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Rising Bank Review: Savings and CD Rates

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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Rising Bank’s savings account options

High-Yield Savings Account

This account is the only savings account option in the Rising Bank lineup.
APYMinimum Balance to Earn APY
1.20%$1,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Rising Bank’s High-Yield Savings account is the bank’s only savings account option, but it makes up for this limitation by offering a quality product. There’s no monthly maintenance fee with the High-Yield Savings account, and the minimum opening deposit requirement is quite low for a high-yield product. The high rate offered by the account is paid on all amounts above the $1,000 minimum deposit requirement, with no tiers paying additional interest on larger deposits. While not affecting most customers, there is an account maximum of $500,000.

The High-Yield Savings account is strictly a savings-only product. There is no ATM access with this account, and the account cannot be overdrawn. Interest is paid monthly, and deposits are FDIC-insured up to the insurance limit.

As with all Rising Bank accounts, you can sign up for online banking for free and access your High-Yield Savings account online 24/7.

How to get Rising Bank’s savings accounts

As an online-only account, the High-Yield Savings account can only be opened online. The process involves providing basic personal and financial information, confirming your identity, funding the account, and submitting the completed application. Information you’ll be required to provide includes your name, email address, phone number, and Social Security number, along with information about the bank you’ll be using to fund the account.

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How Rising Bank’s savings accounts compare

Rising Bank only has a single savings account option, but it is exceptional. With no fees, a low minimum opening balance requirement, and an extremely high yield, Rising Bank’s High-Yield Savings account is tough to beat. In fact, the rate paid is not only well above the national average, it’s higher than some of those offered by the nation’s best available savings accounts.

Rising Bank’s CD account options

Term CDs

Rising Bank’s Term CDs are for customers saving for a goal at least one year away.
APYMinimum Balance to Earn APYTerm
1.20%$1,0001 year
1.20%$1,0002 years
1.20%$1,0003 years
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest for terms of one year; 180 days’ interest for terms of two years; 180 days’ interest for terms of three years

Rising Bank’s Term CDs are straightforward, with limited options. You can only open a regular Rising Bank CD for one year, two years, or three years. Each maturity has the same $1,000 minimum to open and to earn interest. However, all CDs also have a $500,000 maximum.

Early withdrawal penalties are either 90 days or 180 days on these Term CDs, depending on the maturity selected. For each maturity, interest is credited every three months. All CDs are FDIC-insured up to the insurance limit and renew automatically upon maturity. Upon notice of maturity, funds can be withdrawn within a 10 calendar-day grace period.

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Jumbo CDs

Rising Bank’s Jumbo CDs are for larger deposits only.
APYMinimum Balance to Earn APYTerm
1.20%$100,0002 years
  • Minimum balance to open account: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: 180 days’ interest

These Jumbo CDs are even more limited in scope than the bank’s Term CDs, with just a single, two-year maturity available. As a jumbo CD, you’ll have to deposit at least $100,000 to open the account and earn interest. Early withdrawal penalties amount to 180 days’ interest.

As with the bank’s regular Term CDs, interest is credited every three months, all CDs are FDIC-insured up to the insurance limit and there’s a $500,000 account maximum. Jumbo CDs automatically renew unless funds are withdrawn within 10 calendar days after maturity date.

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Rising CDs

Rising CDs is the name that Rising Bank dubs its bump-up CDs.
APYMinimum Balance to Earn APYTerm
1.20%$25,00018 months
1.20%$25,00036 months
  • Minimum balance to open account: $25,000
  • Minimum balance to earn APY: $25,000
  • Early withdrawal penalty: 180 days’ interest for 18-month maturity; 180 days’ interest for 36-month maturity

Rising Bank’s Rising CDs come in two maturities — 18 months and 36 months. The CDs require $25,000 to open the account and earn interest, which is compounded every three months. The twist with these CDs is that you can bump up your CD rate once per term if rates rise. Additionally, you can deposit additional funds into a Rising CD one additional time during your original term; this additional deposit must be at least $5,000.

As with other Rising Bank CDs, Rising CDs automatically renew unless you withdraw your funds within 10 calendar days after maturity. Rising CDs are also FDIC-insured.

How to get Rising Bank’s CD accounts

As mentioned above, you can only open a CD account online. You’ll need to provide personal and financial information, including a funding source, along with your Social Security number and identifying documents.

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How Rising Bank’s CD accounts compare

All of Rising Bank’s CDs pay rates well above the national averages. Currently, there’s no advantage in ponying up the $100,000 required to open one of Rising Bank’s Jumbo CDs, as those 2-year CDs pay the same rate as the bank’s ordinary 2-year Term CDs. However, regardless of which Rising Bank CD you select, you’ll be earning an excellent rate. The bank’s 1-year CD is one of the best CD rates in the country, and the 2- and 3-year Term CD rates are not far behind.

Overall review of Rising Bank’s products

Rising Bank is not the institution you want to bank with if you need comprehensive financial planning and products. However, if you have selective needs and only want the best available accounts, Rising Bank might have some valuable offerings for you.

Money market accounts, IRAs and checking accounts are not available at Rising Bank, at least as of February 2019. But the high yields offered by the bank’s High-Yield Savings account and its three types of CDs are enough for even the most dedicated yield chasers. Carrying no monthly account fees and reasonable minimum deposit requirements, these products offer the complete package, with yields right at the top of their class, across the board.

Rising Bank’s bump-up CD, dubbed the Rising CD, starts customers at a top-tier interest rate right off the bat while still allowing them to raise the rate one time during the CD’s term. In fact, customers with at least $25,000 to invest are better served in the bank’s Rising CDs than its Term CDs, since both types of account pay the same initial rate but the Rising CDs offer the potential to raise that rate even further. Terms apply.

The bottom line is that Rising Bank may not be a one-stop shop that can cater to your every financial need. But if you’re just looking for low-cost products with some of the best rates in the nation, Rising Bank has a lot to offer.

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.

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Reviews

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

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

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Savings account from Hanmi BankHanmi Bank was founded in 1982 and is currently headquartered in Los Angeles. Part of the parent company Hanmi Financial Corporation, Hanmi Bank has 40 full-service branches throughout California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington.Rates for Hanmi Bank may differ by location. Also, rates aren’t currently being advertised on their website so you’ll need to contact Hanmi Bank to confirm them.

This review will cover checking, savings, CD, money market and IRA deposit accounts.

Hanmi Bank checking account options

Regular checking

This account doesn’t earn interest, and if you don’t meet the minimum balance requirement, you’ll be charged a monthly service fee and $0.25 per debit.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33 per check

This account doesn’t offer any interest and charges you for each withdrawal if you don’t meet their minimum balance amounts. Unless you’re able to maintain an average daily balance of $1,000 or minimum daily balance of $500, you’ll need to pay $0.25 per debit. This is also the same requirement you need in order to waive the monthly maintenance fee.

The account also comes with e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that comes with its own rewards program, UChoose Rewards. How it works is that you earn one point for each $2 you spend, sometimes more when shopping at participating retailers. Once you reach 1,500 points you can redeem them for various rewards from the bank’s online catalog. You can also use your debit card at more than 25,000 surcharge-free ATMs from the MoneyPass network.

How to get the regular checking account

You can open an account in person or call customer service at 1-855-773-8778 to find out more.

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Green checking and student checking

While there are no monthly fees, you’re limited to how many free transactions you can make.
  • Minimum opening deposit: $200 (green checking) or $50 (student checking)
  • Monthly account maintenance fee: $0
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

This account also doesn’t earn any interest but it does offer students and adults the opportunity to save on monthly maintenance fees. To be eligible for the student account, you’ll need to either be enrolled in a school or be under 18 years old — in which case you’ll need a parent or a guardian as a joint owner.

The only difference between the green checking account and the student checking account is the minimum opening deposit — as a student, you can open it with less money. Otherwise, the features are the same; you get e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that has a rewards program, UChoose Rewards, where you can earn one point (more at participating retailers) for every $2 you spend and redeem them once you reach 1,500 points.

Just because this checking account doesn’t have any monthly fees, doesn’t mean you don’t need to pay anything. You’re only allowed up to three free withdrawals, and more than that will set you back $3 each transaction.

To open a green or student checking account, visit the bank in person, or call customer service at 1-855-773-8778 to find out more.

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Hanmi neighbor/basic checking

Hanmi is batting three for three with non-interest bearing checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

The Hanmi neighbor/basic checking is the most economical of all the checking account options but you still don’t get unlimited withdrawals. You’ll only get the first 10 withdrawals for free then it’s $0.25 for each one afterward. There’s also a monthly maintenance fee which is waived if you set up a monthly direct deposit, reside in Illinois and are at least 65 years old.

Like the other checking accounts, you get a rewards debit card which earns you one point — could be more at participating retailers — for every $2 you spend and you can start redeeming them for rewards once you reach 1,500 points. You also get bill pay, e-statements, online, mobile and telephone banking.

You can open an account at your nearest branch or call customer service at 1-855-773-8778.

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How Hanmi Bank’s checking accounts compare

Considering the fact that none of these checking accounts earn interest and you need to pay to make withdrawals, we give Hanmi Bank’s checking accounts a hard pass. Sure, the bank offers a rewards program, but it seems hardly worth it.

If you’re looking for the current best rates and low monthly fees, we recommend you check out our list of the 10 best online checking accounts.

Hanmi Bank savings account options

Savings account

Rates offered are fairly competitive but it requires a high minimum balance.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: none

The rates you see for Hanmi Bank’s savings account isn’t directly advertised on their website, so it’s a good idea to call the bank to ask about the current rates. These are also their promotional rates, which you can only get if you deposit new money. Hanmi Bank defines as money currently not on deposit with them.

Features of the account include an ATM card, e-statements, online, telephone and mobile banking. You’re also able to link it to a checking account for overdraft protection.

Account holders will need to keep a $500 minimum daily balance in order to waive the monthly maintenance fee. You’re also allowed up to six certain withdrawals a month as mandated by Regulation D. Over six and you’ll need to pay $10 for each excessive transaction. If you continually make excessive withdrawals Hanmi Bank could convert your account to one that doesn’t earn any interest.

Ready to open an account? Head to your local branch or call customer service at 1-855-773-8778 to get started.

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Kid’s savings account

No-fee savings account for kids.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The kid’s savings account is for those whose parents want to help their child learn about how to manage their money a bank. Children under 18 years old can only open this account if the parent or guardian as the primary account holder. The child is a joint owner and can only withdraw funds with the adult’s permission.

Although you don’t get ATM access, your child can access their funds via online, mobile or telephone banking. Remember that Regulation D allows up to six certain withdrawals a month or else you’ll need to pay a $10 excessive withdrawal fee. If continue to violate this restriction, Hanmi Bank could convert this to a non-interest bearing account.

Once the child is 18 years old, the account may be converted to a regular savings account.

Note that this account can only be opened online.

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How Hanmi Bank’s savings accounts compare

Hamni Bank does offer a rate that’s pretty comparable to some of the best rates out there, it does require a high minimum deposit amount. If you don’t have that much cash to spare, the rate for the lowest tier is quite low. In that case, you’re better off checking out our list of the best online savings accounts.

Hanmi Bank CD rates

Installment savings

Great for those who don’t want their CD automatically renewed.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: varies
  • Early withdrawal penalty: Depends on length of term:
  • 7-31 days: 7 days simple interest
  • 32 days to 12 months: 1 month simple interest
  • 12 months or more: 3 months simple interest

The installment savings CD gives you an opportunity to save money by depositing a fixed amount for a predetermined amount of time. It’s a fixed-rate CD, meaning you’ll earn a guaranteed rate of return assuming you keep your funds in the account until maturity and make additional deposits on the dates you originally scheduled. The rates aren’t advertised on Hanmi Bank’s website so you’ll probably want to call the bank to find out their current rates.

You start off by making your initial deposit and schedule a fixed amount to deposit each month, though it does need to be a minimum of $1,000. Interest is then compounded daily and credited to your every account every quarter.

If you stop making scheduled deposits for two months, Hanmi Bank will convert it into a regular savings account. You’ll also receive statements each quarter, or monthly if you elect to make electronic fund transfers.

When your matures, the amount you saved will be paid out. It won’t be renewed automatically and if you don’t make withdrawals, the CD will be converted into a regular savings account.

If you are interested in opening an installment savings account, head to your nearest branch.

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Certificate of Deposit

Hanmi Bank CD’s do not earn compounded interest, which could mean less earnings overall.
  • Minimum opening deposit: $1,000 or $100,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Less than 12 months: 1 month simple interest
    • 12 months or more: 3 months simple interest
    • All promotional rates: 6 months simple interest

This is a fixed-rate CD and the rates you see above aren’t advertised on their site, meaning to find their current rates you may need to call Hanmi Bank. Unlike the installment savings CD, you can’t make additional deposits until maturity. You’ll only earn simple interest, which could mean lower earnings. You can choose whether to have interest earned deposited into your CD quarterly, semi-annually or annually. For terms 12 months or less, you can choose to have your interest deposited when your account matures.

Upon maturity, you’ll receive a seven-day grace period in which you can make any changes such as make additional deposits, withdrawals or renew for another term. Otherwise, the CD will automatically be renewed for the same term.

To get started with a Certificate of Deposit from Hanmi Bank, get in touch with your local branch.

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Diamond Freedom CD

Making penalty-free withdrawals is a nice touch.
  • Minimum opening deposit: $50,000 or $100,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: Only applies if you make more than six withdrawals and depends on length of term:
    • 12 months: 1 month simple interest
    • 24 months: 3 months simple interest

The Diamond Freedom CD gives you the opportunity to make additional deposits and fee-free withdrawals before account maturity. You can make additional deposits in $10,000 increments up to your original opening deposit amount. The rates you see aren’t advertised on their site — call their customer service hotline at 1-855-773-8778 to double-check before opening an account.

For fee-free withdrawals, you can make partial withdrawals — up to $10,000 —seven days apart for the 12-month term and after six months for the 24-month term. Your withdrawal amount can’t be more than half of what’s currently on deposit. Otherwise, you’ll face early withdrawal penalties.

Just like the regular CD, you’ll only earn simple interest. You can choose when you want interest deposited into your CD — at maturity (only for those with terms 12 months or less), annually, semi-annually or quarterly. Thirty days before your account matures you’ll receive a written notice and you’ll get a seven-day grace period upon maturity. If you do nothing. your CD will automatically be renewed for the same term.

If you’re interested in opening a CD, head to your local branch.

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How Hanmi Bank’s CD rates compare

Unfortunately, Hanmi Bank’s CD rates are lower compared with what’s currently being advertised by competitors out there. What’s more, most of their CD products only earn simple interest, meaning that you could be earning less than others that compound their interest. The Diamond Freedom or installment savings CD may be of interest to those who want to make additional deposits or fee-free withdrawals, but we’re not sure the lower rates are worth it.

To find better rates, check out our list of the best CD rates.

Hanmi Bank money market account options

Money market

Looks like you’re better off opening a savings account instead.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The money market account is best for those who want a hybrid checking account as it offers ATM access and limited check-writing capabilities. As it is a savings account, you’re allowed up to six certain withdrawals because of Regulation D, or else you’ll need to pay a $10 excessive transaction fee. Your account could be converted to a non-interest bearing account if you keep making excessive withdrawals.

With this account, you get bill pay, e-statements, online, mobile and telephone banking. You can also link it to a checking account for overdraft protection. To waive the monthly maintenance fee, you’ll need to maintain a $2,500 minimum daily balance each month.

To find out the most current rates, you’ll need to call Hanmi Bank as rates aren’t advertised on their website. You can open a money market account by heading to your local branch or calling customer service at 1-855-773-8778.

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How Hanmi Bank’s money market accounts compare

You’re really not getting much as far as rates go with this account when comparing it side by side with other ones out there. First, the rates are lower than ones advertised from our list of the best money market rates. Next, some of the other accounts have lower balance amount thresholds and also come with limited check-writing capabilities.

All this to say, it may be the wiser choice to go elsewhere.

Hanmi Bank IRA rates

Individual Retirement CD

While you’re getting a guaranteed rate of return, these rates are much lower than other competitors.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Annual account maintenance fee: $10 (this can be waived)
  • Early withdrawal penalty: Depends on length of term:
    • 12 months: 1 month simple interest on closing balance
    • 12-36 months: 3 months simple interest on closing balance
    • 36 months+: 6 months simple interest on closing balance

The IRA CD offers fixed-rate terms. The rates you see above aren’t advertised on the website so before opening an account you’ll want to call Hanmi Bank to confirm rates. In addition, all the terms you see are available nationwide except for California, where account holders can only open a 12-month IRA CD.There’s also an annual fee which Hanmi Bank says you can get waived, though you’ll need to contact the bank to find out exactly how to do so.

Once you make your opening deposit, you can’t make any additional deposits until account maturity. Interest earned is compounded and credited your account every quarter. Once your account matures, you’ll have a seven-day grace period where you can make withdrawals, additional deposits or renew for another term. Otherwise your IRA CD will automatically be renewed.

If you’d like to learn more about this banking product, click the button below. You’ll need to open an account in person at your local branch, though.

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How Hanmi Bank’s IRA CD rates compare

Hanmi Bank’s IRA CD rates are much lower than the ones on our list of the best IRA CD rates we’ve found online. What’s more, if you reside in California, you’re restricted to the 12-month term only. There’s probably no other way to say this but you’ll do better if go with another competitor.

Overall review of Hanmi Bank’s banking products

Some of Hanmi’s CD and savings account rates are pretty comparable to what’s currently being offered out there. However, the rest of their deposit accounts leave lot to be desired. The checking accounts are non-interest bearing and the IRA CD and money market accounts have low rates.

If you’re looking for a decent CD account or have a huge chunk of change to make an opening deposit to put into a savings account, Hanmi Bank could be a good bet. However, for all other products, it’s best to go elsewhere.

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

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Reviews

Florida Credit Union 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.

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Florida Credit Union’s checking account options

Value Checking

A basic, noninterest-bearing checking account with a very specific fee structure.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Value Checking at Florida Credit Union is your basic checking account. It does not earn any interest, and you have to pay attention to very specific rules around the fee structure.

If you make more than eight ATM transactions per month, you will have to pay a small fee for every subsequent transaction, but this fee can be waived if you maintain the required balance. Overdraft fees are high, but you can avoid them by linking your checking account with your savings account.

For everyday checking, it is nice to have an account that does not charge any maintenance fees and will refund ATM fees incurred from other financial institutions. But it is important to note that to get these fees refunded, you will have to submit your receipts within 90 days of surcharge. It is not an automatic process as it is with many other financial institutions.

How to get Florida Credit Union’s Value Checking account

You can easily open this account online, over the phone or in person.

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Interest Checking

A checking account with a higher APY offering than available savings accounts.
APYMinimum Balance to Earn APY
0.02%
$10,000
0.05%
$25,000
0.10%
$50,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Typically, a checking account isn’t a great place to stash large sums of cash. But Florida Credit Union’s Interest Checking account pays an APY higher than any of its savings accounts, which may make this account a better option than a traditional savings account. Keep in mind, though, that these rates are not competitive with savings rates you will find at other financial institutions. This is only a good alternative to a savings account if you are banking only with Florida Credit Union.

If a higher APY is your goal and you want to bank only with this credit union, be sure to check out the money market account option below. Depending on your account balance, you may be able to get better rates than Interest Checking.

How to get Florida Credit Union’s Interest Checking account

You can easily open this account online, over the phone or in person.

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How Florida Credit Union’s checking accounts compare

As checking accounts that earn interest, you can find better options than those offered by Florida Credit Union. This is especially true if you are willing to do your banking with an online-only institution. Generally speaking, the best checking accounts around offer dramatically higher rates than Florida Credit Union and require lower minimum account balances to get those better rates.

Florida Credit Union’s savings account options

Regular Savings

Necessary account to obtain membership with low APY offering.
APYMinimum Balance to Earn APY
0.10%
$500
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

You will need to open a Regular Savings account with Florida Credit Union to establish membership. The APY on this and all other savings accounts with this credit union is not attractive; in fact, it’s quite low, and you have to maintain a specific balance to earn any interest at all. But there are no account maintenance fees, and money in this account can be used for overdraft protection should you elect to set that service up.

It is important to know that because this is a savings account, you are allowed up to six certain transactions per month, per Federal Reserve Regulation D. The first two times you make more than six transactions per month, Florida Credit Union will let it slide. After that, you’ll be charged $2 for each instance.

How to get Florida Credit Union’s Regular Savings account

You can easily open this account online, over the phone or in person.

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Special Savings

An account you can skip due to identical dividend rates.
APYMinimum Balance to Earn APY
0.10%
$500
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Usually, Florida Credit Union’s Special Savings account offers a slightly higher APY than Regular Savings. But the current rates are identical. While the minimum opening deposit amount is lower than with Regular Savings, you will have to open that account to establish your membership.

Should the rates on this account go up in the future, it may be worth exploring as a savings option. But, right now, you’d be hard-pressed to find a reason to open this account at all.

Remember that this account is subject to federal regulation as well, which means you are allowed up to six certain transactions per month.

How to get Florida Credit Union’s Special Savings

You can easily open this account online, over the phone or in person.

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NCUA Insured

Holiday Club

Built-in financial discipline to reduce financial panic during the holiday season.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Another savings account bearing very little interest, the Holiday Club account is built to help you save money for the holiday season. You regularly deposit money into this account throughout the year. In November, Florida Credit Union will release the funds from your Holiday Club account into your checking account.

The value of this account comes not from the APY, but rather from the automated savings aspect. By making regular deposits throughout the year and putting them in a separate account, you are more likely to be prepared as the holiday season approaches.

There is no penalty for making a withdrawal before November, but you may have to pay that $2 fee if you make more than six transactions during a one-month period.

How to get Florida Credit Union’s Holiday Club account

You can easily open this account online, over the phone or in person.

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on Florida Credit Union’s secure website

NCUA Insured

Vacation Club

Disciplined savings for vacationers and educators alike.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

The Vacation Club account operates in much the same way as a Holiday Club account, except you’re saving for a different purpose. Instead of year-end gift shopping and festivities, the Vacation Club account allows you to put aside money for your summer travels. Half of your savings from this account is released to your checking account in June, and the other half is released in July.

This account isn’t just popular with families headed to the beach. It’s also a big draw for those who work in education and aren’t on a 12-month pay schedule. If you take a little money from each paycheck and put it into your Vacation Club account, you can more equitably spread your money out throughout the year, preventing you from being broke during the summer months.

While there are no fees for early withdrawals, you may have to pay a $2 fee from Florida Credit Union for each transaction more than six in any given billing cycle.

How to get Florida Credit Union’s Vacation Club account

You can easily open this account online, over the phone or in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Youth Savings

A joint account to teach your children about savings.
APYMinimum Balance to Earn APY
2.00%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with  $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

If you are the parent of a child younger than 18, you can open this joint account to teach them about concepts such as saving and interest. Granted, the interest they earn will be minimal with Florida Credit Union’s current low rates, but they will earn something on their savings nonetheless.

A Youth Savings account also allows your child to learn about online banking, and — if you live close enough to a branch — how to bank at a brick-and-mortar location as well. But if they choose to bank, you need to make them aware that they are allowed up to six certain withdrawal transactions per month as outlined in federal rules regulating savings accounts.

How to get Florida Credit Union’s Youth Savings account

To open this account, you will have to call customer service or visit a branch in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s savings accounts compare

The savings rates offered by Florida Credit Union are paltry when compared to some of the best savings account rates on the market. While you will have to open a Regular Savings account to establish and maintain credit union membership, there are very few reasons to use any other savings account with this credit union aside from brand loyalty.

While you might like the structure of the club accounts, it’s important to ask yourself if you have enough self-discipline to set up a similar savings plan on your own with a higher interest-bearing account at another financial institution, as the difference in APY is massive.

Florida Credit Union’s CD rates

Certificate of Deposit

Reasonable minimum opening deposits with dismal dividend offerings.
TermAPY
6 months0.37%
12 months0.50%
18 months0.50%
24 months0.45%
36 months 0.30%
48 months0.75%
60 Months0.75%
  • Minimum opening deposit: $1,000 for six-month CDs, $2,000 for all other CDs
  • Minimum balance amount to earn APY: $1,000 for six-month CDs, $2,000 for all other CDs
  • Early withdrawal penalty:
    • 90 days worth of interest for six-month CDs
    • 180 days worth of interest for 12-month CDs
    • 270 days worth of interest for 18-month CDs
    • 360 days worth of interest for 24-month CDs
    • 540 days worth of interest for 36-month CDs
    • 720 days worth of interest for 48-month CDs
    • 900 days worth of interest for 60-month CDs

Once again, Florida Credit Union offers a financial product with dividend rates that fall short. While minimum opening deposit requirements are quite reasonable, the CD APY offerings by this credit union are leagues behind the competition, making shopping around important.

But Florida Credit Union does offer special CDs with far more competitive rates. Before you start comparing rates elsewhere, be sure to read on.

How to get Florida Credit Union’s CDs

To open a CD with Florida Credit Union, contact it using the online form or visit a physical branch.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Promotional CDs

Variable but competitive dividend rates.
TermAPY
9 months0.45%
13 months0.50%
15 months2.40%
26 months 0.45%
37 months0.30%
65 months0.45%
  • Minimum opening deposit: $10,000 for 65-month CDs and $5,000 for all others.
  • Minimum balance amount to earn APY: $10,000 for 65-month CDs and $5,000 for all others.
  • Early withdrawal penalty:
    • 135 days worth of interest on nine-month CDs
    • 195 days worth of interest on 12-month CDs
    • 270 days worth of interest on 15-month CDs
    • 540 days worth of interest on 26-month and 37-month CDs
    • 975 months worth of interest on 65-month CDs

The promotional CDs offered by Florida Credit Union are up to par with the competition. While the rates offered are not the highest on the market in every situation, they are worth comparing with those offered by other financial institutions. This may be the only account we say that about for this credit union, as most of its dividend rates are extremely low.

It is important to keep in mind that when the special promotion period ends, your rate will probably revert back to the lower, standard CD rates. Florida Credit Union does not disclose when these promotional rates will change or expire.

How to get Florida Credit Union’s promotional CDs

To open a CD with Florida Credit Union, contact it using the online form or visit a physical branch.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s CD rates compare

Standard CD rates at Florida Credit Union are nothing to write home about, but take a look at the promotional CD rates to see offerings that are relatively competitive to the other CD options available on the market. Do take into account minimum initial deposit requirements, though, as you do your comparison shopping, and remember that the promotional rates at Florida Credit Union could revert to standard rates at any given time.

Florida Credit Union’s money market account options

Money Market

Poor APY offerings with high barriers to entry.
APYMinimum Balance to Earn APY
0.02%
$2,500
0.05%
$10,000
0.05%
$25,000
0.10%
$40,000
0.10%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

The dividends offered on Florida Credit Union’s Money Market account are extremely low. The only way you should open this account is if you are exercising extreme brand loyalty for some reason and want to bank only with this credit union. Even if this is the course you choose to take, in almost all instances opening an investment checking account will offer you higher rates than utilizing this money market account.

Because money market accounts are technically savings accounts, they also fall under Federal Reserve Regulation D. That means that just like the savings accounts offered by Florida Credit Union, you will be given two free passes the first two times you make more than six transactions per month on your money market account. After that, you will be charged a $2 fee for each excessive transaction by Flordia Credit Union.

How to get Florida Credit Union’s Money Market account

Should you want to open a money market account with Florida Credit Union, you can call, email or visit a branch in person to get the process started.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s money market accounts compare

You should shop elsewhere. Florida Credit Union’s money market account offers a mere fraction of what you could get by paying your patronage to another financial institution. The best money market rates on the market also happen to come with much lower minimum balance requirements, making Florida Credit Union’s option doubly as unattractive.

Florida Credit Union’s IRA account options

IRA CD rates

Standard IRA CD

The same rates as a standard CD, just located inside your IRA.
TermAPY
6 months
0.37%
12 months
0.50%
18 months 0.50%
24 months 0.45%
36 months 0.30%
48 months 0.75%
60 months 0.75%
  • Minimum opening deposit: $1,000 for six-month CDs, $2,000 for all other CDs
  • Minimum balance amount to earn APY: $1,000 for six-month CDs, $2,000 for all other CDs
  • Early withdrawal penalty:
    • 90 days worth of interest for six-month CDs
    • 180 days worth of interest for 12-month CDs
    • 270 days worth of interest for 18-month CDs
    • 360 days worth of interest for 24-month CDs
    • 540 days worth of interest for 36-month CDs
    • 720 days worth of interest for 48-month CDs
    • 900 days worth of interest for 60-month CDs

We’ve already established that the standard CD rates at Florida Credit Union are low, and that carries over to IRA CDs as they have identical rates. Because this certificate is actually an investment within your retirement portfolio, it’s important to note that CDs are already extremely conservative investments to begin with. There’s no reason to compound that by opening an IRA CD with low dividend rates.

But, once again, you can find promotional rates that up the ante. Read on to learn more.

How to get Florida Credit Union’s IRA CDs

Call or email customer service to set up an IRA CD if you don’t want to visit a branch in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Special IRA CD

Higher rates that could disappear tomorrow.
TermAPY
9 months0.45%
13 months 0.50%
15 months 2.40%
26 months 0.45%
37 months 0.30%
65 months 0.45%
  • Minimum balance amount to earn APY: $10,000 for 65-month CDs and $5,000 for all others
  • Early withdrawal penalty:
    • 135 days worth of interest on nine-month CDs
    • 195 days worth of interest on 12-month CDs
    • 270 days worth of interest on 15-month CDs
    • 540 days worth of interest on 26-month and 37-month CDs
    • 975 days worth of interest on 65-month CDs

As with special certificate rates outside of an IRA, these rates are here today, but can be reduced down to standard certificate IRA rates at Florida Credit Union’s discretion. This may be OK with you, though, as a CD inside an IRA is already an extremely conservative investment. The credit union’s rates are high enough to call competitive, though you should still do comparison shopping.

Other financial institutions are offering potentially higher rates — and those rates may not be promotional.

How to get Florida Credit Union’s special IRA CDs

Call or email customer service to set up an IRA CD if you don’t want to visit a branch in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s IRA CD rates compare

You aren’t likely to want to open a standard IRA CD with Florida Credit Union. The rates just aren’t there. But if you’re comfortable with the fact that promotional rates on special IRA CDs are subject to change, opening one with Florida Credit Union isn’t the worst option. Be sure to comparison shop so that you’re not missing out on higher, nonpromotional IRA CD rates elsewhere.

Overall review of Florida Credit Union’s banking products

Candidly, most of Florida Credit Union’s banking products aren’t worth it. Considering the low APY rates and the burdensome ATM fee refund policies, there are far better banking options available.

But a few products, such as the special IRA CD and special CD, do carry high enough rates to be competitive. Also, Florida Credit Union’s club accounts may serve specific budgeting needs and can reinforce self-discipline as you pursue those budgetary goals. If you’re not going to lose sleep over the low interest rates, they may be a good match for you. Keep in mind that you may qualify for membership at another credit union offering a similar product with a higher rate of return.

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