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Provident Bank Review: Checking, Savings, CD 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.

Provident Bank’s checking account options

Smart Checking

A free interest-bearing checking account.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.50%
$15,000
0.15%
$25,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATM transactions when monthly account requirements are met (see below)
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account does have the ability to earn interest, though the rate goes down drastically once you exceed a balance of $15,000. To earn the rates listed above and to have all domestic ATM fees refunded, you must fulfill the following requirements:

  • Make and sign for 10 point-of-sale purchases with your Provident debit Mastercard that post and clear your account
  • Receive one direct deposit or process one automatic Automated Clearing House (ACH) debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

Even if you don’t meet these requirements in a given month, you can still have the free account and will be eligible for the rate and ATM fee refunds in the next statement period.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Cash Back Checking

Another free checking account offering cashback rewards on qualifying transactions.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATMs when qualifying requirements are met
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

While this account does not earn interest, it offers the chance to earn domestic ATM fee refunds and 0.25% cash back, which is credited to your account when the following qualification requirements are met:

  • Make 10 point-of-sale transactions with your Provident debit Mastercard
  • Have one direct deposit or automatic ACH debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

If you fall short of these requirements in a given month, you are still eligible to earn the cashback rewards and ATM fee refunds during the following statement period. Besides having no monthly balance requirements or service fees, this account also has no limits on the amount of cash back given each month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Platinum Checking

A tiered-interest checking account that has a monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 if combined account balance of $10,000 is not maintained
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

To avoid its high monthly fee, account holders need to maintain a combined account balance of $10,000, which can include deposit accounts, mortgages and certain consumer loans and credit lines. Additionally, you must keep a minimum of $50 in this account to earn interest.

You’ll have to contact the bank, though, to find out the rates it offers. This account also allows you to earn a 0.25% APY bonus on CDs. Other perks include unlimited ATM refunds, free direct deposit, free basic checks, online banking and bill pay, and unlimited check-writing.

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on The Provident Bank’s secure website

Member FDIC

Basic Checking

Provident Bank’s no-frills checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2 if you choose to receive paper statements
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This free checking account does not earn interest. But it does offer your first six checks free each month (additional checks will incur a 50-cent fee), free direct deposit, a debit Mastercard, online and mobile banking and bill pay, e-statements, unlimited ATM transactions and no minimum balance requirements. It also offers you the chance to link another account to help avoid overdraft fees.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

NJ Consumer Checking

A first checking account option for New Jersey and Pennsylvania residents.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account is an option for New Jersey and Pennsylvania residents opening their first checking account. While it does not earn interest, it does give you eight free checks each month before charging 50 cents per additional check, as well as free direct deposit, a debit Mastercard and e-statements.

This account does not have any minimum balance requirements, and it does offer you the chance to add funding from a linked account to avoid overdraft fees.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Green Checking

Provident Bank’s free online checking account with no fees or balance requirements.
APYMinimum Balance to Earn APY
1.00%
$50
0.15%
$1,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs
  • ATM fee refund: Up to $10 per statement period
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account allows you to earn a small APY on your first $1,000, then a smaller APY on anything over $1000. Besides having no monthly fees or service charges, it allows you to earn some ATM refunds each month. It comes with free online and mobile banking and bill pay services, a debit Mastercard and e-statements.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s checking accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Green Checking, Cash Back Checking and Smart Checking Accounts online.All other checking accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s checking accounts compare

According to our review of the best available online checking accounts, the best products out there will offer the ability to earn interest, have no monthly or ATM fees, provide the chance to earn ATM fee refunds and have a strong mobile and online user interface.

There’s good news here: The accounts listed here that do earn interest offer competitive rates on certain balance amounts, and the ones that offer less or none at all still win on the no-fees and balance requirements front.

Still, we encourage you to do your research. If you manage to find something with even better rates and all the aforementioned check boxes, it’s likely in your best interest to go with that.

Provident Bank’s savings account options

Power Savings

A free online savings account with no fees.
APYMinimum Balance to Earn APY
0.05%
$50
0.75%
$10,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account allows members to earn the listed rates when they meet their corresponding balance requirements, as well as create and establish a ProvidentConnect online banking relationship and choose to receive their statements electronically.

This free account comes with no monthly fees. It offers online and mobile banking and bill pay, a free debit card and no funding fees on transfers to other Provident Bank deposit accounts. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Statement Savings

A no-frills account with minimal requirements.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 is not maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This no-frills savings account offers the ability to earn interest on a balance of just $50, though you’ll have to contact the bank to find out the rate.

It charges a modest monthly fee if a balance of $250 is not maintained. It comes with a Provident Bank ATM card, free direct deposit and a detailed monthly statement. Since it is a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Passbooks Savings

A simple and reliable savings account option.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 isn’t maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

Advertised as “probably the most popular savings account in the history of New Jersey” for its simplicity and reliability, this account comes with a passbook for withdrawals and deposits and offers free direct deposit.

Its balance requirements to earn interest and avoid its modest monthly fee are also very minimal. While this account earns interest, you’ll have to contact the bank to find out the rate. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Young Saver

An account meant to teach kids and teens how to save.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account is a great option for parents wanting to teach their children financial responsibility, as well as for teens younger than 18 looking to stash their funds from a part-time job.

As a bonus, it does earn interest, though you’ll need to contact the bank to learn the rate. It also comes with your choice of a Passbook or Statement savings account, as well as no monthly fees or balance requirements. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Holiday Club

This account allows holders to focus on saving for the holidays or a vacation.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for the holidays in name only, as it can also be used for vacation or special occasion savings. It offers the same interest rate as the Statement Savings account, though you’ll need to contact the bank to find out the rate.

With this account, you can enable an automatic deduction from a Provident Bank Statement Savings account or the personal checking accounts, with the flexibility of making your transfers (which can be in any amount) on a weekly, biweekly or monthly basis. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

Platinum Money Manager

Provident Bank’s high-interest savings account.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $5,000 on combined balances
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside fees may apply
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account requires you to open a Platinum Checking account and maintain a combined minimum balance of $5,000 to earn interest on this account. But you’ll need to contact the bank to find out the rate.

This account also provides a free monthly combined statement, free direct deposit and online banking. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s savings accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Power Savings account online. Otherwise, all other savings accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s savings accounts compare

While most of the fees and deposit and balance requirements are minimal, the rates provided on some of these accounts — the ones in which rates are available online — just don’t stack up to those on our list of the best online savings accounts.

You’re most likely better off choosing one of those accounts instead. If you are still interested in opening one of Provident Bank’s savings accounts, you’ll want to contact the bank to find out the rates so you can comparison shop.

Provident Bank’s CD rates

Certificates of Deposit

Standard CDs with a $500 minimum deposit.
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of nine months or less; 180 days’ interest on 12- and 18-month terms; 365 days’ interest on terms of 24 to 60 months

Provident Bank offers CDs in the following terms: 91 days and six, nine, 12, 18, 24, 30, 36 or 60 months. The terms, deposit requirements and early withdrawal penalties are fairly standard. But you’ll need to contact the bank to find out the rates.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s CDs

All of the bank’s CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license and a previous home address if you’ve been at your current address for less than two years. You’ll also need a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s CD rates compare

As mentioned above, the basic details of these CDs are comparable to what’s out there. But you’ll want to contact the bank to find out the rates to determine if they stack up against those on our list of the best CD rates — or if you might be better off shopping around.

Provident Bank’s IRA options

IRA CD rates

IRA CDs and savings account offerings may vary by region. For that reason, you will need to contact the bank for details such as term lengths, rates and early withdrawal penalties. Once you have that information, you can compare them to those on our list of the best IRA CD rates.

LEARN MORE Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s IRA CDs

All of Provident Bank’s IRA CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

Overall review of Provident Bank’s banking products

Of the accounts Provident Bank offers that do have posted rates, it’s several of its checking accounts that can compete with those on our best-of list.

The rest fall short. If you’re interested in one of its other products without posted rates, you’ll want to reach out to the bank to find out what they are. Then you can see if they could be the best accounts for you — or if it’s in your best interest to keep looking.

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

Emilia Benton
Emilia Benton |

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

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Earning Cashback, Reviews

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

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

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

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

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

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

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

Chase Freedom®

Chase Freedom®

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

Chase Freedom®

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

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

Discover it® Cash Back

Discover it® Cash Back

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Discover it® Cash Back

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

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

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

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

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

Pros and Cons

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

Chase Freedom®

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

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

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

Discover it® Cash Back

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

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

When to Consider Both Cards

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

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

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

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

There’s no annual fee for either card.

Other Cash Back Card Options

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

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

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

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

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

U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

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

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

Which Card Will Benefit You the Most?

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

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

Taylor Gordon
Taylor Gordon |

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

Advertiser Disclosure

Reviews

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

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

GTE Financial’s checking account options

Go Premium with GTE Secure

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

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

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

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

How to get GTE Financial’s Go Premium checking account

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

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Go Full Access

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

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

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

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

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on GTE Financial’s secure website

NCUA Insured

Go Student

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

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

How to get GTE Financial’s Go Student checking account

Students can open their account at a branch or online.

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on GTE Financial’s secure website

NCUA Insured

Go Further

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

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

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

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

How to get GTE Financial’s Go Further checking account

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

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on GTE Financial’s secure website

NCUA Insured

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How GTE Financial’s checking accounts compare

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

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

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

GTE Financial’s savings account options

Member Owner Share

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

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

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

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

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

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

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Special Savings

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

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

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

How to get GTE Financial’s Special Share Savings

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

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Future Change Savings

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

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

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

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

How to get GTE Financial’s Future Change Savings

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

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Early Saver

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

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

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

How to get GTE Financial’s Early Saver Account

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

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How GTE Financial’s savings accounts compare

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

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

GTE Financial’s CD rates

Share Certificates

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

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

How to get GTE Financial’s CDs

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

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Jumbo Share Certificates

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

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

How to get GTE Financial’s Jumbo Share Certificate

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

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Youth Share Certificate

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

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

How to get GTE Financial’s Youth Share Certificate

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

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How GTE Financial’s CD rates compare

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

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

GTE Financial’s money market account options

Money Market

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

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

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

How to get GTE Financial’s Money Market Account

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

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How GTE Financial’s money market account compares

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

GTE Financial’s IRA options

IRA CD rates

IRA Share Certificates

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

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

How to get GTE Financial’s IRA CDs

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

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Youth Share Certificate

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

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

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

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

How to get GTE Financial’s Youth Share Certificates

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

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How GTE Financial’s IRA CD rates compare

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

Overall review of GTE Financial’s banking products

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

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

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

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Brynne Conroy
Brynne Conroy |

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