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FSNB Review: Checking, Savings, CD and IRA Accounts

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

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FSNB’s checking account options

Advanced Checking

This checking account comes with premium Online Banking features, but for a price.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $5. If you open an account by mail, you’ll instead need at least $200.
  • Monthly account maintenance fee: $10.95, and it can’t be waived
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum daily total).

This is FSNB’s highest-price checking account, and there is no way to get the monthly fee waived. You’ll simply have to be OK with paying $10.95 each month for your checking account.

In return for that pricey fee, you really only get three things. You’ll get access to the premium 5-Star Online Banking (this service normally costs $6/month and allows you to see check images and make unlimited payments through Bill Pay). If your account balance is $200 or more, you can also qualify for one free box of checks per quarter. You’ll also be able to receive direct deposit payments one day earlier.

If you’re worried about earning interest, don’t be. All of FSNB’s checking accounts offer interest. But since not all accounts come with a monthly fee as high as with this one, you’ll likely be better served by another, low or no-fee checking account unless the specific perks of this account really thrill you for some reason.

How to get FSNB’s Advanced Checking account

FSNB does not support online applications. Instead, your only options to get this account are to apply in person at a branch, or have an application mailed to you.

SEE DETAILS Secured

on FSNB’s secure website

Member FDIC

Secure Rewards Checking

This account offers a random collection of perks that may be more trouble than they’re worth.
APYMinimum Balance to Earn APY
0.08%
$500
  • Minimum opening deposit: $7.50. If you open an account by mail, you’ll need at least $200.
  • Monthly account maintenance fee: $8.50, with no option to waive
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

You know how credit cards often come with a random collection of perks that no one ever really uses, like price protection or insurance? Well, with this account, you can get all those useless perks and more for the high price of $8.50 per month. And no, you can’t get this fee waived either.

Here’s what you get with this account:

  • Unspecified cash back rewards (but only if you register and do your shopping through a specific online portal)
  • Extended warranty and price protection (but only if you complete copious amounts of paperwork)
  • Coupons for local businesses
  • Unspecified travel rewards
  • $5,000 worth of identity theft insurance

There are also a couple of other fees associated with this account. If you want paper statements, you’ll have to pay $1.50 per month extra. If you want check images with your statement, you’ll owe another $5 per month.

How to get FSNB’s Secure Rewards Checking account

If for whatever reason you decide you do want this account, you’ll need to visit a local branch to open it or submit an application by mail.

SEE DETAILS Secured

on FSNB’s secure website

Member FDIC

Career Checking

Unless you’re age 50 or older, this is your only real chance at a truly free checking account at FSNB.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $5. If you open an account by mail, you’ll need at least $200.
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

If you don’t care about any weird rewards schemes or offhand perks but do receive regular direct deposits, this might be the best account for you at FSNB. To qualify, you’ll need to receive at least one direct deposit per month of $300 or more.

Even though this account doesn’t come with any flashy perks, it does still come with the ability to earn interest on your account. As long as you have at least $500 in the account, you’ll earn interest on your entire balance.

The best part about this account is that there is no monthly fee — if you opt for electronic statements. If you want images of your checks with your statement, however, you’ll owe a $5 monthly fee, and if you want a paper statement instead, that’ll be an extra $3 per month.

How to get FSNB’s Career Checking account

If you live near a local branch, it might be best to head there to open this account. The only other alternative is to open an account by mail.

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on FSNB’s secure website

Member FDIC

50+ Checking

One of the advantages of being at least age 50 is that you can open a free (yet mediocre) account at this bank.
APYMinimum Balance to Earn APY
0.05%
$1,000
  • Minimum opening deposit: $5 if you open the account in person. $200 if you open the account by mail.
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

Compared with FSNB’s other checking accounts, this one has some more definite pros. First, there is no monthly fee with this account. You’ll also get free cashier’s checks, money orders and even free regular checks, as long as you have at least $200 in the account. You can even earn interest on this free checking account.

Now, the cons: To earn interest, you’ll need to keep a larger-than-normal balance in your checking account. Most FSNB checking accounts require a minimum $500 balance before interest is paid out; but if you’re 50 or older, FSNB requires you to have a minimum $1,000 balance before you earn any interest. You’ll also pay a $1.00 monthly fee if you want paper statements with your account. You can also add the Secure Rewards benefit package to this account (honestly, they’re not that great) for a high $8.50 monthly fee.

How to get FSNB’s 50+ Checking account

If you don’t live near a branch, the only way to get this account is to mail in an application.

SEE DETAILS Secured

on FSNB’s secure website

Member FDIC

Basic Checking

This is basically the same thing as the Career Checking account, except you’ll be charged if you don’t keep a certain balance in your account.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $5 if you open the account in person, $200 if you open the account by mail.
  • Monthly account maintenance fee: $5.50, unless your account balance is above $75.
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

If all you want is a no-frills checking account at FSNB, you have few options. You can go for the Career Checking account because it has no monthly fees, but in order to qualify, you’ll need a monthly direct deposit of at least $300. But what if you can’t meet that requirement? The self-employed, for example, might still earn a decent income but it’s not direct-deposited by an employer.

In that case, this account is probably your best option. Unlike most of FSNB’s checking accounts, this one will waive the monthly fee, but only if you have at least $75 in the account. It’s a hassle, yes, but it is one way to get a “free” checking account, with strings attached.

There are a couple of other fees that might bump up the true monthly cost of this account, however. If you want paper statements, FSNB will charge you $3 per month. Check images with your statement will set you back a further at $5 per month.

How to get FSNB’s Basic Checking account

The easiest way to get this checking account is by visiting a local FSNB branch. However, if you can’t do that because you don’t live near one (and that’s most people, we’d bet), you can still open an account by mail.

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on FSNB’s secure website

Member FDIC

NOW Checking

This “variable-rate” account actually offers the same interest rate as all the other FSNB checking accounts.
APYMinimum Balance to Earn APY
0.08% Variable
$500
  • Minimum opening deposit: $5 if you open an account in person, $200 if you open an account by mail.
  • Monthly account maintenance fee: $7.50, but only if your balance falls below $400.
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

FSNB’s NOW checking account is very similar to its other accounts. The only thing we can tell that’s different is that you get images of the checks you’ve written included with your statements. Many banks offer that for free, but FSNB normally charges you $5 per month for this perk with its other accounts.

This checking account also offers interest, and like its other accounts, you’ll need to keep at least $500 in the account during the cycle in order to earn it. If you don’t have at least $500 in the account, you won’t earn interest on anything.

How to get FSNB’s NOW Checking account

There are two ways to open an account at FSNB: in person at a branch or by mail.

SEE DETAILS Secured

on FSNB’s secure website

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How FSNB’s checking accounts compare

We have three quick descriptions to sum up all of FSNB’s checking accounts: redundant, high fees and low interest rates.

Each checking account is much the same as the next, with the exception of accounts like the Secure Rewards Checking, which offers a lot of (mostly unhelpful) rewards. Most of the accounts also come with high fees. Typically, even the consumer-unfriendly megabanks will offer ways to skirt some of these fees. But with FSNB’s Advanced Checking and Secure Checking accounts, these monthly fees are unavoidable.

The bank also charges you for different online banking features which mostly come free with other banks. Viewing transactions and transferring money is free, but if you want to see check images, you’ll need to pay $6/month for the Extended Basic Online Banking package. If you’re going to pay that much, you might as well sign up for the 5-Star Online Banking package because it also costs $6/month but you’ll also get to see check images and make payments with online Bill Pay.

Still, there are some things to like about these checking accounts. Each account offers an optional Savings Round Up program, which rounds up your debit card purchases to the nearest dollar and deposits the difference into your savings account. Each account also offers interest, which is unusual for banks. Unfortunately, that interest rate isn’t really all that great, especially compared with its competitors’ checking accounts.

FSNB’s savings account option

Savings Account

This account comes with a lot of fees, but offers little in the way of good interest rates.
APYMinimum Balance to Earn APY
0.10%
$25-$4,999.99
0.25%
Over $5,000
  • Minimum opening deposit: $5, or $200 if opening the account by mail
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $5.50 per quarter, but only if your balance falls below $75
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

FSNB only offers one savings account, the aptly-titled “Savings Account.” It has two tier levels. Although you only need $5 to open the account if you open it at a branch, you’ll need to have at least $25 in there to earn any interest.

This account has unusual rules for how many withdrawals you’re allowed to make. If you have more than $500 in the account, you can make as many withdrawals as you want, as long as you stay under the six-debit monthly limit imposed by federal Regulation D. If you have less than $500 in the account, you can only make a scant three withdrawals per quarter. If you go over your allotted number of withdrawals, each extra withdrawal will cost you $1.50.

Finally, this isn’t an account that you can open and then forget about. You’ll need to make at least one transaction every three months, otherwise the bank will charge you a hefty $15 “inactivity fee” every quarter. That’s up to $60 per year that you could be bleeding money if you aren’t on top of this account. The bank will also charge you a $1 fee for each paper statement, if you’d rather receive your statements this way.

How to get FSNB’s Savings Account

FSNB does not support online account applications. If you don’t live near a branch, you’ll have to contact the bank instead and request an application be sent to you by mail.

SEE DETAILS Secured

on FSNB’s secure website

Member FDIC

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How FSNB’s savings account compares

Many banks are currently boosting their interest rates due to federal changes. That’s great news for you, unless you have a savings account at FSNB. In that case, you’ll be stuck with subpar interest rates. If you’d rather take advantage of the great interest rates being offered at other banks, these are our top savings account recommendations.

This bank account also comes with more red tape than a classified government document. Not only does it make this account confusing to keep up with, but it’s also likely that you’ll end up shelling out more money in fees than what you actually earn in interest payments. That’s why we recommend choosing another bank for your savings.

FSNB’s CD rates

CDs

Don’t waste your time. These rates are too low.
TermAPY
30 day0.15%
91 day0.15%
182 day0.20%
12 months0.30%
18 months0.35%
30 months0.35%
60 months0.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 91 days’ worth of interest for CDs 12 months or less; 182 days’ worth of interest for CDs longer than 12 months.

FSNB offers an unusual schedule of CD term lengths. Most banks offer CDs in 12 month increments, however FSNB doesn’t offer 24, 36 or 48 month CDs. This means that it may be more difficult than normal to set up a CD ladder, for example, since one of the standard CD ladder setups relies on opening a series of CDs set to mature once every 12 months.

The APY quoted above assumes that you’ll keep your interest earnings in the CD while you earn it so that it compounds. If you don’t mind earning a slightly lower rate, you do have the option of withdrawing your interest earnings on a monthly, quarterly, semi-annual or annual basis. You can opt to have the interest payments automatically deposited into an FSNB checking or savings account, mailed out to you or held separately for you to pick up from a branch.

Once your CD matures, FSNB will automatically renew it. You will get a 10-day grace period after this happens when you can withdraw the money penalty-free, if you wish.

How to get FSNB’s CDs

You can open these accounts by mail or through a local branch. FSNB does not support online applications, unfortunately, which we confirmed with a customer service representative.

SEE DETAILS Secured

on FSNB’s secure website

Member FDIC

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How FSNB’s CD rates compare

Frankly, these rates are pretty terrible. They’re much lower than even the national averages tracked by DepositAccounts.com, another LendingTree-owned site. Generally, when you’re talking about locking away your money for a long period of time, it’s best to get your best interest rate possible. If that’s a bigger priority for you than staying loyal to FSNB, then we’d recommend these top-yielding CDs instead.

FSNB does offer a low early withdrawal penalty, however. Many banks charge 365 days’ worth of interest or more for withdrawing money from a 5 year CD early. That’s twice as much as FSNB charges. Still, it’s probably better to chase the highest interest rate possible than the lowest early withdrawal fee. If you think there’s a good likelihood that you’ll need to withdraw money early, a more liquid account like a savings or money market account may be better for you.

FSNB’s money market account option

Money Market Account

This account doesn’t offer any advantages over the Savings Account besides the ability to write checks.
APYMinimum Balance to Earn APY
0.15%
$25
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $5, unless you keep at least $2,500 in the account.
  • ATM fee: $1.50 for each out-of-network withdrawal, plus an ATM surcharge fee from the ATM’s owner.
  • ATM fee refund: None
  • Overdraft fee: $19.75 per item, on up to seven items per day ($138.25 maximum total).

As of early November 2018, this account is listed on the bank’s rates page, but there is no other information at all about this account on the remainder of the website. We contacted the bank directly to find out what’s going on with this account — and yes, you can still open one, a customer representative told us.

It’s a good idea to wait to open this account until you can commit to keeping at least $2,500 in it however. You’ll need at least that much to open the account anyway, but once open, you’ll be charged a $5 monthly fee if your balance drops below that level for a given month.

You can write checks from this account, but you can only make a certain number of withdrawals. You’ll also be limited up to six certain debits per month due to the rules established by federal Regulation D. If you need to make more withdrawals than that in a given month, FSNB will charge you a $1.50 per-withdrawal fee.

How to get FSNB’s Money Market Account

You can open this account in person at a local branch or by requesting an application kit.

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on FSNB’s secure website

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How FSNB’s money market account compares

Generally money market accounts offer higher interest rates than on savings accounts, but that’s not the case here. Just like all of its other accounts, FSNB’s money market account offers very poor rates. In fact, FSNB’s savings account offers an even higher rate on balances over $5,000. Still, it’s not really worth making that much hullabaloo over since both of these accounts offer very small rates.

Instead, if you’d still like to be able to write checks from your savings-type account but prefer to earn much higher interest rates, we’d recommend one of these top online money market accounts instead.

FSNB’s IRA account options

IRA CD rates

FSNB only offers two IRA CD term lengths for you to choose from.
TermAPY
18 months0.35%
30 months0.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 182 days’ worth of interest.

IRA CDs can be a great way to save for retirement. FSNB offers IRA CDs that you can open either inside of a traditional or Roth IRA. But as always, there are some catches.

The first catch is that you can only choose from two term lengths of FSNB’s regular CDs: 18 months or 30 months. That means it’ll be difficult to get an IRA CD ladder started unless you manually open a new one every 18 or 30 months to keep the chain going.

The second catch is that these IRA CDs will automatically renew when they mature. You can still access your money during a short 10-day grace period window after each maturity date, if you wish. That’s an excellent time to roll over these IRA CDs into a higher-yielding investment outside of FSNB.

How to get FSNB’s IRA CDs

You’ll need a valid ID to apply for an account, which you can do either at a local branch or by mail. FSNB does not support online applications, unfortunately.

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on FSNB’s secure website

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How FSNB’s IRA CD rates compare

You can easily find higher-yielding IRA CDs than FSNB’s options. Here are the best IRA CD rates that we’ve recently found.

FSNB also only offers a mere two term lengths: 18 and 30 months. Most people opening IRA CDs are investing for the long haul, and so 5 year IRA CDs would be more appropriate. Still, it doesn’t really matter much since FSNB’s regular 5 year CDs don’t earn much either.

Overall review of FSNB’s banking products

FSNB originally started with a mission to help military families reach further toward their financial goals. If that’s the case, we think it’s a shame that this bank offers such poor interest rates and policies. Most of the rules surrounding each account seem designed to ensure that the bank collects more money from you, rather than the other way around.

Case in point: FSNB only lets you access your money for free from ATMs owned directly by FSNB itself, or its sister bank, City National Bank (CNB). Most of these ATMs are located at the branches themselves, but since FSNB itself operates less than 100 branches nationwide, that means there’s a good chance you’ll find yourself far from an in-network ATM when you need it. There is also no ATM locator option on the website, so you’ll just need to figure out which bank branch is closest to you. This boosts the likelihood that you’ll have to use out-of-network ATMs frequently, which means more ATM fees coming out of your wallet.

Instead, we recommend looking for local banks or banks with branches in your area if you’d still prefer to do your banking in person. If you don’t mind heading online for your banking needs, a whole new world of better, higher-yielding accounts awaits you.

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Reviews

Teachers Federal Credit Union 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 may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Teachers Federal Credit Union checking account options

Personal checking

This is a free account that offers some discounts.
APYMinimum Balance to Earn APY
0.05%
$2,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.75 for out-of-network ATMs (if you maintain a minimum of $2,500 in combined account balances)
  • ATM fee refund: None (exceptions apply)
  • Overdraft fee: $30 (other options available)

Teachers Federal Credit Union’s checking account is a simple checking account that’s best for those looking for a way use their funds quickly. Account holders get free online banking, bill pay and a free Visa debit card that offers worldwide ATM access. The checking account can also be linked to a savings or money market account for overdraft protection, which will only set you back $8 per transfer if and when it occurs.

This account also offers you additional discounts if you can maintain a minimum of $2,500 in combined balances across your deposit accounts. Teachers Federal Credit Union offers the Educated Choice Program, which gives you the opportunity to save on fees such as ATM surcharges, traveler’s checks, money orders, paper checks and overdraft transfer fees. However, if you enroll in this program and fall below the minimum balance requirements, you will need to pay a monthly fee — $8 for the gold level and $10 for the platinum level.

College students can choose to open a specialty checking account — the Young Professional Checking Account — which has the same features and benefits mentioned above, plus you’ll get your first box of checks and traveler’s checks for free without needing to opt into the Educated Choice Program. To qualify for this account, you’ll need to be enrolled in a qualifying college in Nassau or in certain parts of Suffolk.

How to get Teachers Federal Credit Union’s checking account

You can open an account by filling out a membership application form online. You’ll be asked to select how you qualify for membership, then choose the accounts you intend to open; all members must a share savings account to establish membership. Then, fill out the rest of the form by providing personal details such as your name, address, Social Security number and government-issued ID information. Afterward, fund the account.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

NCUA Insured

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How Teachers Federal Credit Union’s checking accounts compare

Even with the free perks and discounts available, we’re not terribly impressed with Teachers Federal Credit Union’s checking account. The APY rate is extremely low compared with other competitors found on our list of the best online checking accounts. Some of these competitors even offer ATM refunds without needing to meet minimum balance account requirements.

Considering there are also pretty strict requirements to establish membership at this credit union, we’re convinced you’re better off looking elsewhere.

Teachers Federal Credit Union savings account options

Share savings

All members need to open this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$50
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

There’s not much going on with this account other than the fact that all members need to maintain this account to qualify for membership. Knowing that, it’s great that it doesn’t require a monthly maintenance fee, although the APY offered isn’t that stellar. There isn’t any ATM access or check-writing capabilities unless you link it to a checking account.

The Federal Reserve’s Regulation D limits you up to six certain debits a month from your savings account. If you try to go over that amount, your transaction will be denied by the credit union.

How to get the Share savings account

You can open a Share savings account via Teachers Federal Credit Union’s online application form. You’ll be asked how you qualify for membership and to provide personal details such as your address, Social Security number and government-issued ID information. Then you’ll be able to transfer money into the account.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

NCUA Insured

Holiday and Vacation Club

You can use this account for your short-term savings.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Holiday and Vacation Club account is meant to help you set aside money for your short-term savings goal, whether it be for the holiday or summer season. You deposit money as often as you want, even setting up automatic transfers from your paycheck. At a specified time, those savings will be automatically transferred to your main account for you to spend.

You can open an account anytime of the year for a Holiday Club account, or in June for the Vacation Club account. The funds will be left to accumulate until around Oct. 15 for the Holiday Club and around June 4 for the Vacation Club account. After these dates, the money in either of these accounts will then be transferred to your savings or checking account.

While there are technically no penalties for withdrawing your funds early, you’re still limited up to six certain debits a month because of Regulation D. If you try to go over that amount, your transaction will be denied by the credit union.

How to get the Holiday or Vacation Club savings account

You can open an account online by filling out a membership application form. You’ll be asked to indicate how you qualify for membership and agree to open a share savings account. Once you enter in your personal details such as your address and Social Security number, you can fund both accounts.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

NCUA Insured

Youth Savings

Earn a high APY for your first $1,000, plus there are no monthly maintenance fees.
APYMinimum Balance to Earn APY
0%
$0.01
0.10%
$1,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Youth Savings account is for those 18 years and younger, though an adult (who is a member of the credit union) will need to be the joint owner. The APYs you see above are for new accounts only. There is no ATM access so the only way to access funds is in-person transactions or transfers from another account.

Kids 10 years and younger will open what’s called a Cub Account, which also provides kids with a Berenstain Bears book, membership card and bookmark. Both types of accounts are limited up to six certain debits a month because of Regulation D, and your transaction may be denied if you go other that amount. Once the child turns 18, the account will automatically be converted to a regular savings account.

How to get the Youth Savings account

You’ll need to head to the nearest branch to open an account. You’ll need to bring your government-issued ID, plus your and your Social Security number, as well as your child’s. For more information, you can call Teacher Federal Credit Union at 1-800-341-4333.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

NCUA Insured

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How Teachers Federal Credit Union’s savings accounts compare

We like the high APY for the youth account even though it’s only for the first $1,000. However, the other savings accounts leave more to be desired.

Looking at other competitors on our list of the best online savings accounts, Teachers Federal Credit Union has low APYs in comparison. Considering a savings account is meant to help you maximize your savings, you may be better off doing some shopping around for better rates.

Teachers Federal Credit Union CD rates

Certificate of Deposit

Some of these rates are pretty competitive.
Regular CD (minimum $1,000 opening deposit)
TermAPY
3 months0.25%
6 months0.25%
12 months0.35%
15 months2.50%
18 months0.55%
24 months0.50%
30 months2.55%
36 months0.60%
48 months0.75%
60 months1.25%
Jumbo CD (minimum $100,000 opening deposit)
TermAPY
1 month0.25%
2 months0.25%
3 months0.25%
6 months0.25%
12 months0.35%
  • Minimum opening deposit: $1,000 or $100,000
  • Minimum balance amount to earn APY: $1,000 or $100,000
  • Early withdrawal penalty: Depends on length of term.
    • One year or less: 180 days’ interest or all interest earned since account opening, whichever is less
    • More than one year: 270 days’ interest or all interest earned since account opening, whichever is less

Both the regular and jumbo CDs have fixed rates, meaning you’re guaranteed the specified rate of return assuming you’ll leave all funds in the account until maturity. Interest earned is compounded daily and credited either monthly or quarterly. However, for the 3 month regular CD, interest earned will be credited when it matures.

Your account will automatically renew for the same term unless you decide to make changes. There is a seven-day grace period in which to do so, whether it’s making withdrawals, additional deposits or renewing for another term.

How to get Teachers Federal Credit Union’s CDs

You can either call customer service at 631-698-7000 (ext. 6780) or show up at a local branch to open a CD. You may be asked to provide your name, address, Social Security number and government-issued ID.

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How Teachers Federal Credit Union’s CD rates compare

Some of the CD rates are on par with the best CD accounts out there. It depends on the term, so it’s always a good idea to do some shopping around and compare.

However, a big disadvantage to this account is that you are required to become a member to open a CD, and the requirements seem pretty restrictive. If you qualify, great, otherwise you’ll have to go elsewhere.

Teachers Federal Credit Union money market account options

Money market account

The highest APY is pretty comparable to other places, but it does require a high minimum balance.
APYMinimum Balance to Earn APY
0.15%
$2,500
0.25%
$25,000
0.25%
$50,000
0.30%
$100,000
0.35%
$250,000
0.35%
$500,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

With the credit union’s money market account, you can earn a higher rate than the checking or savings account, but you are required to have a higher minimum balance amount and there’s a monthly maintenance fee. However, you can get that waived if you can maintain a $500 minimum balance.

Sadly, there isn’t any ATM access — unless you link it to a checking account — but there are limited check-writing capabilities. Just remember that you’re limited up to six certain debits a month due to Regulation D, or else the credit union will charge a $10 excessive draft fee for each debit.

If all you’re looking for is a place to park short-term savings, this isn’t a terrible choice. However, if you want more frequent access to your cash, the checking account may be better, plus you could qualify for free benefits from the Educated Choice Program.

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

To open a Teachers Federal Credit Union money market account, you can either head to the nearest branch or filling out an online membership application form. You’ll be required to establish membership by opening a share savings account in addition to the money market one. First, indicate how you qualify for membership, then provide your personal details such as name, address and Social Security number. The last part of the application will ask you to provide details on how you’ll fund the account.

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How Teachers Federal Credit Union’s money market accounts compare

If you’re only looking at the rates, this money market is comparable to what else is being offered out there, including the ones on our list of the best money market accounts. What we’re not a fan of is how high those minimum balance requirements are. There are quite a few competitors that have much lower ones and don’t have strict membership requirements.

If you don’t have a lot of cash laying around but still want to get the best bang for your buck, it may be a better idea to look at other money market accounts.

Teachers Federal Credit Union IRA account options

IRA CD rates

IRA certificate

There are only a few IRA CD terms worth looking into.
TermAPY
3 months0.25%
6 months0.25%
12 months0.35%
15 months2.50%
18 months0.55%
24 months0.50%
30 months2.55%
36 months0.60%
48 months0.75%
60 months 1.25%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term.
    • One year or less: 180 days’ interest or all interest earned since account opening, whichever is less
    • More than one year: 270 days’ interest or all interest earned since account opening, whichever is less

These IRA CDs do offer a higher rate of return than Teachers Federal Credit Union IRA savings account, so that’s something to consider as you’re shopping around. It may be a bit of a stretch for some since the minimum opening deposit is $1,000.

You can choose from a traditional or Roth IRA, depending on your needs. Interest you earn will be compounded daily and deposited into your account each month or quarter. The only exception is the 3 month IRA CD which only deposits interest earned when the account matures.

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

How to get Teachers Federal Credit Union’s IRA CDs

To open an IRA CD with Teachers Federal Credit union, head to your nearest branch or call customer service at (631) 698-7000 ext. 6780. You’ll be asked to provide your full name, address and Social Security number.

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How Teachers Federal Credit Union’s IRA CD rates compare

Just like the regular CDs, the IRA CDs only have one or two terms that are worth looking into as there are higher rates offered by other competitors. These IRA CDs do have a lower minimum opening deposit than others on our list of the best IRA CD rates, but some also don’t have restrictive membership requirements. That means you’ll need to look around carefully to see what options there are before making a decision.

IRA savings account

Just a basic IRA savings account.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

There’s not much to say about this account except that you can either choose the traditional or Roth option; it’s a good idea to chat with a customer representative to see which is your better option. It’s nice in that there is a really low minimum opening deposit.

This IRA savings account could be a good place to park your retirement funds until you figure out what you want to do with your money, such as sticking it in a IRA CD that could give you a higher rate of return. Remember that Regulation D limits you up to six certain debits a month and if you try to go over that amount, your request will be denied.

How to get Teachers Federal Credit Union’s IRA savings account

You’ll need to either head to the nearest Teachers Federal Credit Union branch or call customer service at (631) 698-7000 ext. 6780. The credit union may ask you for information such as your address and Social Security number.

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Overall review of Teachers Federal Credit Union’s banking products

Restrictive membership requirements aside, some of the credit union’s rates aren’t too shabby. The money market rates are just a bit lower than what other competitors are offering, and the CD and IRA CD accounts have a few terms worth looking into.

However, the rest of Teachers Federal Credit Union’s offerings aren’t that good as the advertised APYs are really low. If you can qualify for membership, some of these accounts may be worth it. If not, there are plenty of competitors that will be happy to take your money.

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Zions Bank Review: Checking, Savings, CD, Money Market, and IRA accounts

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Zions Bank’s checking account options

Anytime Checking

Anytime Checking is Zion’s bottom-tier checking account, with no fees and basic account services.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

Customers looking to get a basic checking account at Zions Bank can look to the Anytime Checking account. With a low minimum opening deposit and no monthly fees, Anytime Checking can be a good introduction to Zions Bank’s services. There are no fees at any Zion ATMs, although fees are levied on non-Zions ATMs. Customers who travel abroad should be wary of the account’s high international ATM fees, which are standard across all Zions accounts. Anytime Checking also carries Zions Bank’s standard overdraft fee, which is high but can be reduced by setting up a backup overdraft account, like a savings account.

Servicewise, Anytime Checking doesn’t offer a lot beyond the basics. Customers get a Zions Bank debit card that can be used wherever Visa is accepted. Anytime Checking also offers online banking and bill pay, allowing customers to manage finances through mobile devices or computers, along with mobile check deposit. Customers also have access to the money transfer service Zelle.

Anytime Interest Checking

Anytime Interest Checking is the lowest-level Zions Bank checking account that pays interest.
APYMinimum Balance to Earn APY
0.01%$0.01
0.01%$1,000
0.01%$2,500
0.01%$5,000
0.01%$25,000
0.01%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10; waived with a minimum daily balance of at least $1,500 or a combined deposit and consumer loan balance of $10,000+
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

Anytime Interest Checking offers most of the same basic perks as Zions Bank’s Anytime Checking: online banking, mobile check deposit and access to money transfer service Zelle are all available. However, Anytime Interest also offers these additional benefits:

  • A no-fee, standard-sized (3” x 5”) safe deposit box, or a $10 discount on a larger box
  • One out-of-network ATM fee waiver per month
  • Free Zions Bank Exclusive checks, or a 45 percent discount on other check designs

As the name implies, Anytime Interest Checking also pays interest on all balances. In exchange for these added features, Anytime Interest Checking levies a monthly fee, although it can be avoided by maintaining a minimum balance.

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Premium Interest Checking

Premium Interest Checking pays Zions Bank’s highest interest rates, although the hurdles to avoid a monthly maintenance fee are also higher.
APYMinimum Balance to Earn APY
0.01%$0.01
0.01%$1,000
0.01%$2,500
0.01%$5,000
0.03%$25,000
0.03%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20; waived with a combined deposit balance of $10,000+ or a combined deposit and consumer loan balance of at least $25,000
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: up to three per month at non-Zions ATMs
  • Overdraft fee: $32, up to five times per day; can be reduced to $0 with a transfer from a backup deposit account or credit reserve line.

The Premium Interest Checking account at Zions Bank carries the features of the Anytime Interest Checking account, including the discount on check orders and the free standard safety deposit box. Some key additional benefits are included though, including the following:

  • No-charge overdraft protection with linked account
  • Three non-Zions ATM fee rebates per month
  • No monthly fee on linked savings or money market account

The Premium Interest account pays Zions Bank’s highest checking rates, across six tiers. Deposits of $100,000 or more are required to earn the best APY.

How to get Zions Bank’s checking accounts

As mentioned above, all of Zions Bank’s checking accounts can be opened online in about five or 10 minutes. Customers also have the option to visit a Zions Bank branch or call customer service at (866) 761-8349.

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How Zions Bank’s checking accounts compare

Overall, Zions Bank’s checking accounts don’t stand out on a national comparison basis. Although the basic Anytime Checking account provides some standard services for no fee, the bank’s other two checking accounts require maintaining balances to avoid fairly high fees. The payouts on the two interest-bearing accounts are below the national average, even at the highest tiers, and are not competitive at all when compared with the best rates for checking accounts available nationally.

Zions Bank’s savings account options

Savings account

This account is Zions Bank’s only primary savings account option; its simple name reflects the straightforward nature of the account.
APYMinimum Balance to Earn APY
0.03%$0.01
0.03%$1,000
0.03%$5,000
0.03%$25,000
0.03%$50,000
0.03%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3; waived with a minimum daily balance of $200+ or monthly transfers from a Zion checking account of $25 or more
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

The Zions Bank Savings account doesn’t offer a lot of bells and whistles, but it does come with the standard features most customers look for when opening a savings account. Although there is a modest fee attached to the account, it’s easily waived with a small deposit. Customers have access to an ATM card that allows fee-free access at Zions Bank ATMs, although a fee is levied for non-network withdrawals. Interest is earned on all balances and is tiered, although rates are currently identical across all tiers.

Like other savings and money market accounts, withdrawals by check, debit card, or pre-authorized computer or telephone transfers to another account are limited to six per statement cycle. If these limits are broken three times over a 12-month period, Zions Bank will either close the account or change it to a different type of account. Additionally, a $5 fee will be assessed per excess transaction.

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Young Savers

Unlike other banks’ youth savings accounts, eligibility for the Zions Bank Young Savers account extends all the way into an account holders mid-20s.
APYMinimum Balance to Earn APY
0.03%$0.01
0.03%$100
0.03%$500
0.03%$1,000
0.05%$10,000
0.05%$50,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0 for customers age 25 or younger
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

The Zions Bank Young Savers account is a variation of the bank’s basic Savings account, but for younger customers. The Young Savers account has a lower minimum than the standard savings account, along with no monthly fee. Standard online and mobile features apply, including access to an ATM card. However, online bill pay is not available with the Young Savers account.

Account holders can maintain this account until they turn 26, at which point it converts to a regular savings account. As with the standard savings account, certain withdrawals are limited to six per month, with a $5 fee applying to each additional withdrawal. Zions Bank also reserves the right to close or change the account if this limit is exceeded more than three times in a 12-month period.

How to get Zions Bank’s savings accounts

As mentioned above, all of Zions Bank’s savings accounts can be opened online in about five or 10 minutes. Customers also have the option to visit a Zions Bank branch or call customer service at (866) 761-8349.

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How Zions Bank’s savings accounts compare

Zions Bank has limited options when it comes to savings accounts. The rates paid on both the standard Savings account and the Young Savers account are far below the national averages in their categories, and the accounts don’t come with any noteworthy additional features. The best available national savings rates are far better than those you can get at Zion.

Zions Bank’s CD account options

Regular CDs

Zions Bank’s regular CDs come in a wide range of maturities, from one month to five years.
TermAPYMinimum Balance to Earn APY
1 month0.05%$1,000
3 months0.20%$1,000
6 months0.50%$1,000
9 months0.65%$1,000
12 months1.31%$1,000
18 months1.41%$1,000
24 months1.51%$1,000
36 months1.61%$1,000
48 months1.77%$1,000
60 months1.92%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Zions Bank CDs have fixed rates that are compounded daily. At Zions, CDs renew automatically at maturity for a similar period unless otherwise notified by the bank. A grace period of 10 calendar days applies to most maturing CDs, during which time customers can withdraw funds without facing the early withdrawal penalty. That period drops down to three calendar days for certificates of 31 days or less.

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Jumbo CDs

Zions Bank jumbo CDs have the same maturity schedule as the bank’s standard CDs, but with a higher required deposit.
TermAPY Minimum Balance to Earn APY
1 month0.05%$100,000
3 months0.20%$100,000
6 months0.60%$100,000
9 months0.75%$100,000
12 months1.41%$100,000
18 months1.51%$100,000
24 months1.61%$100,000
36 months1.71%$100,000
48 months1.87%$100,000
60 months2.02%$100,000
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Jumbo CDs require a minimum deposit of $100,000. At Zions Bank, they are otherwise identical to standard CDs. Both maturities and rates paid are currently the same at Zions for both jumbo and standard CDs.

Jumbo CDs also have the same automatic renewal policy as the bank’s standard CDs, meaning customers have a 10 calendar days in which to cash out a CD before triggering an early withdrawal penalty, or three days if the CD maturity is 31 days or less.

The early withdrawal penalty is also identical for both standard and jumbo CDs at Zion, ranging from all interest for the shortest maturities to 180 days’ interest for maturities of one year or longer. This penalty may be waived if a depositor is declared incompetent, dies, or at Zion’s discretion.

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CD Special

Zions Bank CD specials are subject to change at any time; currently, one maturity offers a special rate.
TermAPYMinimum Balance to Earn APY
12 months2.30%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest

To qualify for the special CD rate at Zions Bank, customers must have a qualifying checking relationship. Money must also be deposited from a new source, and not from another account at Zions. Otherwise, the special rate CD has the same minimum balance and early withdrawal penalty characteristics of Zions Bank’s standard CDs.

How to get Zions Bank’s CDs

As mentioned above, customers can apply for a Zions Bank CD through an online application form. Another option is to visit a Zions Bank branch or call customer service at (866) 761-8349.

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How Zions Bank’s CD rates compare

Zions Bank’s CD rates are generally slightly below the national average CD rates across all maturities. The standout product is the special rate CD. Here, rates are far above average, and are even competitive with the best available national CD rates. Rates are subject to change at any time, but the current 12-month special is among the very best CDs you can find. You will, however, have to maintain a checking account relationship with the bank to earn this yield.

Zions Bank’s money market account options

Money Market Savings

The Zions Bank Money Market Savings account has a tiered interest structure, ATM and check writing access and no monthly maintenance fee.
APYMinimum Balance to Earn APY
0.02%$1,000
0.02%$5,000
0.03%$25,000
0.05%$100,000
0.05%$250,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn, an additional $5 fee is assessed, up to a maximum of 30 calendar days

For savers with at least $1,000 to set aside, the Zions Bank Money Market account pays a higher yield than the bank’s traditional savings account. The Money Market account also allows check writing and has ATM access. However, as with all money market and savings accounts, certain withdrawals are limited to six per month from this account. A $15 fee is assessed for each withdrawal after six per month, and Zions reserves the right to close or change the account after that limit has been reached three times in a 12-month period; in-branch and ATM withdrawals are unlimited and do not count towards this six-transaction limit. The Zions Bank Money Market account has no monthly maintenance fee and a relatively modest minimum opening deposit requirement for a money market account.

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Online Money Market

The Zions Bank Online Money Market account’s APY tops the rates paid on any of the bank’s other checking, savings or money market accounts.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.20%$25,000
0.20%$100,000
0.20%$250,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

Zions Bank’s Online Money Market account, as the name suggests, is an online-only account. As the account can only be accessed via a mobile phone, tablet or computer, it pays higher rates than the bank’s traditional money market account. All of the other parameters of the account are the same, from the minimum opening deposit to the monthly, ATM and overdraft fees. Check writing is also available with the Online Money Market account.

How to get Zions Bank’s money market accounts

As mentioned above, you can open a Zions Bank money market account online, via an application that takes between five and 10 minutes. Customers can also visit a Zions Bank branch or call the bank at (866) 761-8349.

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How Zions Bank’s money market accounts compare

Both of the Zions Bank money market accounts pay rates above the national average. Minimum deposit requirements are low, and there is no fee on either account. The standout account is the online money market, paying an APY about triple that of the regular money market account. However, even this account pays a rate well below the best available money market rates nationwide.

Zions Bank’s IRA account options

IRA CDs

Zions Bank IRA CDs have the same terms and APY as the bank’s non-IRA CDs, although IRS penalties and taxes may apply to IRA withdrawals.
TermAPYMinimum Balance to Earn APY
1 month 0.05%$1,000
3 months 0.20%$1,000
6 months0.50%$1,000
9 months0.65%$1,000
12 months1.31%$1,000
18 months1.41%$1,000
24 months1.51%$1,000
36 months1.61%$1,000
48 months1.77%$1,000
60 months1.92%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Zions Bank IRA CDs have the same structure as the bank’s standard CDs. This means that the IRA CDs pay fixed rates that are compounded daily. IRA CDs also renew automatically at maturity for the same term, unless the bank notifies customers in advance. The grace period is three calendar months for IRA certificates maturing in 31 days or less, and 10 calendar days for all remaining IRA CD maturities. Other withdrawals will trigger the early withdrawal penalty.

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Jumbo IRA CDs

Zions Bank Jumbo IRA CDs are carbon copies of the bank’s non-IRA jumbo CDs in terms of maturity and APY, with the additional tax and penalty restrictions that apply to all IRA accounts.
TermAPYMinimum Balance to Earn APY
1 month 0.05%$100,000
3 months 0.20%$100,000
6 months0.60%$100,000
9 months0.75%$100,000
12 months1.41%$100,000
18 months1.51%$100,000
24 months1.61%$100,000
36 months1.71%$100,000
48 months1.87%$100,000
60 months2.02%$100,000
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Jumbo IRA CDs at Zions Bank have the same rules in place as its non-IRA jumbo CDs. Jumbo IRA CDs renew automatically at the same maturity unless notified in advance by the bank. Withdrawals outside of the grace period — three calendar days for short-term CDs and 10 calendar days for those maturing in longer than 31 days — will trigger the early withdrawal penalty. Interest is compounded daily.

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IRA CD Special

Zions Bank currently offers the same CD special in both its IRA and non-IRA accounts; special rates are subject to change at any time.
TermAPYMinimum Balance to Earn APY
12 months2.30%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest

As with the bank’s non-IRA CD special, a qualifying checking relationship is required to earn the special CD rate in a Zions Bank IRA. Money must originate from outside Zions Bank, so deposits cannot be made from an existing Zions Bank account. Minimum balance requirements and early withdrawal penalties are the same as with Zions Bank’s standard CDs.

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IRA Money Market account

The Zions Bank Money Market account is a place you can stash your IRA funds and earn interest if you don’t want to tie them up in a CD.
APYMinimum Balance to Earn APY
0.02%$0.01
0.02%$2,000
0.02%$10,000
0.04%$25,000
0.05%$50,000
0.05%$100,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM refund: n/a
  • Overdraft fee: n/a

The Zions Bank IRA Money Market account pays interest in six tiers, with only a small minimum opening deposit requirement and no monthly maintenance fee. There is no ATM access with this account, and overdrafts are not permitted. A $15 fee is charged for certain transactions in excess of six per month, in line with government regulations applying to all savings and money market accounts. Zions Bank may also close the account if excess transactions occur more than three times in a 12-month period. As the account is in an IRA framework, IRS taxes and penalties may apply to certain withdrawals.

How to get Zions Bank’s IRA accounts

Zions Bank IRA products must be opened at a branch.

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How Zions Bank’s IRA accounts compare

Zions Bank IRA CDs pay rates that are just about the national average across the board. As with the bank’s non-IRA CDs, the highest available rate at Zions Bank is in the 12-month special IRA CD, which is competitive with the best available national IRA CD rates. For those that don’t want to commit money to a CD, the IRA Money Market is a viable option, paying decent rates and having no monthly maintenance fee.

Overall review of Zions Bank’s products

Rates on checking and savings accounts are low. However, the Premier Checking account does offer some attractive features for those that can afford the minimum deposit hurdle. Rates improve when it comes to the bank’s CD and money market products, which are generally at least at or above the national average rates. The standout product from a yield basis is the bank’s 12-month CD special, although it requires a checking relationship and is subject to change at any time.

Overall, it’s easy to find an account you might need at Zions, from checking and savings to IRA products, CDs and money market accounts. Additionally, most accounts can be had with no monthly maintenance fee, although you may have to meet minimum deposit requirements. Zions Bank doesn’t fit the bill if you need the highest APYs across the board, but it does offer serviceable products in a wide variety of categories.