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Reviews, Small Business

Swift Capital Small Business Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Swift Capital Small Business Loan Review

Swift Capital offers small businesses a simple and affordable way to borrow money quickly. It can wire $5,000 to $500,000 to a small business account within an hour. And it’ll lend up to $500,000 within 1 business days.

Swift Capital takes into account business cash flow to review applicants instead of relying solely on credit history to make a decision. If your business is in need of extra funds fast this is an option to consider because of the flexible eligibility requirements and easy application process. Here we’ll dive into the details of this loan and compare it to two other small business loan products.

Swift Capital Business Funding at a Glance

To qualify for Swift Capital you must have at least a 500 credit score. In addition, your business must be at least a year old with a minimum of $100,000 in annual revenue. According to Swift Capital, 4 out of 5 applicants are approved for funding so you have a good chance of borrowing money if you meet the basic requirements.

Loan terms are available for 3 to 12 months. Rates at Swift Capital start at 9.90% and are charged as a one-time fixed fee and applied to the funding advance. The lowest rate is only offered to businesses with superior credit. Once the loan is funded, payments are taken from your business checking account daily. Some businesses may qualify for a weekly payment plan. You can speak with an agent during the application process to discuss your payment options.

Swift Capital funding is backed by a Best Price Guarantee. If you receive a better offer with comparable terms from another lender before the loan is funded, Swift Capital will beat the other offer or pay you $500.

Fees and Gotchas

There’s no loan application fee, but there’s an origination fee of 0.00% - 2.50% that’s deducted from the loan amount before it’s deposited into your account. You won’t be penalized with a fee if you prepay the loan. However, Swift Capital also charges a minimum 9.9% premium fee upfront. So, prepaying the loan early may not negate the interest accruing during the loan.

Swift Capital promises access to $10,000 within an hour, but that’s after you turn in all of your paperwork including bank statements. Make sure you get your information in fast if you need money right away. The application process requires a hard pull. Consider how that will impact your credit score before requesting a quote.

Pros and Cons

So what are the pros and cons of Swift Capital funding?

If your business brings in steady income you can qualify even with a below average credit score. And as mentioned you can get both a small and large sum of money within a few days.

Payments are drafted from your business account each day, which is good for business cash flow according to Swift Capital. And although Swift Capital charges a closing fee of 2.5%, its fees are less than some of the other business loans on the market (we’ll discuss that later in this post).

The main downside of Swift Capital is its rate structure. There is an origination fee. While it’s great there isn’t a pre-payment penalty, you still get hit with a fee. And although the starting rate (9.90%) is reasonable, it’s quite possible that your rate will be much higher than that if you only meet the minimum eligibility requirements.

Swift Capital

APPLY NOW Secured

on Swift Capital’s secure website

Alternatives to Swift Capital Funding

Swift Capital funding has comparable terms to other small business loan products offered by Accion and Lending Club. But overall Swift Capital may charge you less in fees and offer quicker access to cash.

Accion will offer existing businesses between $500 and $50,000. Interest rates start at 8.99% with loan terms available from 6 to 60 months. Closing costs are between 3% to 5%. There’s also a $135 processing fee.

To qualify for an Accion loan you must have a credit score of 525 or above and have enough cash flow to make payments. Once you apply for an Accion loan you’ll receive a call to move forward with the application in 2 to 3 days. So you’ll likely get faster cash if you borrow from Swift Capital.

Accion

APPLY NOW Secured

on Accion’s secure website

Lending Club offers rates as low as 9.77% APR on its business loans if you have excellent credit. You can borrow up to $300,000 for 12 to 60 months. The origination fee is 1.99% - 8.99%. Like Swift Capital your money from Lending Club can be deposited into your bank within a few days. In order to qualify for Lending Club your business must be at least two years old and have annual sales above $75,000.

LendingClub

APPLY NOW Secured

on LendingClub’s secure website

Who Will Benefit Most from a Swift Capital Loan?

You’ll benefit from Swift Capital if you’re running a new business and you need a small amount of cash quickly. If your business is more mature, you have higher monthly sales and excellent credit, Lending Club is worth checking out or a variety of other loan providers.

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

Taylor Gordon
Taylor Gordon |

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

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Reviews

Pacific National Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1985
Total Assets$0.5B
LEARN MORE on Pacific National Bank’s secure websiteMember FDIC

Pacific National Bank was originally opened in 1982 as a Miami outpost of an Ecuadorian bank. Three years later, it converted into a traditional national bank and adopted its current name. Pacific National Bank currently has three total locations: two in Miami and one in Coral Gables, Fla.

Pacific National Bank’s deposit accounts are all FDIC-insured. While anyone in the U.S. can open one of the bank’s CDs or its money market accounts online, you’ll have to visit one of its physical locations in Florida to open a checking or savings account — and you must be a resident of Florida to do so. You must be a U.S. citizen to open any of these accounts.

Read on to determine if any of these accounts could be the right one for you.

Pacific National Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Pacific National Bank Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.50%

CD Rates

Pacific National Bank 12 Month Promotional CD - New Money

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.70%

CD Rates

Pacific National Bank 13 Month Promotional CD - New Money

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.80%

CD Rates

Pacific National Bank 18 Month CD Special - New Money

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Pacific National Bank’s checking account options

Personal Checking account

A non-interest bearing checking account.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15, unless minimum monthly balance of $500 is maintained, and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fee: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply.
  • ATM fee refund: None
  • Overdraft fee: $35

For being a basic checking account, this one comes with a pretty hefty minimum opening deposit and monthly fee. As we noted above, however, it’s pretty easy to avoid that fee with its requirements, if you’re able to easily come up with the deposit to open the account, that is. You may also want to note that debits in excess of 30 per month will cost $0.25 per additional transaction, and receiving paper statements will result in an additional $5 fee.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

PNB SuperNow Checking account

This account does earn a small amount of interest on balances of at least $2,500.
APYMinimum Balance to Earn APY
0.20%$2,500
0.30%$1 million
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15, unless minimum monthly balance of $2,500 is maintained, and and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fee: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply
  • ATM fee refund: None
  • Overdraft fee: $35

This checking account does earn interest if you can maintain its high minimum balance requirement, increasing slightly once you hit the $1 million mark. If you can maintain that balance, it’s pretty easy to adhere to the requirements to avoid the monthly fee on this account. As with the bank’s other checking account, debits in excess of 30 per month will cost $0.25 per additional transaction, and receiving paper statements will result in an additional $5 fee.

How to get Pacific National Bank’s checking accounts

If you are a U.S. citizen residing in Florida, you can open either of these accounts in person at a branch. To do so, you’ll need to provide your Social Security number, government-issued ID and a way to fund the account.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s checking accounts compare

When compared to the accounts on our list of the best online checking accounts, these products instantly lose points for earning little to no interest. They also both have fairly high opening deposits and balance requirements to avoid a rather high monthly fee, so if you’re not confident you can maintain that requirement, you’re best off skipping these checking accounts.

Pacific National Bank’s savings account option

PNB Personal Savings

The bank’s sole savings account comes with a high balance requirement to earn any interest.
APYMinimum Balance to Earn APY
0.20%$1,000
0.35%$50,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10, unless minimum monthly balance of $500 is maintained, and and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fee: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply
  • ATM fee refund: None
  • Overdraft fee: $35

This account does earn interest, but again, at pretty high rates for pretty high balances. As with the checking accounts, if you can maintain the minimum required balance and adhere to the account’s other requirements, it’s fairly easy to avoid the monthly maintenance fee. You may want to also note that receiving paper statements would cost you an additional $5 per month. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month. Transactions in excess of this limit will cost you $20 for each item from the bank.

How to get Pacific National Bank’s savings account

If you are a U.S. citizen residing in Florida, you can open Pacific National Bank’s savings account in person at a branch. To do so, you’ll need to provide your Social Security number, government-issued ID and a way to fund the account.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s savings account compares

With their dismal rates on high balances, these accounts don’t come close to comparing to those on our list of the best online savings accounts. If you can find an account with additional perks and that also allow you to easily avoid fees, you’re better off passing over this one.

Pacific National Bank’s CD rates

Certificates of Deposit

Promotional CDs with a $1,000 minimum opening deposit.
Term APY
12 months2.50%
13 months2.70%
18 months2.80%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty:

While Pacific National Bank is currently only offering three promotional CDs, their opening deposit requirements and rates are pretty standard as far as today’s certificates go.

How to get Pacific National Bank’s CDs

You can open one of Pacific National Bank’s CDs online or in person; you’ll just need to provide your government-issued ID, Social Security number and a way to fund the account.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s CD rates compare

The current promotional offerings available from Pacific National Bank don’t really stack up to those on our list of the best CD rates. The $1,000 opening deposit requirement for its current promotional CDs looks to be pretty standard, though. In any case, contact the bank directly to inquire about available CDs to truly determine if they’ll give you the best bang for your buck.

Pacific National Bank’s money market account options

PNB Personal Money Market account

Another account with a substantial opening deposit and minimum balance requirements.
APYMinimum Balance to Earn APY
0.50%$10,000-$49,999
0.60%$50,000 to $99,999
0.70%$100,000 to $999,999
0.85%$1,000,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $25, unless minimum balance of $5,000 is maintained, and you opt for e-statements, e-documents, online banking and basic bill pay
  • ATM fees: None at Pacific National Bank ATMs; four free transactions at Publix (Presto!) ATMs; otherwise, outside bank fees may apply
  • ATM fee refund: None
  • Overdraft fee: $35

This account does earn interest, once again at low rates in exchange for high balances. As with most of its other accounts, it comes with a hefty monthly maintenance fee that can only be waived with an equally hefty minimum balance is maintained, along with other requirements. As with the regular savings account, receiving paper statements will cost you an extra $5 per month. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month. Any additional withdrawals will cost an extra $20 each, imposed by the bank.

How to get Pacific National Bank’s money market account

Customers can open Pacific National Bank’s money market account online or in person at one of its Florida branches. You’ll need to provide your government-issued ID, Social Security number, and a way to fund the account.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

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How Pacific National Bank’s money market account compare

Just like with the bank’s other interest-earning accounts, these rates lag far behind those on our list of the best money market rates. And from what we can see, its high fees (and challenges to avoid them), along with the high balance and deposit requirements, we have a hunch that you can easily find a better product to sock away your cash. Do your research, and possibly consider one of the accounts on our list instead.

Overall review of Pacific National Bank’s banking products

None of the rates on Pacific National Bank’s personal accounts make for any standout products, we’re sorry to to say. Not only that, but from what we can tell, most of the bank’s accounts come with high deposit and balance requirements, paired with fees that require some hoops to jump through to avoid them. Even if you’re a Florida resident who’s qualified to open a checking or savings account, it might not be convenient for you to pop into a branch to open one in person. In any case, we’re not sure if it’s worth the trouble. But if you’re truly interested in working with Pacific National Bank, be sure to do a little comparison shopping beforehand.

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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Reviews

OnPoint Community Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1932
Total Assets$5.5B
LEARN MORE on OnPoint Community Credit Union’s secure websiteNCUA Insured

OnPoint Community Credit Union was founded by a group of school teachers in 1932 under the name Portland Teachers Credit Union. Over time, it expanded steadily and was eventually granted a community charter to serve a wider range of members. Today it serves over 357,000 members in Oregon and Washington.

Membership in the credit union is open to those who live or work in the following counties:

  • In Oregon: Benton, Clackamas, Columbia, Crook, Deschutes, Jefferson, Lane, Linn, Marion, Multnomah, Polk, Washington, and Yamhill counties.
  • In Washington: Clark and Skamania counties.

You are also able to join the credit union if you have any eligible family members. It doesn’t offer another easy way to join, such as making a small donation to a nonprofit group, like some credit unions do.

Like most credit unions, you’ll need to open a savings account with at least $5 to represent your share. But unlike most credit unions, this one also charges a $10 membership fee.

We reviewed all of the personal deposit products at OnPoint Community Credit Union to see if their mix of interest rates and fees makes sense for you.

OnPoint Community Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

OnPoint Community Credit Union Regular Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.95%

CD Rates

OnPoint Community Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.40%

CD Rates

OnPoint Community Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.75%

CD Rates

OnPoint Community Credit Union 60 Month Annual Withdrawal CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

OnPoint Community Credit Union’s checking account options

Basic Checking

Basic Checking is a free account with no minimum balance requirement, but online bill pay costs extra.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

If you just want a basic checking account, this one is free and comes with a Visa debit card. The account does not pay any interest.

There is an extensive free ATM network, though OnPoint Community Credit Union will charge you a small fee for using any out-of-network ATMs. If you also incur a surcharge from that ATM’s owner, the credit union does not refund any of those fees.

You will not have free access to online bill pay with this account. There is a monthly charge for that service, which kicks in after an initial three-month free trial. Overdraft fees are high as well.

How to get Basic Checking

To get Basic Checking, you must first be a member of OnPoint Community Credit Union. If you are eligible for membership, you can select the Basic Checking option when you fill out the online membership application. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or a checking account.

There is a one-time credit union membership fee of $10. To join the credit union, you’ll need to open a Regular Savings account with at least $5.

If you are already a member of OnPoint Community Credit Union and want to add a Basic Checking account, you can do so by logging into online banking and selecting “Services,” then “Add Accounts.”

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Interest Checking

This checking account doesn’t pay much interest and charges a monthly fee if your balance dips below the minimum.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$1,000
0.05%
$5,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7; waived with $500 average balance
  • ATM fee: $0
  • ATM fee refund: No refunds
  • Overdraft fee: $30

The tiny amount of interest you might earn is barely worth the effort of this Interest Checking account. Despite advertised “tiered rates,” the APY is actually the same for any balance — and really doesn’t amount to much. You do get a free first order of checks with this account.

Another concern: You’ll need to take care to maintain a high enough average balance to avoid triggering a monthly fee. The credit union’s website lists a “$0” monthly fee for Interest Checking on its checking account product page, but if you read all the way down to the footnotes, it states there actually is a fee if you dip below the minimum monthly average balance. Overdraft fees are steep, too.

Perhaps the best feature of this checking account is the Visa debit card with free access to a 60,000-plus ATM network, with no fee from the credit union for using out-of-network ATMs. However, that doesn’t mean you can get cash from any ATM for free; the credit union does not refund any fees that the ATM owner might charge.

How to get Interest Checking

To open an Interest Checking account, you must first become a member of OnPoint Community Credit Union. You can join and open the account online. You’ll need to provide information like your name, address, Social Security number and driver’s license or other identification. You’ll also need a credit or debit card or bank account, with which to fund the new account.

If you prefer, you can also print out a membership application and send it in by mail with a $15 check to cover membership fee and the minimum opening balance.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

eChecking

This eChecking account is all digital, with no paper checks — and all free.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

Designed for customers who want a purely digital account, this eChecking account doesn’t include any paper checks and has no minimum balance requirement. It does come with free online and mobile banking, including online bill pay.

The account pays no interest and charges no monthly maintenance fees. You get a Visa debit card and access to an extensive surcharge-free ATM network.

When you open an eChecking account, the credit union requires you to enroll in e-statements within 30 days, to avoid having the account converted to a Basic Checking account (which has additional fees).

How to get eChecking

To open an eChecking account, you must first be a member of OnPoint Community Credit Union. If you are eligible for membership and want to apply, you can simply select the eChecking account option when you fill out the online membership application.

If you are already a member, you can log into online banking and select “Services” then “Add Accounts,” and choose the option to add an eChecking account.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Access Account

Access Account is a checking account that is free for members under 18 but charges a monthly fee for adults who need to reestabish a checking account with the credit union.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7; waived if under 18
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

This checking account is designed for teens or anyone who want to establish or reestablish a checking account. It does not pay any interest but comes with a Visa debit card and free access to a broad network of ATMs. There is a fee if you use out-of-network ATMs though, and OnPoint Community Credit Union does not refund surcharges from out-of-network ATMs.

There is no minimum balance requirement. For members under 18, this is a free account. For adult members, there is a monthly fee that cannot be waived.

How to get Access Account

To get Access Account, you must be first be member of OnPoint Community Credit Union. If you are eligible for membership, you can select the Access Checking option when you fill out the online membership application. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or a checking account.

If you are under 18, you must open your account at a branch office. Those under 18 will need to list a parent or legal guardian as a joint owner of the account.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

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How OnPoint Community Credit Union’s checking accounts compare

OnPoint Community Credit Union offers four different checking accounts, but none that really compares with the best online checking accounts in the market. Basic Checking is a free account, but you’ll have to pay a monthly fee to use online bill pay. The eChecking option has no monthly fee and includes free online bill pay, but it doesn’t pay interest or refund you for any out-of-network ATM fees. And Interest Checking barely pays any interest while requiring a fairly high minimum balance. All the accounts charge high overdraft fees.

You can find much better checking account options elsewhere. Other institutions offer free online checking accounts that let you earn more significant interest on your money while providing truly free ATM access, even if you use ATMs outside their network. There are many good ones to choose from on this list of the best online checking accounts.

OnPoint Community Credit Union’s savings account options

Regular Savings

To join OnPoint Community Credit Union, you’ll need to open and fund a Regular Savings account.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

The Regular Savings account establishes your status as a member of the credit union. The account pays a below-average interest rate, but it does come with an ATM card, online banking and customer service by phone.

In accordance with the federal Regulation D, you can make unlimited withdrawals/transfers in person at a branch or ATM, but are restricted to six automatic, online or preauthorized transfers per month without penalty imposed by the credit union. The credit union can refuse or reverse any excess transactions.

How to get Basic Savings

You’ll get a Basic Savings account as part of the process of signing up for membership to the credit union, in person or online. You’ll need to provide your name and address, Social Security number and your driver’s license or other identification. You can fund the account with a credit or debit card, or checking account.

There is a one-time membership fee of $10 and a minimum deposit of $5 to establish the savings account.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

Bundle Reward Savings

Your APY on savings deposits goes up considerably when you sign up for multiple credit union services.
APYMinimum Balance to Earn APY
0.70%
$0.01
0.85%
$50,000
1.00%
$100,000
1.25%
$250,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

Members who have at least four financial products with the credit union — which can include a credit card, auto loan, mortgage or other services — qualify for this account, which earns them privileges including these better interest rates on savings. The interest rates are tiered and go up as your balance increases.

In accordance with the federal Regulation D, you can make unlimited withdrawals/transfers in person at a branch or ATM, but are restricted to six automatic, online or preauthorized transfers per month without penalty from the credit union. The credit union can refuse or reverse excess transactions.

How to get Bundle Reward Savings

Credit union members can upgrade their basic savings account to a Bundle Reward Savings through online banking, by visiting a branch or by calling customer service at 800-527-3932.

LEARN MORE Secured

on OnPoint Community Credit Union’s secure website

NCUA Insured

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How OnPoint Community Credit Union’s savings accounts compare

This credit union’s savings accounts are far from the best when it comes to earning interest on your money. Regular Savings is a very low-yielding account, though its main benefit seems to be to let you establish credit union membership.

The reward savings account pays significantly more in interest, but you won’t earn the top rate on Bundle Reward Savings without a six-figure balance. Even the top-tier rate isn’t that impressive, especially compared with the much higher rates paid by some of the best online savings accounts offered by other institutions.

OnPoint Community Credit Union’s CD rates

Certificates of Deposit

OnPoint Community Credit Union’s CD rates are definitely better than average, but they’re far from the highest available in the market.
TermAPYAmount
3 months
0.70%
$1,000
0.95%
$50,000+
6 months0.80%
$1,000
1.05%
$50,000
12 months0.95%
$1,000
1.20%
$50,000
18 months1.10%
$1,000
1.35%
$50,000
24 months1.20%
$1,000
1.45%
$50,000
36 months1.40%
$1,000
1.65%
$50,000
48 months1.55%
$1,000
1.80%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: The penalty ranges from 90 to 270 days’ worth of interest depending on the term of the CD, as detailed below:
    • 3 to 14 month CDs: 90 days’ of interest
    • 15 to 24 month CDs: 180 days’ of interest
    • 25 to 60 month CDs: 270 days’ of interest

The credit union’s CDs pay interest rates that are well above national averages — about triple the average rates, in fact, for some of the short-term CDs. Members that have multiple credit union products (like credit cards, mortgages or car loans) are entitled to a higher Bundle Rewards APY, which works out to an additional quarter of a point in interest on all CDs.

You may add more money to some of the CDs during the term. If you have a CD with a term of 3, 6, 12, 18 or 24 months, you can make subsequent deposits, with a $100 minimum.

OnPoint Community Credit Union members under the age of 18 are exempt from the high opening deposit requirement. Kids can open CDs with a minimum deposit of just $100, and are allowed to make subsequent deposits of $100 minimum each.

How to get OnPoint Community Credit Union’s CDs

To open a CD, you must first be a member of OnPoint Community Credit Union. Members can open a CD through online banking. After logging in, select “Services,” then “Add Accounts” to establish a new CD.

You can also open a CD by visiting a branch or calling customer service at 800-527-3932.

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Annual Withdrawal CD

Typical CDs require you to lock up your money for the entire term, but this one permits one penalty-free withdrawal per year.
TermAPYMinimum Amount to Earn APY
60 months1.75%
$1,000
2.00%
$50,000
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: Varies
  • Early withdrawal penalty: Penalty may be imposed if you make a withdrawal of any amount during the first year, or a withdrawal in excess of 20% of the original principal after the first year
    • The penalty is equal to 270 days’ worth of interest.

OnPoint Community Credit Union’s Annual Withdrawal CDs have a 5 year term and pay interest rates that are well above the national averages. Members with multiple credit union products are entitled to the higher Bundle Rewards APY, which pay an additional quarter of a point in interest.

This CD allows a bit of flexibility when it comes to accessing your money. After the first year, you are allowed to make one penalty-free withdrawal from the CD per year. You can withdraw up to 20% of the original amount of the CD.

How to get OnPoint Community Credit Union’s CDs

To open an Annual Withdrawal CD, you must first be a member of OnPoint Community Credit Union. Members can open a CD through online banking. After logging in, select “Services,” then “Add Accounts” to establish a new Annual Withdrawal CD.

You can also open the special CD by visiting a branch or calling customer service at 800-527-3932.

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on OnPoint Community Credit Union’s secure website

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How OnPoint Community Credit Union’s CD rates compare

The CD offerings are better than average, especially if you’re a member who already has, say, a mortgage and a car loan through OnPoint Community Credit Union and can qualify for the interest rate boost.

But even with the special relationship rate, these CDs are still far from the best ones available. Many internet banks offer CDs that pay much higher rates, and don’t have minimum deposit requirements. To get the most for your money, considering choosing from this list of the best CD rates in the market.

OnPoint Community Credit Union’s money market account options

FlexSmart Money Market Account

Even with a six-figure balance, the interest paid by this money market account really doesn’t amount to much.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$5,000
0.10%
$10,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at over 60,000 OnPoint, MoneyPass or CO-OP ATMs; $2 at out-of-network ATMs
  • ATM fee refund: No refunds
  • Overdraft fee: $30

This money market account pays a tiered interest rate that steps up slightly as your balance goes up. However, it’s almost not worth the bother since even high balances earn relatively little.

The account does come with an ATM card and access to a substantial surcharge-free ATM network. However, there is a fee if you go outside the network, and OnPoint Community Credit Union doesn’t offer refunds on any fees charged by other ATM owners.

Per Regulation D, you can make unlimited withdrawals/transfers from the account in person or at an ATM, but are limited to only six automatic, online, mobile or phone transfers per month without penalty from the credit union. The credit union may refuse or reverse transfers that are in excess of that limit.

How to get FlexSmart Money Market Account

To open a FlexSmart Money Market account, you must first be a member of OnPoint Community Credit Union. Members can open a money market account by logging into online banking, selecting “Services” and clicking on “Add Accounts” to select the account they want to open.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

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on OnPoint Community Credit Union’s secure website

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How OnPoint Community Credit Union’s money market accounts compare

FlexSmart Money Market does pay a little more interest than Regular Savings, but if you’re serious about earning interest, this account doesn’t amount to much. You can get much better rates elsewhere.

If you really want your nest egg to earn meaningful interest, you would be better off searching for a high-yield account at an online bank. You can check this list of the best money market accounts to see some better-paying options.

OnPoint Community Credit Union’s IRA account options

Traditional and Roth IRA Certificates of Deposit

These CDs pay better-than-average interest rates for your retirement savings.
TermAPYMinimum Amount to Earn APY
3 months0.70%
$1,000
0.95%
$50,000
6 months0.80%
$1,000
1.05%
$50,000
12 months0.95%
$1,000
1.20%
$50,000
18 months1.10%
$1,000
1.35%
$50,000
24 months1.20%
$1,000
1.45%
$50,000
36 months0.95%
$1,000
1.20%
$50,000
48 months1.55%
$1,000
1.80%
$50,000
60 months1.75%
$1,000
2.00%
$50,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Penalty ranges from 90 to 270 days’ worth of interest depending on the term of the CD, as detailed below:
    • For 3 to 14 month CDs: Penalty of 90 days’ of interest
    • For 15 to 24 month CDs: Penalty of 180 days’ of interest
    • For 25 to 60 month CDs: 270 days’ of interest
    • Exceptions to the penalty apply, including normal distributions taken by an IRA owner who is age 59 1/2 or older.

OnPoint Community Credit Union’s traditional and Roth IRA Certificates of Deposit pay virtually the same interest rates as the regular CDs, but there are some small differences between them. For one thing, the 5 year IRA CDs do not offer the annual withdrawal privilege. Also, there are no limits on subsequent deposits for IRA CDs.

The IRA CD rates generally are well above national averages, but the 12, 18 and 24 month IRA CDs also come with a special “Booster Rate” feature. They allow you to elect to adjust your rate to the credit union’s current offered rate, one time during the term of the CD. This option can work to your advantage if market rates happen to rise while your money is tied up in the CD.

Members that also have credit cards, car loans, mortgages or other products from OnPoint Community Credit Union may qualify for the higher Bundle Rewards rate, which is a quarter of a percentage point higher than the normal rate.

How to get OnPoint Community Credit Union’s IRA CDs

To open IRA CDs you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options, including the pros and cons of Roth IRAs and traditional IRAs using the credit union’s Retirement Central planning tools.

You can open IRA CDs online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

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on OnPoint Community Credit Union’s secure website

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How OnPoint Community Credit Union’s IRA CD rates compare

OnPoint Community Credit Union’s IRA CDs pay interest rates that are well above national averages, especially for members that use several credit union products and qualify for the higher Bundle Rewards APY. However, the CD rates are far from the best available in the market. You can find much better offerings on this list of the best IRA CD rates, many with significantly lower minimum deposit requirements to boot.

IRA savings

This basic IRA savings account pays just a miniscule amount of interest.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

IRA Savings has no minimum balance requirement, and it’s free. However, it offers just a tiny amount of interest, so it’s probably not the best choice for your retirement money long term. It may make sense for some customers to use as a holding account for funds that are going to be invested elsewhere within a short time frame.

Per Regulation D, you are limited up to six certain withdrawals/transfers per month from the account without penalty from the credit union. OnPoint Community Credit Union may refuse or reverse transfers that are in excess of that limit.

How to get IRA Savings

To open IRA Savings, you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options using the credit union’s Retirement Central planning tools.

Then, when you’re ready, you can open an IRA Savings account online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

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on OnPoint Community Credit Union’s secure website

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Money Market IRA

Even at the highest balances, this Money Market IRA pays a fairly low interest rate.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$10,000
0.10%
$25,000
0.15%
$50,000
0.20%
$100,000
0.25%
$250,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

This Money Market IRA offers a tiered interest rate that steps up with your account balance, but even at the highest tier, the interest rate doesn’t amount to much. This account might benefit someone who has all their accounts in OnPoint Community Credit Union and needs to park some retirement funds for a short period before investing it elsewhere.

As with the credit union’s other savings accounts, there are transaction limits per federal Regulation D. You are limited up to six certain withdrawals/transfers per month without penalty from the credit union, and OnPoint Community Credit Union may refuse or reverse transfers that are in excess of that limit.

How to get a Money Market IRA

To open Money Market IRA you must first be a member of OnPoint Community Credit Union. Members can research their retirement account options using the credit union’s Retirement Central planning tools.

Then, you can open a Money Market IRA account online through the credit union’s IRA Service Center. You’ll need to provide personal information such as your address, Social Security number and other information.

You can also open the account by visiting a branch or calling customer service at 800-527-3932.

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on OnPoint Community Credit Union’s secure website

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Overall review of OnPoint Community Credit Union’s banking products

OnPoint Community Credit Union offers membership only to residents of selected counties in Oregon and Washington, or people who have family members in eligible counties. If you happen to live near a branch, it might be a convenient choice for you, but the accounts and features aren’t especially attractive.

OnPoint Community Credit Union offers a wide variety of deposit accounts, though the checking and savings account options aren’t the best. If you just want a free digital checking account with online bill pay, the eChecking account might do just fine, but the checking accounts in general don’t stand out. The overdraft fees do stand out, however, for being fairly steep.

The savings accounts pay low interest rates. Even with a six-figure balance, you won’t earn that much interest, especially compared with other internet banks in the market.

Possibly the credit union’s best offerings are its CDs, which pay interest rates that are higher than at many other institutions, and some of the CDs have extras like an annual penalty-free withdrawal option. However, they are still not the best rates you can find in the market.

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.

Jeanne Lee
Jeanne Lee |

Jeanne Lee is a writer at MagnifyMoney. You can email Jeanne here

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Reviews

Home Savings Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2000
Total Assets$2.8B
LEARN MORE on Home Savings’s secure websiteMember FDIC

Home Savings dates back to 1889, and today is a $2.6 billion bank subsidiary of United Community Financial Corp., a NASDAQ traded company.

The bank is headquartered in Youngstown, Ohio, and serves a fairly limited regional market. You’re only likely to come across Home Savings if you live in the bank’s core service area of Ohio, western Pennsylvania, and northern West Virginia. If you do live in this area though, you’ve got 35 different retail branches to choose from.

Home Savings also offers a wide range of services, including insurance, loans, investments, estate planning and business banking.

In this review, we’ll take a deep look into each of its personal deposit accounts. We sorted through all the fine print and gathered all of the details so you can quickly glance at which accounts you’re interested in to see if they’ll work for you.

One final note: Home Savings may offer different interest rates depending on where you live. To keep things simple in this review, we’ll present the rates offered in Mahoning County, Ohio, where the bank is headquartered.

Home Savings’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Home Savings Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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0.40%

CD Rates

Home Savings 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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0.65%

CD Rates

Home Savings 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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3.00%

CD Rates

Home Savings 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Home Savings’ checking account options

Simply Checking

This checking account is Home Savings’ version of a basic, no-frills checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None, if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images.
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you just want a standard, go-to account with no frills, this is the account for you at Home Savings. All of Home Savings’ checking accounts require just $25 to open, which is a pretty reasonable amount.

There is no fee for this account as long as you opt in to electronic statements. If you want paper statements, there will be a $2 or $3 monthly fee, depending on whether you want check images with the printed statements or not.

This isn’t a bad basic-level account, but given that the Simply Checking with Interest account is also free and offers interest above a certain balance level, why not try opening that account instead?

How to get Home Savings’ Simply Checking account

You can open the account online as a first step, but you’ll need to live in Home Savings’ core banking area because you’ll need to visit a branch location to finish signing the paperwork. You’ll also need to provide your Social Security number, a driver’s license (or other government-issued photo ID), and have a way to fund your new account (such as a check, ACH transfer, or credit card).

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Simply Checking With Interest

This is the only interest-bearing checking account that Home Savings offers to most customers.
APYMinimum Balance to Earn APY
0.01%
$1,000
0.01%
$10,000
0.03%
$25,000
0.03%
$50,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None, if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images.
  • ATM fee: Free for Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

This is one of the few interest-bearing checking accounts we’ve seen at a bank like this that doesn’t charge a monthly fee. For that reason, this is the best checking account to open at Home Savings. After all, if you’re not able to meet the $1,000 balance requirement to earn interest, there won’t be any penalty in the form of a monthly fee like with many other checking accounts. So, you really have nothing to lose in opening this account.

Even though this account does earn interest, the interest rate offered is so low that you probably won’t see any real returns. As of press time, the interest rate offered on the lowest tier level is almost one point away from being zero, so don’t expect to get rich off this account.

How to get Home Savings’ Simply Checking With Interest account

You’ll need to visit a branch location in order to open this account. Make sure to bring your driver’s license with you and a way to fund your account. You can do this by providing a credit or debit card, or the routing information for your current bank account.

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Student Checking

This checking account doesn’t really offer much extra beyond the regular checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images.
  • ATM fee: Free for Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

Normally, student checking accounts offer special perks, like free checks, higher interest rates, or no monthly fees. But since Home Savings doesn’t really charge monthly fees on its checking accounts anyways (unless you want paper statements), it has to pursue other options to attract students. Right now, that special perk is offering account holders a free custom photo debit card. That’s it.

This account is also only available to students aged 18-24. So if you’re a young adult and you’re really jonesing for a fancy custom debit card, this is the account for you. Once you’re too old for this account, you’ll have to close it and re-apply for a new “adult” checking account. It does not automatically transfer into a new type of account; Home Savings will require you to do it on your own.

How to get Home Savings’ Student Checking account

Students can open this account online, but in order to complete the application, you’ll have to get to a Home Savings branch to sign paperwork in order to open the account. You’ll also need to provide your driver’s license, Social Security number, and have a way to fund your new checking account. If you’ll be doing this by ACH transfer, you’ll need to provide Home Savings with your current account’s routing number.

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Fabulous 50 Checking

This special account for customers ages 50 and above doesn’t offer anything extra of great value.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None if you opt in to online statements. Otherwise, $2 for paper statements without check images, or $3 for paper statements with check images. If you keep at least $5,000 in the account, the paper statement fees will be waived.
  • ATM fee: None for Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you’re a senior age 50 or above, you are eligible to open this checking account. Just like with the student checking account, oftentimes banks will sweeten the deal for senior checking accounts with extras like a higher interest rate.

If you opt for this account, you’ll only get two specific perks over the regular checking accounts. If you keep at least $5,000 in this account, you’ll get free paper statements. This might be a challenge for many seniors living on a fixed income. Secondly, you’ll get one free order of checks every year with this account.

Frankly, we think that it’d be better to open a senior checking account at another bank. You may qualify for more — and better — perks. You should at least be able to find an interest-bearing senior checking account without too much hassle.

How to get Home Savings’ Fabulous 50 Checking

If you do decide you want to open this account, you’ll need to visit a local branch. Home Savings requires you to present your driver’s license and Social Security number. You’ll also need to have a way to fund your new checking account, such as by ACH transfer (remember to bring your current account’s routing information) or by debit card.

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How Home Savings’ checking accounts compare

Home Savings’ checking accounts are a bit lackluster. It’s great that none of them charge a monthly fee, unless you want paper statements. Even its interest-bearing checking account is free, which is unusual and a welcome outlier.

However, none of these accounts stand out in offerings. You can write checks from them, you may be able to earn a tiny smattering of interest, and maybe, if you’re older, you can get a free box of checks.

Instead, if you’d like to find a checking account that offers a much better interest rate along with other, worthwhile perks, consider one of these online checking accounts instead.

Home Savings’ savings account options

Statement Savings

This is Home Savings’ standard savings account. Sadly, it doesn’t earn much.
APYMinimum Balance to Earn APY
0.03%
$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $1, unless you keep at least $100 in the account at all times.
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you’re just getting started on your savings journey at Home Savings and you don’t qualify for any of the bank’s other special savings accounts, this is the savings account you’ll start with. It only takes a $50 deposit to get started, but you might want to wait until you can commit to keeping at least $100 in the account. If you don’t keep $100 in the account each day of the month, you’ll have to pay a $1 monthly fee.

Given the fact that the interest rate is so low on this account, you’ll want to avoid the fee at all costs because it’ll probably swamp out any meager earnings you do get. As soon as you’re able, you may want to consider opening a higher-yielding account at Home Savings, or at another bank entirely.

How to get Home Savings’ Statement Savings account

Even though you can start to open this account online, it’s still basically restricted to people living in Home Savings’ core banking area in Ohio, West Virginia, and Pennsylvania. That’s because you’ll need to come into a branch to finish the account-opening process.

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Holiday Club

You won’t be getting many more Christmas presents with the interest rate that this account is offering.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

Home Savings offers this special savings account for people looking to save up for extra expenses during the holidays. When you open this account, you choose which account you want the funds deposited into when the club pays out — either your checking or savings account. The club savings account will automatically pay out the balance of the account into whichever account you designate on October 15 of each year, right in time to start shopping for the holidays.

Even though this account will start accruing as soon as you put money into it, you won’t see it credited to your account until it’s paid out in October. That might be kind of confusing at first because you won’t see interest deposits in your account, but rest assured, they will be included with your automatic transfer in October.

There are no automatic deposit requirements for this account. Rather, it’s entirely on you to remember to save into this account. It may be a good idea to set up automatic transfers anyways, just so that you don’t forget. You also are not allowed to make early withdrawals from the account, so only commit to putting in funds you won’t need until the holidays.

How to get Home Savings’ Holiday Club account

Home Savings does not support online applications for its Holiday Club account. Instead, you’ll need to go into a branch to open this account.

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Big Bucks Children’s Savings

This savings account earns small change for interest.
APYMinimum Balance to Earn APY
0.03%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

Home Savings makes it pretty easy for your child to get started with this savings account. All they’ll need is a $10 deposit to open the account, and they’ll start earning interest right from the start. There are also no monthly fees to worry about, so your child can watch their savings grow without being chipped away by fees.

Unfortunately, this account doesn’t offer a very high interest rate, so it’ll be awhile before your child sees any gains getting excited about. Many other banks and credit unions offer higher interest rates for kids’ savings account to yield earnings earlier, but Home Savings does not.

How to get Home Savings’ Big Bucks Children’s Savings account

Home Savings requires you to open this account with your child at a branch location. It operates branches in West Virginia, Pennsylvania, and Ohio.

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Student Savers

Surprise — this account doesn’t offer anything special for teenage savers.
APYMinimum Balance to Earn APY
0.03%
$0.01
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None at Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

After your child turns 13, they’re eligible to open a Student Savers account at Home Savings. This account works much the same way as the Big Bucks Children’s Savings account, with a few caveats.

With this account, teens are given their own ATM card, and can access their account through online banking. Just like everyone else with a savings account, they’re limited up to six certain withdrawals per month, per Regulation D. Otherwise they’ll pay a $10 per withdrawal fee starting with the seventh withdrawal from the bank. If they go over the withdrawal limits too many times with the account, Home Savings may convert the account to a transaction-based account, such as a checking account.

When your child turns 18, they’ll need to close this account down and re-apply for another of Home Savings’ adult savings accounts. It does not automatically transfer into a new account, like at some other banks.

How to get Home Savings’ Student Savers account

You’ll need to visit a local Home Savings branch location with your teen to open this account. You’ll need to provide your Social Security number and a way to fund this account in order to get started.

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Platinum Savings

This high-yield savings account doesn’t really offer high yields at all.
APYMinimum Balance to Earn APY
0.01%
$0.01-$4,999.99
0.05%
Over $5,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, unless you keep at least $5,000 in the account.
  • ATM fee: None Home Savings or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

If you don’t have the big bucks to open up a higher-yielding money market account (at least $10,000) and don’t want to lock your money away in a CD, this account might be your best bet to earn the most money at Home Savings. That’s not to say it’s a true high-yield savings account, however — far from it.

With this account, you can earn higher interest rates than with the Statement Savings account if you have at least $5,000 to deposit into the account. Again, you’ll want to make sure you keep at least this much in the account because if your balance drops below $5,000, you could face a $10 monthly service fee (ouch). Keep in mind that this may not be the best savings account if you’re saving up for a particular purchase, such as a fancy vacation or a vehicle, because due to the account limitations, you can’t liquidate the account without paying a monthly service fee.

This account is also limited up to six certain withdrawals per month due to federal Regulation D guidelines. If you go over that limit, Home Savings will charge you a $10 per withdrawal fee.

How to get Home Savings’ Platinum Savings account

Unfortunately, Home Savings does not offer online applications for this account. To get the Platinum Savings account, you’ll need to walk into a branch location. You can find these locations online, but they are all located throughout Ohio and in parts of West Virginia and Pennsylvania.

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How Home Savings’ savings accounts compare

For a bank named “Home Savings,” you’d expect that it would offer at least decent interest rates on its savings accounts. That’s just not the case here. In fact, it’s hard to go much lower than what Home Savings offers.

This is why we try to steer people to one of these online high-yield savings accounts instead. These accounts offer fewer fees and actually offer good interest rates, so you won’t be old and in your rocker before you actually start to see measurable money pile up in your savings account.

Home Savings’ CD rates

Regular CD

These CDs offer very low rates as well.
TermAPY
28 days0.05%
91 days0.05%
182 days0.10%
365 days0.20%
12 months0.40%
18 months0.40%
24 months0.45%
30 months0.50%
36 months0.65%
48 months0.75%
60 months3.00%
72 months1.15%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For the 28-day CD, you’ll pay either half of the interest you would have earned if you kept that money in the CD or all of the interest that you’ve earned so far, whichever is more. If you withdraw the money within the first six days, you’ll pay seven days’ worth of interest instead.
    • For 91- and 182-day CDs, you’ll pay 30 days’ worth of interest.
    • For the 365-day CDs through to the 24-month CDs, you’ll pay 90 days’ worth of interest.
    • For CDs longer than 24 months, you’ll pay 180 days’ worth of interest.

Some of Home Savings’ CDs offer just about the highest rates you can find at this bank. But as always, there’s a catch: You’ll need to be willing to lock up your money away for a good chunk of time. You are allowed to withdraw interest on these CDs without paying a penalty, however, provided one thing: You withdraw the money when it’s credited to your account.

For CDs longer than a year, interest will be credited to your account on a monthly basis, whereas it’ll be credited to your account when it matures for CD terms under a year. So, realistically, you can’t withdraw your interest earned on short-term CDs anyways without paying a penalty.

Once your CD matures, it will automatically renew for another term length. If you want to take out the money, add more, or change the CD’s term length, you’ll need to do so during a brief seven-day grace period after the CD matures. After that, it’ll be locked in again for another term.

How to get Home Savings’ Regular CDs

You can start the account opening process for these CDs online, however you’ll still need to be able to make it into a branch to finish signing paperwork for this account. You’ll also need to be able to provide a funding source (debit card, credit card, or ACH transfer), a driver’s license, and your Social Security Number.

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Jumbo CD

You’ll need to contact Home Savings directly for rates and terms if you’re interested in opening one of these mammoths.
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For the 28-day CD, you’ll pay either half of the interest you would have earned if you kept that money in the CD or all of the interest that you’ve earned so far, whichever is more. If you withdraw the money within the first six days, you’ll pay seven days’ worth of interest instead.
    • For 91- and 182-day CDs, you’ll pay 30 days’ worth of interest.
    • For the 365-day CDs through to the 24-month CDs, you’ll pay 90 days’ worth of interest.
    • For CDs longer than 24 months, you’ll pay 180 days’ worth of interest.

If you’ve got a lot of change rattling around in your bank accounts and you’re wondering what to do with it, consider opening a Jumbo CD. We can’t say whether Home Savings would be the right bank to hold your Jumbo CDs since it doesn’t publish its rates online, but typically the rates that most banks offer on these types of accounts are higher than on normal CDs.

You’ll need at least $100,000 to open these CDs. Remember that the limits of FDIC insurance are $250,000 per depositor, per bank, so you probably won’t want to deposit more than this. But if you are looking to park that amount of cash and you’re also interested in Home Savings, you do have this option.

How to get Home Savings’ Jumbo CDs

To open one of these CDs, you’ll need to speak with a bank representative in person at the branch. You’ll also need some way to provide that hefty deposit, whether it be via ACH transfer (bring your current account’s routing information), cash, check, etc.

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How Home Savings’ CD rates compare

Home Savings is currently offering a semi-decent rate for its 60-month CD, but that’s about it. Even so, you can still find higher rates out there — maybe with one of these CDs.

As for the rest of its CDs, don’t bother. The rates are simply too low to be worth your time. In fact, it might be a good idea to skip this bank entirely for one that offers better rates on all of its CDs, in case you decide to open a different term length. That way you don’t need to fuss around with moving your money between banks.

Home Savings’ money market account option

Money Market

These are some of the lowest interest rates on a money market account we’ve seen in a long time.
APYMinimum Balance to Earn APY
0.40%
$10,000-$24,999.99
0.40%
$25,000-$49,9999.99
0.45%
$50,000-$99,999.99
0.45%
Over $100,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $10, unless you keep at least $10,000 in the account.
  • ATM fee: None at Home Savings ATMs or MoneyPass ATMs. $2.50 at a PLUS network ATM. $2 at other ATMs. If you use your card abroad, you’ll pay a $3 ATM fee plus 0.8% – 1% of the transaction amount.
  • ATM fee refund: None
  • Overdraft fee: $36 per item, for a maximum daily fee of $154. If you set up overdraft transfers, it will cost you $10 per transfer. If you set up an overdraft line of credit, it will cost you $25 per year, plus interest. If your account stays overdrawn, you’ll pay $10 every seven days until it’s brought back in the black.

This account is a bit tricky. You’d think that it would offer higher interest rates than Home Savings’ savings accounts on all balances, but in fact it only begins to offer higher interest rates once you reach at least $50,000. That means that even though you need at least $10,000 to open the account, you’ll actually be at an earnings disadvantage for the next $40,000, until you reach the magic $50,000 threshold.

Above that level, however, this is the highest-yielding liquid savings account that Home Savings offers. You can even write checks from this account. There are a few limitations, however. You are allowed to make up to six certain withdrawals per month due to federal Regulation D laws, and any withdrawals in excess of that will cost you $10 a pop from the bank.

How to get Home Savings’ Money Market account

You can “open” this Money Market account online, but you’ll still need to go to a branch to finish signing the paperwork to open this account.

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How Home Savings’ money market account compares

This is hardly a comparison at all. When you look at other accounts, Home Savings is left behind in the dust in terms of interest rates. These rates are so low that this account isn’t worth the trouble at all.

If you’d rather see real earnings on your money market account, consider one of these high-yielding money market accounts instead. You (and your wallet) will be glad you did.

Home Savings’ IRA account options

IRA CDs

You won’t be earning much for retirement with these IRA CDs, except for the 12 month CD.
TermAPY
12 months2.40%
18 months (variable rate)0.25% Variable
18 months0.40%
24 months0.30%
30 months0.35%
36 months0.50%
60 months1.00%
72 months1.15%
  • Minimum opening deposit: $500, or $100 for the 18-month variable-rate IRA CD.
  • Minimum balance amount to earn APY: $500, or $0.01 for the 18-month variable-rate IRA CD.
  • Early withdrawal penalty: This depends on your IRA CD’s term length:
    • For IRA CDs up to and including 24 months, you’ll pay 90 days’ worth of interest.
    • For IRA CDs over 24 months, you’ll pay 180 days’ worth of interest.

Home Savings’ IRA CDs come in a smaller variety than its regular CDs, which is probably fine because for most people, retirement is a long-term savings plan. The shortest-term IRA CD you can get at Home Savings is 12 months (which, coincidentally, offers a far higher rate than any of the other IRA CDs), and the longest term you can get is six years.

You can open these IRA CDs within a Traditional IRA or a Roth IRA.

These IRA CDs behave just like Home Savings’ regular CDs. They’ll automatically roll over into another CD of the same type when they mature, with a short seven-day grace period when you can withdraw the funds or transfer them to an IRA account at a different (hopefully higher-yielding) institution.

How to get Home Savings’ IRA CDs

You can start the account-opening process online if you’re interested in these IRA CDs, however Home Savings still requires you to come in to finish opening the account. The reason is because you’ll need to be present to sign some paperwork. You will also need to provide your Social Security number, driver’s license, and a way to fund your new IRA CD.

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How Home Savings’ IRA CD rates compare

Home Bank only offers one IRA CD rate that we’d say is any good: its 12-month IRA CD. It’s pretty close to the top 12-month IRA CDs available today. Still, the bank can change the rate at any time, and judging by its other IRA CDs (which offer very low rates), it might not be a very good rate. The bank appears to be using its 12-month IRA CDs as a loss leader right now in an attempt to lure clients, but because its other accounts offer poor rates, we’d suggest not taking the bait.

If IRA CDs are a part of your retirement savings plan, consider one of these IRA CDs in their place. These IRA CDs are offering much higher rates, so hopefully you’ll be able to earn more than a few peanut’s worth of interest in retirement.

Overall review of Home Savings’ banking products

Home Savings starts out with a bold promise. Anytime we hear the word “savings” in a bank’s name, our ears perk up. Unfortunately, we’re a bit let down by this bank’s interest rates. Almost all of its accounts offer rock-bottom interest rates.

We do like that very few of Home Savings’ accounts come with monthly fees. It’s especially refreshing to see a free interest-bearing checking account (although that it offers almost nothing for interest). Still, since we’re rate-hunters and we can guess that you may be too, we’d suggest passing on Home Savings. There’s just too many other banks and credit unions out there that value your patronage and reward you for it in the form of better interest rates.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1951
Total Assets$3.1B
LEARN MORE on Travis Credit Union’s secure websiteNCUA Insured

Travis Credit Union traces its beginnings to 1951, when military and civilian employees at Travis Air Base in Fairfield, Calif., banded together to start a financial institution. Now, Travis Credit Union stands as one of the 70 largest credit unions in the United States.

As a credit union, there are membership restrictions to opening an account at Travis Credit Union. Membership is restricted to applicants who work, live, worship, or attend school in one of the following 12 Northern California counties:

  • Alameda
  • Colusa
  • Contra Costa
  • Merced
  • Napa
  • Placer
  • Sacramento
  • Solano
  • Sonoma
  • San Joaquin
  • Stanislaus
  • Yolo

Military and civilian personnel at Travis Air Force Base are also eligible, as are immediate family or household members of any current member.

Most, but not all, Travis Credit Union accounts can be opened online, within about 10 minutes. The process requires the following documentation:

  • Social Security number
  • Government-issued ID, such as a driver’s license or passport
  • Proof of physical address, if the one on your ID is not current or if your mailing address is a P.O. Box
  • Employment and personal identifying information
  • A funding source, such as a checking or savings account number or a credit card

For youth accounts, information must be provided both for the youth and for a parent or guardian at least 18 years old, who will be the joint owner. Any ATM cards will be issued in the name of the joint owner, or in the name of the youth if at least 14 years of age and a parent or guardian signs a consent form in a branch.

Travis Credit Union boasts a wide range of consumer accounts, from checking and savings options to IRAs, CDs, and money market accounts. To better understand which accounts might be appropriate for you, here’s a look at all of the features and benefits of the accounts that Travis Credit Union offers, along with various account requirements.

Travis Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Travis Credit Union Prime Share Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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1.25%

CD Rates

Travis Credit Union 12 Month Standard CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.85%

CD Rates

Travis Credit Union 36 Month Standard CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.25%

CD Rates

Travis Credit Union 60 Month Standard CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Travis Credit Union’s checking account options

Access Checking

Access Checking is youth-focused, with a “checkless checking” structure.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on non-CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: N/A

Access Checking is designed to appeal to tech-savvy youths who need a debit-card account only, rather than a traditional checking account. This no-fee account doesn’t pay any interest. Although dubbed “Access Checking,” this account actually doesn’t offer check writing. The account offers free mobile banking and electronic statements, and account holders can remotely deposit paper checks via the app. Debit card purchases that exceed the amount of money available will be rejected; the account cannot be linked to overdraft protection sources as with other Travis Credit Union checking accounts.

If an account holder orders third-party checks that are presented for payment against this account, the transaction will be rejected and a nonsufficient funds fee will be assessed. However, if an account is temporarily overdrawn due to an otherwise-approved transaction, no overdraft fee will be charged. This could occur if a merchant doesn’t initially post the full value of the transaction, such as at a hotel or gas station.

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Free Checking

What you see is what you get with this account, which comes free of charge and provides basic checking account services.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on non-CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: $29 (6 transactions per day max); $5 with overdraft transfer

Travis Credit Union’s Free Checking account is an entry-level offering with no monthly fee and a low minimum opening deposit requirement. And while it does not pay interest, the account still comes with the package of free features and benefits offered on all Travis Credit Union checking accounts, including the following:

  • Online and mobile banking
  • Bill pay
  • A mobile app for iOS and Android that includes remote check deposit
  • eStatements
  • 24-hour phone banking
  • Identity theft assistance
  • Money Mover, which allows for free transfers into credit union accounts ($1 fee for transfers from the credit union to external accounts)

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Dividend Checking

Dividend Checking is the first checking account in the Travis Credit Union lineup that pays interest.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with minimum checking balance of $500 or a combined checking, savings and money market account balance of $2,500 or more
  • ATM fee: $1.50 per transaction on non-CO-OP network ATMs
  • ATM fee refund: none
  • Overdraft fee: $29 (6/day max); $5 with overdraft transfer

Customers with at least $500 they can keep on deposit at Travis Credit Union might want to look at the Dividend Checking checking account. Feature-wise, the account is almost identical to the credit union’s Free Checking account. Dividend checking does come with a monthly fee, but the same $500 that is required to earn interest on the account is enough to avoid the monthly fee. Beyond that, both accounts have the same ATM and overdraft fee structure and offer the same benefits, such as mobile and online banking, 24-hour phone banking, identity theft protection, and money transfers via the Money Mover program.

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Silver Wings Checking

Silver Wings Checking is designed for Travis Credit Union checking customers aged 60 or older.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29 (6 per day max); $0 with overdraft transfer

Structurally, Silver Wings Checking is almost a carbon copy of Travis Credit Union’s Dividend Checking account. Both accounts require a small opening deposit but pay interest on balances of at least $500. However, there is no fee attached to the Silver Wings Checking account, regardless of account balance. Silver Wings is designed to appeal to senior customers of the credit union, offering special perks such as a free box of standard checks and no fee for overdraft protection transfers.

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Investor Checking

Investor Checking is Travis Credit Union’s flagship checking account.
APYMinimum Balance to Earn APY
0.15%
$1,000
0.20%
$5,000
0.25%
$10,000
0.25%
$25,000
0.30%
$50,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7.50; with a minimum checking balance of $2,500 or a combined checking, savings and money market balance of $5,000 or more
  • ATM fee: $1.50 for non-CO-OP network ATMs, after 4 free transactions per month
  • ATM fee refund: none
  • Overdraft fee: $29 (6 per day max); $0 with overdraft transfer

Investor Checking pays the highest interest rate in the Travis Credit Union Checking account lineup, with balances of $50,000 or more earning the highest rates. Interest is paid in six tiers, although balances under $1,000 don’t earn anything. The moderate monthly fee can be avoided with a checking account balance of $2,500 or a combined $5,000 in balances across Travis Credit Union accounts.

Unlike other checking accounts at the credit union, Investor Checking allows four free non-network ATM withdrawals per month, although fees that may be charged by the terminal operator are not refunded. Account holders also enjoy no-free overdraft transfer protection transfers. One box of checks can be ordered for free at any time.

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Youth Checking

Youth Checking offers teenagers the ability to gain experience with basic checking account features.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29 (6 per day max); $5 with overdraft transfer

Youth Checking is a simple checking account designed to teach teenagers how to handle money. The account carries many of the same features as the Free Checking account, including a small opening deposit requirement, no monthly fee, and a free ATM card or Visa debit card. Account holders can also apply for a Young Adult Visa credit card with a $2,000 limit to help build credit.

How to get Travis Credit Union’s checking accounts

Most of Travis Credit Union’s checking accounts can be opened online. The exception is the Youth Checking account, which requires a visit to a branch location.

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How Travis Credit Union’s checking accounts compare

Travis Credit Union offers a number of different types of checking accounts, from free offerings to dividend-paying options to senior and youth accounts. For the most part, accounts are free or have monthly fees that can be easily avoided, and most offer free or low-cost overdraft protection transfers. Rates paid on the Dividend Checking and Silver Wings Checking are well below the national average. Only the top-tier Investor Checking account pays above-average rates, although even on deposits of $50,000 or more the rates can’t come close to the top checking account rates in the country.

Travis Credit Union’s savings account options

Share Savings Account

The required membership account at Travis Credit Union has a very high special APR on your first $500 if you qualify.
APYMinimum Balance to Earn APY
0.10%
$100
0.10%
$5,000.01
0.15%
$10,000.01
4.00%
$0.01, with Ultimate Rewards Package
  • Minimum opening deposit: $10 (includes $5 membership fee)
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

All customers at Travis Credit Union must open a Share Savings account, which is mostly a basic, straightforward savings account. A $5 opening deposit, on top of a $5 membership fee, is all that’s needed to open this no-fee account. Dividends are paid in a four-tier structure: balances over $10,000 earn the top normal rate, but balances below $100 earn nothing. The account has ATM access, with free in-network withdrawals but no refunds of other banks’ terminal charges. In accordance with federal regulation D, certain transfers and withdrawals through phone or online banking are limited to six per month. A $9 quarterly low-balance fee is assessed on balances of less than $100; this can be waived with a loan balance or an active checking account.

The Ultimate Rewards Package is a special feature offered by Travis Credit Union. It provides a greatly enhanced yield on the first $500 in a Share Savings account for customers that have a checking account with eStatements and add either direct deposit or bill pay.

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Target Share Account

The Target Share account is an additional savings account members can open after gaining membership via the Share Savings account.
APYMinimum Balance to Earn APY
0.10%
$100
0.10%
$5,000.01
0.15%
$10,000.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Target Share account at Travis Credit Union is a secondary savings account designed to mirror the Share Savings account. Customers can open as many Target Share accounts as they would like to save for specific goals like the holidays, a vacation or special events (e.g. a wedding). Like the Share Savings account, the Target Share account has no monthly maintenance fee and requires a $5 opening deposit, although the additional $5 membership fee is not required on this account. ATM fees are the same, with nothing charged for in-network withdrawals, and the quarterly low balance fee also applies. Certain withdrawals and transfers share the same six-per-month limit as per Regulation D.

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T-Bird Club Savings Account

A savings account for youngsters up to 12 years old.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The first in a series of three youth savings accounts at Travis Credit Union, the T-Bird Club Savings account is for the youngest savers, up to 12 years old. There are no minimum deposit requirements and no monthly maintenance fees, and the quarterly low-balance fee is also waived. To help youngsters learn more about the financial world, this account, along with all youth accounts at Travis Credit Union, provides access to an interactive web site with various financial education topics. Every child signing up for the T-Bird Club account also receives a free piggy bank.

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Rising Stars Club

The Rising Stars Club is the next rung up the youth savings account ladder at Travis Credit Union, offering accounts for teenagers from 13 to 17 years old.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Rising Stars Club is a youth savings account that gives older children more control over their financial lives. Account holders aged 14 to 17 are given access to an ATM card, as long as a parent co-signs for the account. Teens aged 16 or 17 can also sign up for a Visa debit card if they have a parent or guardian as a co-signer. Beyond these additional features, the account is like the T-Bird Club account, with no monthly fees or minimum balance requirements and access to the credit union’s educational web site.

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Young Adult Account

The Young Adult account is a savings account for account holders aged 18 to 21.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Young Adult account at Travis Credit Union is the top-tier youth account and it functions like a full-fledged savings account. In addition to having no monthly fees or account minimums, the Young Adult account comes with a Free Checking account, free bill pay, a free ATM or Visa debit card, and mobile banking. This account is also the only youth account that pays dividends, although they are not listed on the website; you’ll have to contact the credit union directly to get current rates. Account holders are also eligible to apply for a Visa credit card with an up to $2,000 limit.

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Health Savings Account

This traditional Health Savings account also offers check writing capabilities.
APYMinimum Balance to Earn APY
0.25%
$100
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

As with all Health Savings accounts, the HSA at Travis Credit Union requires enrollment in a high-deductible health plan to qualify. Contributions to the account may be tax-deductible, and distributions are generally tax-free when used for qualifying medical expenses. Travis Credit Union’s HSA is a bit unusual in that it offers check writing, which not all HSAs do. Interest is earned in two tiers, although currently only deposits of $100 or more earn any dividends.

How to get Travis Credit Union’s savings accounts

All traditional Travis Credit Union savings accounts, including youth accounts, can be opened online. You’ll need a Social Security number, government-issued ID, proof of physical address, employment and personal information, and a funding source. For the Health Savings account, customers must visit a branch or call (800) 877-8328.

For youth accounts, with the exception of the Young Adult account, a parent or guardian at least 18 years old must be the joint owner.

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How Travis Credit Union’s savings accounts compare

The traditional rates paid on the Share Savings, Target Savings, and Health Savings accounts at Travis Credit Union are low, well below even the national average rates. However, the Ultimate Rewards Package boosts the yield on the Share Savings account to a rate well above the best available national savings account rates — still, that rate is only available on the first $500 deposited in the Share Savings account.

Travis Credit Union’s CD account options

Standard Certificates (CDs)

Standard Certificates have a modest opening balance and pay higher rates with longer maturities.
APYMinimum Balance to Earn APYTerm
0.75%
$5006 months
1.25%
$50012 months
1.60%
$50024 months
1.85%
$500 36 months
1.90%
$50048 months
2.25%
$50060 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: For terms of 182 days to 12 months, 90 days’ dividends; for terms of 12 months or more, 180 days’ dividends, whether earned or not.

CDs at Travis Credit Union have a modest opening balance requirement and a fairly limited range of maturities. Although terms range from 6 months to 60 months, there are only a total of six maturities. Rates are fixed until maturity, and dividends are compounded monthly. Travis Credit Union CDs have a 6 day grace period after maturity during which funds can be withdrawn free-of-charge. Standard early withdrawal penalties otherwise apply.

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Laddering Certificate (CDs)

Laddering Certificates are purchased in a group to form a ladder of differing maturities in a single package.
APYMinimum Balance to Earn APYTerm
1.35%
$10,00012 months
1.70%
$10,00024 months
1.95%
$10,000 36 months
2.00%
$10,00048 months
2.36%
$10,00060 months
  • Minimum balance to open account: $50,000 (5 certificates of $10,000 each)
  • Minimum balance to earn APY: $10,000 per year for five years
  • Early withdrawal penalty: For terms of 12 months or more, 180 days’ dividends, whether earned or not

In order to receive the bonus interest rates offered by Travis Credit Union’s Laddering Certificates, customers must purchase $50,000 in CDs laddered over five years, with $10,000 going towards a 1-year certificate, $10,000 going towards a 2-year certificate, and so on for up to five years. Every year a CD matures, it auto-renews into a new 5-year certificate, unless you notify the credit union first. The standard 6-day grace period applies, as does the early withdrawal penalty.

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Bump-Up Certificate (CDs)

The Bump-Up Certificate at Travis Credit Union offers a promotional rate for new money in a single, 24-month maturity.
APYMinimum Balance to Earn APYTerm
2.50%
$1,00024 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: For terms of 182 days to 12 months, 90 days’ dividends; for terms of 12 months or more, 180 days’ dividends, whether earned or not

The Bump-Up Certificate at Travis Credit Union is a current special offer that can be pulled at any time. Account holders are allowed to “bump up” the rate on their CD to the then-current rate one time during the term. The minimum balance to open is twice that of a regular CD at Travis Credit Union, but the same early withdrawal penalty holds. Upon maturity, Bump-Up CDs automatically renew into standard certificates, with no promotional rate available. However, customers can withdraw funds without penalty during a 6-day grace period after maturity.

How to get Travis Credit Union’s CD accounts

You can open a Travis Credit Union CD account online. You can also visit a branch or call (707) 449-4000. As mentioned above, opening an account online takes about 10 minutes. If you’re not yet a credit union member, you must join by opening a Share Savings account. To complete the process, you’ll need your Social Security number, a valid ID like a passport or driver’s license, various personal and employment information, your address, and your source of funding.

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How Travis Credit Union’s CD accounts compare

Travis Credit Union offers a decent lineup of CDs, with rates for all maturities slightly above the national average. (Rates on Laddering Certificates are a bit higher.) The standout in the credit union’s lineup is the current promotional rate on its Bump-Up CD. Although that rate can’t quite top the best national CD rates available, it’s far above average and a nice boost over the credit union’s standard CD line. With the option to bump that rate up one time over its 2-year term, it’s an attractive product.

Travis Credit Union’s money market account options

Flexible Money Market Account

The Flexible Money Market account is the first rung in a ladder of five distinct money market accounts at Travis Credit Union.
APYMinimum Balance to Earn APY
0.40%
$0.01
0.55%
$7,500
0.60%
$25,000
0.70%
$50,000
0.75%
$75,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Flexible Money Market account occupies the entry-level spot in Travis Credit Union’s money market account portfolio. Travis Credit Union’s money market accounts have no monthly maintenance fee and pays interest, but the minimum opening deposit and the APY schedule varies from account to account.

For the Flexible Money Market account, interest is earned in five tiers, the most of any of the credit union’s money market accounts, with payouts beginning on the first dollar.

All of Travis Credit Union’s money market accounts have ATM access and the same ATM fee structure, but none of them have overdraft protection. Travis Credit Union charges a $15 excessive transaction fee for certain money market transactions in excess of six per month, including checks, pre-authorized or automatic transfers, online banking transfers, and telephonic transfers.

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Sterling Money Market Account

The Sterling Money Market is like the Flexible Money Market account, but with a higher minimum opening balance.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.65%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Sterling Money Market account functions just like the Flexible Money Market account, with two major distinctions. First, the minimum opening deposit for this account jumps up to $25,000. Second, interest is paid in two tiers. To get anything more than a minimal rate, customers must maintain a balance at least as large as the minimum opening deposit.

As with the Flexible Money Market account, the Sterling Money Market account has ATM access and the same ATM fee structure, but with no overdraft protection. Account holders are assessed a $15 excessive transaction fee for certain transactions in excess of six per month, including checks, online banking transfers, pre-authorized or automatic transfers, and telephonic transfers.

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Premiere Money Market Account

The Premiere Money Market account pays even higher rates, but with a large minimum opening deposit requirement.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.80%
$50,000
  • Minimum opening deposit: $50,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Sterling Money Market account is a mirror image of the first two money market accounts in the Travis Credit Union stable, with two notable exceptions. The minimum opening deposit requirement on this account jumps up to $50,000, and the interest rate paid at that level and above is commensurately higher.

Beyond these differences, the Sterling Money Market is essentially the same account as the others. ATM access comes with the account, and there are still only ATM fees for non-CO-OP machines. There is also no overdraft protection with this account. Certain electronic, telephonic, or pre-authorized transactions in excess of six per month are assessed a $15 fee.

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Premiere Plus Money Market Account

The Premiere Plus Money Market account is the penultimate account in the Travis Credit Union money market account pyramid.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.85%
$75,000
  • Minimum opening deposit: $75,000
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: none
  • Overdraft fee: $29

The Premiere Plus Money Market account pays its best interest rate on deposits of at least $75,000, which is also the minimum amount required to open the account; smaller deposits earn hardly any interest at all. This account doesn’t have a monthly fee and has all the other benefits and restrictions that the credit union’s other money market accounts share, including no monthly fees, free in-network ATM transactions, and no overdraft protection. The excess activity fee of $15 applies to certain transactions in excess of six per month.

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Jumbo Money Market Account

The Jumbo Money Market account occupies the top tier of the five-money-market universe at Travis Credit Union.
APYMinimum Balance to Earn APY
0.05%
$0
0.90%
$100,000
  • Minimum opening deposit: $100,000
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 on a non-CO-OP network ATM
  • ATM fee refund: None
  • Overdraft fee: $29

The Jumbo Money Market account is the big dog when it comes to money markets at Travis Credit Union, requiring a whopping $100,000 minimum opening deposit. Customers must maintain this balance in the account to earn anything but a token APY. However, those that can manage it will benefit from the credit union’s highest money market interest-rate payout. There are no monthly fees with this account, but the overdraft fee can’t be reduced via overdraft protection. ATM access is provided, with no fees charged on in-network transactions. As with the credit union’s other money market accounts, certain transactions in excess of six per month are met with a $15 excessive transaction fee.

How to get Travis Credit Union’s money market accounts

All of Travis Credit Union’s money market accounts can be opened online. As mentioned above, you can open an account with a government-issued ID, proof of physical residence, employment and personal information, a Social Security number, and a funding source.

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How Travis Credit Union’s money market accounts compare

Travis Credit Union has an unusually large variety, with five different money market accounts. However, these accounts are all essentially variations on the same account, with the only differences being in the minimum required deposit amounts and the corresponding APYs. The Flexible Money Market, the only account with more than two interest-bearing tiers, pays an above-average rate even at its lowest tier, with the highest tier more than doubling the average. For the remaining four money market accounts, the base tier pays hardly anything, but the top tiers pay very good rates, in most cases paying double or more the national average. But even the top APYs can’t keep up with the best available national money market rates.

Travis Credit Union’s IRA options

IRA Savings

The IRA Savings account is a place to stash money not invested in other IRA products at Travis Credit Union.
APYMinimum Balance to Earn APY
0.05%
$200
  • Minimum opening deposit: $200
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Savings account is a way for customers to earn a little bit of interest on otherwise uninvested IRA money. The rate paid is low, but it applies to all deposits above the minimum $200 opening deposit requirement. There is no ATM access with this account and no monthly maintenance fee. As the account is in an IRA, overdrafts are not allowed.

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IRA Certificates

The IRA CD lineup at Travis Credit Union differs only slightly from its non-IRA CDs.
APYMinimum Balance to Earn APYTerm
1.25%
$50012 months
1.60%
$50024 months
1.85%
$500 36 months
1.90%
$50048 months
2.25%
$50060 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: For terms of 182 days to 12 months, 90 days’ dividends; for terms of 12 months or more, 180 days’ dividends, whether earned or not

IRA CDs at Travis Credit Union have the same $500 minimum as the credit union’s non-IRA CDs. However, the 6-month CD is left off the maturity in the credit union’s IRAs. Customers must choose from just five different terms, ranging from 1 year to 5 years. Rates paid on those CDs are identical to the credit union’s taxable CDs.

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Bump-Up IRA Certificate (CDs)

The IRA CD lineup at Travis Credit Union differs only slightly from its non-IRA CDs.
APYMinimum Balance to Earn APYTerm
2.50%
$1,00024 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: For terms of 12 months or more, 180 days’ dividends, whether earned or not

The same Bump-Up Certificate that is available in taxable accounts at Travis Credit Union is also available in the credit union’s IRAs. This rate is a current special offer, but can be changed or removed at any time. Bump-Up CD holders can up the rate on their CD to the then-current rate once before maturity. As with the taxable Bump-Up CD, the IRA version has a minimum balance twice that of a regular CD. Bump-Up CDs automatically renew into standard certificates, upon maturity with no promotional rate available. However, customers can withdraw funds without penalty during a 6-day grace period after maturity. Otherwise, an early withdrawal penalty applies.

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Laddering IRA Certificate (CDs)

The IRA CD lineup at Travis Credit Union differs only slightly from its non-IRA CDs.
APYMinimum Balance to Earn APYTerm
1.35%
$10,00012 months
1.70%
$10,00024 months
1.95%
$10,000 36 months
2.00%
$10,00048 months
2.36%
$10,00060 months
  • Minimum balance to open account: $50,000 (5 certificates of $10,000 each)
  • Minimum balance to earn APY: $10,000 per year for five years
  • Early withdrawal penalty: For terms of 12 months or more, 180 days’ dividends, whether earned or not

Laddering Certificates are available in both taxable and IRA form at Travis Credit Union. Customers purchasing $50,000 of the certificates earn bonus interest rates. The $50,000 invested must be distributed across five maturities, with $10,000 in a 1-year certificate, $10,000 in a 2-year certificate, and so on for the full five years. Every time a CD matures, it auto-renews into a new 5-year certificate, unless the credit union is notified in advance. A 6-day grace period applies before auto-renewal, as does the early withdrawal penalty.

How to get Travis Credit Union’s IRA products

You can call the Member Service Center at (800) 877-8328 for additional information, but the account opening process for an IRA must take place in a branch. As with all Travis Credit Union accounts, you’ll need to become a member before you can open an IRA. To open an account, you’ll need to provide basic personal and financial information, along with your Social Security number, a valid ID like a state ID, passport or driver’s license, and a funding source.

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How Travis Credit Union’s IRA products compare

Travis Credit Union’s IRA CD lineup is pretty close to its non-IRA lineup, which means its rates are above average across the board. The standout Bump-Up CD that’s offered in the credit union’s taxable accounts also appears in its IRAs, and it stands as the best IRA CD rate available. But while that rate is above average, it’s not quite as good as the best available IRA CD rates nationally.

Overall review of Travis Credit Union’s products

Travis Credit Union has a wealth of products. For nearly every personal financial category, there are numerous account options where customers can find a good fit. Checking accounts cover everything from senior and youth accounts to free and dividend-paying options, all with low or nonexistent fees. Interest rates paid, however, are low. Rates for savings accounts aren’t much better, with the exception of Share Savings accounts with the add-on Ultimate Rewards Package. This boosts the savings account yield to among the best in the country, but it’s limited to deposits of $500 or less.

Things perk up a bit in the CD department, as all Travis Credit Union certificates pay a bit above the national average, even those in the credit union’s IRAs. People seeking the highest yields will enjoy the current promotional rate on the Bump-Up CD, which not only carries a high rate but allows customers to bump the rate up once during the 24-month term.

People looking for a money market account are spoiled for choice at Travis Credit Union, which has five options. However, the breadth of choice is a bit of a mirage, as all five accounts are essentially the same offering, with different minimum and yield. Customers that can meet the high minimums on the accounts benefit from yields well above average.

The bottom line is that Travis Credit Union has plenty of account options, enough to meet nearly every need. Most of the accounts are low-cost, and many have no monthly fees at all. However, overdraft charges can be high, and yields on many accounts are not that compelling. As a regional credit union, local customers may enjoy the institution’s community focus, but national customers might find better options 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.

John Csiszar
John Csiszar |

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

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1969
Total Assets$5.6B
LEARN MORE on Lakeland Bank’s secure websiteMember FDIC

Lakeland Bank has grown into a regional powerhouse, now the seventh largest bank in the state of New Jersey with $5.5 billion in assets. Today, the bank operates 50 branches throughout its home state, and one in nearby New York.

You can only open an account with Lakeland Bank if you live in its core service area, unfortunately. But if you do travel outside of New Jersey or New York, the bank participates in the Allpoint ATM network to provide you with plenty of opportunities for fee-free ATM usage.

Lakeland Bank offers the full gamut of personal deposit accounts — everything including checking, saving, IRA, CD and money market accounts. We reviewed them all to give you the inside scoop on how good its rates are, how bad its fees are and where you can go to find better accounts if you’re interested.

Lakeland Bank could offer different rates depending on which state you live in. Since the bank is headquartered in Newfoundland, N.J., (not Newfoundland the province), we’ll present the New Jersey rates for each of its accounts.

Lakeland Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Lakeland Bank Statement Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.25%

CD Rates

Lakeland Bank 13 Month CD Special

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

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2.35%

CD Rates

Lakeland Bank 35 Month CD Special

2.85%

Synchrony Bank 36 Month CD

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2.50%

CD Rates

Lakeland Bank 48 Month CD Special

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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Lakeland Bank’s checking account options

Elite Checking

This checking account offers a lot of unspecified discounts at retailers.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (can be waived or reduced)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

Lakeland Bank’s Elite Checking account doesn’t offer any interest. Instead, this account comes with a “revolutionary benefits package” called BaZing. This package offers roadside assistance, ID theft monitoring, protection, and insurance, as well as discounts at “over 360,000 national, regional, and local merchants.” Unfortunately, it doesn’t specify what those merchants are or how good the discounts are, so there’s no way to know if it’ll actually be something you can use until after you sign up for the account.

All of this comes with a high price tag: $7 per month. You can get this fee reduced in a couple of different ways. First, if you sign up for e-statements, Lakeland Bank will reduce the monthly price by $1. Now you’re at $6 per month. You can reduce it further by using your debit card or by making mobile deposits. Each mobile deposit or debit card purchase you make gives you a $0.25 rebate. So, by signing up for e-statements and making at least 24 total debit card purchases and mobile deposits per month, you can effectively erase the monthly fee from this account.

How to get Lakeland Bank’s Elite Checking account

If you’re at least 18 years old and you live in Lakeland Bank’s service area, you can apply for this account. You can open it online or at a Lakeland Bank branch. You’ll need to provide your contact details, your Social Security number and have a way to fund your new account. Lakeland Bank accepts checks, cash and even credit/debit opening deposits (up to $1,000, that is).

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Platinum Checking

Don’t open up this checking account unless you’re sure you can meet the requirements to waive the painfully high monthly fee.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (can be waived)
  • ATM fee: None
  • ATM fee refund: None. You’ll still be responsible for paying any ATM surcharge fees if you use an out-of-network ATM machine.
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

You might expect that a bank’s most premium-level account would come with a higher monthly fee, and boy does it ever: a whopping $25 per month. Luckily, there is a way to get it waived, but that’ll also cost you. Specifically, you’ll need to have at least $15,000 combined across all your Lakeland Bank accounts — deposit accounts like CDs, savings accounts and outstanding loan balances.

In return, you’ll earn a small amount of interest. You’ll also qualify for rate discounts on Lakeland Bank loans when you set up automatic payments from this checking account, although the bank doesn’t specify how high those rate discounts are. Similarly, you can get unspecified “special rates” on CDs. Finally, you can get free checks and money orders with this account and a small amount ($1,000) of ID theft protection and assistance.

If the additional benefits of the Elite Checking account piqued your interest, you also have the option of adding them onto your Platinum Checking account. But again, there’s a cost: an extra $3 per month, with no way to waive the fee.

How to get Lakeland Bank’s Platinum Checking account

You can apply for this account online or at a Lakeland Bank branch. If you’re opening it online, you’ll still need to provide a valid ID and send in a signature card. Even if you opt for the online opening, you’ll still need to live within Lakeland Bank’s core service area.

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Personal Checking with Interest

This is Lakeland Bank’s only other interest-bearing checking account.
APYMinimum Balance to Earn APY
0.03%
$1.00
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If the Platinum Checking account features overwhelmed you, this account may be a better option for you. The only perk it offers (besides offering a similar amount of interest) is a small $1,000 identity theft protection and assistance package.

But again, you’ll need to make sure you can consistently meet the requirements to waive the monthly fee on this account. If your average account balance drops below $500 for any given month, you’ll have to pay up a high $15 monthly fee for the account. Given the poor interest rate offered on this account, it’s unlikely that you’ll come out ahead if you have to pay the monthly fee, even if you do earn interest.

How to get Lakeland Bank’s Personal Checking with Interest account

If you’re a U.S. citizen, at least 18 years old and live within Lakeland Bank’s service area, you can open this checking account. You’ll need to provide the bank with your Social Security number, a valid ID, your personal contact information and a way to fund your new account. If you apply online, Lakeland Bank will require you to mail in a signature card before your account can officially be opened.

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Classic Checking

This account allows you to write an unlimited number of checks for the cheapest price.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you don’t really care about earning interest or anything fancy but still use your checking account frequently, this might be the best account for you at Lakeland Bank. That’s because there are no limitations on how many checks you can write each month with this account, and it comes with a smaller monthly fee. You’ll pay $6 per month to have this account, but if you keep at least $250 in the account, this fee will be waived.

Even though this account doesn’t really have too much fanciness going on with it, it still comes with $1,000 in ID theft protection and assistance. In fact, most of Lakeland Bank’s checking accounts come with this feature, so there’s almost no getting away from it.

How to get Lakeland Bank’s Classic Checking account

You can apply for a Classic Checking account in person or online on Lakeland Bank’s website. To be eligible for an account, you’ll have to be at least 18 years old, live within Lakeland Bank’s service area, have a Social Security number and be able to fund your new account with an opening deposit. Those who apply online will have to send in a signature card to complete their application.

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Student Checking

This is Lakeland Bank’s only free checking account, and it’s only available to students between the ages of 17 and 24.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you’re a student between the ages of 17 and 24 and want to open an account at Lakeland Bank, you’ll definitely want to go for this one. It’s the only one Lakeland Bank offers that doesn’t carry a monthly fee.

There are a few other nice things that come with this account. Like almost all of Lakeland Bank’s checking accounts, this one comes with $1,000 in ID theft protection and assistance, but it also comes with roadside assistance and free overdraft transfers. To get this free overdraft protection, you’ll have to visit a branch location in person to set it up and use a savings account that’s in your name.

Once you reach age 25, Lakeland Bank will automatically convert this account into a Classic Checking account. You’ll definitely want to reassess your checking account at that point, because the Classic Checking account does carry a monthly fee. Finally, you’ll also need to sign up for e-statements within 60 days after you open this account. If you don’t, it’ll automatically be converted to a Classic Checking account.

How to get Lakeland Bank’s Student Checking account

If you’re under age 18, you’ll need a parent or guardian to open this account with you as a joint owner. You’ll also need to show proof that you are, in fact, a student, either at a high school or a college. Lakeland Bank doesn’t accept online applications for this account, so you’ll need to visit a local branch location to apply for it.

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Consumer Checking

This account is best for people who don’t make a lot of purchases each month.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

This account is a bit odd. For starters, you’re only allowed to write eight checks per month from this account. If you need to write more than that, you’ll have to pay a $0.50 processing fee per check (ouch).

Then there’s the monthly fee. It’ll cost you $3 per month to get this account, and Lakeland Bank doesn’t offer you any ways to have the fee waived. That means each month, every month, you’ll have to pay $3 to keep this account open.

How to get Lakeland Bank’s Consumer Checking account

If for some reason you decide this account is right for you, you’ll need to head to a local Lakeland Bank branch to get it. The bank does not offer the ability to apply for this account online.

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How Lakeland Bank’s checking accounts compare

Each of Lakeland Bank’s checking accounts comes with a high monthly fee, except for its Student Checking account.

Most of these checking accounts come with small perks, such as ID theft protection that you may never have to use, or random unspecified discounts or deposit account rate increases. But for the accounts that do offer interest, it’s such a small amount that you probably won’t even really feel it.

If you’d like to find a better checking account that offers significantly higher interest rates for no (or lower) fees, consider one of these top online checking accounts instead.

Lakeland Bank’s savings account options

Statement Savings

This is a pretty typical big-bank savings account — high monthly fee and low interest rate.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $5 (can we waived)
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

Unfortunately, Lakeland Bank only offers one savings account for adults, and this is it. It’s your only option. Any interest payments you earn with this paltry interest rate will be tallied up and applied to your account on a quarterly, not monthly, basis.

Although you only need $100 to open this account, try to wait until you can keep at least $250 in the account. If your average daily balance drops below this level, you’ll have to pay a $5 fee for that month. Due to federal Regulation D, you can make up to six certain withdrawals/transfers per month from this account without penalty from the bank. If you need to make more than that, you’ll pay a $10 fee for each extra withdrawal.

How to get Lakeland Bank’s Statement Savings account

You can apply for this account online if you wish. If you do, you’ll need to provide your name, contact information, Social Security number and a valid ID to prove your identity. You’ll also need to send in a signature card. Alternatively, you can apply for an account in person and open it immediately.

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Young Savers

This free account will match up to a $10 opening deposit, but that’s the only perk.
APYMinimum Balance to Earn APY
0.05%
$1.00
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

This youth savings account is available to anyone under the age of 21. Sadly, it also offers a small interest rate, but it does come with a few other (rather unimpressive) perks.

When your child opens this account, Lakeland Bank will match their opening deposit and credit it to the account within 45 days. It’ll only match up to $10, however. This account is also free, which is nice, considering that children often don’t have the chops to get fees waived every month. Your child is allowed to make up to six certain withdrawals/transfers without penalty imposed by the bank per federal Regulation D, unless they want to pay a $10 fee for each extra withdrawal.

Once your child turns 21, this account will turn into a Statement Savings account, complete with a $250 minimum balance requirement in order to waive a $5 monthly fee.

How to get Lakeland Bank’s Young Savers account

You’ll need to visit a local branch to open this account, as online applications are not supported. If your child is under age 18, you’ll need to open the account with them as a joint owner. You’ll also need to provide both of your Social Security numbers on the application.

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How Lakeland Bank’s savings accounts compare

If you’d like to earn the best interest rates possible, the verdict is clear: You won’t be able to do that at Lakeland Bank, sadly. In fact, we would call these interest rates downright poor. You can do much, much better, even at other local banks.

Furthermore, we think it’s silly that the bank charges for its adult savings account. It shouldn’t cost you money to save, even if there are ways of getting around it with certain minimum balance levels. That’s just plain inconvenient. If you’re saving up for a specific purchase, for example, this means you’ll need to save up your target amount plus an extra $250 just to make sure you can still meet the minimum balance requirements after you take the money out of your account. Skip this savings account, and find a better one, in our opinion. Try our list of the highest-yielding savings accounts out there.

Lakeland Bank’s CD rates

CDs

Lakeland Bank offers more CDs than this, but it doesn’t publish all their rates online.
TermAPY
9 month special1.85%
13 month special2.25%
23 month special2.40%
35 month special2.35%
48 month special2.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs from 3 months to 1 year, you’ll pay 3 months’ worth of interest. For CDs over a year, you’ll pay 6 months’ worth of interest.

You can earn higher interest rates on your savings at Lakeland Bank if you’re willing to stash them away in a CD for a longer period of time. The bank claims that it offers CDs from seven days all the way out to 48 months, however it doesn’t post the rate information for these CDs (or even what terms are offered) on its website. To find out what CDs are being offered and for how much, you’ll need to contact the bank directly.

If you’ve got really large deposit (over $250,000), Lakeland Bank also participates in a CDARS program that spreads your money out across several banks so that you can keep your deposit under the $250,000 FDIC insurance limit.

We do know what happens when these CDs mature, however. They come with pretty standard CD maturity policies. After the term ends, they will automatically roll over into another CD, with a 10-day grace period where you can withdraw your money or make any other changes to the CD.

How to get Lakeland Bank’s CDs

You’ll need to visit a Lakeland Bank location in person in order to open one of these CDs. Remember to bring a valid ID, and a way to fund your new account. If you’ll be funding the account with a bank transfer from your existing account, you’ll need to bring the routing information with you.

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How Lakeland Bank’s CD rates compare

We can’t say much for Lakeland Bank’s regular CD rates since this information is kept offline and not updated where we can see it.

But as for its special CD rates, you can still do better. They’re not horrible rates, but these top-yielding CD accounts offer even higher rates, and they’re not on special.

Lakeland Bank’s money market account option

Platinum Tiered Money Market

This low-yielding account needs at least $2,500 in it to avoid a $10 monthly fee.
APYMinimum Balance to Earn APY
0.05%
$1-$14,999.99
0.10%
$15,000-$24,999.99
0.15%
$25,000-$99,999.99
0.20%
$100,000-$249,999.99
0.20%
$250,000-$499,999.99
0.25%
Over $500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $10, unless you keep at least $2,500 in the account
  • ATM fee: $3 for each out-of-network withdrawal
  • ATM fee refund: None
  • Overdraft fee: $35 per item. If you set up a backup account or line of credit for overdraft protection, you’ll only pay $10 per transfer. If your account stays overdrawn, you’ll pay $7 per day starting on the 5th day until you’ve brought the balance positive, or until you’ve paid $98 in these fees.

If you don’t want to lock your money away in a CD but still want to earn higher interest rates than on Lakeland Bank’s savings account, this might be a better account for you. To get it, we’d recommend waiting until you’ve got at least $2,500 stockpiled up because if you keep less than that in the account, you’ll have to pay a $10 monthly fee.

You can earn the highest interest rates on balances over $500,000, but that might be dangerous. FDIC insurance only covers you for $250,000, and in the event that Lakeland Bank goes under, you could lose your excess deposits.

Finally, as with all money market and savings accounts, you are allowed to make up to six certain withdrawals/transfers per month without penalty from the bank. This is due to federal Regulation D rules. Each withdrawal after that comes with a $10 excess transactions fee.

How to get Lakeland Bank’s Platinum Tiered Money Market account

Lakeland Bank offers the option of opening this account online. If you opt for online account opening, you’ll need to send in a signature card before your account can be officially opened. Regardless of whether you open the account online or in person, there are a few details you’ll need to provide on your application, including your name, contact information, Social Security number and a valid ID.

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How Lakeland Bank’s money market account compares

It probably won’t come as a shock by now, but we’d say that Lakeland Bank’s money market account offers very poor rates. Sure, they’re better than the bank offers on its savings accounts, but that’s not saying much.

Instead, you can earn much better rates by choosing one of the top high-yield money market account at another bank or credit union. With these accounts, you won’t need to wait until you have hundreds of thousands of dollars saved up to earn super-high interest rates.

Lakeland Bank’s IRA account options

IRA CDs

You’ll need to contact Lakeland Bank directly to get the details on its regular IRA CDs.
TermAPY
9 month special1.85%
13 month special2.25%
23 month special2.40%
35 month special2.35%
48 month special2.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs from 3 months to 1 year, you’ll pay 3 months’ worth of interest. For CDs over a year, you’ll pay 6 months’ worth of interest.

Lakeland Bank offers these IRA CDs within either traditional IRAs or Roth IRAs. It’s up to you to choose which one is best for your tax situation.

Lakeland Bank doesn’t offer a lot of information about its regular IRA CDs — namely, what exact terms it offers, and how much it pays out for interest. For that, you’ll need to contact the bank directly. It does post limited information about the special IRA CDs it offers, however, which we’ve posted above.

When these IRA CDs mature, they’ll automatically roll over into a new IRA CD for the same term length. After each maturity, you’ll get a 10-day grace period to withdraw the money, roll it over into a new IRA at a different institution or add more money. Once you reach age 59 1/2, you can withdraw money from the IRA CDs without having to pay any early withdrawal penalties.

How to get Lakeland Bank’s IRA CDs

Lakeland Bank requires everyone to open these accounts up at a local branch instead of online. Remember to bring a valid ID with you when you visit the branch.

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How Lakeland Bank’s IRA CD rates compare

Just like with Lakeland Bank’s regular CDs, we can’t really say with much certainty how they compare with other banks since they don’t make that information freely available online. We can compare its special IRA CDs, however, although the results are a bit disappointing.

Even with the presumably higher rates offered on its special IRA CDs, Lakeland Bank falls short when compared with the top IRA CD accounts out there. Our advice? Find the highest-yielding IRA CD you can so that your money can be working to maximum effect to help you save for retirement.

Overall review of Lakeland Bank’s banking products

Our take on Lakeland Bank is this: When it comes to fees and interest rates, Lakeland Bank is a flat-out poor bank to work with.

None of its accounts offer particularly good terms, while almost all of them come with high fees. For example, you can expect to pay up to $25 per month for the Platinum Checking account — $25 per month! And while it is possible to get the fee waived, chances are you’ll still end up paying it sooner or later because you’ll forget what the requirements are over time, slip up and be slapped with a high fee. No thanks.

In today’s era of online banking, it’s just too easy to find an account that won’t charge you a high amount of fees, and will offer a great interest rate to boot. Your wallet (and your future self) will be happier down the road.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Reviews

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1953
Total Assets$0.7B
LEARN MORE on Direct Federal Credit Union’s secure websiteNCUA Insured

Direct Federal Credit Union is a small financial co-op that has been in business since 1953. And while they only have one branch, located in Needham, Mass., their customers have access to free withdraws from some 900,000 ATMs worldwide through the NYCE®, CIRRUS and SUM ATM networks, as well as certain ATMs in Publix supermarkets.

Not everyone can join the Direct Federal Credit Union. To qualify for membership, you need to meet one of the following:

  1. You live, work (or regularly conduct business in), worship or go to school in Norfolk or Middlesex counties in Massachusetts.
  2. You have an immediate family member who lives, works (or regularly conducts business in), worships or goes to school in Norfolk or Middlesex counties in Massachusetts.
  3. Your employer participates in the Direct at Work program, where businesses partner up with Direct Federal Credit Union to provide financial services to their employees.

If you meet any of the following criteria, you can apply for membership online or at the Direct Federal Credit Union branch. You will need to provide your contact information, Social Security number and a form of government ID for the application. You will also need to open a Member Savings account to be able to open any other accounts you may want. There’s no fee or minimum deposit though, so you can set up your membership without adding money.

Direct Federal Credit Union is a non-profit and distributes their earnings back to their members. They say that thanks to this structure, they can deliver higher rates and better products. We researched all their deposit accounts to see if that’s really the case and explained what we found throughout this review.

Direct Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

Direct Federal Credit Union Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.35%

CD Rates

Direct Federal Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.75%

CD Rates

Direct Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.85%

CD Rates

Direct Federal Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Direct Federal Credit Union checking account options

Direct Federal Credit Union Hub Checking Account

The Hub Checking account doesn’t earn interest but is otherwise excellent, thanks to its low fees and bank benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: Up to $20 per month
  • Overdraft fees: $30

Direct Federal Credit Union does not require an opening deposit for the Hub Checking account. You can set one up for any amount or for no deposit at all. However, to qualify for this account you need to sign up for e-statements and set up a direct deposit.

Direct Federal Credit Union waives these requirements, though, if you are 65 and older or under age 25. If you don’t meet these requirements, they downgrade you a non-Hub Checking account, covered below.

The Hub account does not charge a monthly maintenance fee; it also does not pay interest. However, it comes with several bank benefits. You receive free checks, official checks and traveler’s checks. You also receive a free credit report each year. And if you ever request a stop payment, there is also no fee.

With the debit card, you can make withdrawals from any ATM and Direct Federal Credit Union will not charge a fee, even for out-of-network transactions. In addition, they will refund up to $20 per month in fees from out-of-network ATM owners.

To open a Hub Checking account, you need to be a member of the Direct Federal Credit Union. If you haven’t joined yet, you can set up this account as part of your new membership application, using the same information.

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Direct Federal Non-Hub Checking Account

A downgraded account for customers who don’t meet the Hub Checking account requirements. It has much higher fees and fewer benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (waived for the first three months.)
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $2 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

If you don’t meet the Hub Checking account requirements (e-statements and a direct deposit), Direct Federal Credit Union will switch you to a Non-Hub Checking account. This account also does not earn interest and does not have a minimum opening deposit requirement — however, the fees are higher.

First, this account charges a $10 monthly maintenance fee. It’s waived for the first three months, but after that there’s no way to avoid it — unless you re-qualify for Hub Checking. The Non-Hub Checking account also charges a $2 fee when you use out-of-network ATMs. Finally, there is no refund for out-of-network ATM charges on this account.

The Non-Hub Checking account also does not include other bank benefits, like free checks.

You do not sign up for the Non-Hub Checking account directly; it’s not an option on their application form. Instead, Direct Federal Credit Union tracks whether you meet the requirements after signing up for Hub Checking and if you don’t, they’ll switch you to this account.

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How Direct Federal Credit Union’s checking accounts compare

When it comes to delivering the essentials, these checking account does an excellent job. There’s no monthly fee, it comes with free checks and a credit report, and Direct Federal Credit Union doesn’t charge anything for out-of-network ATM transactions. They also refund up to $20 per month in fees from out-of-network ATM owners for those with The Hub Checking account.

Now, you’ll need to qualify for the Hub Checking account or else they’ll downgrade you to a non-Hub Checking account with much higher fees. But it’s very easy — all it takes is setting up e-statements and a direct deposit.

We do have one complaint about their checking account: It doesn’t earn interest. If you could get all these banking benefits while also earning a nice return on your money, why not take the upgrade? These top checking accounts offer many of the same perks as Direct Federal Credit Union while paying spectacular interest rates.

Direct Federal Credit Union savings account options

Direct Federal Credit Union Savings Account

Not a bad savings account. There’s no monthly fee and it earns an above average rate.
APYMinimum Balance Amount to Earn APY
0.30%$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

You need to deposit at least $5 to open a Savings account and keep at least this much in your account to earn interest. However, this account does not charge a monthly fee regardless of how low your balance gets.

Direct Federal Credit Union’s savings rate is above average; it’s the same for all balances, so you cannot earn more for depositing more.

With the account debit card, you can make free withdrawals from Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. If you use an out-of-network ATM, Direct Federal Credit Union will charge $1 and they will not refund any fees from the ATM owner.

Certain transactions, like transfers, checks and bill payments, are limited up to six per statement cycle due to Regulation D.

You can open this Savings account online or at their branch. If you aren’t a member yet, you can apply for this account while setting up your membership. You’ll use the same info, and will just need to make your deposit of $5.

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How Direct Federal Credit Union’s savings accounts compare

You could do worse than this savings account. It has no monthly fee, only takes $5 to open and earns an above average interest rate. It’s a huge step-up compared to what you’d get at a larger national bank, with their non-existent returns.

Still, if you put in a little research, there are even better options out there. Take a look at our rankings of of the best savings accounts. You’ll see that these options also have low fees and pay more than triple the rate at Direct Federal Credit Union. Your savings will grow much more quickly with one of these choices instead.

Direct Federal Credit Union’s CD rates

Direct Federal Credit Union Certificates

In between mostly average CD rates, Direct Federal Credit Union has some hidden gems.
TermAPY ($250)APY ($100,000)
3 months0.25%0.30%
6 months0.25%0.30%
7 months2.25%2.30%
8 months0.50%0.55%
9 months0.50%0.55%
11 months2.25%2.30%
12 months1.35%1.40%
15 months1.40%1.45%
18 months2.80%2.85%
21 months1.70%1.75%
24 months1.70%1.75%
30 months3.00%3.05%
36 months1.75%1.80%
48 months1.80%1.85%
60 months1.85%1.90%
  • Minimum opening deposit: $250 ($100,000 for Jumbo).
  • Minimum balance amount to earn APY: $250 ($100,000 for Jumbo).
  • Early withdrawal penalty: For terms less than one year, the penalty is 30 days of dividends on the entire principal balance. For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance.

Direct Federal Credit Union’s Certificate range from as short as 3 months all the way up to 60 months. They have six certificates with terms less than one year, so there’s lot of variety for short-term CDs.

You only need to deposit $250 to open a regular certificate and keep this much in the account to earn the APY. They also offer slightly higher jumbo rates for deposits of at least $100,000.

The majority of Direct Federal Credit Union’s Certificate rates are just average, but they do have some terrific offers. As of December 2018, their best rates were for their 7 month, 11 month, 18 month and 30 month Certificates.

If you take money out of your certificate before the maturity date, Direct Federal Credit Union will charge a penalty:

  • For terms less than one year, the penalty is 30 days of dividends on the entire principal balance.
  • For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance.

You can open any of these Certificates online or at their branch. If you aren’t a member yet, you can set these certificates up along with your membership. You’ll just need to make your deposit of at least $250 along with your application.

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How Direct Federal Credit Union’s CD rates compare

For the most part, Direct Federal Credit Union’s Certificate rates are average to below average. However, they have a few hidden gems mixed between everything — their 7 month, 11 month and 30 month Certificates pay rates that are as good as anyone else out there.

Pay attention when you sign up — a longer term doesn’t always mean a higher rate. For example, their 30 month Certificate pays nearly twice as much as the 60 month, despite tying up your money for a much shorter amount of time.

Besides the rates, we appreciate that Direct Federal Credit Union lets you open a certificate for just $250, much lower than the standard $1,000 minimum at most lenders. Also, their early withdrawal penalties are low, so they don’t ding you too badly for taking money out before the maturity date.

If one of the Direct Federal Credit Union’s top offers matches your savings goal, they are an excellent choice. But if the terms don’t fit your timeline or you just want to make sure you’re getting the best deal, you can compare against this list of the best CD rates in the country.

Direct Federal Credit Union money market account options

Direct Federal Credit Union Rate Riser Money Market Account

If you can cover this account’s $25,000 balance requirement, you’ll be rewarded with a spectacular interest rate.
APYMinimum Balance Amount to Earn APY
2.00%$25,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1.00 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

The Rate Riser Money Market account requires an opening deposit of at least $500. Deposits into this account have to be new money only, meaning funds that aren’t already at Direct Federal Credit Union.

However, this account doesn’t start paying interest unless you have a minimum daily balance of $25,000. If you ever fall below that limit, you won’t earn interest for the month.

In exchange for this tough requirement, the Rate Riser Money Market account pays a fantastic interest rate. Direct Federal Credit Union also guarantees that they will add another 0.25% to the interest rate on Jan. 1, 2019; that rate will then be guaranteed until the end of March. After that, they could change it at their discretion.

You are only allowed to make six transfers or withdrawals out of the Riser Money Market account per month. If you go over the monthly limits, Direct Federal Credit Union charges $10 per excess transaction.

Like all Direct Federal Credit Union’s products, you can only open a Rate Riser Money Market account when you’re a member. This special account is listed on their new membership application, so you’re able to take care of that as you join.

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Direct Federal Credit Union Money Market Account

This is Direct Federal Credit Union’s regular money market account. It doesn’t outearn their savings account unless you have a huge balance.
APYMinimum Balance Amount to Earn APY
0.30%$0.01
0.30%$25,000
0.30%$50,000
0.40%$75,000
0.50%$100,000
0.60%$200,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Direct Federal Credit Union, NYCE®, CIRRUS, SUM and certain ATMs in Publix supermarkets. $1.00 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

Direct Federal Credit Union also offers a regular Money Market account. This account does not have an opening deposit requirement, so you can launch for any amount. It also does not charge a monthly maintenance fee.

The Money Market account earns interest on all balances. However, the rates aren’t great: you’ll need a balance of at least $75,000 before you earn more than Direct Federal Credit Union’s savings account.

The Money Market account limits you to only six transfers or withdrawals per month, including checks. If you make more than six, Direct Federal Credit Union charges you $10 for each excess transaction.

You can open a Direct Federal Credit Union Money Market account online or at a branch. It’s on the new membership application, so you can set this up at the same time as joining the credit union.

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How Direct Federal Credit Union’s money market accounts compare

If you plan on keeping at least $25,000 in your money market account, Direct Federal Credit Union could be an excellent choice. Their Rate Riser already pays a phenomenal rate and it will only get better in 2019, when they increase by another 0.25%. The only catch is that if your balance ever falls below $25,000, even for a day, you won’t earn interest for the month.

Besides Rate Riser, Direct Federal Credit Union has a less-impressive standard Money Market account. While it has no monthly fee and pays interest on all balances, the rates aren’t great. You need to deposit $75,000 to outearn the savings account — and with that amount, you could easily qualify for the Rate Riser instead.

For large deposits, we strongly recommend the Direct Federal Credit Union Rate Riser account. If you plan on depositing less or want to see what else is out there, we highly recommend these money market accounts. They are competitive with Rate Riser and some of them can be opened for a lot less than $25,000.

Direct Federal Credit Union’s IRA CD rates

Direct Federal Credit Union Fixed Rate IRA Certificates

You can open any of the Certificates in an IRA. Pay attention to the rates when you sign up as some terms are much better than others.
TermAPY ($250)APY ($100,000)
3 months0.25%0.30%
6 months0.25%0.30%
7 months2.25%2.30%
8 months0.50%0.55%
9 months0.50%0.55%
11 months2.25%2.30%
12 months1.35%1.40%
15 months1.40%1.45%
18 months2.80%2.85%
21 months1.70%1.75%
24 months1.70%1.75%
30 months3.00%3.05%
36 months1.75%1.80%
48 months1.80%1.85%
60 months1.85%1.90%
  • Minimum opening deposit: $250 ($100,000 for Jumbo).
  • Minimum balance amount to earn APY: $250 ($100,000 for Jumbo).
  • Early withdrawal penalty: For terms less than one year, the penalty is 30 days of dividends on the entire principal balance withdrawn. For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance withdrawn.

Direct Federal Credit Union lets you open any of their regular certificates as part of an IRA, for your retirement plan. The rates and terms are identical, ranging from 3 months up to 60 months.

You need to deposit at least $250 to open a regular Fixed Rate IRA Certificate. Direct Federal Credit Union also offers Jumbo IRA Certificates, with slightly higher rates, for a deposit of $100,000.

Most of the Fixed IRA CD rates are just average, but they do have a few extremely generous offers mixed in. As of December 2018, the best rates were for the 7 month, 11 month, 18 month and 30 month terms.

If you take money out of a Fixed Rate IRA CD before the maturity date, Direct Federal Credit Union charges an early withdrawal penalty. The penalty amount depends on your original maturity:

  • For terms less than one year, the penalty is 30 days of dividends on the entire principal balance withdrawn.
  • For terms of one year and longer, the penalty is 90 days of dividends on the entire principal balance withdrawn.

The IRA CDs are not presented as an option of Direct Federal Credit Union’s new membership application form. You’ll need to join as a member first and then you can set up these accounts, either at a branch or through your online banking portal.

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Direct Federal Credit Union Variable Rate IRA CD

Direct Federal Credit Union also has a variable rate IRA CD that lasts 24 months. You can open it up for a smaller amount of money and the rate can change over time.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

Besides their Fixed IRA CDs, Direct Federal Credit Union has a 24 month Variable Rate IRA CD. You can open this account for a deposit of just $50. In addition, you can add more money after you open — it’s not a one-time deposit like for the IRA CDs.

Since this is a variable rate IRA CD, the amount you earn can go up and down each month, depending on market conditions. However, Direct Federal Credit Union did not publish this rate, so we could not compare it against the Fixed Rate IRA CDs.

After you open, you are supposed to keep your money in the Variable Rate IRA CD until the end of the 24 month term. If you take money out before then, Direct Federal Credit Union will charge a penalty worth 90 days of dividends on the amount you withdrew.

You can only open a Variable Rate IRA CD after you join the Direct Federal Credit Union as a member; and it does not feature on the new membership form. Once you’re signed up, though, you can apply for this account online or at their branch.

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Direct Federal Credit Union IRA Money Market Account

For more flexible access to your savings, you can set up an IRA Money Market account. The rates are lower than an IRA CD but there is no early withdrawal penalty.
APYMinimum Balance Amount to Earn APY
0.30%$0.01
0.30%$25,000
0.30%$50,000
0.40%$75,000
0.50%$100,000
0.60%$200,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: None

Direct Federal Credit Union also offers their money market account for IRAs. You need to deposit at least $500 to open this account. You can also add money whenever you want after opening, unlike a Fixed Rate IRA CD.

This account earns interest on all balances, though the rates are significantly lower than the Fixed Rate IRA CDs. In exchange, you can take money out whenever you want without owing a penalty to Direct Federal Credit Union. Finally, the IRA Money Market account does not charge a monthly fee.

Like the other retirement plans, you can only open an IRA Money Market account after you become a member of the Direct Federal Credit Union. They don’t include IRAs on their new membership application. Join first and then you can apply for this account.

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How Direct Federal Credit Union’s IRA CD rates compare

Direct Federal Credit Union offers all kinds of variety for your retirement plan. First, they have over a dozen terms available for Fixed Rate IRA CDs. You can find plenty of both short and long-term accounts. Direct Federal Credit Union also offers a Variable Rate account, which you can open for a smaller balance, and an IRA Money Market account, which lets you take money without an early withdrawal penalty.

If you ask us, it’s almost too much variety, since not all of the IRA CD rates are of the same quality. Some are exceptional, like the 7 month, 11 month and 30 month term; some are average, and a few are below average. Having choice is nice, but they might want to trim down their offerings to just the best products.

With that being said, if you focus on their best offers, Direct Federal Credit Union has some excellent IRA CDs. They are right up there with the very best IRA CDs nationwide.

Overall review of Direct Federal Credit Union’s banking products

No matter your financial goal, chances are you can find a quality fit at Direct Federal Credit Union. If you’re trying to earn a high return on your savings, they offer some excellent CD and IRA CD rates. They also have a money market special which pays one of the highest returns we’ve seen for this type of account.

The Hub Checking account also gets the job done for your banking needs because it has no monthly fee, up to $20 in refunds for ATM fees each month and benefits like free checks.

Nobody’s perfect, and even these great accounts have some minor issues. It would have been nice for their checking account to earn interest. In addition, their special Rate Riser Money Market account requires a $25,000 balance and you have to open it with new funds, money not already at Direct Federal Credit Union. Still, these are just minor issues.

Ultimately, our biggest complaint about Direct Federal Credit Union is that their products are only available for a small service area, for people in Norfolk or Middlesex counties in Massachusetts. If you happen to be in these areas, be sure to check this lender out. The rest of us are jealous.

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.

David Rodeck
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David Rodeck is a writer at MagnifyMoney. You can email David here

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Reviews

Beal Bank USA Review: Savings, CDs, Money Market and IRA CDs

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Beal Bank USA is based in Las Vegas and offers products meant to help you set aside money for a rainy day or when you retire. Though it has 21 physical branches in the U.S., the bank doesn’t have checking accounts, debit cards, ATMs or loan products.

The only way to access your cash is by writing a check — so if you’re looking for a place to do most of your banking, Beal Bank USA or its nearly identical partner company Beal Bank may not be the best choice. But if you’re looking for an account that you can use for short-term or long-term savings, then read on to find out what we think about Beal Bank USA’s savings, CD, money market and IRA CD accounts. You’ll need to contact the bank or visit its website to find current rates.

Beal Bank USA’s savings account options

Statement Savings

This savings account offers a lot of hassle and little benefit to customers.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Quarterly account maintenance fee: $3 (this can be waived)
  • Overdraft fee: None

The statement savings account is pretty bare-bones — just a place to park your money. If all you’re looking for is a place to stash short-term savings, it’s an option especially if you don’t want to be tempted to take your cash out immediately.

Right now, the only way to take out money is via check, wire transfer or electronic transfer. Beal Bank USA does not originate electronic transfers on its end; rather, you have to do it via an external account. Customer representatives told us that you’ll need to call Beal Bank USA at (877) 879-2325 so the bank can give you further instructions — essentially, you’ll need to go through an external bank so that you can request money from your Beal Bank USA account. However, Beal Bank USA can accept deposits via electronic transfers.

If you want to withdraw money using wire transfer, you’ll have to do so in writing by providing information such as your account number and how much you want to take out. Beal Bank USA does charge you for this service — $15 for domestic and $60 for international wires.

Regulation D allows you up to six certain withdrawals per month without penalty by the bank, but Beal Bank USA also limits you to nine per quarter. Once you exceed that limit, you’ll need to pay $1 for each withdrawal. As for the quarterly maintenance fee, Beal Bank USA won’t charge you if you maintain a minimum daily balance of $500.

How to get the Statement Savings account

If you’re at least 18 years old and a U.S. citizen, you can apply for a statement savings account by filling out an online application form. First, enter in personal details like your name and Social Security number, then agree to Beal Bank USA’s disclosures. After verifying your identity, you’ll need to make your initial opening deposit via check, electronic or wire transfer.

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How Beal Bank USA’s savings account compares

Unfortunately, there are quite a few strikes against using this account. From the limitations on how one can make withdrawals, to the fees charged for doing so, it seems like a bit of a hassle to access your money. Other online competitors like the ones on our list of the best online savings accounts offer much more convenient ways to withdraw or transfer funds.

Beal Bank USA’s CD rates

Certificates of Deposit

The early withdrawal penalty seems rather complicated.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your CD term is a year or less, you’ll be penalized 1% of the amount you withdraw or half of the replacement cost, whichever is greater. If your CD term is more than a year, you’ll be penalized 1% of the amount you withdraw or the replacement cost, whichever is greater. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

These fixed-rate CDs offer a guaranteed rate of return, assuming you keep all the money in the account until maturity. Any interest earned is compounded and deposited into your CD each quarter.

The early withdrawal penalty seems to be a bit confusing, so here’s a quick example:

Say you want to withdraw $10,000 on your 24 month CD one year in. The bank determines the replacement cost to be $200. One percent of $10,000 is $100, so your early withdrawal penalty would be $200, since that amount is greater.

When the CD matures, your account will automatically be renewed, unless you make changes in writing within the 10-day grace period. Changes you can make include making withdrawals, additional deposits and renewing for another term.

How to get Beal Bank USA’s CDs

You can apply for an account using Beal Bank USA’s online application form if you’re a U.S. citizen and at least 18 years old. First, fill in your personal information such as your name and Social Security number. Select the term you want and agree to Beal Bank USA’s disclosures. Once you verify your identity, you can fund the account via check, electronic or wire transfer.

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How Beal Bank USA’s CD rates compare

We like that there are a variety of terms for Beal Bank USA’s CDs, which are pretty comparable with other products out there — however, the early withdrawal penalty seems a bit confusing to us. So if that’s going to be an issue for you, it’s probably best to look for alternatives, like the ones on our list of the best CD rates.

Beal Bank USA’s money market account option

Money Market

The monthly maintenance fee seems a bit steep, but you can get it waived.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)

Just like the savings account, you can only access your money in Beal Bank USA’s money market account via check or through an electronic or wire transfer. If you want to make a transfer to an external account, you have to call customer service at (877) 879-2325 to receive instructions on how to do so. Customer representatives told us it’s pretty much the same as what you would do with the savings account — you’ll have to initiate a withdrawal from Beal Bank USA from your external bank account.

There is a $10 monthly maintenance fee, but Beal Bank USA won’t charge you if you maintain a $1,000 daily minimum balance. When making certain withdrawals, keep in mind that Federal Reserve Regulation D limits you up to six per month without penalty imposed by the bank. Beal Bank USA will charge you $10 per excessive withdrawal.

How to get Beal Bank USA’s money market account

Opening a money market account can be done online by filling out an application form through Beal Bank USA’s website. You’ll be asked to provide personal details such as your name and Social Security number, and then a way to fund the account.

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How Beal Bank USA’s money market account compares

Beal Bank USA’s money market account requires a pretty low opening deposit amount compared to the some listings on our collection of the best money market accounts, but you won’t be able access your money as easily. Some online competitors do offer some ATM access, and may have a more convenient way to access funds — so if that’s important to you, then go elsewhere. Otherwise, this account isn’t too shabby.

Beal Bank USA’s IRA CD rates

IRA CDs

These accounts could be a good conservative investment option.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If you have a CD term that’s a year or less, you’ll need to pay 1% of the amount withdrawn or half of the replacement cost, whichever is the larger amount. If you have a CD term that’s more than a year, you’ll need to pay 1% of the amount withdrawn or the replacement cost, whichever is more. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

The IRA CD offers pretty much the same terms as their regular CDs — although you’ll need to contact Beal Bank USA for a list of its current rates, since they’re not advertised on the website. What we do know is you’ll be offered a guaranteed rate of return if you keep everything in the account until it matures. Interest you earn is compounded and credited quarterly to the account.

Like the regular CDs, the early withdrawal penalty differs depending on how much you take out and how much time until the account matures. Let’s say you take out $1,000 and you still have 24 months until maturity. The bank determines the replacement cost to be $40 based on its calculations, and 1% of $1,000 is $10. Your early withdrawal penalty will be $40 because that amount is greater. There may also be IRS penalties on top of this amount.

Your IRA CD will automatically renew unless you make changes by writing to Beal Bank USA within its 10-day grace period. These changes include making additional deposits, withdrawals or renewing for a different term.

How to get Beal Bank USA’s IRA CDs

If you’re at least 18 years old and a U.S. citizen, you can contact Beal Bank USA by calling customer service at (877) 879-2325 to open an account or email them through its secure contact form. If you email the bank, you’ll need to provide your contact information so a customer service representative can contact you. For either option, you’ll need to provide information such as your name and Social Security number.

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How Beal Bank USA’s IRA CD rates compare

What we like about Beal Bank USA’s IRA CD is that their minimum opening deposit requirements don’t seem that high compared to other places, which is helpful if you don’t have a lot to invest. However, just like the regular CDs, the early withdrawal penalties appear confusing, so we recommend contacting the bank to ask about them and doing some shopping around for other IRA CDs before deciding if these accounts are the best for you.

Overall review of Beal Bank USA’s banking products

Both the money market and savings account don’t make it easy to withdraw money. Making an electronic transfer is a bit of a hurdle, but customer service seems responsive, so it may not take you that long. We also like some of the shorter terms for the regular CDs, so that’s another account to consider.

Overall, these accounts are pretty bare bones and could be worth it if you’re not interested in the bells and whistles other banks offer. However, we still recommend shopping around, since we don’t believe that any of these accounts are good if you’re looking for an account to do your regular transactions.

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.

Sarah Li Cain
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Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1934
Total Assets$1.9B
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TTCU Federal Credit Union was founded in 1934 as Tulsa Teachers Credit Union and has grown into the second-largest credit union in Oklahoma with $1.8 billion in assets. TTCU Federal Credit Union has more than 130,000 members today, counting teachers, school administrators, students, and staff, and over 600 affiliated groups among its customers.

To open an account at TTCU Federal Credit Union, you must first become a member. Membership is open to:

  • Employees, volunteers and students at one of more than 220 selected schools in Oklahoma.
  • Employees, members or volunteers at an affiliated company or group, as outlined on the credit union’s website.
  • Members, employees or volunteers of the Oklahoma Parent Teachers Association.
  • Persons retired from any of the above.

Immediate family members or people who share a household with eligible members are also able to apply for membership. Applicants can become members either online, at a branch or by calling (918) 749-8828, where a customer service representative can assist with the membership process.

Most TTCU Federal Credit Union accounts can be opened online. You’ll need the following information and documentation to proceed:

  • Social Security number
  • Valid ID, like a passport, military ID, or driver’s license
  • U.S. citizenship or resident alien status
  • Funding information, if coming from an external account

You’ll also need to provide various personal and financial information, including your name, date of birth and address. The credit union will also obtain a copy of your credit report.

TTCU Federal Credit Union offers a traditional line of consumer banking products, including checking and savings accounts, CDs, IRAs and a money market account. Here’s a look at the fees and charges of each account, along with minimum balance and opening requirements, and other features and benefits.

TTCU Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

TTCU Federal Credit Union Savings (Share) Accounts

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.20%

CD Rates

TTCU Federal Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

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2.40%

CD Rates

TTCU Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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2.80%

CD Rates

TTCU Federal Credit Union 60 Month IRA

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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TTCU Federal Credit Union’s checking account options

Free Checking

This is the entry-level checking account at TTCU Federal Credit Union and does not pay interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee.

TTCU Federal Credit Union’s most basic checking account, Free Checking, still provides a number of the same services that come with all of the credit union’s other checking accounts. The account is not entirely free of fees, but most customers should be able to avoid them. On top of having no monthly maintenance fee, this account doesn’t charge any ATM fees, even at non-network machines — though the ATM owner may still charge its own fee. After the initial opening deposit requirement is met, there is no ongoing minimum balance requirement.

Free Checking comes with the following additional free benefits:

  • Online, telephone and mobile banking
  • Bill pay
  • A Visa check card
  • e-statements
  • Carbonless copies of checks
  • Unlimited check writing

The account offers overdraft protection via the credit union’s Courtesy Pay program, but it does not reduce the overdraft fee.

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Classic Checking

Classic Checking is the next tier up, and the first checking account here that pays interest.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

For the most part, Classic Checking is simply an interest-bearing version of TTCU Federal Credit Union’s Free Checking account. Both accounts have the same minimum opening deposit and no monthly fee, along with no ATM charges. However, customers must maintain at least $250 in this account to avoid a per-check surcharge.

Beyond those small differences, Free Checking and Classic Checking are the same. Both offer free online, mobile and telephone account access, free bill pay, e-statements and check copies, and both come with a Visa check card and unlimited check writing.

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Rewards Checking

Rewards Checking is the top-tier checking account in the TTCU Federal Credit Union lineup.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

Rewards Checking offers the highest level of features and benefits of any TTCU Federal Credit Union Checking account, but there is a modest monthly fee that cannot be avoided. Like the credit union’s other checking accounts, this account comes with a host of free features and benefits, ranging from online, telephone and mobile banking to e-statements, bill pay, copies of checks and unlimited check writing. The account also has the same ATM and overdraft fee structure, meaning there are no ATM fees charged by the credit union but that the overdraft fee cannot be avoided, even with overdraft protection services. As with the credit union’s Classic Checking account, Rewards Checking pays interest on all balances, although the non-tiered structure means all balances earn the same rate.

Rewards Checking offers numerous additional benefits, including travel savings, an interactive benefits feature, and a subscription to Sojourns Magazine. Rewards Checking customers also enjoy enrollment in the following programs (terms may apply):

  • Everyday Rebate Rewards, offering 10% cash back (up to $40) per year on everyday purchases
  • Savers Club, which provides discounts of up to 50% on lodging, car rentals, and theme parks with participating vendors.
  • Bonus Travel, which provides members-only savings when using a Vacation Savings Hotline.
  • ID Network Safety Service, which provides your child with a registered ID.
  • Local Connections, providing discounts and coupons for local merchants.

Rewards Checking customers also receive a free, $10,000 24-hour accidental death insurance policy.

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Fresh Start Checking

Fresh Start Checking is for customers who have a rocky financial history and may need help opening a traditional checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $200 (including fees) but does not reduce the fee

TTCU Federal Credit Union makes it easy for anyone with prior financial missteps to open a basic checking account. Although this account does charge a steep and unavoidable monthly fee, in most other aspects it’s similar to the credit union’s Free Checking account. With both accounts, customers have fee-free access to online, mobile and telephone banking, e-statements, bill pay, check copies, a Visa Check Card and unlimited check writing. This account also allows for overdrafts, although the overdraft protection service only covers overdrafts up to $200 with this account instead of $500.

Although there is no ongoing minimum balance requirement, this account also does not pay any interest. If you maintain this account in good standing for at least one year, you can request to convert it to one of the credit union’s other checking accounts.

How to get TTCU Federal Credit Union’s checking accounts

You can open all TTCU Federal Credit Union checking accounts online. The process requires various personal and financial information, including your Social Security number, citizenship or residency status, valid ID and funding source. If you’re not a member, you’ll have to open join the credit union first by opening a Savings account. The credit union will also run a credit check.

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How TTCU Federal Credit Union’s checking accounts compare

TTCU Federal Credit Union offers a solid range of checking accounts to choose from. Whether you’re looking for a basic account or a rewards account with extensive features and benefits, you can find them all here.

However, some of the accounts have monthly fees that cannot be avoided, and only two pay interest. The rates paid are right near the national average for checking accounts, but the yields aren’t high enough to rank the accounts among the best available checking accounts nationwide.

TTCU Federal Credit Union’s savings account options

Savings

This account is the only traditional savings account offered at TTCU Federal Credit Union.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.40%
$10,000.01
0.55%
$20,000.01
0.70%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $5 if the account balance drops below $100 and no other credit union accounts are opened
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This Savings account is required for membership at TTFCU Federal Credit Union and represents your ownership share. Although there is no ongoing minimum balance requirement, customers must either have additional credit union accounts open or a balance of at least $100 to avoid a modest monthly fee. This account pays interest on all balances across four different tiers, with deposits of more than $40,000 earning the highest interest.

Savings can be accessed via online banking, phone, mail or through electronic withdrawals. Deposits can be made via payroll deduction, electronic deposit or branch night depositories. ATM access is not allowed, however, unless the account is tied to a checking account or an ATM Access account, as outlined below.

Certain withdrawals, including those via pre-authorized or automatic transfer, bill pay, online banking or telephonic means are limited to six per month. Excess transactions may be charged a fee or may cause the closure of the account.

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ATM Access Account

This account gets you ATM access if your other accounts don’t have it.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

The ATM Access account is a special account that can be added to other credit union accounts to provide ATM access. For example, while the traditional Savings account at TTCU Federal Credit Union does not have ATM access, adding a complementary ATM Access account grants that access. Similarly, the Money Market account doesn’t have ATM access, but you can open this account and transfer money market funds to it free of charge to then access the money via an ATM.

This service costs $10 per month, and the account cannot be opened online.

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Youth Savings

Youth Savings accounts at TTCU Federal Credit Union are for kids ages 12 and younger.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Youth Savings account is similar to a standard savings account at TTCU Federal Credit Union but with a few twists designed for its younger clientele. Once the opening deposit requirement is met, account holders receive the following free benefits:

  • A Kids’ Savings Club t-shirt
  • A Kids’ Savings book
  • A $10 Incredible Pizza game card

After the initial deposit, subsequent deposits are rewarded with Kids’ Bucks in lieu of cash dividends. Additional deposits between $1 and $10 earn $1 in Kids’ Bucks, deposits between $11 and $20 earn $2 in Kids’ Bucks and deposits over $20 earn $5 in Kids’ Bucks. Kids’ Bucks can be redeemed for prizes from the safe at a TTCU Federal Credit Union branch.

This account has no ATM access and doesn’t allow overdrafts. However, like other TTCU Federal Credit Union accounts, it can be linked to an ATM Access account to allow machine-based access to your money. You must visit a branch to open this account.

How to get TTCU Federal Credit Union’s savings accounts

You can open TTCU Federal Credit Union’s basic Savings account online. However, for the ATM Access and the Youth Savings accounts, you’ll need to visit a branch. Opening a Savings account online takes about 10 minutes and requires a Social Security number, citizenship or residency status, a funding source and a valid ID. You should also expect the credit union to run a credit check.

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How TTCU Federal Credit Union’s savings accounts compare

TTCU Federal Credit Union’s savings accounts are an interesting collection. There is only one standard savings account, but it pays decent interest rates, with even the lowest tier exceeding the national average and the top tier paying nearly triple the average. However, the rates still can’t compete with the best savings accounts in the nation.

One important note regarding the credit union’s savings accounts is that there is no ATM access with either the basic Savings account or the youth savings account. Customers seeking ATM access will need to open an ATM Access account, which charges a fee.

TTCU Federal Credit Union’s CD account options

Share Certificates (CDs)

Share Certificates are on the shorter side but pay decent rates.
APYMinimum Balance to Earn APYTerm
1.35%
$1,0003 months
1.50%
$1,0006 months
2.20%
$1,0009 months (promo)
2.20%
$1,00012 months
2.10%
$1,00018 months
2.40%
$1,00019 months (promo)
2.20%
$1,00024 months
2.40%
$1,00036 months
2.50%
$1,00048 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

CDs at TTCU Federal Credit Union, also known as Share Certificates, cover a standard range of maturities, from 3 months to 48 months. Terms are a bit short, as many banks and credit unions offer 5 year maturities. Beyond that, TTCU Federal Credit Union’s CDs are fairly standard, with a $1,000 minimum and a 10-day grace period after maturity before auto-renewal. Rates are tiered and generally rise with longer maturities, but the progression is not linear. Currently, two maturities, the 9 month and the 19 month CD, are listed as promotional, meaning they could change or disappear at any time. Early withdrawal penalties apply.

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Share Certificates (Jumbo)

These jumbo CDs pay higher rates for deposits of at least $50,000.
APYMinimum Balance to Earn APYTerm
1.45%
$50,0003 months
1.60%
$50,0006 months
2.30%
$50,0009 months (promo)
2.30%
$50,00012 months
2.20%
$50,00018 months
2.50%
$50,00019 months (promo)
2.30%
$50,00024 months
2.50%
$50,00036 months
2.60%
$50,00048 months
  • Minimum balance to open account: $50,000
  • Minimum balance to earn APY: $50,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

Jumbo CDs at TTCU Federal Credit Union, also known as Share Certificates, cover the same standard range of maturities as the credit unions regular CDs, from 3 months to 48 months. The only difference between the two is that higher yields can be earned on the jumbo CDs, which require a $50,000 minimum.

Rates jump by about 10 basis points per maturity at the moment, although that is always subject to change. As with the credit union’s regular Share Certificates, there are currently two promotional jumbo maturities, the 9 and 19 month maturities. The standard 10-day grace period after maturity before auto-renewal applies, as do the early withdrawal penalties.

How to get TTCU Federal Credit Union’s CD accounts

You can open both types of TTCU Federal Credit Union CDs online. If you’re not a member, you’ll have to open a membership Savings account first. You’ll have to provide your Social Security number, a valid ID and a funding source, in addition to demonstrating citizenship or residency. A credit check is performed at the time you open an account.

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How TTCU Federal Credit Union’s CD accounts compare

TTCU Federal Credit Union offers a high-paying range of CDs. Every single maturity greatly exceeds the national average rate, in some cases doubling or even tripling the average rate. Jumbo CDs pay even higher rates. The best rates at TTCU Federal Credit Union are within range of the best CD accounts available nationwide, but don’t quite top them.

TTCU Federal Credit Union’s money market account option

Money Market Account

This traditional Money Market account pays higher yields than TTCU Federal Credit Union’s savings accounts.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.60%
$5,000.01
0.70%
$20,000.01
0.80%
$30,000.01
1.00%
$50,000.01
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $22

This traditional money market account offers check-writing capabilities but no ATM access. Customers looking to access their money market funds via an ATM can sign up for the ATM Access account, which charges a fee.

The minimum deposit for the Money Market account is $2,500, and subsequent deposits must be at least $100. Similarly, the minimum withdrawal size is also $100. Dividends are paid monthly, using a five-tier APY system. Although even the smallest balances earn interest, the best rates are paid on deposits of over $50,000.

The Money Market account charges a $12 per transaction fee after three withdrawals per month. Certain withdrawals and transfers are limited up to 6 per month, following Regulation D. TTCU Federal Credit Union prohibits additional monthly withdrawals.

How to get TTCU Federal Credit Union’s money market account

You can get a TTCU Federal Credit Union Money Market account online. Opening an account at the credit union requires certain financial and personal information. To proceed, you’ll need your Social Security number, U.S. citizenship or permanent resident status, a valid ID, such as a passport or driver’s license, and a funding source. When you apply, the credit union will run a credit check.

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How TTCU Federal Credit Union’s money market account compares

TTCU Federal Credit Union’s Money Market account is simple and straightforward but does a good job providing what most people want out of a money market: a high yield. Although the account isn’t strong enough to take down the best money market accounts in the nation, it does an admirable job of topping the national average money market rate. Even the lowest tier offers a rate significantly above the national average, while the top rate pays nearly triple the average.

TTCU Federal Credit Union’s IRA options

IRA Savings

The IRA Savings account is a fee-free option for customers with free cash in their IRA.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.60%
$20,000.01
0.75%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Savings account at TTCU Federal Credit Union is a place customers can keep their cash if they don’t want to commit to other investments, such as a CD. Unlike with many institutions, however, this IRA Savings account isn’t simply a parking place for cash. With no monthly fees and high yields, this account is a viable alternative for conservative investors. Interest is paid in three tiers. Although deposits of more than $40,000 earn the highest APY, even the smallest balance earns a respectable rate of interest. As the account is in an IRA, there is no ATM access and no provision for overdrafts. You must visit a branch to open this account.

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IRA Certificates

IRA Certificates are a bit different than the credit union’s regular CDs.
APYMinimum Balance to Earn APYTerm
2.30%
$1,0009 months (promo)
2.30%
$1,00012 months
2.50%
$1,00019 months (promo)
2.30%
$1,00024 months
2.50%
$1,00036 months
2.60%
$1,00048 months
2.80%
$1,00060 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

IRA CDs at TTCU Federal Credit Union are slightly different from the credit union’s regular CDs, also known as Share Certificates. IRA CD maturities range from 9 months to 60 months, and the rates paid are a bit higher.

Otherwise, the two types of CDs share the same $1,000 minimum and 10-day grace period following maturity before auto-renewal. The same early withdrawal penalties apply to both types of CDs as well. TTCU Federal Credit Union also currently offers promo rates on its 9 month and 19 month IRA CDs. The same rates apply to both traditional and Roth IRAs. You’ll need to visit a branch to open this account.

How to get TTCU Federal Credit Union’s IRA products

As mentioned above, you’ll have to visit a branch to open a TTCU Federal Credit Union IRA, as IRAs cannot be opened online. You’ll need to bring certain information and documentation to open an IRA account, including your Social Security number and a valid ID, like a passport, military ID, state ID or driver’s license. You’ll also need to prove U.S. citizenship or resident alien status. If you wish to make a deposit, you’ll need to provide information about your funding source, such as a checking account routing number.

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How TTCU Federal Credit Union’s IRA products compare

IRA CD rates at TTCU Federal Credit Union are high. For every maturity, rates exceed the national average rates, in some cases doubling or nearly tripling the average. In fact, rates are right on par with the best IRA CD rates in the country. The IRA Savings account is another good product for money that would otherwise earn nothing in the IRA.

Overall review of TTCU Federal Credit Union’s products

TTCU Federal Credit Union is Oklahoma-focused, but some of its accounts are on par with the best national banks. However, as with most financial institutions, potential customers will be best served by picking and choosing among the credit union’s best offerings.

On the whole, TTCU Federal Credit Union shines when it comes to the interest it pays. With the exception of the credit union’s two interest-bearing checking accounts, which pay an average rate, all of the accounts at TTCU Federal Credit Union pay commendable rates. While the credit union only offers one traditional savings account, the rate paid is well above average, although not a top rate nationally.

Comparisons improve with the credit union’s money market, CD and IRA accounts. The money market account pays a much better-than-average rate, and the entire CD line pays impressive rates. In both regular and IRA accounts, TTCU Federal Credit Union’s CDs pay rates as high as triple the national average. In the case of the credit union’s IRA accounts, some of the rates paid are among the very best available across the country. Customers that don’t want to tie up their IRA money in a CD benefit from a very generous IRA Savings account rate as well.

One cautionary note: Although ATM access is available with the credit union’s checking accounts, an additional ATM Access account must be opened to provide ATM access for savings and money market accounts. Considering that the ATM Access account carries a high monthly fee that cannot be avoided, it seems like a high price to pay just to get an ATM card.

Overall, members have a wide range of high-paying accounts from which to choose, and some, but not all, are available without a monthly fee.

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

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Reviews

Goldwater Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2007
Total Assets$0.2B
LEARN MORE on Goldwater Bank’s secure websiteMember FDIC

Chartered in 2007, Goldwater Bank already has 45 locations throughout the U.S. The Phoenix-based company is a full-service bank and mortgage lender, but most of its national services are centered on loans.

Currently, only Arizona residents are able to open deposit accounts with Goldwater Bank, and if you want to do any of your banking in person, the only place to do so is at their headquarters. If that works for you and you want to find out if their personal banking products are worth it, read on to find out our review of their products — checking, savings, CD and money market accounts.

Goldwater Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.20%

Savings

Goldwater Bank Goldwater Personal Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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2.55%

CD Rates

Goldwater Bank 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.90%

CD Rates

Goldwater Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

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3.00%

CD Rates

Goldwater Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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Goldwater Bank’s checking account options

Goldwater Checking

You can choose between their standard account or online-only account, but the rates are the same.
APYMinimum Balance to Earn APY
0.05%
$100
0.10%
$5,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10 (paper statements) or $8 (e-statements) – These can be waived
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: $30

Goldwater Bank’s only checking account option isn’t that great considering the low rates it offers. This account is restrictive in that you have to be an Arizona resident to open an account. Features include paper or electronic statements, a Visa check card, online and mobile banking, as confirmed by a bank representative. You can choose between what the bank calls their standard account or the e-checking account. The main difference is that with the e-checking account, you agree to do all your banking online — as in you can’t make transactions in person. You’ll also get e-statements and can waive the monthly maintenance fee if you keep a $100 minimum average daily balance. For the standard account, you need to maintain a $500 average daily balance if you want to waive the monthly maintenance fee.

How to get Goldwater Bank’s checking account

You can go in person to open a checking account or fill out an application form online. Enter details such as your name, address and Social Security number. Once you submit, the bank will contact you with instructions to go to a branch to sign a signature card and provide additional details. This includes a photocopy of your Social Security card and driver’s license.

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How Goldwater Bank’s checking accounts compare

Unfortunately, this account is restrictive in that you have to be an Arizona resident to open an account. On top of that, the rates are much lower than what you’d find elsewhere, especially these top national online checking accounts. We also don’t like that the online application process isn’t as convenient as other places — but we do like that unlimited ATM fee refund.

Goldwater Bank’s savings account options

Goldwater Savings

There are no monthly maintenance fees, but the interest rate is pretty low.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account is pretty bare bones. There is no ATM access, so the only way to transfer money is by doing so online or via Goldwater Bank’s mobile app. The app allows you to check your account balance, pay bills and deposit checks. To waive the monthly maintenance fee, make sure to maintain a $100 average daily balance.

Remember, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty from the bank. Goldwater Bank only allows two free withdrawals a month and then you’ll need to pay $4 for each one afterward. If you try to go over six withdrawals a month, your transaction will be denied.

How to get the Goldwater savings account

You have two options: go to a branch or fill out an online application form. If you go the online route, you’ll need to provide personal details such as your name, address and Social Security number. Afterward, you’re required to go in person to sign a signature card and provide additional documentation, such as a photocopy of your driver’s license.

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Youth Savings

Your child can learn to manage money with this free account.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The youth savings account is for anyone under the age of 18 — and a parent or legal guardian needs to be a co-owner, according to a bank representative. Like the Goldwater savings account, there is no ATM access, though your child can access their money in person or online. You also get quarterly statements and two free withdrawals a month. Otherwise, you’ll need to pay a $4 excess withdrawal fee.

Once your child turns 18, the account will be converted to a Goldwater savings account.

How to get Goldwater Bank’s Youth Savings account

You and your child will need to head to the headquarters in person to open an account. Remember to both bring documentation, such as your Social Security numbers, and a way to fund the account.

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Savings Plus

Earn a competitive APY, but at a cost — a high opening deposit.
APYMinimum Balance to Earn APY
1.65%
$0.01
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Savings Plus account helps you earn a great rate, but you need a really high minimum opening deposit to get the account — making it inaccessible for many people. After account opening, the minimum balance amount requirement does go down, but you’ll need to keep at least $25,000 in the account to waive the monthly maintenance fee.

Aside from online and mobile banking, you get two free withdrawals a month. Once you go over that amount, you’ll need to pay a $4 excessive withdrawal fee. Remember that since it’s a savings account, you are allowed up to six certain withdrawals/transfers a month, per regulation D otherwise the bank may deny the transaction.

How to get the Savings Plus account

Go to Goldwater Bank’s headquarters to open an account in person. Don’t forget to bring along your state-issued ID and a way to fund your account.

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How Goldwater Bank’s savings accounts compare

The Savings Plus account offers a rate that’s only slightly lower than the top rates being offered out there. However, you need to have a lot of money to open the account — $25,000 to be exact. Otherwise, Goldwater Bank’s other savings accounts are lackluster in that you get low rates and you need to pay a monthly maintenance fee if you can’t meet their requirements.

You’re better off skipping these accounts and choosing an alternative like the savings accounts we’ve compiled on our list of the best rates.

Goldwater Bank’s CD rates

Certificate of Deposit

These rates are OK for most term lengths.
TermAPY
90 days1.60%
180 days2.00%
12 months2.55%
15 months2.60%
18 months2.65%
24 months2.80%
3 years2.90%
5 years3.00%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of term
    • 24 months or less — 3 months’ interest
    • Over 24 months — 12 months’ interest

These fixed-rate CDs offer OK rates. Some terms offer competitive rates, while others fall short compared with other ones we’ve seen. Interest is compounded daily and credited to your account monthly. You have the choice of keeping interest earned in the CD or transferring to another account.

Once your account matures, you have a 10-day grace period to make changes. Otherwise, it’ll automatically renew.

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Goldwater Access CD

Earn a decent rate and the opportunity to withdraw money each quarter without penalties.
TermAPY
12 months2.45%
  • Minimum opening deposit: $50,000
  • Minimum balance amount to earn APY: $0.01 (Arizona residents only)
  • Early withdrawal penalty: You can make 1 withdrawal per quarter with no penalties. Otherwise, you’ll be penalized three months’ interest.

Also known as the liquid CD, the Goldwater Access CD lets you withdraw any amount you wish once each quarter without paying an early withdrawal penalty. To qualify for the account, you’ll need to open a Goldwater checking account and link it to the CD. Like their regular CD, interest is compounded daily and credited monthly to the account.

Upon maturity, your account will automatically be renewed unless you make changes during the 10-day grace period. These changes include making additional deposits, withdrawals or closing the account.

How to get Goldwater Bank’s CDs

Head to a branch or fill out an online application form to open a CD account. If you’re applying online, the application form will ask for details, such as your name, address and Social Security number. You’ll be asked to go in person to sign a signature card and provide documentation including a photocopy of your Social Security number and a way to fund the account.

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How Goldwater Bank’s CD rates compare

We like that the Goldwater Access CD allows you to make penalty-free withdrawals once a quarter, and the rate is on par with what’s being offered out there. Their regular CDs also offer some decent rates — though the longer the term, the less competitive they are.

If you’re after short-term CDs, these accounts are a great choice if you live in Arizona. Otherwise, you’ll want to check out other CD options to maximize your savings.

Goldwater Bank’s money market account options

Money Market

This account offers really low rates and a high minimum balance to waive the monthly fee.
APYMinimum Balance to Earn APY
0.26%
$0.01
0.38%
$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account offers limited check-writing capabilities and no ATM access. Other features include monthly statements, and online and mobile banking with check deposit, according to a bank representative. Aside from that, there isn’t anything truly special about this account. While it offers higher rates than the savings account, the APY is still extremely low. Since this is technically a savings account, Regulation D limits you up to six certain withdrawals/transfers a month without a penalty imposed by the bank. If you try to make any more, you’ll be charged a $10 excess withdrawal fee.

How to get Goldwater Banks’s Money Market account

Either fill out an application form online and complete the process in person or apply for an account all in one go at a Goldwater Bank branch. If filling out an online application form, provide information, such as your name, address and Social Security number. Then you’ll need to go on in person to fill out a signature card and provide additional information like a photocopy of your driver’s license.

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on Goldwater Bank’s secure website

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Money Market Plus

This account offers a competitive rate, but you need a large opening deposit.
APYMinimum Balance to Earn APY
1.15%
$0.01
1.25%
$100,000
  • Minimum opening deposit: $25.000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Market Plus account is meant to reward those who have more on deposit with Goldwater Bank. The $25,000 minimum opening deposit amount seems out of reach for many people, but for those who can spare the cash, the rate is worth it.

Features of the account include limited check-writing capabilities and online and mobile banking, according to a bank representative. You’re limited up to six certain withdrawals a month without a penalty imposed by the bank (per Regulation D) and if you go over that amount, you’ll need to pay a $10 fee.

How to get the Money Market Plus account

You can either fill out an application form online or apply for an account in person. To complete the online application process, provide details such as your name and Social Security number. Then, go in person to sign a signature card and provide a photocopy of your Social Security card.

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How Goldwater Bank’s money market accounts compare

The Money Market Plus account offers a fairly competitive rate — it’s on par with our list of the best money market accounts. However, you need a high opening deposit amount whereas other competitors offer lower minimums and some with higher rates. They’re also not as restrictive as Goldwater Bank, which only allows Arizona residents to open an account. Our advice is to shop around for money market accounts for more favorable terms.

Overall review of Goldwater Bank’s banking products

Not a whole lot stands out about Goldwater Bank. Most of their products have lackluster rates and there aren’t any fancy features like rewards programs or free checks like many competitors offer. Their premium savings and money market accounts that do offer higher rates have decent ones, but you need a high minimum opening deposit amount — which can be limiting for many people.

Even if Goldwater Bank had decent rates, most of the U.S. can’t access their banking products since it’s only available for Arizona residents. The application process also seems inconvenient considering you have to show up at a branch even if you open an account online. We recommend choosing another bank for one that offers higher rates.

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.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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