ApyGuy: Maximize Your Savings & Earnings

CD Rates

Alliant Credit Union CD Rates & Savings Review


[Update September 4, 2020: Alliant Credit Union lowered the APY on all of their standard term CDs as well as the three variable-rate savings accounts they offer by 0.10%. Current rates are listed below.]

Alliant Credit Union is the 8th largest credit union in the country and the largest credit union in Illinois. This institution was established in 1935 by 146 United Airline employees under the name the United Airlines Employees’ Credit Union. Headquartered in Chicago ever since and now called Alliant, the financial cooperative serves 450,000 members nationwide today.

Alliant is not only large, but it’s also impressively decorated with various awards including “MONEY’s Best Credit Union of 2019,” “Bankrate Best Credit Union of 2019,” and “Nerdwallet Best Banks 2019.” There are many ways to become an Alliant member and take advantage of good CD rates and superb savings options.

Alliant Credit Union CD Rates + Details

Alliant Credit Union sells CD terms ranging from one to five years. There are no shorter term products such as 3 or 6 month certificates available, which is somewhat unusual, and terms are sold as ranges rather than fixed lengths.

Alliant certificate deposits are federally insured by the NCUA up to $250,000.

Alliant Credit Union CD Rates:

CD TermAPY
12 – 17 months0.55%
18 – 23 months0.55%
24 – 35 months0.55%
36 – 47 months0.60%
48 months0.65%
60 months0.65%

When opening the CD, you will first be asked to choose either a 12 – 48 month CD or a 60 month CD before making any deposits. If you choose a 12 – 48 month CD, then you will be asked to specify the exact duration within said range later in the account opening process.

When viewing the annual percentage yields above, keep in mind that the national average for 12 month CDs currently sits around 0.60% – and this figure is steadily dropping. Therefore you could safely say that Alliant has competitive rates of return for its certificates​ albeit more competitive offers through online banks.

All of the above terms require a minimum deposit of $1,000. Interest is compounded and paid monthly, which you can withdraw or reinvest as you please.

Early withdrawals are allowed but penalized unless within the 7-day withdrawal grace period upon your deposit’s maturity. If you do withdraw your funds within 7 days, you won’t earn interest on your money during that grace period, but you’ll get everything else back. If you need to withdraw funds outside of the 7 day grace period for any unexpected emergencies, here’s how you’ll be charged:

Alliant Credit Union Early Withdrawal Penalties on CDs:

CD Maturity PeriodsFee
12 – 17 monthsNumber of days’ interest since issuance up to 90 days
18 – 23 monthsNumber of days’ interest since issuance up to 120 days
24 – 48 or 60 monthsNumber of days’ interest since issuance up to 180 days

If you have a 24 month certificate and have to withdraw after 120 days of opening, for example, you will be charged 120 days’ interest—the total interest your account would have earned—but still receive your initial principal in full.

Opening an Alliant certificate account is easy because there are four ways different ways to do it:

  1. Online
  2. Call (800) 328-1935
  3. Mail in a ​certificate application
  4. In person at the Alliant branch

Other Savings Accounts Offered By Alliant Credit Union

Alliant Credit Union has three different savings accounts:

  1. high-rate savings account,
  2. supplemental savings account, and
  3. kids savings account.
Savings Account NameAPY
High Rate Savings Account0.65%
Supplemental Savings Account0.65%
Kids Savings Account0.65%

The ​high-rate savings account​ is your share in Alliant and is opened automatically when you become an Alliant member; this was ranked the best savings account of 2018 by NerdWallet and WalletHub as well as the best online savings account of 2017 by MagnifyMoney. With an APY rate of 0.75% compared to the national average of 0.07%, it’s easy to see why.

A high-rate savings account requires a minimum opening deposit of just $5—which Alliant pays for you—and a minimum average daily balance of $100 to earn interest. Withdrawals from this account, which must be pre-authorized, may not exceed six per month, per savings account. There are no monthly fees when you elect for eStatements and no maximum balance limits. Paper account statements cost $1 each.

There is no real difference between a high-rate savings account and a supplemental savings account other than that supplemental savings accounts are in addition to the required high-rate savings account. A supplemental savings account also earns a rate of return of 0.75% and needs an average daily balance of $100 to accrue interest. You may open up to 19 supplemental savings accounts.

One nice perk of Alliant savings accounts is that they come with Alliant Savings ATM cards if you don’t already have an Alliant checking account debit card. This makes accessing funds a whole lot easier because cards can be used at any of 80,000+ Alliant-affiliated ATMs.

Finally, there is the ​kid savings account​. This, like the others, earns 0.75% interest. Unlike the others, it’s only for individuals 12 years old and younger. Joint ownership with a parent or guardian that is an Alliant member is required. Everything else is the same for this savings account.

About Alliant Credit Union + Eligibility

There are 450,000 Alliant members across the country. Alliant currently has over $11 billion in assets and $8.5 billion in loans.

As big as this credit union is, there is only one physical Alliant Credit Union branch and it is the headquarters location in Chicago. Other than that, there is no way to do in-person banking. Unfortunately, Alliant does not participate in shared or co-op branching with other credit unions, but it does give its members access to over ​80,000 surcharge-free ATMs​, some of these Alliant-owned and some shared with other credit unions.

Nearly anyone can qualify for membership with Alliant Credit Union because there are five eligibility requirements:

  1. You are a current or retired employee of a business or organization in partnership with Alliant (search these ​here​).
  2. Someone in your immediate family or your domestic partner is an Alliant member.
  3. You live or work in a ​qualifying community​ around the Alliant headquarters in Chicago, Illinois.
  4. You are a member of a ​qualifying organization.
  5. You are a member of ​Foster Care to Success​ ($5 membership fee paid on your behalf by Alliant).

If you don’t otherwise qualify and choose to go the #5 route, all you have to do is show your support for Alliant’s partner charity, Foster Care to Success, by letting Alliant donate $5 under your name. Anyone can become a member this way. This nonprofit serves foster teens nearing the age limit of the foster care system by connecting them with educational and employment opportunities and resources.

The generous eligibility policies of Alliant make it possible for any U.S. citizen to join Alliant, but even ​non-U.S. residents​ can join as long as they have a valid Social Security number or unexpired ITIN.

Final Thoughts

Alliant Credit Union is one of the largest credit unions in the country for good reason. The APYs offered on both their deposit and savings products are solid when pitted against the current national average – although better deposit rates can be found through online-only banks.

Banking with Alliant means banking 100% through an ​app​, ​online​, or over the ​phone​ (unless you happen to live near the Chicago headquarters). If access to in-person locations is important to you, Alliant likely won’t be a good fit. But if digital banking is right up your alley, then so, probably, is Alliant.

Live Oak Bank CD Rates + Online Savings Account Review


image credit: liveoakbank.com

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

Live Oak Bank CD Rates

TermAPY
6 months0.65%
1 year0.65%
18 months0.65%
2 year0.70%
3 year0.70%
4 year0.80%
5 year0.80%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.22% and 0.47% APY, respectively.

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$00.85%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

Final Thoughts

Live Oak Bank has competitive APYs on their personal deposit accounts. Both their variable rate, online savings account and each of their 7 standard term CDs come with yields that beat the national average by a respectable margin.

That said, more competitive yields on CDs can be found with other online banks and nationally available credit unions, but don’t expect rates to be much higher than what you see here.

A nice feature of the CDs is that interest can be distributed to external accounts which is ideal for those living off of interest as income. The biggest downside to their CDs, however, is that they are limited to standard accounts and cannot be opened in IRAs.

Lafayette Federal Credit Union CD Rates: Up to 1.26% APY + 0.75% APY Savings Account


image credit: lfcu.org

Lafayette Federal Credit Union is a regional institution with branch locations in Maryland, Virginia, and Washington, D.C.

Founded in 1935, this small credit union serves roughly 20,000 members in the greater D.C. area.

If you’re looking for a credit union that feels more personal than what you’d get with a bigger bank AND you live in or around D.C., you might want to give Lafayette Federal a try.

A few of their products are fairly competitive in terms of rates, especially for a credit union. For example, they feature a promotional checking account with an APY of 3.03% on balances up to $3,000 as long as a few criteria are met.

They also have solid rates on their longer term certificates of deposit. Their 5 year CD features a yield well over twice the current national average.

For more information on the deposit products offered by this institution as well as membership eligibility, read our full review below.

Lafayette Federal Credit Union CD Rates + Account Details

Lafayette Federal deposit accounts are federally insured by the National Credit Union Administration up to $250,000, the maximum amount allowed.

A unique aspect of Lafayette’s certificate products is that they sell both fixed and variable rate CDs. And both come with competitive rates.

Lafayette Federal Credit Union Fixed-Rate CDs

CD TermMinimum DepositAPY
7 month$5000.70%
1 year$5000.80%
2 year$5000.90%
3 year$5001.01%
4 year$5001.16%
5 year$5001.26%

To put the offers above in perspective, the current national average for a 1 year CD and a 5 year CD sit at just 0.22% APY and 0.54% APY, respectively.

Lafayette Federal Credit Union Variable-Rate CDs

CD TermMinimum DepositAPY
18 month$500.75%
3 year$500.90%
5 year$501.11%

There are a few differences between these two certificate types besides the rates.

One is that the variable-rate CDs require a minimum opening deposit of $50 and the fixed-rate CDs require a minimum opening deposit of $500.

Another is that you can deposit more money into a variable-rate account at any time prior to maturity. This cannot be done with the fixed rate CDs.

The most notable difference though is in the name(s) – “variable” and “fixed.” With a fixed CD you are getting locked into an interest rate until maturity. With a variable CD your rate and APY will rise and fall with the market – much like a money market account or online savings account.

In general, variable-rate CDs are going to be better when you expect interest rates to rise and fixed-rate CDs are going to be best in times of declining interest rates.

Lafayette Federal Credit Union Savings Accounts and Money Market

Lafayette Federal Credit Union has many savings accounts in its product suite:

  1. A Share savings account, your ticket to membership with Lafayette;
  2. An IRA savings account,
  3. A Preferred savings account; and
  4. A Premier savings account.

The Share savings is going to pay you the least amount in interest but will be the easiest to maintain, and a Premier savings account will pay the most in interest but will require a high deposit and minimum balance to maintain.

Lafayette Federal Credit Union Savings Account Rates

AccountMinimum BalanceAPY
Share Savings Account$500.10%
IRA Savings Accountna0.50%
Preferred Savings Account$0 – $19,999.990.20%
$20,000 +0.30%
Premier Savings Account1st $50k0.30%
2nd $50k0.40%
Next $150k0.50%
Next $250k +0.75%

To give the offers above more context, the current national average for a savings account sits at just 0.06% APY. And the current national average for a money market account doesn’t fare much better at 0.09% APY.

Dividends are compounded quarterly and paid quarterly on all savings accounts.

Lafayette Federal Credit Union Money Market Rates

BalanceAPY
$0 – $2,4990.00%
$2,500 – $24,9990.05%
$25k – $149,9990.15%
$150,000 +0.30%

These money market accounts require a minimum opening deposit of $2,500 and they can be opened in-person or online.

How to Avoid Fees on the Savings Accounts and Money Market Accounts

Remember your Share Saving account, while it doesn’t yield much, is your key to membership. So be sure to keep at least $50 in the account. Failure to maintain this balance will result in a $10 monthly charge.

Excessive withdrawals over the federally enforced limit of 6 per statement cycle cost $10 each for Preferred savings accounts, $20 each for money market accounts, and $100 each for Premier savings accounts.

Lafayette Federal Credit Union Relationship Checking

If you open Lafayette’s Relationship Checking account you’ll be signing up for a decent interest-bearing checking account with the potential to earn an APY of 3.03%.

This excellent interest rate is, of course, conditional. It only applies to balances up to $3,000 plus comes with some monthly hoops to jump through (criteria listed below).

Above $3,000, your balance will earn an APY of 0.025%. A minimum opening deposit and average daily balance of just $5 is required. Interest is compounded and paid quarterly similar to Lafayette’s other deposit products.

How to Earn the 3.03% APY on Balances up to $3,000

To earn the 3.03% APY dividend rate, members will be obligated to

  1. Continue to receive their statement electronically (no paper statements will be mailed),
  2. Sign in to online banking at least once per month,
  3. Maintain at least one (1) qualified direct deposit of at least $500 per month, and
  4. Complete at least five (5) debit card point of sale transactions per month.

Qualified direct deposits include:

  1. Recurring direct deposits via a paycheck,
  2. Pension,
  3. Social Security or
  4. Other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.

About Lafayette Federal Credit Union + Eligibility

Lafayette Federal Credit Union is not open membership, so you need to meet their eligibility requirements in order to join.

These criteria are mostly employment and location based. You can immediately qualify through your employer, through your area of residence, or through a family member.

This credit union extends membership to employees of many corporations, some national and even international (Whole Foods, AMEX, and more) and some regional. You can also join if you are the relative of someone that is already a member or if you live in Potomac, Maryland or you live, work, or worship in select regions of D.C.

Those that don’t meet the above eligibility requirements can easily join by becoming a member of the American Consumer Council (ACC) for free through this link. For all details about qualifying employers and regions, please visit the membership eligibility page.

Branches and ATMs

Lafayette Federal participates in co-op shared branching with over 6,000 branches and thousands of surcharge-free ATMs across the country. There are only 8 Lafayette Federal Credit Union branches, and these are located in: 

  • Crystal City, Virginia
  • McLean, Virginia
  • Kensington, Maryland
  • Potomac, Maryland
  • Rockville, Maryland
  • Washington, D.C.

Most accounts can be opened and managed online, and Lafayette Federal Credit Union has an app for both Apple and Android devices to make banking more convenient whether you live near a branch location or not.

Final Thoughts

If you live in the greater D.C. area and are looking for a competitive long term CD or a rewards checking account, then Lafayette Federal Credit Union might be a good home for you.

Just note that better rates on variable rate deposit products can be had through online institutions that don’t have such strict eligibility requirements. The trade-off being you will have a less personalized banking experience and will have to manage your accounts online.

Connexus Credit Union Money Market Account 1.15% APY + CD Rates up to 0.91% APY!


image credit: connexuscu.org

Founded in 1935 in Wausau, Wisconsin, Connexus Credit Union got its start as an employee-only credit union serving individuals and families affiliated with Employers Mutual, which later became the insurance giant Liberty Mutual.

As with many credit unions that stand the test of time, Connexus credit union experienced growth through acquisition. Over the years they acquired a number of smaller credit unions that allowed them to broaden their membership eligibility to what it is today.

Today, Connexus credit union serves roughly 360,000 members in all 50 states with over $2.8 billion in assets and just shy of $2.5 billion in consumer deposits.

Connexus credit union has also been nationally recognized over the years for consistently offering high deposit rates on both variable and fixed rate accounts, as well as exemplary customer service.

Connexus Credit Union CD Rates + Account Details

Connexus credit union offers both IRA CDs and standard CDs with terms ranging from 12 months to 5 years. Both their IRA CDs and standard CDs currently feature the same APYs for their respective terms.

Connexus Credit Union’s deposit products are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

All of their certificates of deposit require a minimum deposit of $5,000.

Connexus Credit Union CD Rates

CD TermAPY
12 months0.61%
24 months0.71%
36 months0.80%
42 months0.86%
48 months0.86%
60 months0.91%

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 0.22% APY and 0.55% APY, respectively.

You’ll be given a 10 day grace period upon maturity of your deposit where you can either withdraw or deposit funds penalty free.

If you need to withdrawal money from this deposit prior to its maturity you will be subject to the following early withdrawal fees:

  • For the 12 month certificate, you’ll pay 90 days’ worth of dividends.
  • For the 24-month and 36-month certificates, you’ll pay 180 days’ worth of dividends.
  • For the 60-month certificate, you’ll pay 365 days’ worth of dividends.

Connexus Credit Union Money Market Account Rate + Details

Connexus Credit Union offers some highly competitive money market rates if you:

  1. keep a high daily active balance in the account of $50,000 or more, and
  2. have an active checking account with them, and
  3. open a basic Regular Savings or Youth Savings account and fund it with at least $5.

Keeping an active checking account will likely be the hardest qualification to meet if you are new to Connexus Credit Union and already conduct checking elsewhere.

Connexus Credit Union defines an active checking account as a single checking account with Connexus under the same membership with:

  • Direct Deposit of net pay, including salary, wages, government benefits, or pension made to the account each month;
  • having ten (10) checks, ACH withdrawals, and/or debit card transactions clear the account by the last business day of each month;
  • and electing to receive eStatements. ATM transactions not included.

Connexus Credit Union Money Market Rates

BalanceAPY
$0 to $999.990.00%
$1k – $9,999.990.50%
$10k – $19,999.990.60%
$20k – $49,999.990.75%
$50k – $99,999.991.00%
$100K +1.15%

To give the APYs above more context, the current national average for a money market account sits at just 0.11% APY currently.

We also want to point out that according to Connexus Credit Union’s deposit rate page, these money market rates haven’t changed since January. Given the FED’s multiple rate drops since then plus their commitment to keep rates near zero through 2022, we wouldn’t be surprised to see Connexus lower these rates soon.

image credit: connexuscu.org

The minimum deposit requirement for a money market account with Connexus credit union is $1,000. Interest is compounded monthly and credit monthly. There is no monthly maintenance fee associated with this account.

Outside of the checking account requirement there are a few other oddball rules tied to Connexus credit union’s money market accounts.

  1. If you make a cash withdrawal it must be at least $250.
  2. You may write checks with this account (if you order a box of checks for $16.90/100 checks), BUT you are allotted just three per month. Every check after the third will cost you $29.95 per check.

You can also only make a total of six transactions per month. This includes check, ACH, digital transfer or telephone transfer. This is par for the course for money market accounts and demand deposit accounts in general, per Federal Regulation D. If you need to get around these limits, you can make unlimited transactions through an ATM or at an in-person Connexus branch. Connexus is a part of a shared branch network featuring over 6,000 branch locations across the country.

Connexus Credit Union Health Savings Account Rates + Details

Connexus Credit Union’s Health Savings Account features some of the most competitive rates in the country currently if you can maintain a balance of $5,000 or more.

A HSA (Health Savings Account) from Connexus credit union will allow you to put money aside on a pre-tax basis for qualified medical expenses that may arise in your life. These accounts earn impressive dividends and your money rolls over from year to year if you don’t use it.

To be eligible for an HSA account through Connexus credit union you must meet the following requirements:

  • You are covered under a High Deductible Health Plan (HDHP)
  • You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
  • You are not enrolled in Medicare
  • You cannot be claimed as a dependent on someone’s tax return

Contribution Limits

20192020
Single$3,500$3,550
Family$7,000$7,100

Contributions can be made by either you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.

Connexus Credit Union Health Savings Account Rates

BalanceAPY
$0 to $99.990.00%
$100 to $499.990.50%
$500 to $2,499.991.00%
$2,500 to $4,999.991.00%
$5k to $14,999.991.50%
$15k +2.00%

Who is Eligible to Join Connexus Credit Union

Connexus Credit Union offers its services to customers nationwide. It has four paths to membership. The first three are the easiest/fastest ways to join, followed by the fourth way which is essentially a loophole for any US citizen to join. The four paths to membership are as follows:

  • Employees, retirees, family members, or members of one of the following groups, or
  • Residents of one of the following communities, or
  • Spouses, family members, and those living in the same household of an existing member, or
  • Members of the Connexus Association. This just requires a one-time $5 donation.

Applying for membership is a straightforward process. You will need:

  • Valid Driver’s License/State ID/Passport
  • Valid United States Social Security Number
  • Account information for accounts that you would like to close and/or transfer money from.

Final Thoughts

If you value top-notch rates from a member-centric credit union, then Connexus credit union deserves your consideration. They’ve been nationally recognized for abnormally high rates and outstanding service by CNN Money, Kiplinger, PC Magazine, BankRate, the AARP and more.

Both their native apps for Apple and Android receive high marks in their respective app stores. Averaging a 4.7 star rating out of 5 for Apple and a 4.3 star rating out of 5 for Android.

That said, one of their highest yielding accounts (the money market account) comes with some potentially difficult hoops to jump through. However, if you are able to open and maintain an active checking account with them (the prerequisite to opening their money market account) you’ll be rewarded with some of the best yields available on the money market side.

Alaska USA Federal Credit Union CD Rates – 0.90% APY


If you’re looking for a federally insured credit union to open a certificate of deposit with, then you may want to check out Alaska USA Federal Credit Union’s CDs. They feature above average yields on all terms and come with a manageable minimum opening deposit requirement of just $500.

If you haven’t heard of Alaska USA Federal Credit Union, they are the 19th largest credit union in the nation and the largest credit union in all of Alaska. Headquartered in Alaska since their founding in 1948, this member-owned nonprofit serves more than 674,000 members across the country with branch locations in four states—Alaska, Arizona, California, and Washington—as well as over 55,000 ATMs worldwide.

This financial services cooperative was originally established to better meet the needs of federal civil service personnel transplants at the Alaska Air Depot, an Air Force base. Today, anyone that lives, works, or attends school in Alaska, Washington, or the counties of San Bernardino in California or Maricopa in Arizona can become a member.

Alaska Federal Credit Union CD Rates + Details

Alaska USA Federal Credit Union deposit account funds are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) of the National Credit Union Administration (NCUA) up to $250,000. The NCUA is the FDIC equivalent for credit unions.

Alaska USA Federal Credit Union CD Rates:

CD TermAPY
1 – 2 months0.20%
3 – 5 months0.20%
6 – 8 months0.35%
9 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.60%
36 – 47 months0.70%
48 – 59 months0.80%
60 months0.90%

As you can see Alaska USA Federal Credit Union structures the terms or durations of their deposits slightly differently than most banks or credit unions. They use a range of months rather than a specific amount. Other than this unique variance, their CDs come with fairly routine terms and conditions.

The minimum deposit for any Alaska USA CD term is $500. Interest is compounded and paid monthly for terms of one year or more and paid in full at maturity for terms of one year or less. If your balance drops below the minimum of $500, you will not earn interest on your account.

You’ll want to note that there is a grace period of 10 calendar days after renewal of a certificate for withdrawing funds without incurring fees. You will be charged 7 days worth of interest if you remove your deposit within six days of issuance (in accordance with federal regulations). Take a look at the rest of the early withdrawal penalties by term below.

Alaska USA Federal Credit Union Early Withdrawal Penalties:

CD Maturity PeriodFee
< 90 days30 days interest
91 – 365 days90 days interest
366 – 729 days180 days interest
730 + days365 days interest

Alaska USA will deduct an amount equal to the total interest earned on your withdrawal since issuance if this is less than what you’d pay in the fees listed above (if the day’s interest fee is lower, you’ll pay that). So the faster you withdraw after opening an account, the less you’ll regret it (though early withdrawals should, of course, always be avoided if possible).

Partial withdrawals are not permitted if they cause your balance to dip below the account minimum. Read Alaska USA’s share account disclosure statement for more details. Alaska USA Federal Credit Union allows users to ladder multiple certificates as well as borrow funds against a CD.

Alaska USA Federal Credit Union Money Market Rates + Details

Though Alaska USA CD account rates are decent, their money market account rates are mostly substandard and average at best. As you will see, their highest-earning money market rates are right around the national average.

Alaska USA offers standard, super, and jumbo personal and business money market accounts. The more money you put into an account, the higher your APY. Account rates are as follows:

Alaska USA Money Market Rates:

BalanceAPY
(Standard) $2,500 – $9,999.990.10%
(Super) $10,000 – $49,999.990.15%
(Jumbo) $50,000 +0.20%

Even though the current national average for money market rates sits at 0.18% APY nationally, Alaska USA FCU’s rates are far from attractive. There are many other credit unions and online institutions offering well over 1.00% APY still on money market and online savings accounts.

If you still decide to open a money market account with Alaska USA FCU, then you’ll want to know the following account details below.

If your account balance is less than $2,500, don’t expect to earn interest. But as long as it stays above $50, you’ll be good to go and won’t be charged the $5 maintenance fee. You can make up to six transactions out of an Alaska USA money market account per month (as stipulated by Federal Reserve Board Regulation D). However, this does not include transactions made in order to pay a loan. A $25 overdraft fee is charged for each excessive transaction over the six allowed by federal law.

Other Savings Accounts Offered by Alaska USA Federal Credit Union

Alaska USA Federal Credit Union offers a share savings account and a premium savings account. 

A share savings account is granted to everyone that becomes a member of Alaska USA and deposits $5. This account type earns an exceptionally poor 0.05% interest and requires a minimum balance of $50 ($5 for those under 26 years old) to waive the quarterly maintenance fee of $5. This fee is also waived if you have another account such as a checking account or loan associated with your savings account.

For a much higher minimum daily balance of $10,000, you can bump your share savings account up to a premium savings account. This will earn you a 0.15% yield, but you’ll have to keep your balance up to stay in this bracket. But even a premium savings account is not especially high-yield.

You can access your savings account funds at any Alaska branch, ATM, or through online banking. Up to six transfers per month can be made from a savings account. Interest accrues and is paid quarterly.

There is also a health savings account option with rates that won’t be written home about. Balance brackets for this are:

BalanceAPY
$50 – $9990.05%
$1000 – $9,9990.10%
$10,000 – $49,9990.15%
$50,000 +0.20%

You’ll need a minimum of $50 to open a health savings account. For an account of this type, these rates are not as bad as they could be given the current market, but you could do better elsewhere.

About Alaska USA Federal Credit Union + Eligibility Rules

Alaska USA holds more than $8.39 billion in assets and serves over 674,000 members. In 2018, the credit union saw 387 million transactions and 101,971 loans that totaled almost $4 billion. They approximated a return of about $198 per member in this same year.

Alaska USA has 74 physical branch locations in Alaska, California, Arizona, and Washington and 55,000 surcharge-free ATMs across the world. They have a Member Service Center that is accessible 24/7 and a mobile app, and they also participate in co-op shared branching with thousands of other credit unions. In short, you’ll never be without access to help or your accounts. For all branch and shared branch locations, visit this page. To search ATM locations, go here.

To qualify for membership you must meet one of the following criteria:

  1. Any Alaska resident.
  2. Any Washington state resident.
  3. Anyone who lives, works or worships, or attends school in California’s San Bernardino County.
  4. Anyone who lives, works or worships, or attends school in Arizona’s Maricopa County
  5. A relative of someone that qualifies or
  6. Affiliated with an organization served by Alaska USA

You get a share savings account just for signing up to become a member of Alaska USA Federal Union, and this is your share in the credit union. Membership is not restricted to those living in Alaska. But if you are an Alaska resident and need to travel outside of Alaska, your banking needs can be taken care of just about anywhere. Call the Member Service Center at (907) 563-4567 or (800) 525-9094 or visit a branch to apply.

Final Thoughts

Alaska USA Federal Credit Union hardly blows its competition out of the water with its CD rates, but these rates—though sure to change soon—aren’t bad. However, money market and savings account APYs leave a whole lot to be desired.

There’s no reason to sugarcoat it: this credit union doesn’t have the best rates and isn’t accessible to the majority the population because of its strict, geo-targeted, membership requirements. However, many members report being satisfied with the customer service they receive through this institution and like that fees are minimal.

Bethpage Federal Credit Union CD Rates – Up to 1.05% APY!


image credit: bethpagefcu.com

Bethpage Federal Credit Union is the 13th largest credit union in the nation and the largest credit union by asset size in the state of New York.

Headquartered in Bethpage, New York, this  member-owned cooperative was called the Grumman Employees Federal Credit Union back when it was first founded in 1941 to serve employees of Grumman Aircraft, an aircraft engineering corporation. 

Grumman Aircraft would later merge with Northrop Corporation to form Northrop Grumman, an aerospace and defense contractor, and Grumman Employees Federal Credit Union would undergo a few more name changes before settling on Bethpage Federal Credit Union (Bethpage FCU) in 1974. 

Although this sizable credit union doesn’t have especially high rates of return on its deposit accounts, it was rated a Top Credit Union of 2020 by Bankrate for its product range, customer service, and open membership.

Keep reading for more information about Bethpage FCU’s suite of deposit products.

Bethpage FCU CD Rates + Account Details

Deposit accounts with this financial cooperative are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor. $500,000 for joint accounts.

Each of the following Bethpage FCU certificate accounts requires a minimum opening deposit of just $50. There are CDs as short as three months and as long as five years available to members.

Bethpage FCU CD Rates

CD TermAPY
3 month0.50%
6 month0.50%
12 month0.55%
18 month0.55%
24 month0.75%
30 month0.85%
36 month0.85%
39 month bump-up0.85%
48 month0.95%
60 month1.05%

To put these rates in perspective, the current national average for 12 month CDs sits at just 0.22%. That said, higher APYs can be had through online banks, like Discover Bank, or other credit unions with nationwide acceptance, such as Spectrum.

Interest is compounded daily on all accounts and credited either monthly or quarterly—how frequently you’ll receive dividend pay-outs depends on your term and whether your account was opened online or in person. All accounts opened online are credited dividends monthly, but you’ll have the option to choose whether you want to be credited monthly or quarterly for 6, 12, 24, 36, and 39 month CDs opened in person.

The bump-up 39 month certificate comes with the option to have your rate increased one time in accordance with posted rate changes. So if Bethpage FCU decides to increase rates before your account reaches maturity, you can choose to have your certificate adjusted to earn this new rate until it matures, at which point it will automatically renew as a 36 month fixed rate certificate.

To keep earning interest, you must maintain an average daily balance of $50 or more. There is a 7 day grace period after maturity, when certificates automatically renew, in which you can make changes to an account or withdraw without incurring fees. Otherwise, early withdrawal will cost you 90 days’ interest for terms of 12 months or less and 180 days’ interest for terms greater than 12 months.

Bethpage FCU Money Market Rates + Account Details

Bethpage Federal Credit Union money market account rates are on the high end of standard. These accounts will likely earn you more than you would get with banks, but their rates aren’t going to top any “best of 2020” lists.

Bethpage Federal Credit Union Money Market Rates

BalanceAPY
$500 – $24,9990.50%
$25k – $49,9990.50%
$50k +0.50%

The national average for money market accounts sits at just 0.18% APY currently, but higher rates can be found through a handful of online banks.

You’ll also notice with Bethpage FCU’s money market account every balance tier is paid the same interest, which could be considered a drawback for a money market account. Often, higher interest offered on large deposits is a motivating factor when opening these types of accounts.

Bethpage FCU money market accounts require a minimum opening deposit and average daily balance of $500 to earn interest. Less than this will receive the dividend savings account APY of 0.20%. 

Dividends are paid and compounded monthly. You may make up to six transfers or withdrawals from a Bethpage FCU money market account, per federal regulation D guidelines. Finally, unlike most MMAs, you cannot write checks.

Other Savings Accounts Offered by Bethpage FCU

A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.20%. This is better than the national average of 0.07%, but nowhere near enough to maximize your savings and is lower than the current posted regional average for Long Island, 0.26%. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.

Balance is compounded daily and credited quarterly on all Bethpage FCU savings accounts.

image credit: bethpagefcu.com

The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a much higher yield of 2.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.35%.

The Youth Savings Custodial account (established under the NY UTMA), controlled by the custodian adult, is for those between the ages of 0 and 17 years and requires a minimum opening deposit of just $5. The Young Adult Savings account, controlled by the account opener, is for those between the ages of 18 and 20 years and requires the same opening deposit.

For a complete description of Bethpage FCU’s overdraft policies and other terms and conditions, look over the Consumer Member Account Agreement.

About Bethpage FCU + Eligibility

Despite its roots, you don’t have to be a Northrop Grumman employee or even New York resident to join Bethpage FCU. Since its emergency merger with the struggling Montauk Credit Union in 2016, Bethpage Federal Credit Union has been open membership. 

That means that anyone can join by opening a $5 share savings account, provided that the institution is still accepting online membership applications in your area/state. If they are not and you don’t already have a loan in process with Bethpage FCU, you’ll have to inquire about membership at an in-person branch. New York residents are automatically allowed to apply for membership.

There are a total of 417,152 Bethpage FCU members and the institution has $9.5 billion in total assets. Most members are residents of Long Island.

There are 34 full-service Bethpage FCU branches, all of these in the state of New York. But if you want to join and don’t live in New York, you’re not out of luck. Bethpage Federal Credit Union also participates in co-op shared branching with over 5,000 other credit unions and shares over 30,000 surcharge-free ATMs. And of course, there is always the option of digital banking, which can either be done online or through your mobile device. Bethpage FCU does not charge fees for out of network ATMs (but the ATMs might). See the fee schedule for more information. 

Final Thoughts

Though Bethpage FCU is technically open membership, it’s not always accepting new applications in every state and it only has in-person branches in New York. There are plenty of pros and cons to being a member of this credit union. As far as deposit accounts go, CD and money market account rates are fair, but the regular savings account APY is less than satisfactory. 

Bethpage Federal Credit Union receives most of its praise for interest-earning checking accounts, low minimum balances and fees, and affordable loans, and its deposit products might also be good enough for individuals living in Long Island that want a comprehensive banking experience. Bethpage FCU member satisfaction is at a fairly standard 80%, but your individual experience with the credit union will come down to what products matter most to you.