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

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Updated on Wednesday, July 1, 2020

Veridian Credit Union’s checking account options

Share Drafts

Veridian Credit Union’s free checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal, after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

The Share Draft account, Veridian Credit Union’s basic checking account, is open to all credit union members — though if you’re looking for a decent return, the rate on this checking account is somewhat underwhelming, even for a checking account which traditionally carries a lower rate than a savings account.To qualify for a Share Draft account, you’ll have to meet the membership requirements, as listed at the beginning of this review, and apply. Once approved, you’ll be able to access your Share Draft account and start banking with the credit union, as confirmed by Veridian Credit Union.

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HSA Checking

A generally underwhelming checking account option.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

The HSA checking account is designed for those with a health savings account through Veridian Credit Union who want to earn interest on those funds. Like the Share Draft account, there’s isn’t a monthly fee. Unfortunately for those who are looking for a checking account that offers a decent rate, however, the HSA checking account is bound to disappoint, offering an extremely low rate.If you’re interested in an HSA, you should be aware that it does come with more requirements than the share draft account. Like the Share Draft account, detailed above, you’d have to be a credit union member and meet the associated requirements, as listed at the beginning of this review. In addition, you’ll have to qualify for and open an HSA through the credit union.

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How Veridian Credit Union’s checking accounts compare

One perk to Veridian Credit Union is its mobile banking options for both Apple and Android phones. But while Veridian Credit Union’s checking options are altogether interest-bearing accounts, those rates aren’t the highest on the market, or even close.

If you don’t mind an online-only bank, and you’re willing to do a bit of research, there are better checking account options to consider, many of which don’t have ATM fees and are open to those who don’t live in the credit union’s membership areas.

Veridian Credit Union’s savings account options

Member Equity Savings

A meager-rate account that provides entry to Veridian Credit Union.
APYMinimum Balance to Earn APY
0.10%$50
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

The member equity savings account is a basic part of membership — it’s where your membership deposit lives. If, however, you’re thinking of storing your entire savings in that account, it may be fiscally wise to look beyond the credit union’s offerings to score a higher APY and thereby make your money work harder for you. Those who get this account should also be aware that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.To get a member equity savings account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. When filling out the application, you’ll need to provide basic things like your social security number and a valid ID.

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Health Savings Account (HSA)

A pre-tax way to save for medical expenses.
APYMinimum Balance to Earn APY
0.40% $50
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $2
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

For those with high-deductible health plans, the HSA can provide a way to save for medical expenses using pre-tax funds. It also carries a relatively high rate, for a Veridian savings account. Those who get an HSA also get access to other products, like the credit union’s HSA checking account and HSA CD.However, getting an HSA is a slightly more complicated process than it is for the credit union’s other savings accounts. In addition to becoming a member and meeting the requirements as listed at the beginning of this review, you also need to qualify for an HSA by having a high-deductible health plan (HDHP). Those who are interested should contact Veridian Credit Union for more information.

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Kirby children’s savings and U.B.U. teen savings accounts

Beginner accounts for young savers.
APYMinimum Balance to Earn APY
0.15% $0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

If you’re interested in opening a savings account for someone who is under 18, these accounts are there to fill the gap. The Kirby children’s savings account is designed for those 12 and under, who have a Kirby Kangaroo membership, while the U.B.U. (“Unexpected. Bright. Undeniable.”) account is for those who are 13 to 17 years old. Kirby members are automatically rolled over to a U.B.U. account when they turn 13.The lack of requirements associated with these savings accounts make them a kid-friendly option. Still, those who get this account should also be aware that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

Only those who have a family member who is already a credit union member can get these accounts on behalf of underage savers, as confirmed by the credit union. Otherwise, interested family members or guardians will have to both meet the requirements as listed at the beginning of this review and apply for membership. Once the Kirby or U.B.U. account was opened, Veridian Credit Union confirmed, that adult would be a secondary on the account until the child’s 18th birthday.

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Holiday Club

A travel-savings account that automatically deducts from payroll.
APYMinimum Balance to Earn APY
0% $50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

If you’re interested in saving money for travel and holidays, but have trouble leaving that cash alone, the Holiday Club account might be a good option for you. So instead of waiting for your income to transfer to your checking account, the Holiday Club account deducts the amount you specify directly from payroll, taking it out of sight and out of mind. It’s not exactly a novel idea — automatic transfers are a common feature and easy to set up at most banks. But despite the convenience of the auto-deduction feature, the account’s rate leaves something to be desired. Those who get this account should also be aware that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal regulations.To get a Holiday Club account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. You should also be able to provide basic things like your social security number and a valid ID.

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Business Savings

A lackluster savings account for business owners.
APYMinimum Balance to Earn APY
0.10%$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

This savings account might be useful to business owners who want a local banking experience, combined with a relatively low minimum balance requirement and the ability to bank online. However, this savings account’s APY, like many of Veridian’s current offerings, is less than impressive. That’s especially true if you compare it to rates at online-only banks, which tend to have the highest rates. Those who plan to use non-Veridian ATMs should look elsewhere, as those associated fees put a sizeable dent in your account balance over time. It’s also worth noting that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D. To get a business savings account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. In addition, you should be able to demonstrate that you own a business to take advantage of the account.

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Organization Savings

An interest-free savings account designated for organizations.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

This savings account may be useful for organizations that want an account that’s specifically designated for them. However, this savings account does not earn interest, unlike some of Veridian’s other offerings. And for those who plan to rely heavily on non-Veridian ATMs, it’s best to look elsewhere, as the associated fees would steadily diminish your balance. It’s also worth noting that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

To get an organization savings account, you have to be a credit union member, and meet the requirements as listed at the beginning of this review. And, as with the business accounts, you should be able to provide documentation which demonstrates your organization’s status, as confirmed by the credit union. Interested parties should contact Veridian Credit Union for more information about this account.

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How Veridian Credit Union’s savings accounts compare

If you’re looking for a high-rate savings account that can contend with the best online savings accounts, you may want to look elsewhere. While there are a few standout options (particularly the savings account options for those under 18 who are related to an existing member) and Veridian Credit Union does provide fairly generous access to outside ATMs fee-free, the overall offerings leave something to be desired — for example, when you consider the fact that similar accounts from online-only banks offer higher rates and no minimum balance.

Veridian Credit Union’s CD rates

Add-On Certificate

A way to increase your CD investments on a regular basis.
TermAPY
12 months0.50%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

If you already have a CD with Veridian Credit Union, an Add-on could be a good way to build your money-saving habit. Unlike most CDs, which require you to leave your funds alone for months or years at a time, the add-on allows you to continue to increase your CD funds at a new fixed rate, as confirmed by Veridian Credit Union.As with most CDs, there is an early withdrawal penalty should you choose to access your funds before the term is up. There are a few exceptions: when the CD has posted interest, when it’s within the 10-day grace period following maturation or upon the owner’s death. (If you’re interested in learning more about the penalty, you should call the credit union for more information.) The add-on CD’s rate, however, is relatively low, especially when compared to CDs from online-only banks.

Getting an add-on CD with Veridian Credit Union is a simple process for members who already have a CD with the credit union, and can be done online. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, they would have to open another CD that allows for the add-on. For more information, contact the credit union.

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Bump-Up and Jumbo Bump-Up Certificates

CDs that come with a one-time interest-rate increase.
TermAPY
18 months0.85%
30 months1.00%
41 months1.10%
18 months (Jumbo)0.95%
30 months (Jumbo)1.10%
41 months (Jumbo)1.20%
  • Minimum opening deposit: $1,000 for regular bump-up CDs; or $100,000 for jumbo bump-up CDs
  • Minimum balance amount to earn APY: $1,000 for regular bump-up CDs; or $100,000 for jumbo bump-up CDs
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

The bump-up CD option, according to Veridian Credit Union, means that if at some point during your term rates increase, you can call the credit union to match that rate on your CD. That bump-up is capped at once per term. The jumbo CD is for those who want to stash and collect interest on $100,000 or more at a time. Combined, there is the potential for solid financial gains, provided you already have to have access to a hefty sum of money.It’s also worth noting that there are a few exceptions to the early withdrawal penalty, triggered when a CD owner takes out their funds prematurely. Those exceptions kick in when the CD has accrued and posted interest, is within the 10-day grace period following maturation, or upon the owner’s death.

Getting an add-on CD with Veridian is a simple process for existing members, who only need call or log into their account. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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Jumbo Certificate

Above-average returns, but only for big spenders.
TermAPY
7 months0.50%
9 months0.60%
15 months0.70%
18 months0.80%
24 months0.90%
36 months1.00%
39 months0.25%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

The jumbo certificate is designed for those in the $100,000+ club and can afford to put large sums away for months, even years, at a time. As long as you fit that description, this CD can provide access to above-average interest rates. It’s also worth noting that, as is true for all of Veridian’s CDs, there are a few exceptions to the credit union’s early withdrawal penalty. Namely: when the CD has accrued and posted interest, when it is within the 10-day grace period following maturation, or due to the owner’s death.Existing members can get a Jumbo certificate with Veridian through their online account or by visiting a local branch. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the requirements listed at the beginning of this review.

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Starter Certificate

A shorter-term CD with limited returns.
TermAPY
12 months0.35%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

If you’re looking to get into the CD-investing game, this is an option, thanks to its relatively short term and low minimum deposit requirement. Like most banks, the CD comes with an early withdrawal penalty. But there are a few exceptions to that rule: When the CD has accrued and posted interest, when it’s within the 10-day grace period following maturation, or when the owner passes away. The APY on this CD, however, is pretty dismal, especially when compared to rates from online-only banks.Getting a Starter CD with Veridian is a simple process for members, and can be done online. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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CD Special

CDs with rates that are only available for a limited time.
TermAPY
7 months0.40%
9 months0.50%
15 months0.60%
18 months0.70%
24 months0.80%
36 months0.90%
39 months1.00%
  • Minimum opening deposit: $1,000
  • Minimum amount to earn APY: $1,000
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

Veridian Credit Union’s CD specials are somewhat akin to a flash sale — the rates change more frequently than the credit union’s typical CD offerings. So if you’re accustomed to tracking rates, and have a bit of cash to spare, you can get a rate closer to that of a jumbo CD, without having to reach that $100,000 threshold.Like most CDs, there is a penalty for early withdrawals. But it’s worth noting that there are a few exceptions, like when the CD has accrued and posted interest, when it’s is within the 10-day grace period after maturation, or when the owner dies.

Getting an add-on CD with Veridian is a fast and easy process for members, and can be done online through the credit union’s “quick apply” widget. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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Kirby and U.B.U. CDs

Low bar-to-entry CDs for those who are younger than 18.
TermAPY
12 - 60 months0.70%
  • Minimum opening deposit: $100
  • Minimum amount to earn APY: $100
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

If you’re interested in opening a savings account for someone who is under 18, these accounts are there to fill the gap. The Kirby CD is meant for children 12 and under who also have a Kirby Kangaroo membership; the U.B.U. (“Unexpected. Bright. Undeniable.”) CD provides an option for those aged 13 to 17. Kirby members are automatically rolled over to a U.B.U. account when they turn 13.

As is standard for CDs, there’s a penalty fee for early withdrawals. But, there are a few exceptions, including the withdrawals made when the CD has accrued and posted interest, those which are within the 10-day grace period, or after the death of the CD owner.

To get a Kirby or U.B.U. CD, you have to have an in, as confirmed by Veridian Credit Union on November 28. In other words, only a family member who is already a credit union member can get you or your child signed up for these CDs. Otherwise, interested family members or guardians will have to meet membership requirements, as listed at the beginning of this review and apply. Once the Kirby or U.B.U. account was opened, the adult would be a secondary on the account until the child turned 18, as Veridian Credit Union confirmed.

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HSA Certificate

A way for existing HSA holders to access the majority of Veridian’s CDs.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

The HSA Certificate, rather than being a separate CD, is simply one of Veridian’s existing CDs that’s linked to the account holder’s health savings account. The one exception: you cannot get the Add-On CD for this certificate. The available terms for the CD specials are 7, 15, 25 and 39 months.

As is standard for the credit union’s other CDs, there are a few exceptions to the standard early withdrawal penalty fee: when the CD has accrued and posted interest, is within the 10-day grace period following maturation, or when the owner passes away. Note that the rates for this CD are not available online, so you’ll have to call the credit union for that information.

Getting an HSA CD with Veridian Credit Union is a simple process for members who already have a health savings account with the credit union. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, they will have to apply for an HSA and subsequently get the CD. Interested investors should contact Veridian Credit Union for more information.

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How Veridian Credit Union’s CD rates compare

Compared to the best CD rates, some of Veridian Credit Union’s CDs aren’t as appealing. But there are a few standout options, such as the CD Specials and certain Jumbo CDs. And for those who are willing to wait, the rates can be quite competitive for the industry.

Another compelling option is the Bump-up CD, which offers investors the chance to take advantage of raising rates, even after their term begins. It also has accessible accounts specifically for those under 18, which isn’t a given when looking at CD options.

Though the minimum deposit requirements are a bit higher than some CDs from other banks, these certificates are generally solid, offering a chance to make higher-than-average returns on a good chunk of money.

Veridian Credit Union’s money market account options

Traditional Money Market

Another option for those interested in a higher interest rate than their credit-union savings account can provide.
APYMinimum Balance to Earn APY
0.25% $1,000
  • Minimum opening deposit; $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

For those with a steady paycheck, earning this account’s modest interest-rate shouldn’t be too difficult. Those who have this account can make up to six transfers or withdrawals per month from your account to another one; exceeding that limit could result in a fee or account closure. And it’s worth noting that Veridian Credit Union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

Getting a traditional money market account with Veridian is easy for existing members, who can do so by logging into their account or visiting their local branch. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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Premier Money Market

So-so money market options for big spenders.
APYMinimum Balance to Earn APY
0.40% $25,000
0.60%$50,000
0.75%$100,000
0.90%$250,000
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: Dependent on tier — if your balance falls below the threshold, the rate will revert to the Traditional Money Market rate.
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

Money market accounts are generally best for those who aren’t satisfied with the interest rates typically found in savings accounts, as they usually have a higher APY, and are willing to keep a more substantial chunk of cash in their account. This account sticks to that script, as long as you’re only comparing the rates against Veridian’s own savings accounts.This account rewards savers with interest that increases alongside each higher balance tier. You can make up to six transfers or withdrawals per month from your account to another one. Exceeding that limit could result in a fee or account closure. It’s also worth noting that the credit union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month, as per federal Regulation D.

Getting a premier money market account with Veridian Credit Union is a simple process for members, who can do so through their online account or by visiting their local branch. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity.

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How Veridian Credit Union’s money market accounts compare

If you’re deciding between a Veridian Credit Union savings and money market account, and you are willing and able to maintain a tidy sum in that account, the money market account offers better rates — hands down.

However, when compared to the best money market accounts, Veridian Credit Union’s offerings fall flat, both in terms of the APY and the minimum amount required to get your foot in the door. In other words, if you’re willing to consider another bank, there are better options, some of which don’t require a minimum balance to earn significantly higher rates.

Veridian Credit Union’s IRA account options

IRA CD

A lucrative way for young, wealthy investors to stash IRA funds
TermAPY
7 months (Special)0.40%
7 months (Jumbo) 0.50%
9 months (Special)0.50%
9 months (Jumbo)0.60%
12 months (Starter)0.35%
15 months (Special)0.60%
15 months (Jumbo)0.70%
18 months (Special)0.70%
18 months (Jumbo)0.80%
24 months (Special)0.80%
24 months (Jumbo)0.90%
30 months (Bump-up)1.00%
30 months (Jumbo bump-up)1.10%
36 months (Special)0.90%
36 months (Jumbo)1.00%
39 months (Special)1.00%
39 months (Jumbo)1.10%
  • Minimum opening deposit: Varies, based on the term and CD
  • Minimum balance to earn APY: Varies, based on the CD
  • Early withdrawal penalty: Varies based on the amount in your account and the time left on your term

Those who have an IRA with Veridian Credit Union can opt to store their IRA savings in a CD through the credit union, with access to most of their CD options, including bump-ups, which would give you the option to increase your rate to meet the current rate. That option is limited to one bump-up per term, so timing is critical if you want to score the best rate. If you can afford the Jumbo CDs steep minimum balance requirement and can go without that cash for a couple years (or longer), you can get even higher APYs. Getting an IRA CD with Veridian Credit Union is an easy process for members who have an IRA through the credit union. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, they would have to open an IRA — Veridian Credit Union offers both Roth and traditional IRAs — which come with additional requirements. It’s best to consult a retirement or tax professional to find your best IRA option.

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IRA savings account

A weak retirement savings account.
APYMinimum Balance to Earn APY
0.15%$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: N/A (however, there is a $15 annual fee for certain accounts which have been inactive for more than 12 months)
  • ATM fee: $1.50 per withdrawal after 10 withdrawals from non-Veridian ATMs
  • ATM insufficient funds fee: $32 per incident, capped at $128 per day
  • Overdraft fee: $32 per incident, capped at $128 per day

As is the case with the IRA CD option detailed above, those who have an IRA with Veridian can put their IRA savings in this account. And, unlike the IRA CD, you wouldn’t be tied in to a months- or years-long term. In comparison to their more basic savings accounts, it’s a more lucrative option with a relatively low minimum balance requirement — provided you qualify to open the account. Those who open this account should also be aware that, in compliance with federal regulations, the credit union may charge a fee, close your account or convert it into a checking account if you exceed the account’s withdrawal limit of up to six per month.

Getting an IRA savings account with Veridian Credit Union is a simple process for members who have an IRA through the credit union. Others, however, will have to first apply for membership, which requires a couple basic documents (including an ID and your social security number) to ensure you meet the membership requirements as well as to provide proof of identity. Then, that member would have to open an IRA — Veridian Credit Union offers both Roth and traditional IRAs. It’s best to consult a retirement or tax professional to find your best IRA option.

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Coverdell Education savings account

A tax-free way to pay for your child’s education.
  • Minimum opening deposit: $5
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: N/A

This account allows you to contribute up to $2,000 a year per child, up until their 18th birthday. And unlike a 529, it allows you to save for educational expenses like a tuition at a private elementary school, or books and supplies at a parochial middle school, rather than just college. Plus, all withdrawn funds are tax-free. This account does earn interest, but Veridian does not publish those publicly. Interested parties should call the credit union for current rates.Getting an Coverdell education savings account with Veridian is a simple process for members, who can apply online or get an account by visiting a branch. Others, however, will have to first apply for credit union membership, which requires a couple basic documents (including an ID and your social security number).

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How Veridian Credit Union’s IRA rates compare

For those who have a lot of money and multiple years before they cross the retirement finish line, the Veridian IRA CD gives investors high APY options, even when compared to the best IRA CD options out there. But if you can’t afford a high-minimum Jumbo CD, there are better options elsewhere. And when it comes to the IRA savings account, the rate just can’t compete with those offerings, as is expected when you compare a CD and a savings account APY.

If, however, you need to be able to access to your IRA cash in fewer than three months, the IRA savings account could make more sense for you, since it doesn’t have an associated term.

The Coverdell savings account is notable in that it allows parents to save a child’s pre-college education, and withdraw the funds, tax-free. Since the credit union does not publicize the account’s rate, interested investors should contact Veridian for a rate quote.

Overall review of Veridian Credit Union’s banking products

Veridian Credit Union’s financial products are something of a mixed bag, with interest rates running the gambit from underwhelming to highly competitive. A few standout products include the credit union’s CD products and IRAs, while the checking, savings and money market accounts leave much to be desired.

Since it’s a credit union, accessing the various products requires membership, most of which rely on geographic location. Those who live or work in Iowa, as well as certain counties in eastern Nebraska, for example, can be approved with ease. Afterwards, access to most of the accounts is easily accomplished online. But again, if you’re after basic banking products like checking and savings accounts, you may wish to look elsewhere to find better rates.

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