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

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Updated on Sunday, November 1, 2020

TruMark Financial Credit Union’s checking account options

Basic Checking

Low-fee checking account which does not pay dividends.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: $2
  • ATM fee refund: None
  • Overdraft fee: $32 per item

TruMark Financial Credit Union’s Basic Checking is just that: basic. This no-frills account doesn’t pay dividends, but it also does not come with a minimum opening deposit or balance requirement. It lacks a maintenance fee, and you will receive your first book of checks for free.

You may wish to open this checking account if you don’t routinely keep $2,500 in checking throughout the month. Any balance kept in checking will count toward the waiver of fees on other TruMark Financial Credit Union accounts.

How to get TruMark Financial Credit Union’s Basic Checking

You can open your account online or in person. Either way, come prepared with your driver’s license, military ID, state-issued ID or passport. You will also need to know your Social Security number, or your alien or resident status. Finally, you’ll need to have account information for the bank account which you’d like to use for the opening deposit.

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Plus Checking

A low-dividend account with multiple ways to get around its monthly maintenance fee.
APYMinimum Balance to Earn APY
0.05%
$2,500
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10 waivable fee
  • ATM fee: First 5 transactions at outside ATMs free; $2 per transaction after that.
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Plus Checking does pay dividends, though they are low. In order to reap those dividends, you have to keep thousands of dollars in your checking account at all times. In fact, if you keep the minimum balance in your account throughout the month, the maintenance fee will be waived. Another way to waive the maintenance fee is to keep a combined total of $10,000 in business with TruMark Financial Credit Union, whether that be through all of your consumer deposit accounts and/or consumer loans. As with Basic Checking, you will receive your first order of checks for free with Plus Checking.

How to get TruMark Financial Credit Union’s Plus Checking

To open your account you will have to apply in person or online. You will need the following information available to you during the application process:

  • Government-issued ID
  • Social Security number or alien/residency status
  • Account information if you are opening your Plus Checking account with outside funds

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Premium Checking

A small dividend increase for double the minimum balance.
APYMinimum Balance to Earn APY
0.05%
$5,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 waivable fee
  • ATM fee: First 10 transactions at outside ATMs are free; after that, they cost $2 per transaction.
  • ATM fee refund: None
  • Overdraft fee: $32 per item

While TruMark’s Premium Checking does slightly increase dividends over the Plus Checking option, it also doubles the minimum balance requirement and increases the maintenance fee. You can still get out of paying this fee if you keep the minimum balance in your account or have $25,000 in business across all of your deposit and consumer loan accounts with TruMark Financial Credit Union.

You do get free checks and more fees waived at competitors’ ATMs, so you will have to decide if the increased balance requirements and potential fees are worth it for you.

How to get TruMark Federal Credit Union’s Premium Checking

To open a Premium Checking account, you will need to know your Social Security number or residency/alien status, account information if you are opening your Premium Checking with outside funds, and a government-issued ID. Once you have everything together, you can apply in person or online.

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on TruMark Financial Credit Union’s secure website

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Smart Start Checking

A youth account that extends eligibility up to age 26.
APYMinimum Balance to Earn APY
0.05%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: First 5 transactions at outside ATMs free; $2 per transaction after that.
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Smart Start Checking is TruMark’s youth account. While it offers the same rate as Premium Checking, it does so with no minimum balance requirement, maintenance fees or minimum opening deposit. This account also comes with free checks throughout the course of your patronage.

This account is open to people who are age 26 or younger, while most financial institutions only extend their youth accounts to those up to age 17. That means if you’re a young adult, you could potentially take advantage of TruMark’s highest checking account rates without being bound by some of Premium Checking’s restrictions.

How to get TruMark’s Smart Start Checking

Open your Smart Start Checking account online or in person. You will need your Social Security number or alien/residency status, account information if your initial deposit will come from an outside financial institution and a government-issued ID.

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on TruMark Financial Credit Union’s secure website

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How TruMark Financial Credit Union’s checking accounts compare

TruMark Financial Credit Union’s checking account options don’t hold a candle to the best offers on the market. Dividend rates are simply too low compared to the top checking accounts on our list. Aside from Smart Start Checking, the checking accounts which do offer dividends have fairly complex rules you must stay on top of if you don’t want to get hit with monthly maintenance fees. The hassle simply isn’t worth the reward of a subpar APY.

TruMark Financial Credit Union’s savings account options

Regular Savings

Mandatory to establish your credit union membership.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: $2 at outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

You will need to open a Regular Savings account with TruMark Financial Credit Union and consistently keep $5 in it to establish and maintain your membership. Its dividends are not competitive, but there are relatively few fees with this account.

All savings accounts — at this credit union and every other financial institution — are governed by federal Regulation D. This rule states that you are allowed up to six certain withdrawals/transfers from your savings account per month. If you do, you will be charged $5 for each additional transaction. If you do it enough, your account could be closed, which would put your credit union membership in jeopardy.

How to get TruMark Financial Credit Union’s Regular Savings Account

To open this account, you will need your Social Security number, alien or resident status, a government-issued ID and account information from an outside financial institution. You will need this account information in order to fund your savings account. You can complete the process in person or online.

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on TruMark Financial Credit Union’s secure website

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Holiday & Vacation Club Savings

Because this account has no restrictions on early withdrawals, you will have to be careful and use your own self-discipline.
APYMinimum Balance to Earn APY
0.10%
None
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 at outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Club accounts allow you to set aside money separately for a specific goal. Typically, these goals are holiday spending and vacation. TruMark Financial Credit Union has two separate accounts which perform the same function in identical ways: the Holiday Club account and the Vacation Club account. Neither have a minimum balance requirement or account maintenance fee, and both allow you to put money in and take it out at any time.

How to get TruMark Financial Credit Union’s Holiday and Vacation Club Savings

You can open your club account online or in person. Be prepared with your Social Security number, government-issued ID and outside account information if you are funding your club account with money from an outside financial institution. If you do not have a Social Security number, you will need to provide your alien or residency status.

SEE DETAILS Secured

on TruMark Financial Credit Union’s secure website

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How TruMark Financial Credit Union’s savings accounts compare

TruMark Financial Credit Union’s savings rates are typical of a brick-and-mortar financial institution. But it’s the 21st century, and online-only banks have been on the scene for a while. Enabled by lower overhead costs, these banks are able to offer dramatically higher interest rates. You need TruMark Financial Credit Union’s Regular Savings account to establish your credit union membership, but it’s not the account where you’re going to see your savings grow. Instead, shop the current best savings rates on the market.

TruMark Financial Credit Union’s CD rates

Certificate of Deposit

Fantastic rates on CDs of nearly every term length.
TermAPY
5 Months 0.45%
6 Months 0.35%
9 Months 0.35%
12 Months 0.65%
13 Months 0.65%
18 Months 0.65%
24 Months 0.80%
30 Months 0.85%
36 Months 0.90%
48 Months 0.90%
60 Months 1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

TruMark Financial Credit Union’s CDs are extremely competitive, especially for longer terms. Not only are the dividends offered some of the highest on the market, but early withdrawal fees are relatively simple when compared with other financial institutions, and the comparatively low minimum opening deposit requirement makes the barrier to entry quite low. These CDs just may make opening up that required, low-dividend Regular Savings account worth it.

How to get TruMark Financial Credit Union’s CDs

You can apply online or in person. Remember to have your government-issued ID accessible when you do. Also remember that you’ll need to know your Social Security number, residency or alien status and account information if you are opening your CD with funds from another financial institution.

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on TruMark Financial Credit Union’s secure website

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Bump Up Certificate of Deposit

Competitive rates with the opportunity to deposit additional funds.
TermAPY
24 Months 0.80%
48 Months 0.90%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

With Bump Up CD, you have the option of choosing a 24 or 48 month term. Should dividend rates go up during the term of your CD, you can get your rate “bumped up” to get the higher dividends. You can only do this once over the course of your CD’s term if it is a 24 month CD, or twice if it is a 48 month CD. Everything else about these Bump Up CDs is identical to the original CD offerings.

How to get TruMark Federal Credit Union’s CDs

Bring your government-issued ID, Social Security number or alien/residency status, and account funding information with you when you go into a branch to open your Bump Up CD. You can also provide the same information to TruMark Financial Credit Union when you open your account online.

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Jumbo Certificate of Deposit

Slightly larger dividends for significantly larger CDs.
TermAPY
6 Months0.40%
9 Months 0.40%
12 Months 0.70%
24 Months 0.85%
30 Months 0.90%
36 Months 0.95%
48 Months 0.95%
60 Months 1.05%
  • Minimum opening deposit: $75,000
  • Minimum balance amount to earn APY: $75,000
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

If you’ve been building your CD ladders for a while, you may have a significant sum built up. If that sum is more than the minimum balance requirement, you could open a Jumbo CD. These certificates offer slightly higher dividends than TruMark Financial Credit Union’s regular certificate. If you have this much money in certificates, there’s no reason not to go Jumbo.

How to get TruMark Financial Credit Union’s CDs

Jumbo certificates can be opened online or in person at a branch. As with the other deposit accounts, you’ll need to present your government-issued photo ID, Social Security number or residency/alien status and external account information if you are funding your Jumbo CD with a non-TruMark Financial Credit Union account.

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How TruMark Financial Credit Union’s CD rates compare

It’s extraordinary how competitive TruMark Financial Credit Union’s CDs are when contrasted with the meager dividends it offers on the checking and savings accounts. The APY offered on certificate products by this credit union are high enough to rank up there with some of the absolute best CD offers on the market. Even if CDs are the only thing you open with the credit union, that $5 savings account to establish your membership will be well worth it.

TruMark Financial Credit Union’s money market account options

Maximizer Money Market account

Unimpressive rates with various fees to watch out for.
APYMinimum Balance to Earn APY
0.15%
$2,500
0.15%
$25,000
0.15%
$75,000
0.20%
$100,000
0.20%
$250,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if you do not maintain a balance of at least $2,500
  • ATM fee: $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Money market accounts are savings accounts that tend to offer a higher APY. They also traditionally come with higher minimum balance requirements, though that norm has shifted since online banks appeared in the mix.

TruMark Financial Credit Union’s Maximizer Money Market account does reward you with progressively higher dividends for larger balances, but because these rates start out so low, even the “higher” dividends for larger balances pale in comparison to the competition. It also comes with a maintenance fee if you don’t meet the minimum balance requirement, which isn’t ideal.

Because money market accounts are savings accounts, they’re subject to Regulation D. Remember not to make more than six withdrawals/transfers per month, or you could get hit with a $5 fee or even get your account shut down.

How to get TruMark Financial Credit Union’s Maximizer Money Market account

You will need to open this account in person or online. Come prepared with:

  • Your Social Security number or resident or alien status.
  • A government-issued ID.
  • Outside account information if you aren’t funding your money market account through another TruMark Financial Credit Union account.

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Special Money Market account

Excellent but short-lived rates with a relatively low minimum balance.
APYMinimum Balance to Earn APY
2.00%
$2,500
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 if you do not maintain a balance of at least $2,500
  • ATM fee: $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $32 per item

Currently, you can get a promotional rate on your money market account for at least the first six months after you open it. This rate is extremely competitive, and you don’t have to reach the highest minimum balance tier in order to take advantage of it. This offer could be revoked at any time, though you’re guaranteed those first six months.

How to get TruMark Financial Credit Union’s Special Money Market account

Get together your government-issued ID, Social Security number or alien/residency status and funding account information if you’re not using a TruMark Financial Credit Union account. Then you’ll be ready to apply in person or online.

SEE DETAILS Secured

on TruMark Financial Credit Union’s secure website

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How TruMark Financial Credit Union’s money market accounts compare

While the current promotional rate offered by the Special Money Market account is extremely competitive, it is not permanent. TruMark Financial Credit Union could get rid of it at the drop of a hat, and then your rate would only be good for the first six months after you opened your account.

Then rates would revert to the Maximizer Money Market account’s normal rates, which are not commensurate with those offered by competitors. You would be better off shopping around to find a similar money market rate to the one offered for the Special Money Market account, as many financial institutions offer these rates permanently.

TruMark Financial Credit Union’s IRA account options

IRA CD rates

Fixed Rate IRA CD

The same great rates you’ll find with TruMark Financial Credit Union’s regular certificate, except it’s inside an IRA.
Term APY
6 Months 0.35%
9 Months 0.35%
12 Months 0.65%
13 Months 0.65%
15 Months 0.65%
18 Months 0.65%
24 Months 0.80%
30 Months 0.85%
36 Months 0.90%
48 Months 0.90%
60 Months 1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

Holding a certificate of deposit inside an IRA is an extremely conservative investment choice. That doesn’t mean it’s the wrong choice, though. If you and your financial adviser have decided moving more of your assets into CDs is a good idea, you’ll want to consider the Fixed Rate IRA CD as it yields solid dividends with low minimum balance and opening deposit requirements.

Remember that in addition to early withdrawal penalties charged by the credit union, you’ll also have to pay taxes and IRS penalties with any withdrawal depending on the circumstances behind it.

How to get TruMark Financial Credit Union’s IRA CDs

All IRA products must be opened at a physical branch.

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Bump Up IRA

Good rates with the potential to get even better.
Term APY
24 Months0.80%
48 Months0.90%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Certificates with terms of 12 months or less have a penalty of 90 days’ worth of interest; certificates with terms greater than 12 months have a penalty of 180 days’ worth of interest.

As with the regular Bump Up CD, the Bump Up IRA offers good rates with the potential to get even better. If rates go up during the term of your certificate, you will have the opportunity to request a matching raise on your own APY. You can only do this once throughout the life of your certificate.

Early withdrawal penalties aren’t fun, but when you hold a CD inside of an IRA, you have to worry about fees outside of your credit union. Depending on your age, life circumstances and the reasons behind your withdrawal, you may have to pay taxes and penalties to the IRS should you take any money out before you have reached retirement age.

How to get TruMark Financial Credit Union’s IRA CDs

All IRA products must be opened at a physical branch.

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How TruMark Financial Credit Union’s IRA CD rates compare

Some competitors raise the rates on their certificates when they are held inside of an IRA. TruMark Financial Credit Union does not. That means that while the rates are still high enough to be competitive, they aren’t quite as high up on the chart as they are when a TruMark Financial Credit Union CD is held outside of an IRA.

That doesn’t mean these accounts aren’t winners though; be sure to comparison shop to ensure you’re getting the best deal on an IRA CD.

Variable Rate IRA savings account

Low rates and no fees.
APY Minimum Balance to Earn APY
0.10% Variable
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None

If you’re going to open a savings account inside of an IRA, you’re already making one of the most conservative investments that exist. While it’s nice that there are no maintenance fees, required minimum deposits or minimum balance requirements, you need to note that this account pays very little interest and will fail to keep up with the pace of inflation.

How to get TruMark Financial Credit Union’s IRA Savings Account

You must open this — and all IRA accounts — at a branch.

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Money Market account IRA

Inside this money market IRA, your savings is likely to lose value to inflation.
APY Minimum Balance to Earn APY
0%
None
0.15%
$2,500
0.15%
$25,000
0.15%
$50,000
0.15%
$75,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your balance falls below $2,500

While there is no minimum opening deposit requirement, you’d be wise to open your Money Market account IRA with at least $2,500. That is because you will need this balance to avoid the monthly maintenance fee.

But even with higher balances, this money market account falls short. Not all financial institutions offer money market accounts inside an IRA, but the rates on this particular account once again have you losing money to inflation. If you really want a money market account inside of your IRA, make sure to find one that offers a much higher return.

How to get TruMark Financial Credit Union’s Money Market Account IRA

All IRA accounts must be opened in person.

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Overall review of TruMark Financial Credit Union’s banking products

No one could blame you for overlooking TruMark Financial Credit Union’s checking, savings and money market accounts. Rates are low, and there are many other financial institutions that make these relationship much more profitable for the consumer.

People in the financial industry know probably would raise an eyebrow at you if you overlooked the credit union’s CD options. With extremely competitive rates, this is where TruMark Financial Credit Union shines. You’ll just have to open up one of those low-yielding savings accounts in order to access the great CDs.