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

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

Written By

Updated on Thursday, October 1, 2020

Sharonview Federal Credit Union’s checking account options

Free Anywhere Checking

With this checking account, there’s never a monthly fee. It earns rewards on debit card purchases and refunds up to $10 a month for out-of-network ATM withdrawals. The only downside is it doesn’t earn interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $10 a month for ATMs in the United States; no refunds for international ATM use
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Free Anywhere Checking account doesn’t have an opening deposit requirement. You can set this up with a deposit of any amount, or even without adding money at first. This account also does not have a minimum balance requirement or monthly maintenance fee.

But the Free Anywhere Checking account does not earn interest. If you spend on the account’s debit card, you’ll earn reward points that can be used for all kinds of rewards such as travel, merchandise, cash and discounts on loans at Sharonview Federal Credit Union.

If you use an out-of-network ATM, Sharonview Federal Credit Union does not charge a fee. It will also refund up to $10 a month in fees charged by other ATM owners. To qualify for the refund, you must be enrolled in online and mobile banking. Each month, you also need to make at least one purchase on the debit card and have one direct deposit come into your account. The refund only applies to withdrawals in the U.S. International transactions do not qualify.

Before you can open the Free Anywhere Checking account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You can apply for Sharonview Federal Credit Union’s Free Anywhere Checking account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

magnifying glass

How Sharonview Federal Credit Union’s checking account compares

For a free checking account, Sharonview Federal Credit Union’s Free Anywhere Checking does a nice job handling regular banking needs. It offers a respectable up to $10 refund for out-of-network ATM use per month, the debit card earns rewards on your purchases and there’s no minimum balance requirement, so you never have to worry about how much money is in your account.

At a time when some banks are slashing quality and raising fees on their checking accounts, Sharonview Federal Credit Union looks pretty good. But if you were hoping to earn interest, you’ll have to look elsewhere. The credit union does not offer an interest-earning checking account.

This isn’t a sacrifice you have to make. There are free checking accounts out there that pay spectacular interest rates. While Sharonview Federal Credit Union’s checking account is decent, with a little research you can find something even better.

Sharonview Federal Credit Union’s savings account options

Regular Share

Anyone who joins Sharonview Federal Credit Union must open this savings account. Its interest rate is quite low, so we don’t see many customers depositing more than the minimum.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

When you apply to join Sharonview Federal Credit Union, you need to open one of its Regular Share accounts to complete the process. This account requires an opening deposit of $5.

This account does not charge a monthly maintenance fee, so there’s never a cost for keeping your account open. The Regular Share account pays interest on all balances, but the rate is low. It always stays the same and does not increase when you deposit more.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without a fee.

If you have a specific savings goal in mind, you can set up a separate account called a Special Share. There’s no minimum deposit to open this side account, and it earns the same interest rate as Regular Share.

Before you can open the Regular Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You will also need to make your $5 minimum deposit. At this point, you could open other Sharonview Federal Credit Union deposit accounts.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

Holiday Share

The Holiday Share savings account is like the Regular Share account, except it comes with an extra fee for withdrawals. That’s a downgrade we wouldn’t accept.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union also offers a Holiday Share savings account. It’s nearly identical to the Regular Share account. There’s no monthly fee and it earns the same interest rate. This account also does not have a minimum opening deposit requirement, so you can set things up for any amount.

The main difference with this account is it’s designed to motivate you to save for the holidays. You are only supposed to make withdrawals during the holiday season from Oct. 15 to Jan. 31. If you make a withdrawal outside this period, Sharonview Federal Credit Union charges a $5 penalty for each transaction.

Since this is a savings account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six transactions such as debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction. This rule doesn’t apply to ATM or in-person withdrawals, so you can make as many of these as you want without owing the bank fee.

Before you can open the Holiday Share savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for Sharonview Federal Credit Union’s Holiday Share account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Sharonview Federal Credit Union’s savings accounts compare

Sharonview Federal Credit Union’s savings accounts are disappointing. The problem is they pay the same low interest rate. Every Sharonview Federal Credit Union member needs to open a Regular Share account for $5. Our guess is people set these up with the bare minimum deposit for membership and then move on to other products.

Its Holiday Share savings account is even worse because it keeps the same rate while adding an extra penalty for taking out money.

If you’re going to hit your savings goal, you need a real interest rate, and that won’t happen with the options at Sharonview Federal Credit Union. But if you use one of these top online savings accounts, you’ll be pleasantly surprised how quickly your money grows with a respectable rate.

Sharonview Federal Credit Union’s CD rates

Share Certificates

Sharonview Federal Credit Union’s short-term Share Certificate rates are just OK. For longer commitments, the credit union is much more generous. It also offers some lengthy terms, which you don’t see at the average lender.
TermAPY
12 months0.55%
24 months0.60%
36 months0.65%
48 months0.75%
60 months1.00%
72 months2.75%
84 months3.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Sharonview Federal Credit Union offers eight types of Share Certificates, which range from seven months to 84 months (seven years). You must deposit $500 to open a Share Certificate and keep at least this much in your account to earn the APY.

Sharonview Federal Credit Union’s short-term rates are average, but it pays more generous amounts for longer terms, especially once you get to 60 months or longer.

If you take any of your deposit out of the Share Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your Share Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open a Share Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

Once you’re a member, you can set up a Share Certificate. These accounts cannot be opened online. You can apply at a branch or by mailing in the new account forms to the credit union. You can make your initial deposit by transferring money from another Sharonview Federal Credit Union account or by sending in a check.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

magnifying glass

How Sharonview Federal Credit Union’s CD rates compare

If you want a long-term CD that lasts five years or longer, Sharonview Federal Credit Union has some appealing offers. Its long-term rates are very competitive. It also offers terms as long as 84 months, an option you don’t see with every lender.

For short-term CDs, Sharonview Federal Credit Union’s rates are not quite as impressive. They’re OK, but you can find better deals elsewhere.

If you want a more generous short-term CD or to check out some other quality options, we’ve tracked down the best CD rates for every timeline. By comparing here, you can decide whether you’re best off with Sharonview Federal Credit Union or somewhere else.

Sharonview Federal Credit’s Union money market account options

Money Market

Sharonview Federal Credit Union’s main money market account has a lot of quality features: no monthly fee, a low deposit requirement and a decent interest rate. But it doesn’t pay quite enough be rated a top-tier account.
APYMinimum Balance Amount to Earn APY
0.25%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

Sharonview Federal Credit Union’s Money Market account does not have a minimum opening deposit requirement. You can open one up for any amount — you can even start an account without making a deposit.

After you open, this account does not charge a monthly fee, regardless of your balance. If your balance stays above $500, you earn a rate that is above average.

Since this is a money market account, there’s a limit to how often you can take out money because of federal Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open a Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every Sharonview Federal Credit Union member needs this account.

You can apply for the Money Market account at the same time using this information. You can add money at this point, but you don’t have to since there’s no initial deposit requirement.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

Investor Money Market

After you become a Sharonview Federal Credit Union customer and develop a relationship with an investment adviser, you could be eligible for this higher-paying money market account.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.75%$5,000
  • Minimum opening deposit: Determined by your Sharonview Financial Services investment adviser
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $32

If you plan on keeping a balance of $5,000, Sharonview Federal Credit Union offers an Investor Money Market account with a higher rate. This account is only available after you open a Sharonview Financial Services investment account and develop a relationship with one of its advisers. The adviser needs to refer you to this account and will set your opening deposit.

To qualify for the money market rate, you must have a balance of $5,000 or more. If your balance falls below $5,000, you earn the Regular Share rate instead. This account does not charge a monthly fee, even if you fall below the balance requirement.

Since this is a money market account, there’s a limit to how often you can take out money because of Regulation D. Each month, you are allowed to make up to six certain transactions to take money out of your account. This includes debit purchases, transfers to other accounts, wires and automatic withdrawals. If you make more than six, Sharonview Federal Credit Union charges a $20 fee for each transaction.

Before you can open an Investor Money Market account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches.

The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

You also need to have an investment account with Sharonview Financial Services before you can open the Investor Money Market account. After you meet these requirements, you can apply at a branch by meeting with your investment adviser. This account is not available online.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Sharonview Federal Credit Union’s money market accounts compare

Sharonview Federal Credit Union’s money market accounts are both respectable. Money market accounts typically come with high balance requirements and monthly fees, but the credit union keeps both its options free.

You can open its regular Money Market account and qualify for the better rate with a balance of just $500, which is also low for these types of deposit accounts. If you plan on making a larger deposit, you could receive a rate upgrade with its Investor Money Market account. Keep in mind that you’ll also need a Sharonview Financial Services investment adviser to qualify for the higher-paying money market rate.

But while Sharonview Federal Credit Union’s money market accounts are decent, we’ve found others that pay even more. These top money market accounts pay nearly twice as much as Sharonview Federal Credit Union’s best offer — and they won’t require you to sign up with an investment adviser.

Sharonview Federal Credit Union’s IRA account options

IRA Certificates

All the Sharonview Federal Credit Union Share Certificates can be used for an IRA. Its short-term IRA CD rates are average, but the long-term rates are excellent.
TermAPY
12 months0.55%
24 months0.60%
36 months0.65%
48 months0.75%
60 months1.00%
72 months2.75%
84 months3.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn; for terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn; for terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

You can open any of Sharonview Federal Credit Union’s Share Certificates as part of an IRA. It offers terms that range from seven months up to 84 months (seven years).

You must deposit $500 to open Sharonview Federal Credit Union’s IRA Certificate and keep this much in your account to earn the APY. The credit union’s IRA CD rates are just OK for its short-term options, but they are very competitive for terms of 60 months or longer.

If you take any of your deposit out of the IRA Certificate before the maturity date, Sharonview Federal Credit Union will charge an early withdrawal penalty. The penalty depends on your IRA Certificate’s term:

  • For terms of less than 12 months, the penalty is 90 days’ interest on the amount withdrawn
  • For terms of 12 months to less than 72 months, the penalty is 180 days’ interest on the amount withdrawn
  • For terms of 72 months and higher, the penalty is one year of interest on the amount withdrawn

Before you can open an IRA Certificate, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Certificate. You can open these accounts online or by visiting a Sharonview Federal Credit Union branch. You will need to make your deposit of $500 along with your application.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

IRA Savings

With an IRA Savings account, you earn less in exchange for more access to your money. Sharonview Federal Credit Union still offers an excellent rate for this type of account.
APYMinimum Balance Amount to Earn APY
1.00%$500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Sharonview Federal Credit Union also offers an IRA Savings account to go along with its IRA Certificates. With an IRA Savings account, there isn’t a set timeline for depositing your money. You can take funds out without owing Sharonview Federal Credit Union an early withdrawal penalty.

In exchange, these accounts pay less interest than IRA CDs. But Sharonview Federal Credit Union pays an excellent rate for this type of IRA account.

Sharonview Federal Credit Union’s IRA Savings account does not have a minimum opening deposit requirement. You can start one with any amount. But if your balance is below $500, you only earn the lower savings account rate. To earn the higher rate, your balance must stay above $500, but there’s no fee if you fall below.

Before you can open an IRA Savings account, you must join Sharonview Federal Credit Union. You can apply online or by visiting one of its branches. The membership application will ask for your personal information, Social Security number and your driver’s license or other state ID. You also need to open a Regular Share account with a $5 deposit. Every credit union member needs this account.

Once you’re a member, you can set up an IRA Savings account. You can open these accounts online or by visiting a Sharonview Federal Credit Union bank branch.

SEE DETAILS Secured

on Sharonview Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How Sharonview Federal Credit Union’s IRA CD rates compare

If you’d like to grow your retirement nest egg, Sharonview Federal Credit Union has some attractive products. Its long-term IRA CDs, lasting 60 months or longer, are particularly impressive. Not only are the rates extremely competitive, but Sharonview Federal Credit Union offers some terms you don’t see that often with IRA CDs, such as 72 or 84 months. Sharonview Federal Credit Union’s short-term IRA CD rates are not quite as strong. They’re OK, but we’ve seen better deals elsewhere.

The credit union also has an excellent IRA Savings account. It offers one of the highest rates we’ve seen for these types of accounts. While an IRA Savings account will not earn as much as an IRA CD, Sharonview Federal Credit Union is a good choice if access to your money is a priority.

Overall, we are quite pleased with Sharonview Federal Credit Union’s IRA CD rates and believe it could be a good choice for an IRA. But if you want a second opinion to make sure it’s the right place for your retirement plan, these are some of the other best IRA CDs on the market today.

Overall review of Sharonview Federal Credit Union’s banking products

Sharonview Federal Credit Union does a nice job with all its banking products. In our opinion, its best accounts are its Share and IRA Certificates because they offer the most competitive rates, especially for long-term deposits of 60 months or longer.

Sharonview Federal Credit Union’s checking and money market accounts are also respectable. Both accounts are free. The checking account has a generous ATM refund program, while the money market account has an above-average interest rate.

The only account we didn’t like was the mandatory savings account because of its mediocre rate. If you want to join the credit union, you’ll need to open one for $5, but we wouldn’t contribute more than the bare minimum.

Besides this one weak account, the rest of Sharonview Federal Credit Union’s products are excellent. It definitely earned its rating from Forbes as the best credit union in South Carolina in 2018.

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.

Do you have a question?