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Self-Help Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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

Self-Help Credit Union checking account option

Personal Checking account

A basic checking account that earns a small amount of interest.
APYMinimum Balance to Earn APY
0.10%
None
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5, which can be waived if:
    • You are 65 or older, or 24 or younger;
    • Have monthly combined direct deposits of $500 or more into one or more Self-Help Credit Union accounts; or,
    • Maintain an average daily balance of $2,500 or more across all your accounts with Self-Help Credit Union.
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; $75 maximum per day

Although the monthly fee is comparatively low, if you’re not able to meet the requirements to waive it, you might be better off finding a checking account elsewhere with a better rate and no fees.

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How Self-Help Credit Union’s checking account compares

As we state in our roundup of the best online checking accounts, the greatest picks are those with no monthly fees and a decent interest rate. While it’s possible to waive the fee on this account, the requirements might be limiting for some people. And while this account does earn interest, the rate falls well below many of these better options.

Self-Help Credit Union’s savings account options

Basic Savings account

An interest-bearing savings account with no monthly fee or minimum balance requirement.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks or ATM owners may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account is a much better option than the checking account as it offers a higher rate and has no hoops for you to jump through to avoid a monthly fee. It also offers online and mobile banking services to allow you to manage your funds with ease. This account is subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month. Additional fees apply if you exceed this amount.

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Holiday Club and Custom Club accounts

Savings accounts that let you withdraw special funds at designated times.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

These accounts allow you to save for a specific purpose or occasion, earn interest and then withdraw the money without penalty. If you designate it as a Holiday Club account, you will have access to your funds from Nov. 1 to Dec. 31 of each year to put toward holiday expenses. There is a $10 early withdrawal penalty on the Holiday Club account if you choose to withdraw funds before this designated period. Otherwise, you can withdraw them at a time you determine when opening the Custom Club account, which is typically used to save for things like a vacation or a new car.

As with the regular savings account, these accounts also have online and mobile banking capabilities. Since they are savings accounts, they are subject to Federal Reserve Regulation D, which limits certain transactions to six per month.

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How Self-Help Credit Union’s savings accounts compare

While Self-Help Credit Union’s savings account rates aren’t the highest compared with the best savings accounts out there, we can appreciate that they have no monthly fees or other hassles, and that the special savings accounts allow you to earn interest on money you’re socking away for occasions like the holidays. Still, we wouldn’t seek out Self-Help Credit Union specifically for a general savings account and advise that you hunt around for the best rate and better perks.

Self-Help Credit Union certificate rates

Term Certificates

Standard certificates in lengths from three months to five years.
TermAPYMinimum balance requirement
3 months0.25%
$500
6 months0.25%
$500
12 months2.12%
$500
18 months2.17%
$500
24 months2.38%
$500
36 months2.63%
$500
48 months2.74%
$500
60 months2.89%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months.

While these CDs don’t offer the highest rates out there, their minimum opening deposit is lower than many others. The early withdrawal penalty is pretty standard compared with others as well.

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How Self-Help Credit Union’s CD rates compare

Although the lower opening deposit requirement might appeal to some people, these rates really don’t compare with the best CDs available. We say consider some of the more competitive offerings on our best CDs list.

Self-Help Credit Union’s money market account option

Money Market account

An interest-bearing money market account with minimal requirements.
APYMinimum Balance to Earn APY
1.82%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None if minimum balance of $500 is maintained
  • ATM fee: $1 if you exceed six withdrawals per month
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account also has minimal requirements and fees as you can easily avoid the monthly fee if you don’t withdraw funds and let your balance dip below the initial minimum deposit. It also comes with online and mobile banking capabilities and no additional fees on in-network ATMs. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per months. The credit union will impose a fee if you exceed that amount.

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How Self-Help Credit Union’s money market account compares

Self-Help Credit Union’s money market account is more than decent — it even made our list of the best money market rates available. Although it falls on the lower end of that roster, its lower minimum deposit requirement could still be a draw for many people.

Self-Help Credit Union IRAs

IRA CD rates

IRA Term Certificates

IRA certificates offering decent rates for terms ranging from one to five years.
TermAPYMinimum balance requirement
12 months2.12%
$500
18 months2.17%
$500
24 months2.38%
$500
36 months2.63%
$500
48 months2.74%
$500
60 months2.89%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months

Self-Help Credit Union’s IRA CDs allow members to put away funds for retirement in a low-risk certificate while earning a decent interest rate. These certificates also have a lower minimum deposit requirement than many other options available.

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How Self-Help Credit Union’s IRA CD rates compare

There’s no way around it: Self-Help Credit Union’s IRA CD rates are much lower than some of the best IRA CD rates out there. Even others with the same low deposit requirement still offer much better rates. We’d advise you to research other accounts to make sure you truly get the most out of your retirement savings.

IRA savings account

An interest-bearing IRA with a low minimum deposit.
APYMinimum Balance to Earn APY
2.12%
None
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re on the hunt for a basic IRA savings account that allows you to earn interest, this could be a good option since it doesn’t have a monthly fee or any strict balance requirements. It’s available in both traditional and Roth versions, with the differences being their tax advantages. Since this is a savings account, it’s subject to Federal Regulation D, which limits certain withdrawals and transfers to six per month.

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Overall review of Self-Help Credit Union’s banking products

Self-Help Credit Union’s Money Market account is its standout personal banking product, as it even made our best-of list for money market accounts. But on the whole, most of Self-Help Credit Union’s rates don’t beat out the competition. Many of the credit union’s products do have both minimal requirements and fees, so if you stand behind its mission of helping people and small businesses, and you meet one of the credit union’s eligibility requirements, you probably won’t regret becoming a member and supporting Self-Help Credit Union’s mission and causes.

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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Review of Edward Jones 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.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Reviews

Wealthfront Cash Account Review

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

Fintech startups are challenging incumbents in every corner of the financial services industry. Robo-advisor Wealthfront is part of this trend, one of many new investing apps that also offer cash management accounts with high APYs and a mix of features offered by traditional bank accounts.

Cash management accounts combine features like easy access to your money and a decent interest rate, typically found separately in checking accounts and savings accounts, respectively.  Wealthfront admits that its Cash Account won’t replace your checking account, instead touting it as a place to stash your emergency savings or achieve other savings goals and enjoy a high 2.57% APY, all with the FDIC protections of a traditional bank account.

Wealthfront Cash Account Pros

Wealthfront Cash Account Cons

  • Offers a high APY compared to other online savings accounts
  • Charges zero fees, $1 minimum balance requirement
  • Deposits are covered by FDIC insurance up to $1 million
  • Ability transfer funds from Cash Account into Wealthfront's taxable investment account.
  • Takes 1-3 business days to access your funds
  • You cannot make payments from the account

Let’s take a closer look at how Wealthfront’s Cash Account compares to both traditional bank savings accounts, and similar cash management offerings from other fintech startups, so you can determine whether it’s right for your savings.

Wealthfront Cash Account vs. online savings accounts

Wealthfront markets its Cash Account as a place to deposit savings you plan on spending in the next five years, or as a good place for an emergency fund. For longer-term returns on your money, Wealthfront advocates investing in the stock market using its core robo-advisor functionality. As an additional incentive to do so, Wealthfront allows you to transfer money from your Cash Account into one of the company’s taxable investment accounts. However, there is nothing in Wealthfront‘s terms of service that would discourage you from treating this account like any other online savings account.

Here’s how Wealthfront’s Cash Account stacks up against the highest-earning online savings accounts from our best online savings accounts review:

Financial InstitutionAPYMinimum balance
Wealthfront

2.57%

$1 minimum, no monthly fee
Vio Bank

2.52%

$100 minimum, no monthly fee
Customers Bank

2.50%

$25,000 minimum, no monthly fee
Barclays

2.10%

None
Marcus by Goldman Sachs

2.15%

$1 minimum, no monthly fee
Ally

2.10%

None

Judged by APY alone, Wealthfront‘s Cash Account emerges as one of the strongest contenders out there, surpassed only by Vio Bank’s online savings account. Like many online savings accounts, there’s a limit to the liquidity of the money placed in Wealthfront‘s Cash Account.

However, there is no option to withdraw funds or make payments from the account via check or ATM card. Your only way to get money into and out of the account is via ACH transfers to and from a separate checking account that’s held in your name. Transfers take one to three business days, and Wealthfront permits an unlimited number of transfers into and out of your Cash Account (with a daily limit of $250,000).

Wealthfront is not a bank, so it has deals with a network of regional banks that are FDIC insured. After you deposit your money in a Cash Account, your funds are swept into multiple accounts with Wealthfront’s bank partners, giving you FDIC insurance coverage up to $1 million (or $2 million if you have a joint Cash Account). This a big advantage that makes the Cash Account an attractive choice for anyone who wants FDIC coverage beyond the $250,000 limit available with a single online savings account.

Wealthfront Cash Account vs. robo-advisor cash management accounts

Many other robo-advisor firms offer cash management accounts. These accounts take varying forms: Some resemble a personal savings account, others have both savings and checking account features, while some are a type of investment account. Below we compare the Wealthfront Cash Account with cash management offerings from robo-advisors Betterment and SoFi.

Account nameFunctionFeesYield
Wealthfront Cash Account

FDIC-insured savings account

None

2.57% APY

Betterment Smart Saver

Low-risk bond investments

0.25% annual fee

2.14% APY

SoFi Money

FDIC-insured checking/savings hybrid account

None

An average of 2.25% APY

Wealthfront Cash Account vs. Betterment Smart Saver

Betterment‘s Smart Saver account is a low-risk investment account, not a deposit account, so it plays by a different set of rules than Wealthfront‘s Cash Account. For one, as an investment it does not have FDIC coverage. Betterment‘s website claims you could earn returns of 2.14% (which factors in the standard 0.25% Betterment charges for its services) — notice the word “could.” Money placed in the Smart Saver account is invested in a mix of treasuries and corporate bonds—fairly safe investment vehicles—but it still can’t guarantee the 2.14% return in the same way a deposit account can guarantee an APY.

The Smart Saver account does have some bells and whistles that may make it an appealing choice for your savings. These include:

  • Smart Sweep: This feature aims to maximize your investing returns by only maintaining as much cash in your linked checking account as you need for day-to-day spending. It works like this: After giving  access to your checking account, the app analyses how you spend money. Then it sweeps money above and beyond what you need to pay 35 days of expenses — up to $5,000 per sweep — into the Smart Saver investment account. Likewise, if the app thinks you’ll need more money to cover your expenses, it will sweep money from the Smart Saver investment account into your checking account. You can read more details here.
  • Tax relief: While you can’t avoid paying taxes entirely, the fact that 80% of the money placed in the Smart Saver investment account will be invested in U.S. Treasury bonds means that some of the earnings from the Smart Saver account won’t be subject to state and local taxes. You can read more details here.

Like Wealthfront’s account, there is an inconvenient waiting period to withdraw money from the account — four to five business days, which is longer than Wealthfront‘s one to three business days. This longer period accounts for the fact that your money is invested in bonds, making it less liquid than funds placed with Wealthfront in FDIC-insured deposit accounts.

Wealthfront Cash Account vs. SoFi Money

SoFi Money is a checking and savings hybrid account, meaning you earn both a high yield — 2.25% APY vs. Wealthfront‘s 2.57% APY — and enjoy instant access to your money with a debit card and paper checks.

Similarly to Wealthfront, SoFi Money spreads any funds you deposit across multiple FDIC-insured bank accounts — six in this case — providing up to $1.5 million in FDIC insurance vs. Wealthfront‘s $1 million.

SoFi Money may lag behind Wealthfront in terms of APY, but it makes up for this by providing the utility of both a savings and checking account. You can use your debit card to make purchases and withdraw money from ATMs (there is a daily limit of $610) just like you would with any other checking account. You can read more details on SoFi Money in our review.

Who should get a Wealthfront Cash Account?

If you’re looking for an FDIC insured account that provides one of the highest APY’s available, than the Wealthfront Cash Account may be right for you. However, you won’t have easy access to your funds like you would with a hybrid checking/savings account, such as SoFi Money. However the simplicity of the account, and the promise of additional features in the future such as a debit card and ATM withdrawals, could make it a compelling option for your savings.

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.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here