Wings Financial Credit Union Review of Checking, Savings, CD, Money Market, and IRA Rates

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Updated on Wednesday, July 1, 2020

Wings Financial Credit Union’s checking account options

First Class Checking

The credit union provides one checking account option and its a basic, with no frills account.
APYMinimum Balance Amount
0.05%
$0
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: No fee
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

First Class Checking is the credit union’s basic, and only, checking account. It’s a simple account with no monthly service charge and a low minimum opening deposit amount.

What’s nice is this account does earn interest, as many checking accounts offered today do not. The account comes with a few other perks, such as free bill pay service, free first box of checks and no minimum balance requirement once the account is opened.

This account would be good for anyone that lives in the credit union’s geographic area and would like open a checking account that earns interest.

How to get Wings Financial Credit Union’s First Class Checking

Current members can open this account online through their credit union online portal. Interested members must apply to join Wings Financial Credit Union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

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How Wings Financial Credit Union’s checking account compares

While Wings Financial Credit Union’s checking account might be a nice option if you are local to the credit union’s hub in Minnesota or other locations, it’s not going to be the best option in terms of interest rate when compared to the best online checking accounts. Higher interest rates can be found elsewhere, and most of those alternatives require a similar low or no balance minimum to Wings Financial Credit Union.

Wings Financial Credit Union’s savings account options

Share Savings

This is an interest-bearing savings account with a low opening deposit requirement and no monthly fees.
APYMinimum Balance Amount
0.15%
$0
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2.50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

The Share Savings is the credit union’s basic foundational savings account. The account offers a “competitive yield” according to the institution.

This account earns interest without being tied to a specific term, making it good for someone who wants to earn a little interest on their nest egg, but doesn’t want to commit to a longer-term product such as a CD.

Money in this savings account can be accessed anytime via online banking, ATM or in person at a Wings Financial Credit Union branch. Wings Financial Credit Union also offers phone banking.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, institutions may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s Share Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

Money Manager Savings

This savings account is interest bearing and intended to be a savings vehicle for future expenses.
APYMinimum Balance Amount
0.15%
$0
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2.50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

The Money Manager savings account is an option with a few added perks, including direct deposit or payroll deduction.

This savings account would be best for anyone currently working and seeking a savings account. They may wish to opt in for the direct deposit feature as a means to save.

Outside of those features, this savings account isn’t much different than the Share Savings, including offering the same interest rate. The credit union touts this account as a high-yield, no- risk investment.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s Money Manager Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

IRA Share Savings

This is an IRA savings account that allows the account holder to defer taxes on contribution earnings.
APYMinimum Balance Amount
0.15%
$0
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2.50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

This account is essentially an IRA version of the Share Savings account — with the same interest rate — and would be best for someone looking to defer taxes on the earnings on account contributions until they are withdrawn. In short, someone preparing for retirement.

This savings account also has no opening deposit requirement and there is also no monthly account maintenance fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s IRA Share Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

High-Yield Savings & IRA High-Yield Savings

These are tiered-yield accounts with interest rates based on balances.
APYMinimum Balance Amount
0.10%
$0 to $9,999.99
0.60%
$10,000 to $49,999.99
0.70%
$50,000+
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

Those who are serious about saving should look into the High-Yield Savings account at Wings Financial Credit Union. This account also has an IRA version for those who want to defer taxes on the earnings on contributions to the account until they are withdrawn.

This account would be best for someone with a larger nest egg, and who can reach and maintain at least the second balance/APY tier, where they will earn a much-higher interest rate.

This account would be good for someone who has a sizeable nest egg and does not expect to touch it anytime soon.

While the yield bump from Tier 1 to Tier 2 is sizeable, getting to Tier 3 doesn’t offer as much of a reward. Someone with a very large nest egg may not find this account yields much interest when compared to other options elsewhere.

Wings Financial Credit Union says this account is best for anyone looking to grow their savings. This account also has no minimum balance requirement.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s High-Yield Savings

Current members can open this account online through their credit union online portal. Interested members must apply to join the credit union, then apply for this account upon approval of membership.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

Jr. JetSavers

The Jr. JetSavers account is a savings account program for children ages 12 and younger.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: No minimum
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Jr. JetSavers program is a child-centric savings account and program. Let’s just talk about the account itself. It’s a savings account for children up to age 12 that seeks to teach good savings habits.

The program perks include a newsletter and annual birthday card. Once a saver has $150 or more in their account they will receive a special prize as well, according to Wings Financial Credit Union.

Once they turn 13, kids can participate in Wings Financial Credit Union’s SOAR program, which offers free financial education classes designed to teach them how to make smart financial choices.

As with other Wings Financial Credit Union savings accounts, Jr. JetSavers falls under the withdrawal restrictions of Federal Reserve Regulation D.

How to get Wings Financial Credit Union’s Jr. JetSavers

Call or visit a Wings Financial Credit Union branch in person to sign up a child for this account.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

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How Wings Financial Credit Union’s savings accounts compare

In terms of interest rate alone, when compared to the best online savings accounts, the High-Yield Savings account at Wings Financial Credit Union is really the only account to consider — and only if the account holder’s balance would be high enough to reach the Tier 2 interest rate. The other savings account at the credit union provide a much lower interest rate.

So, if there is a child who is interested in learning to save, the Jr. JetSavers is worth checking out for the fun prizes, which could be just the incentive a child needs.

Wings Financial Credit Union’s CD rates

Share/IRA Certificates

These CDs come in varying terms and can be used to save build a nest egg or as an IRA certificate.
APYTerm
3 months
1.00%
$500-$9,999.99
1.05%
$10,000- $89,999.99
1.10%
$90,000+
6 months
0.50%
$500-$9,999.99
0.55%
$10,000- $89,999.99
0.55%
$90,000+
1 year
0.90%
$500-$9,999.99
0.95%
$10,000- $89,999.99
0.95%
$90,000+
18-month special
2.27%
$5,000+ (New Deposits Only)
2 Year
1.05%
$500-$9,999.99
1.10%
$10,000- $89,999.99
1.10%
$90,000+
3 Year
1.16%
$500-$9,999.99
1.21%
$10,000- $89,999.99
1.21%
$90,000+
4 Year
1.26%
$500-$9,999.99
1.31%
$10,000- $89,999.99
1.31%
$90,000+
5 Year
1.36%
$500-$9,999.99
1.41%
$10,000- $89,999.99
1.41%
$90,000+
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Early withdrawal penalties apply.

The Share/IRA Certificates available through Wings Financial Credit Union offer a variety of interest rates and terms, ranging from a few months to several years. All of the CDs have the same $500 minimum balance requirement, which is modest.

CDs can be opened online via the credit union’s online portal or at any branch location. Wings Financial Credit Union touts their CDs to have high competitive rates, so competitive they rank with the nation’s best CD products.

The CDs are a good option for anyone who is OK with investing their money for a few months up to a few years and/or anyone looking for an IRA CD option for retirement planning.

How to get Wings Financial Credit Union’s Share/IRA Certificates

Open an account in person at any Wings Financial Credit Union branch.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

5 Year Step-Up Certificate

Holders of this CD can increase their interest rate when they add to their balance.
TermAPY
$500-$9,999.992.53%
$10,000- $89,999.992.58%
$90,000+2.63%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Early withdrawal penalties apply.

The 5 Year Step-Up Certificate is a CD product that allows the account holder to “step up” their interest rate if their balance increases. When this is done, the CD will adjust to the new rate for the remainder of the term.

Here’s the catch: the rate can only be increased once during the term of the CD. The CD offers three tiers of interest rates based on the CD balance.

This product is best for someone who can commit to investing their money for five years, and who expects to be saving and adding to that money during the same time period.

How to get Wings Financial Credit Union’s 5-Year Step Up Certificate

Open an account in person at any Wings Financial Credit Union branch.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

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How Wings Financial Credit Union’s CD rates compare

When comparing the Wings Financial Credit Union CD products to the best CD rates, a few of the Wings Financial Credit Union products should be considered. The interest rates offered on the 5 Year Step-Up Certificate along with the regular certificates in terms of four or five years are comparable with the best rates. The promotional CD is as well.

Wings Financial Credit Union’s money market account options

World Class Money Market Account

This money market account offers tiered levels with increasingly higher interest rates, along with check writing privileges.
APYMinimum Balance Amount
0.15%
$0 to $4,999.99
0.20%
$5,000 to $14,999.99
0.25%
$15,000 to $24,999.99
0.30%
$50,000+
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $10 per month if balance falls below $5,000
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

The World Class Money Market Account offers tiered interest rates: The more money you deposit, the better the rate. There is a sizeable, $5,000 minimum deposit required to open this account.

This account includes check-writing privileges and funds are accessible at any time, according to the credit union. This money market can also be used as overdraft protection for a First Class Checking Account.

This account would be best for someone who has a large balance for a savings account and wants to earn interest on that money.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s World Class Money Market Account

Stop into a branch location in person to open this account or call the credit union’s customer service line.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

Investment Money Market account & IRA Investment Money Market account

This money market account is “liquid” according to the credit union, offering access to your money at any time.
APYMinimum Balance Amount
0.35%
$5,000 to $49,999.99
0.40%
$50,000 to $99,999
0.45%
$100,000+
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Monthly account maintenance fee: None
  • ATM fee: 10 free withdrawals per statement cycle at non-proprietary ATMs. After that, $2,50 per transaction along with a surcharge fee that may be charged by the ATM owner.
  • ATM fee refund: N/A
  • Overdraft fee: $30 per item, up to six per day

Wings Financial Credit Union’s Investment Money Market account, which is also available as an IRA, offers higher interest rates than their other money market product. This account also requires a $5,000 minimum opening and maintaining balance.

This account comes with no monthly fees or service charges. It does include two free withdrawals per month. The IRA version of the account is the same as the money market but includes the benefits of an IRA.

Because no interest can be accrued unless the minimum account balance is maintained, this account would be best for someone who plans to keep that minimum balance.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of pre-authorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Wings Financial Credit Union’s Wings Investment Money Market Account

Stop into a branch location in person to open this account or call the credit union.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

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How Wings Financial Credit Union’s money market accounts compare

While the Wings Financial Credit Union money market accounts pay a higher interest than the credit union’s savings accounts, the money market’s interest rates do not compare with the best money market rates.

Overall review of Wings Financial Credit Union’s banking products

Overall, Wings Financial Credit Union offers a few products worth checking out — namely a few of their CDs and the Jr. JetSavers account, which is a nice reward-based savings account for children. Also, of note, the checking account which does actually offer interest unlike many checking accounts available today. The other products offered by Wings Financial Credit Union are nothing out of the ordinary.

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