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UFB Direct Reviews: Savings, Money Market and Checking Accounts

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

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UFB Direct savings account

UFB High-Yield Savings

UFB Direct’s High-Yield Savings account offers a high interest rate for those who have a lot of money.

APY

Balance amount

0%

$0-$9,999

1.51%

$10,000+

  • Minimum deposit amount to open the account: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None. However, you may still face an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $25 per each item over $25, up to $75 per day

UFB Direct’s High-Yield Savings account is a good choice for folks with large deposits looking for a place to park it indefinitely. You need to keep at least $0.01 in this account at all times. If you don’t, and the month ends without any money in the account, UFB Direct may close the account. In addition, if you close your account mid-cycle, you give up any interest that may have been accruing. With this account, it’s better to wait to close your account until right after a new cycle begins.

In addition, like most savings accounts, you’re limited to six transactions per month (not including deposits into the account). If you make more than this amount, you’ll face a $10 excessive withdrawal fee per item. If you do it enough times, UFB Direct may even change or close your account.

How to get UFB Direct’s High-Yield Savings account

You can only open an account with UFB Direct online, and only if you’re depositing “new money” into the account. This means that the initial deposit must come from a non-UFB Direct or non-BofI bank brand.

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UFB Savings

This account is a carbon copy of UFB Direct’s Premium Savings account, but with a slightly smaller minimum balance requirement to earn a slightly smaller interest rate.

APY

Balance amount

0.20%

$0-$19,999

1.00%

$20,000+

  • Minimum deposit amount to open the account: $100
  • Monthly account maintenance fee: $0
  • ATM fee: None. However, you may still face an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: $25 per each item over $25, up to $75 per day

If you’ve got a slightly smaller balance than the hefty $25,000 needed to earn the highest rate from UFB Direct’s Premium Savings account, then this regular UFB Direct Savings account might be the best option for you at this bank. You’ll only need $100 to open it, and unlike the UFB Direct Premium Savings account, that money doesn’t need to come from outside the BofI banking brand.

Other than that, this account is very similar to the bank’s Premium Savings account. If you don’t have a balance in the account at the end of the month, UFB Direct may close it. If you go over six transactions (not including deposits) per month, you’ll face a $10 excessive withdrawal charge. If you do this too many times, UFB Direct might change it to a different account type or even close it.

How to get a UFB Direct Savings account

The only way to get a UFB Direct Savings account is by applying online. You can do that here:

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How UFB Direct’s savings accounts compare

UFB Direct does offer good interest rates on its savings accounts. However, they’re not the highest rates out there, and you need deep pockets in order to earn them. Unless you’ve got at least $20,000 rattling around in your metaphorical coin purse, you won’t earn very much with these accounts.

Instead, if you want to earn the highest rates out there and with less of a minimum deposit requirement, check out these top online savings accounts.

UFB Direct’s checking account

Airline Rewards Checking

Earn up to 120,000 American Airlines miles per year with this low-fee checking account — but be careful never to end the month with a $0 balance.
  • Minimum deposit amount: $100
  • Monthly account maintenance fee: $0
  • ATM fee: None.
  • ATM fee refund: UFB Direct will reimburse an unlimited amount of domestic ATM surcharge fees from the ATM’s owner.
  • Overdraft fee: $25 per each item over $25, up to $75 per day

If you’ve ever wanted to earn travel rewards points but aren’t into using credit cards to do it, this checking account could be a great option for you. You can currently earn up to 120,000 miles per year, but only with American Airlines.

You’ll earn one American Airlines mile for every $3 you spend through this account. Unfortunately, there are a lot of limitations on this program.

For starters, many purchases don’t count. Purchases made using “virtual wallets,” or at stores such as supermarkets, grocery stores, discount stores, wholesale outlets, “money transfer institutions” and any purchases made at the U.S. post office won’t earn any miles. In addition, in order to count, the purchase must be a POS (point-of-sale) purchase. This means that you used your debit card to make a purchase, and didn’t pay via check, ATM withdrawal or bank transfer.

Your airline miles will be deposited into your American Airlines rewards account within 60 days after the end of each month. If you happen to close your account in the middle of the month, you’ll lose any points you’ve been accumulating since the beginning of the month, so it’s a better idea to wait to close your account until just after a new month has begun.

Finally, make sure you never end the month with a $0 balance in your account. If you do, UFB Direct won’t give you any miles you’ve earned for that month, and it may even close your account.

How to get UFB Direct’s Airline Rewards Checking account

In order to get UFB Direct’s Airline Rewards Checking account, you must apply online. You’ll also already need to have an American Airlines account already opened, because you’ll need to enter in your AA frequent flier number as a part of the application process.

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How UFB Direct’s checking account compares

We really like the fact that you can earn travel rewards with this checking account. This is truly a unique feature among banks. However, there are a lot of limitations with this account: You need to be careful about never zeroing out your account at the end of the month, you can only earn travel rewards with one airline and many purchases you’ll make won’t count toward earning rewards.

If you’re comfortable with these limitations, this can be a great account for you, especially if you’re a frequent traveler. If you’re looking for a checking account with less limitations, or a checking account that earns interest, however, check out these top online checking accounts instead.

UFB Direct’s money market account

UFB High Yield Money Market account

If you can keep a high balance in this money market account, you can earn a great interest rate and skirt the monthly fee.

APY

Minimum Deposit Amount

1.60%

$5,000

  • Monthly account maintenance fee: $10
  • ATM fee: None. However, you may still face an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: $25 per each item over $25, up to $75 per day

This money market account does come with a $10 monthly fee, however if you keep at least $5,000 in the account, you won’t be charged this fee. In addition, when you make your opening deposit, the money needs to come from a non-BofI branded bank, or you won’t be able to open the account.

You can write checks with this account, however keep in mind that you’ll still be limited to just six transactions per month due to the Federal Regulation D limits. If you go over that amount, you’ll face a $10 fee for each occurence, and UFB Direct may change or close your account if you do this repeatedly.

How to get UFB Direct’s High Yield Money Market account

You can open a High Yield Money Market account with UFB Direct online. Remember, you need to deposit at least $5,000 of “new” money into your account from a non-BofI brand.

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How UFB Direct’s Money Market account compares

UFB Direct does offer a high interest rate on its money market account. But, that high interest rate has some downsides: You need to maintain a very high balance to avoid the monthly maintenance fee, and if you have your money in another BofI brand, you can’t use the money to open the account. The money has to come from a non-BofI branded bank.

Even though this bank does have one of the highest interest rates currently available, it’s not technically the highest out there. Plus, there are many more options for a high-yielding money market account with a lower minimum deposit amount. It’s important to check out all your options for high yielding money market accounts before deciding.

Overall review of UFB Direct’s banking products

We like many of UFB Direct’s accounts. Its money market account is one of the highest-earning money market accounts currently available. The fact that you can earn airline rewards points with its checking account is truly unique and valuable for frequent fliers.

However, it’s important to keep in mind that even though these accounts may offer good rewards and returns, there are still a lot of limitations with them. You may need to come to the table with a large deposit amount, or there may be so many stipulations and rules with its checking account that you may not earn as much as you thought you would.

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

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Reviews

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

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

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

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

Hanmi Bank checking account options

Regular checking

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

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

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

How to get the regular checking account

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

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Green checking and student checking

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

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

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

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

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

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Hanmi neighbor/basic checking

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

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

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

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

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How Hanmi Bank’s checking accounts compare

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

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

Hanmi Bank savings account options

Savings account

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

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

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

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

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

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Kid’s savings account

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

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

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

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

Note that this account can only be opened online.

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How Hanmi Bank’s savings accounts compare

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

Hanmi Bank CD rates

Installment savings

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

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

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

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

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

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

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Certificate of Deposit

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

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

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

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

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Diamond Freedom CD

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

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

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

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

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

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How Hanmi Bank’s CD rates compare

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

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

Hanmi Bank money market account options

Money market

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

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

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

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

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How Hanmi Bank’s money market accounts compare

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

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

Hanmi Bank IRA rates

Individual Retirement CD

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

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

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

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

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How Hanmi Bank’s IRA CD rates compare

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

Overall review of Hanmi Bank’s banking products

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

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

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

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Reviews

Florida Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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

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Florida Credit Union’s checking account options

Value Checking

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

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

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

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

How to get Florida Credit Union’s Value Checking account

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

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NCUA Insured

Interest Checking

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

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

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

How to get Florida Credit Union’s Interest Checking account

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

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on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s checking accounts compare

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

Florida Credit Union’s savings account options

Regular Savings

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

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

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

How to get Florida Credit Union’s Regular Savings account

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

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on Florida Credit Union’s secure website

NCUA Insured

Special Savings

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

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

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

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

How to get Florida Credit Union’s Special Savings

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Holiday Club

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

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

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

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

How to get Florida Credit Union’s Holiday Club account

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Vacation Club

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

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

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

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

How to get Florida Credit Union’s Vacation Club account

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Youth Savings

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

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

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

How to get Florida Credit Union’s Youth Savings account

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s savings accounts compare

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

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

Florida Credit Union’s CD rates

Certificate of Deposit

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

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

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

How to get Florida Credit Union’s CDs

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Promotional CDs

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

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

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

How to get Florida Credit Union’s promotional CDs

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s CD rates compare

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

Florida Credit Union’s money market account options

Money Market

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

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

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

How to get Florida Credit Union’s Money Market account

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s money market accounts compare

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

Florida Credit Union’s IRA account options

IRA CD rates

Standard IRA CD

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

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

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

How to get Florida Credit Union’s IRA CDs

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Special IRA CD

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

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

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

How to get Florida Credit Union’s special IRA CDs

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

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s IRA CD rates compare

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

Overall review of Florida Credit Union’s banking products

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

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

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