificate

This unique CD can be used as collateral for a secured Visa card.
TermAPY
18 months0.20%
  • Minimum opening deposit: $300
  • Minimum balance amount to earn APY: $300
  • Early withdrawal penalty: 180 days’ worth of interest

One good way to build credit is by using a secured credit card if you’re not able to be approved for more traditional lines of credit or loans yet. You can actually use this CD as collateral to get a secured credit card from Municipal Credit Union.

There are some special rules about how withdrawals work with this CD. If you need to make a withdrawal, you’ll need to withdraw the whole thing and pay early withdrawal fees on it all as well. You’ll also need to close your secured credit account, and return your credit card to the credit union. Finally, Municipal Credit Union will deduct the early withdrawal penalty fees from your CD balance and as much money as is needed to pay your outstanding bill from your secured credit line. Anything left over will be paid out to you directly.

How to get Municipal Credit Union’s Secured Visa Share Certificate

If you’re eligible for membership with Municipal Credit Union, you can apply for one of these CDs online or in person. If you haven’t yet established your membership, you’ll need to do so by depositing at least $5 in a Share savings account.

SEE DETAILS 

NCUA Insured

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How Municipal Credit Union’s CD rates compare

Save your time and money — these rates aren’t worth your trouble, especially considering that the accounts on our list of top-yielding CDs are offering rates that are 10 times higher than these ones. It’s nice that the credit union offers multiple different types of CDs for different purposes and with unique features, but if the rates aren’t good, they’re not good. It’s not enough compensation, especially when you could be earning way more money elsewhere.

Furthermore, we don’t like the fact that these CDs require you to close down the entire account and pay early withdrawal penalties on the full balance if you make any principal withdrawals. This policy just means even less money left in your pocket at the end of the day should you need to make any withdrawals at all.

Municipal Credit Union’s money market account option

Money Market

You can earn slightly better interest rates with this account, but it still won’t earn much.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$10,000
0.20%
$25,000
0.25%
$50,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $5, unless you keep at least $2,500 in the account.
  • ATM fee: $3 per each out-of-network withdrawal, and $1 for each out-of-network balance inquiry, plus whatever ATM surcharge fees the ATM’s owner charges.
  • ATM fee refund: If you have a combined balance of $2,000 across all of your Municipal Credit Union deposit accounts, the out-of-network fees are waived (except for the ATM surcharge fees).
  • Overdraft fee: $32 per item. You can set up an overdraft line of credit with an interest rate of 17.90%.

Money market accounts generally aren’t that much different from regular savings accounts these days, and that’s the case here as well. This account only earns a slightly higher interest rates compared to the Share savings account. You can also only make six withdrawals per month from this account, though that doesn’t include withdrawals made in person or by mail.

This money market account does come with checks and some different balance requirements. You’ll need at least $2,500 to open the account (that’s a bit higher than the $5 you need for Share savings), and if you don’t keep your balance up at least that high, you won’t earn any interest and you’ll also be charged a $5 monthly fee.

How to get Municipal Credit Union’s Money Market account

Credit union members can open this account at any time online or in person. If you’re not yet a credit union member, you’ll need to apply for membership (assuming you are eligible). You’ll need to also deposit at least $5 in a Share savings account, as this is required to establish your membership.

SEE DETAILS 

NCUA Insured

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How Municipal Credit Union’s money market account compares

Once again, Municipal Credit Union offers very low interest rates on its accounts. The options on our list of the best money market accounts are currently offering rates that are several times higher than those of Municipal Credit Union. This account doesn’t really stick out in any other way.

Municipal Credit Union’s IRA account options

IRA CD rates

You won’t be earning much on your retirement savings with these IRA CDs.
TermAPY
3 months0.10%
6 months0.10%
9 months0.20%
12 months0.15%
18 months0.20%
24 months0.25%
30 months0.50%
36 months0.40%
  • Minimum opening deposit: $500 for all IRA CDs except for the 18-month option. For the 18-month IRA CD, you’ll need just $100.
  • Minimum balance amount to earn APY: $500 for all IRA CDs except for the 18-month option. For the 18-month IRA CD, you’ll need just $100.
  • Early withdrawal penalty: For IRA CDs under a year, you’ll pay 90 days’ worth of interest. For IRA CDs of a year or over, you’ll pay 180 days’ worth of dividends.

Municipal Credit Union’s IRA CDs work in essentially the same way as its regular CDs, aside from the fact that these IRA CDs are held within IRA accounts. You can choose from two types of IRAs when you open these CDs: either a Traditional IRA or a Roth IRA.

Municipal Credit Union does offer one unique option with its 18-month IRA CD. This IRA CD requires a smaller deposit — just $100 — to open and maintain. It’s also a variable-rate account, although it’s currently offering the same interest rate as the regular 18-month CDs. You can also add more money to this IRA CD at any time, but if you sign up for automatic payroll deduction, you’ll need to put in at least $5 per pay period.

These IRA CDs will continue to roll over into new IRA CDs after they mature, with a 10-day grace period to withdraw money, add more money in, change the IRA CD’s term length, or roll over your money into a different IRA.

How to get Municipal Credit Union’s IRA CDs

To open one of these IRA CDs, you’ll first need to establish membership with the credit union by depositing at least $5 in a Share savings account (assuming you’re eligible for membership). If you’re already a member, you can apply for this account directly online or in person.

SEE DETAILS 

NCUA Insured

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How Municipal Credit Union’s IRA CD rates compare

IRA CDs can be an attractive way to save for your retirement if the potentially higher-yielding but more volatile stock market isn’t in the cards for you. But that doesn’t mean you need to settle for less. We’d say that Municipal Credit Union offers rather poor rates on these accounts.

If you’d like to earn as much money as possible for your retirement while still taking advantage of FDIC insurance, try looking at one of these accounts on our list of the best IRA CDs instead.

Overall review of Municipal Credit Union’s banking products

We’re really not that impressed with Municipal Credit Union, which is a shame considering its roots in providing a helping financial hand to New York City’s municipal workers. When it comes down to it, this credit union isn’t really that much different from a lot of the big banks which charge high fees and offer low interest rates in return.

It might be nice to work with a local credit union to do your banking, but we’d recommend looking elsewhere. Chances are there are better options nearby, especially if you live in a urban hub like New York City. If you’re willing to head online to do your banking, you’ll definitely be able to find much better options.

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Reviews

Commerce Bank Review: Checking, Savings, CD and Money Market 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.

Written By

Commerce Bank’s checking account options

CommerceBasic Checking

A no-frills checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $8; can be waived if you have a recurring direct deposit of $300 or more, or 10 debit card purchases per statement cycle
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This is a basic checking account that does not earn interest. It does, however, come with mobile and online banking and bill pay capabilities, a Visa debit card, and free email and text alerts to help manage your account. As an added bonus, you have the chance to get a $50 Visa gift card for every friend or family member you refer to open a new Commerce Bank personal checking account, up to $500. While the service fees on this account are fairly easy to avoid, be sure to note that receiving paperless statements with images will cost you $1 per month, and paper statements will cost $3 per month (or $4 per month with images). Paperless statements with no images are free.

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

CommerceInterest Checking account

The interest rate on this checking account is pretty dismal.
APYMinimum Balance to Earn APY
0.01%
$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10; can be waived if you have a recurring direct deposit of $500 or more, or a balance of $1,000 per statement cycle
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

While this account does earn interest, the amount is next to nothing. Aside from that, it comes with the same perks as the basic account, including mobile and online banking and bill pay capabilities, a Visa debit card, and free email and text alerts to help manage your account. You can also get the $50 Visa gift card for every friend or family member you refer to open a new Commerce Bank personal checking account, up to $500. Take note that receiving paperless statements with images will cost you $1 per month, and paper statements will cost $3 per month (or $4 per month with images).

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

CommerceRelationship Checking

This account boasts a higher interest rate, but it’s still nothing to write home about.
APYMinimum Balance to Earn APY
0.01%
$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20; can be waived if you maintain a daily balance of $5,000, or a combined account balance of $15,000 (this applies to checking, savings, money market and CD accounts)
  • ATM fee: None on Commerce Bank ATMs; $2.75 for or each out-of-network ATM transaction
  • ATM fee refund: Up to $10 per month
  • Overdraft fee: $37

This account gives you the chance to earn a slightly higher interest rate than the other checking account, but it’s still not much at all. You’ll either pay a higher monthly fee, or need to have a larger account balance with the bank.

The account comes with the same typical perks like mobile and online banking services, a debit card, and a chance to earn a $50 gift card for every new family member or friend you refer to open a new checking account, up to $500. This account also comes with free Commerce Globe checks. This account keeps all statements free, whether you opt for paper or electronic.

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

CommerceStudent Checking

A checking account for students ages 25 or younger.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3 if account is inactive for 60 days, meaning you don’t make a withdrawal, deposit, bill payment, ACH payment or other transaction.
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This student checking account does not earn interest. It is, however, fairly easy to keep it fee-free if you keep it “active” by making regular withdrawals, deposits and other transactions. Like the other checking accounts, it comes with typical perks like mobile and online banking, a free debit card, free email and text alerts, and the ability to earn a $50 Visa gift card for every friend or family member you refer to open a new checking account, up to $500.

How to get Commerce Bank’s checking accounts

You can open any of Commerce Bank’s checking accounts online or in person. To do so, you’ll need to gather personal information such as your home address and Social Security number, as well as two forms of ID (one of which must be government-issued; the other can be a debit or credit card), and a way to fund your account.

SEE DETAILS Secured

on Commerce Bank’s secure website

Member FDIC

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How Commerce Bank’s checking accounts compare

While Commerce Bank’s accounts come with an easy-to-navigate user interface, the ability to avoid fees and the opportunity to earn gift rewards, the rates on those that earn interest don’t even come close to the ones on our list of the best online checking accounts. It’s true you could do a lot worse than Commerce Bank’s checking accounts, but you could definitely do a lot better too.

Commerce Bank’s savings account options

Personal Savings account

A personal savings account with minimal fees, and a savings plan for children.
APYMinimum Balance to Earn APY
0.02%
$100
  • Minimum opening deposit: $100 ($1 for minors)
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $3; can be waived with a daily balance of $300 or a monthly direct deposit of $25 or more
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This is a fairly standard savings account. At first glance, it might look chock-full of fees, but they are fairly easy to avoid as long as you meet the bank’s balance requirements and opt for electronic statements. Federal Reserve Regulation D mandates that savings accounts be limited to six withdrawals and transfers per month without penalty from the bank; this account, however, allows you three before charging $2 per additional withdrawal. Interest is compounded daily on this account.

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on Commerce Bank’s secure website

Member FDIC

myRewards Savings account

This account is intended for saving up for specific savings goals.
APYMinimum Balance to Earn APY
0.02%
$100
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $3; can be waived with a daily balance of $300 or a monthly direct deposit of $25 or more
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This is a special savings account that allows you to separate your funds in up to five accounts, named for specific goals, such as saving up for a vacation, house or new car. Most savings accounts are governed by Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank. This one, however, limits you to three per month before charging you $2 for each additional withdrawal. This account also comes with free mobile and online banking capabilities and free paperless statements (it’s $2 to receive paper statements). Interest is compounded daily on this account.

How to get Commerce Bank’s savings accounts

Customers can open the bank’s savings account in person or online. You’ll just need to be prepared to provide your Social Security number, two forms of ID and a way to fund the account.

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How Commerce Bank’s savings accounts compare

We like that the fees are fairly easy to avoid on Commerce Bank’s savings accounts. But, as with the checking accounts, the rates don’t even come close to competing with those on our list of the best online savings accounts. Take the time to shop around for the best savings product out there, and possibly consider one on our list.

Commerce Bank’s CD rates

Certificates of Deposit

Standard CDs with pretty mediocre rates.
TermAPY
3 months0.05%
  6 months0%
  1 year0%
  2 years0%
  3 years0%
  4 years0%
  5 years0%
  • Minimum opening deposit: $1,000, with the exception of $2,500 for the 3- and- 6 month option
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of 7-31 days, the early withdrawal penalty is the larger of (1) the accrued interest or (2) half of the interest from the issue date to the maturity date, but no less than 7 days of interest if all of the deposited funds are withdrawn before the maturity date. For terms of 32-90 days, the penalty is 3 months of interest if all of the deposited funds are withdrawn before the maturity date. For terms of 91 to 364 days, its 3 months of interest if all of the deposited funds are withdrawn before the maturity date. For terms of 12 to 60 months, it’s 6 months of interest for terms of 1 year or 1 year of interest for terms over 2 years may be imposed if all of the deposited funds are withdrawn before the maturity date.

Commerce Bank’s CDs are pretty standard, coming in terms from three months to five years. You can add or withdraw funds at maturity without penalty. You can also access these accounts through the bank’s online platform.

How to get Commerce Bank’s CDs

As with most of the bank’s other personal accounts, you can open a CD online or in person. To do so, you’ll need to provide your Social Security number, two forms of ID and a way to fund the account.

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How Commerce Bank’s CD rates compare

While Commerce Bank’s deposit requirements and early withdrawal penalties are on par with what else is available on the market, the rates just don’t beat out those on our list of the best CD rates. You’re putting your money away for a reason, so why wouldn’t you want to earn the most bang for your buck? Take the time to do your research and find the best product out there to suit your needs.

Commerce Bank’s money market account options

myRewards Money Market account

This account allows you to earn bonus interest after a year.
APYMinimum Balance to Earn APY
0.01%
$500
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $6; can be waived with maintained daily balance of $500, maintained monthly balance of $1,000, or with one monthly direct deposit of at least $25
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This account allows you to earn a bonus of a half-percent of the average month-end balance for the previous 12 months once you’ve had the account open for a year (up to a maximum yearly reward of $200). To qualify for this perk, you must also open and maintain either a CommerceBasic, CommerceInterest or CommerceRelationship checking account. As a savings account, this one is subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank. As with most of the bank’s other accounts, you can avoid the fees fairly easily by maintaining the required minimum balance and opting for electronic statements over paper. This account also has free online banking capabilities.

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on Commerce Bank’s secure website

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Premium Money Market account

This money market account comes with the chance to earn a bonus rate.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.03%
$25,000-$49,999
0.05%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10; can be waived with average daily balance of $5,000
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This account allows you to earn interest at three different tier levels, as well as earn a higher rate if you also open and maintain a CommerceRelationship checking account (you’ll need to contact the bank to inquire about this option). Interest is compounded monthly on this account, and its fees can be be avoided if you maintain the minimum balance requirement and opt for free paperless statements. This account also allows you to write six free checks per month and comes with free online banking services. As a savings account, it’s subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank.

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CommerceOptions Premium Money Market account

This account is available exclusively to customers with a CommerceRelationship checking account.
APYMinimum Balance to Earn APY
0.07%
$0.01
0.10%
$25,000 to $49,999
0.15%
$50,000 to $99,998
0.20%
$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $20; can be waived with significant product relationships (contact the bank for details).
  • ATM fee: None on Commerce Bank ATMs; $2.75 on out-of-network ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $37

This account is only available to Commerce Bank customers who also have a CommerceRelationship checking account and offers a slightly higher rate. It otherwise comes with most of the same things, such as free online banking services. You can also get quarterly paper statements without a fee. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank.

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on Commerce Bank’s secure website

Member FDIC

Personal Investment Savings account

Another money market account with a less-than-impressive rate.
APYMinimum Balance to Earn APY
0.02%
$500
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $6; can be waived with maintained daily balance of $500, maintained monthly balance of $1,000, or with one monthly direct deposit of at least $25
  • ATM fee: None on Commerce Bank ATMs; $2.75 for each out-of-network ATM transaction
  • ATM fee refund: None
  • Overdraft fee: $37

This account earns a very small interest rate and also comes with free online banking, six free checks per month and free paperless statements (paper statements will cost $4 per month with images, $3 per month without, and online statements with images will cost you $1 with images). Since it is a savings account, this one is governed by Federal Reserve Regulation D, which limits withdrawals and transfers to six per month without penalty from the bank.

How to get Commerce Bank’s money market accounts

For the myRewards Money Market, Premium Money Market and Personal Investment Savings accounts, you can open an account online or in person at a branch. For the CommerceOptions Premium Money Market account, you’ll need to visit a branch in person to open it. For all accounts, be sure you’re prepared with your Social Security number, two forms of ID and a way to fund the account.

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on Commerce Bank’s secure website

Member FDIC

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How Commerce Bank’s money market accounts compare

Many traditional banks are getting away with paying very low rates on their money market accounts, and Commerce Bank is no exception. While the fees associated with each of these products are fairly easy to avoid, you can do better and earn better returns on your funds. Consider one of the accounts on our list of the best money market rates instead, as many offer more than twice these rates.

Overall review of Commerce Bank’s banking products

Not surprisingly, we’re not floored by any of the rates on Commerce Bank’s deposit accounts. While the fees are easy to avoid and, for the most part, fairly reasonable to begin with, that’s just not enough to make up for the pretty dismal rates across the board. Do your due diligence and research your banking options to ensure you make the most worthwhile choice.

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Reviews

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

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

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JSC Federal Credit Union’s checking account options

Express Checking

This unusual basic checking account offers a small amount of interest for no monthly fee.
APYMinimum Balance to Earn APY
0.05%
$750
0.05%
$25,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you want to get a checking account at JSC Federal Credit Union, it’ll probably be this one. The good news is that this is a decent account, considering it’s the credit union’s go-to account.

For starters, the account does pay interest, as long as you’ve got at least $750 in the account. Most banks and credit unions charge a monthly fee for interest-bearing accounts, but JSC Federal Credit Union does not. There’s no monthly fee at all, even if you don’t meet the $750 threshold to earn interest.

One thing to note with this account is that Bill Pay isn’t included for free like with many checking accounts. In fact, this holds true with all of JSC Federal Credit Union’s checking accounts. Instead, if you want to use this service, you’ll have to pay a $2 monthly fee to receive up to 20 bill payments/month. If for some reason you need more than that, there’ll be a $0.30/month fee for each bill payment thereafter. You can get around this by simply setting up autopay with each business you owe directly.

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on JSC Federal Credit Union’s secure website

NCUA Insured

Express Youth Checking

This checking account for children aged 14-17 offers access to special credit-building and car-buying products.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

JSC Federal Credit Union’s Express Youth Checking account doesn’t offer interest, but it offers a few other things that may be useful to teens in its place.

Teens get access to special products to help build up their credit score — these include loans that use your savings account or CD balance as collateral or cash lines of credit. They can also use the credit union’s first-time car buying program that offers special terms on car loans for young people just starting out. For example, if teens have six months’ worth of loan payments saved up, they won’t need a cosigner.

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on JSC Federal Credit Union’s secure website

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Horizon Express Checking

This senior checking account offers a few small perks.
APYMinimum Balance to Earn APY
0.05%
$750
0.05%
$25,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: None for either in-network or out-of-network ATMs. However, you’ll still be responsible for paying any ATM surcharge fees.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you’re a senior over age 55, you are eligible to open this account. It’s very similar to the regular Express Checking account, in that it offers a small amount of interest payments, and to get those interest payments, you’ll need to keep at least $750 in the account.

However, there are a three small differences that sweeten the deal a bit with this account. If you need money orders made, there’ll be no charge for up to three per month. You’ll get two free boxes of checks per year. Finally, there is no JSC Federal Credit Union charge for using out-of-network ATMs (although if that ATM charges a surcharge fee, you’ll have to pay that on your own) — other than that, it’s basically the same thing as the regular Express Checking account.

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The Right Path Checking

This is a second-chance checking account designed for people who’ve been denied regular checking accounts in the past.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you’ve had problems managing your checking account in the past, like racking up too much in overdraft fees, it can often be hard to be approved for a new checking account. If that’s your situation, then JSC Federal Credit Union offers this second-chance checking account.

There are several limitations with this account. If you want a debit/ATM card, you’ll need a signed form from your employer stating that you will be setting up your paychecks to be direct-deposited into the account. You also won’t be able to use the credit union’s shared branch location network to conduct your business (most customers are able to use a partner credit union’s branches, in addition to JSC Federal Credit Union branches). Finally, this account does offer interest, but these rates are not published online, so you’ll need to contact the credit union directly to get this information.

There’s also a $5 monthly fee that comes with this account, and there’s no way to get the fee waived. Most banks charge a lot more than that for these kinds of second-chance checking accounts, but even so, $5 is not something you want to be paying every month indefinitely. That’s why we suggest using this account only as a last-ditch effort to build up your checking account chops, and then switching to a better, fee-free checking account as soon as you’re able.

How to get JSC Federal Credit Union’s Checking accounts

If you’re interested in applying for a checking account, you’ll need to first make sure you meet the membership eligibility criteria for JSC Federal Credit Union. If you do meet it, you can apply for this account online or at a local branch. You’ll need to have available a government-issued photo I.D., proof of citizenship and a Social Security number — if you’re applying for the Express Youth Checking account, you’ll also need the latter for the youth in question — as well as information to transfer funding from an external account. The credit union does require you to establish your membership by depositing at least $5 in a savings account, which you can do at the same time that you open this account.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

NCUA Insured

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How JSC Federal Credit Union’s checking accounts compare

Compared to most banks and credit unions, JSC Federal Credit Union’s checking accounts aren’t that bad. The credit union charges very small out-of-network ATM fees, and even waives these fees for the first few out-of-network ATM withdrawals per month. Most of these checking accounts also offer interest payments for no monthly fee, which is nice.

Still, the interest rates that the credit union offers are pretty low — it’s possible to find much higher interest rates with low (or no) fees at other banks and credit unions. We’ve put together a list of the best online checking accounts, which you can use to find these accounts.

JSC Federal Credit Union’s savings account options

Classic Savings

This account establishes your membership at JSC Federal Credit Union.
APYMinimum Balance to Earn APY
0.10%
$5
0.10%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you’re interested in opening any accounts at JSC Federal Credit Union, there’s a hoop you have to jump through first: opening up this Classic Savings account, and depositing at least $5 in it. That buys you a share in the credit union so you can access all of its other features and accounts.

This savings account works a bit differently: You’ll only be paid out interest every quarter, rather than every month. You can also only make two in-person or ATM withdrawals per month, with a total of six monthly withdrawals when you take all withdrawal methods into account (such as online withdrawals or telephone transactions). If you need to make more withdrawals than that, you’ll have to pay a $1 penalty fee with each withdrawal.

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on JSC Federal Credit Union’s secure website

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Christmas Saving

This account offers the same interest rate but helps you save for the holidays
APYMinimum Balance to Earn APY
0.10%
$5
0.10%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you find yourself going into debt over the holidays, a Christmas Savings account can help. You can earn slightly higher interest rates by keeping more than $25,000 in the account, but that might be difficult to achieve if you’re just saving for Christmas (but if so, that’d be a very merry Christmas indeed).

Unlike many other Christmas savings accounts, you can actually withdraw your money at any time from this account without penalty. It’s also up to you to make sure you actually use the account, as there are no deposit requirements.

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on JSC Federal Credit Union’s secure website

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Right Path Savings

If you’ve had trouble being approved for a savings account, JSC Federal Credit Union may offer you this one instead.
APYMinimum Balance to Earn APY
0.10%
$5
0.10%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $10
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

It’s somewhat common for banks and credit unions to offer a second-chance checking account, but what if you need a savings account as well? Most banks and credit unions won’t be able to help you out in that case, but JSC Federal Credit Union may, with this account.

Still, it’s not a pretty account. It comes with a $10 monthly fee (yep, you read that right — it’ll cost you $10 per month to save), and there’s no way to get the fee waived. And it’s unlikely that you’ll be able to make up that $10 per month in interest gains, given the poor rate offered on this account. Even then, interest on this account is paid out quarterly, not monthly.

Federal Regulation D limits savings accounts to just six certain withdrawals per month without penalty imposed by the credit union. The credit union has taken that a step further, however, and limited ATM and in-person withdrawals to just two per month. If you need to make more withdrawals than that, you’ll have to pay $1 per withdrawal.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

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Claim Your Youth Teen Savings

This account doesn’t really offer much more than the regular savings account.
APYMinimum Balance to Earn APY
0.10%
$5
0.10%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

This account is available to teenagers between 13-17 years of age — it’s basically the same thing as the regular Classic Savings account for adults, just with a few tweaks.

For starters, this account comes with a “bimonthly/quarterly educational newsletter” and “access to exclusive contests and events,” although the credit union doesn’t specify what exactly those are. It could be fun, or it could be lame — who knows? Secondly, this account has some limitations on ATM use. Teenagers who are 13 years old are not eligible for ATM cards, and can only get them after they turn 14.

Your teen is allowed two ATM or in-person withdrawals per month. They can make six total withdrawals using other methods, and the fee for going over these limits is $1 per each additional withdrawal.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

NCUA Insured

STAR Team Savings

This kids’ savings account offers better benefits than the teen savings account.
APYMinimum Balance to Earn APY
0.10%
$5
0.10%
$25,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

Teaching kids and teens how to save can be challenging, but at least this kids’ savings account offers some better perks than JSC Federal Credit Union’s teen savings account.

That’s because your child will get a “Galaxy Goal Chart” to keep track of their savings progress. Every time they deposit at least $25 in the account, they’ll get a stamp in their book. If they collect 10 stamps (i.e., deposit at least $250), they’ll get an extra $5 bonus added to their account. Keep in mind that this means you’ll need to take your kid to the branch location periodically to make their deposits, since the bank tellers have to physically stamp their goal chart. Aside from that, kids with this account are also eligible for a bi-monthly educational newsletter and in-person contests and events.

JSC Federal Credit Union only allows your child to make two in-person or ATM withdrawals per month. Federal Regulation D limits other types of withdrawals to six per month. If you go over these withdrawal limits, you’ll have to pay $1 per withdrawal. Your child also isn’t eligible for an ATM card with this account; they’ll get that when they’ve reached age 14 and are eligible for a Claim Your Youth Teen Savings account.

How to get JSC Federal Credit Union’s Savings accounts

To open a savings account, you’ll need to head to a branch location or online. You’ll need to provide the credit union with a few details, such as your name, address, and Social Security number. You’ll also need a way to fund your new account, such as with cash. If you’re applying for a children’s savings account, you’ll need to agree to be listed as a joint owner on the account.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

NCUA Insured

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How JSC Federal Credit Union’s savings accounts compare

JSC Federal Credit Union doesn’t offer the worst rates on its savings accounts. But if you’re looking to earn the highest rate, you can do a lot better than this credit union. If you’re willing to head online for your banking needs, you can actually find savings account interest rates that are almost 10 times higher than what JSC Federal Credit Union offers.

We do like that the credit union offers a wide range of savings account types, even if the rates they offer aren’t that great. This will help people find just the right account for them.

JSC Federal Credit Union’s CD rates

Share Certificate

JSC Federal Credit Union offers a smaller-than-normal amount of options, but the rates aren’t terrible.
TermRegular certificates (balances up to $49,999.99)Mini-jumbo certificates (balances between $50,000-$99,999.99)Jumbo certificates (balances over $100,000)
3 months0.30%
0.30%
0.30%
6 months0.60%
0.60%
0.60%
12 months1.15%
1.15%
1.15%
18 months1.20%
1.20%
1.20%
24 months1.25%
1.25%
1.25%
36 months1.35%
1.35%
1.35%
48 months1.40%
1.40%
1.40%
  • Minimum opening deposit: $500 for regular certificates, $50,000 for mini-jumbo certificates, and $100,000 for jumbo certificates.
  • Minimum balance amount to earn APY: $500 for regular certificates, $50,000 for mini-jumbo certificates, and $100,000 for jumbo certificates.
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For CDs 12 months and under, you’ll pay 90 days’ worth of interest
    • For CDs over 12 months, you’ll pay 180 days’ worth of interest.

JSC Federal Credit Union doesn’t offer a wide range of CDs to choose from. Most banks and credit unions offer CDs all the way out to 60-month terms; this credit union only offers 48 month CDs as the longest option.

When these CDs mature, they will automatically renew for the same term length. Make sure you keep track of this date carefully, because you’ll only get a five-day grace period to withdraw the money if you wish. Once it’s past that window, the CD will be locked in again for another term. This is a shorter window than many other banks and credit unions; often, CDs will come with a longer seven-day or 10-day grace period.

It’s also important to note that you can’t make any withdrawals at all — even including interest — from these CDs without paying a penalty. All money you initially put in, and all money you earn on the CD, has to stay in the account until it’s matured unless you want to pay the early withdrawal penalty.

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12-Month EZ Start Certificate

This CD makes it easier for people with smaller bank accounts to get started with CDs.
TermAPY
12 months1.15%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 90 days’ worth of interest

If you don’t quite have the $500 minimum needed to get started with one of JSC Federal Credit Union’s regular Share Certificates, but you still really want to earn the sweet, sweet interest rate offered on CDs, consider one of these accounts instead. You’ll need a much smaller deposit to get started with these CDs — just $100.

Even better, you don’t really sacrifice much by opting for one of these CDs over the regular Share Certificates. Sometimes banks and credit unions lower the interest rate for these smaller accounts, but you’ll still earn the same interest rate as the normal CDs (as of the writing of this review, at least).

Aside from the lower minimum deposit requirement, this CD works exactly like the normal CDs. Your EZ Start Certificate will automatically renew every 12 months, and you’ll get a short five-day grace period to withdraw the money after each renewal.

How to get JSC Federal Credit Union’s CDs

You can open one of JSC Federal Credit Union’s Certificates by applying online or at a local branch. If you’re not yet a member of the credit union, you’ll first need to apply for membership and submit a deposit for $5 to open up a savings account. If you’ll be making these opening deposit by ACH transfer, remember to bring your current account’s routing information.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

NCUA Insured

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How JSC Federal Credit Union’s CD rates compare

You can take comfort that you won’t be earning the lowest interest rates on CDs out there if you choose to open one of JSC Federal Credit Union’s accounts. They’re not bad rates, but we also have to state that they’re not super great either.

You can earn much higher interest rates on your CDs by choosing one of these top CDs instead. It’s a good idea to try and find the highest CD rates right from the get-go, since once you put the money in, you won’t be able to move it around later if you do find higher interest rates (at least until the CD matures, that is).

JSC Federal Credit Union’s money market account option

Money Market Checking

Don’t be fooled by the name — this is still your standard money market account.
APYMinimum Balance to Earn APY
0.65%
$1,000
0.65%
$25,000
0.65%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: None
  • ATM fee: $0.25 per balance inquiry and $0.50 per cash withdrawal at an out-of-network ATM, plus whatever ATM surcharge fee the ATM’s owner charges.
  • ATM fee refund: Your first four out-of-network ATM withdrawals are free, but you will still have to pay for any ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you’re not quite satisfied with the rates JSC Federal Credit Union offers on its other accounts and you want to earn a bit more, consider opening this money market account instead. You’ll need $1,000 to get started, but unlike the money market accounts at other banks and credit unions, there’s no fee for dropping your balance below this level after you open your account — in fact, there’s no monthly fee at all with this account.

This account does come with checks, but there are withdrawal limitations with this account. Federal law limits savings and money market accounts to just six withdrawals in a month without a penalty; however, JSC Federal Credit Union has taken that a step further. You can only make two ATM or in-person withdrawals per month from your money market account. The fee for exceeding these limits is $1 per withdrawal.

How to get JSC Federal Credit Union’s Money Market Checking account

Even though you may want this money market checking account, you’ll have to deposit at least $5 in a regular savings account first in order to establish your membership with JSC Federal Credit Union. You can apply for both accounts at the same time, and you can do so online or in person at a branch location.

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on JSC Federal Credit Union’s secure website

NCUA Insured

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How JSC Federal Credit Union’s money market account compares

Again, JSC Federal Credit Union doesn’t offer the top rates in its class, but they’re also not the worst rates either. The rates are a bit in-between.

There are a few things to like with this account, however. There’s no monthly fee, ever, with this account, which is an unusual and welcome feature. You can still earn a small amount of interest if your balance dips below $1,000, which is nice if you need to withdraw the money to pay for a large purchase.

But, we still recommend these money market accounts instead because they do offer better interest rates on their accounts. In the banking game, finding the best interest rates will always ensure that your wallet is the winner.

JSC Federal Credit Union’s IRA account options

IRA CD rates

You can open any of JSC Federal Credit Union’s regular CDs as IRA CDs too.
TermRegular certificates (balances up to $49,999.99)Mini-jumbo certificates (balances between $50,000-$99,999.99)Jumbo certificates (balances over $100,000)
3 months0.30%
0.30%
0.30%
6 months0.60%
0.60%
0.60%
12 months1.15%
1.15%
1.15%
18 months1.20%
1.20%
1.20%
24 months1.25%
1.25%
1.25%
36 months1.35%
1.35%
1.35%
48 months1.40%
1.40%
1.40%
  • Minimum opening deposit: $500 for regular certificates, $50,000 for mini-jumbo certificates, and $100,000 for jumbo certificates.
  • Minimum balance amount to earn APY: $500 for regular certificates, $50,000 for mini-jumbo certificates, and $100,000 for jumbo certificates.
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For CDs 12 months and under, you’ll pay 90 days’ worth of interest
    • For CDs over 12 months, you’ll pay 180 days’ worth of interest.

If you’re interested in saving more for retirement in an FDIC-insured environment, an IRA CD is a good choice — chances are you probably won’t be needing it for a while. It’s the perfect savings goal for CDs because of this reason. That’s why JSC Federal Credit Union offers each of its regular CDs as IRA CDs as well.

You can choose to open these IRA CDs within either a Traditional IRA or a Roth IRA depending on which is best for your situation (talk to your tax professional to see). One important difference with these IRA CDs, however, is that you’re only allowed to make penalty-free early withdrawals after you either become disabled or reach age 59 ½.

Other than that, these IRA CDs work the same as JSC Federal Credit Union’s normal CDs. They’ll automatically re-renew after they mature, and you’ll get a five-day grace period to withdraw your IRA money or roll it over to a different IRA, if you choose.

How to get JSC Federal Credit Union’s IRA CDs

You can apply for this account by visiting a local branch or applying online through JSC Federal Credit Union’s IRA Center. You’re required to provide your name, Social Security number, and other details on your application, as well as showing them your driver’s license or other I.D. You’ll also need to fund a regular savings account with at least $5 to establish your membership.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

NCUA Insured

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How JSC Federal Credit Union’s IRA CD rates compare

When it comes to playing the retirement savings game, it’s always a balance of risk vs. reward. You may be able to earn more with stocks and bonds, but you may also lose a lot as well. But when it comes to IRA CDs, these are all equally guaranteed by the FDIC (up to $250,000 per person per bank), so there’s no reason to settle for less-than-optimal interest rates.

That’s why we don’t necessarily recommend JSC Federal Credit Union’s IRA CDs. Again, they’re not bad rates, but you can do much better with one of these top IRA CDs instead. By choosing anything other than the top-yielding IRA CDs, you’re essentially giving up that interest money as an opportunity cost, which can be especially detrimental for long-term savings like for retirement.

So, do yourself a favor: go out and find the best rates possible. Your future self will thank you.

IRA Savings

This IRA Savings account offers better interest rates than the standard savings accounts.
APYMinimum Balance to Earn APY
0.65%
$0.01
0.65%
$25,000
0.65%
$50,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • Overdraft fee: $26 per item. If you set up automatic overdraft transfers, it’ll cost you $2 per transfer.

If you don’t want to commit your IRA savings to a long-term investment like an IRA CD, or if you don’t yet have the money saved up for the minimum deposit on another IRA investment, an IRA savings account can allow you to still get started on your retirement savings today. Fortunately, this IRA savings account offers higher rates than on JSC Federal Credit Union’s normal savings account, but you may still want to consider transferring it elsewhere when you’re able to earn even higher interest rates.

It’s important to note that this account doesn’t come with ATM access. You’ll need to find some other way to move the money in and out of this account, such as by ACH transfer.

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

You can open one of these accounts by visiting the credit union to open up an account. You can also apply for an account online through JSC Federal Credit Union’s IRA Center, if that’s easier for. Of course, you’ll either need to be a member of the credit union already, or at least eligible for membership so that you can apply for an account. You’ll also need to deposit at least $5 in a regular non-retirement savings account in order to kick off your membership in the credit union.

SEE DETAILS Secured

on JSC Federal Credit Union’s secure website

NCUA Insured

Overall review of JSC Federal Credit Union’s banking products

If you’re looking for a local credit union or bank to work with, you can do lot worse than JSC Federal Credit Union. Most of its accounts come with no monthly fees, even its higher-yield accounts such as its money market account. This is pretty unusual, and a welcome relief from banks and credit unions that try to nickel-and-dime you with balance requirements and monthly fees. We also like that the credit union offers four free out-of-network ATM uses with its accounts.

Still, there are some other fees to watch out for that we’re not a fan of. For its savings accounts specifically, you’ll need to watch out for an excessive withdrawal fee ($1 each after the second in-person or ATM withdrawal per month), an early account closure fee ($5 if you close the account within 180 days), a dormant account fee ($5), and a $5 monthly fee if the credit union has a bad address on file for you.

The rates that the credit union offers on its accounts are decent, but not great. We’ve given you some other options if you are looking to maximize the amount of interest you earn from each account, but in no case does JSC Federal Credit Union offer the best rates out there.

Overall, it’s not a bad credit union to work with. But as is almost always the case, you can still find many other better options out there.

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