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GreenState Credit Union CD Rates – Now up to 5.05% APY!

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GreenState Credit Union, headquartered in North Liberty, Iowa, and founded in 1938 is one of the largest credit unions in the Midwest, with roughly 400,000 members and over $10 billion in assets.

GreenState has 33 branch locations in Iowa and nearby counties in Illinois, Wisconsin, Nebraska and South Dakota.

Despite their regional presence, they offer a number of competitive CDs (certificates of deposit) to consumers nationwide – either by joining their credit union directly or opening an account via the SaveBetter platform.

The easiest way to join is if you currently have relatives who are members. You are also eligible if you are a University of Iowa student, staff or alumni.

For everyone else that has no connection to the region but still wants to open a CD with GreenState Credit Union, you’ll have to join their partner organization American Consumer Counsel or Iowa Consumer Council.

The cost of joining either of those organizations is $8.00. You can also get a lifetime membership for $15.00 or a business membership for $79.00.

To see if GreenState Credit Union and their CD rates are right for you, continue reading our review below.

GreenState Credit Union CD Rates and Account Details

image credit: greenstate.org

GreenState Credit Union offers standard CDs (certificates of deposit) with terms ranging from 3 months to 60 months and 3 special CDs with higher yields and oddball terms of 15, 23 and 38 months.

Their standard CDs require a minimum deposit of just $500 and their specials require a minimum deposit of $1,000, with their best yield requiring a $100,000 minimum deposit.

GreenState Credit Union is a member of the NCUA (FDIC equivalent for credit unions) and all deposits held with them are federally insured up to $250,000 per depositor.

Special CD Rates

CD TermAPY
15 months4.95%
15 months ($100,000 minimum)5.05%
23 months4.50%
38 months3.55%
APY = Annual Percentage Yield

To put these yields into perspective, the national average for 12 month and 36 month CDs sit at 1.54% and 1.34%, respectively, according to FDIC data and top yields from online banks are hitting the 5.00% APY and 4.75% APY mark for the same respective yields.

Standard CD Rates

GreenState’s standard CD rates are much less competitive and only require a $500 minimum deposit.

CD TermAPY
3 – 6 months0.20%
7 – 12 months0.30%
13 – 24 months0.40%
25 – 36 months0.60%
37 – 38 months0.60%
49 – 60 months0.75%
APY = Annual Percentage Yield

Both the CD specials and the standard CDs are available as stand alone deposit accounts or as IRA CDs (Traditional, Roth, and SEP IRAs).

If opening them within a retirement account, the minimum deposit requirement for GreenState’s standard CDs drops down to just $100. The Special CDs can also be opened in an IRA but still require their $1,000 minimum deposit requirement.

Compounding and Crediting Interest

Although it’s not stated on their website, GreenState Credit Union compounds and credits interest quarterly on all CDs.

The interest goes back into the CD unless you request it to be deposited into another GreenState checking or savings account. This is an ideal option for those that plan on using interest payments for living expenses.

[The above information was provided by a GreenState Digital Specialist via their live chat system.]

Grace Period and Early Withdrawal Fees

Upon the maturity of your GreenState Credit Union CD, you will have 10 calendar day grace period in which you can close out the CD or modify it anyway. If nothing is done during this period your CD will automatically renew with the same term as your expired CD and the going APY at that time.

When you first open your CD with GreenState, there is also an option to have the CD funds automatically transferred into another GreenState checking or savings account upon maturity so you don’t have to keep track of the maturity date.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal fee.

The early withdrawal fee is as follows:

  • If your CD is 12 months or greater, you will have to pay 12 month’s interest.
  • If the CD is less than 12 months, you’ll pay the interest for however many months the CD was for (ex: early withdrawal penalty for 6 month CD is 6 month’s interest)

[The above information was provided by a GreenState Digital Specialist via their live chat system.]

How to Open a CD

Unfortunately, GreenState Credit Union CDs can not be opened online at this time. You must either stop by a local branch (locate them here) or give them a call at (844) 300-5810 to get started.

High Yield Savings Account

If you’re looking for an FDIC-insured savings account where you can access your cash at any time, then you may want to take a look at GreenState’s High Yield Savings Account available through SaveBetter.

SaveBetter is a fintech company that has partnered with a number of FDIC-insured banks and NCUA-insured credit unions to help them bring banking products online and to make them easily accessible to consumers throughout the country.

GreenState Credit Union has partnered with SaveBetter to offer a high yield savings account. The account comes with a minimum deposit requirement of just $1.00 to open and has no fees of any kind.

Minimum to OpenAPY
$1.005.01%
APY = Annual Percentage Yield

This is a highly competitive rate, however it’s variable and can change at any time and without notice.

To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.54% and 0.39%, respectively, according to FDIC data with top yields around the 5.00% APY mark.

Ponce Bank High Yield Money Market – Now 3.25% APY!

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image credit: SaveBetter.com

Ponce Bank has launched a high yield money market account through the SaveBetter platform that pays a noteworthy APY of 3.25% and comes with a minimum deposit requirement of just $1.00.

The SaveBetter platform that houses this offer, allows for consumers to create just one account (with SaveBetter) which then unlocks access to a curated network of FDIC member banks and their FDIC-insured savings products.

Ponce Bank and their high yield money market account is currently the highest yielding product within the SaveBetter network. We should note that the network now consists of 19 banks and credit unions as of February 2023:

  • Ponce Bank,
  • Axiom Bank,
  • Continental Bank,
  • Central Bank of Kansas City,
  • Liberty Savings Bank,
  • Lemmata Savings Bank,
  • The Idabel National Bank
  • mph.bank,
  • Patriot Bank,
  • Sallie Mae,
  • SEB The State Exchange Bank,
  • Western Alliance Bank,
  • Wex Bank,
  • American First Credit Union,
  • The Atlantic Federal Credit Union,
  • Great Lakes Credit Union,
  • Bellco Credit Union,
  • Blue Federal Credit Union
  • SkyOne Federal Credit Union

Ponce bank does not offer this digital savings product through their own website. If you visit Poncebank.com and navigate to their savings solutions section, you’ll notice the savings product(s) aren’t the ones offered through SaveBetter.

To access the high yield savings account Ponce Bank offers in this review, you’ll want to navigate to the products exploration page on SaveBetter. You can also continue reading our comprehensive review on the product below.

Ponce Bank High Yield Money Market Account Rate + Details

The Ponce Bank high yield money market account available through SaveBetter is federally insured by the FDIC up to $250,000 per depositor. Joint accounts are not available at this time.

Ponce Bank High Yield Money Market Account

Min DepositMonthly FeeAPY
$1$03.25%
APY = Annual Percentage Yield

To put the yield above in perspective, the current national average for a money market account sits at just 0.44% APY, according to recent FDIC data. That said, there are still a handful of online banks and even nationally available credit unions offering yields above 4.00% APY following the FED’s latest rate hike on February 1, 2023. Keep in mind these rates are variable and can change anytime without notice.

Interest is compounded daily and credited monthly.

Drawbacks

The account has some notable drawbacks that one should consider before opening it.

First, the account provides limited access to your funds. You will not have an ATM or debit card of any kind. You also can not deposit money through traditional methods such as direct deposit, wire transfer, cash deposit, or remote check deposit via a mobile app. The only way to withdraw funds is by linking a bank account. And depending on the bank or credit union you’ve linked, this could take anywhere from 3 – 5 business days to receive a transfer.

No joint accounts. Typically banks and credit unions allow for joint savings and/or deposit accounts which expands FDIC coverage up to $500,000 so that both individuals are covered up to the applicable limits of $250,000 per depositor.

You have to use the SaveBetter mobile app to manage the account. And the app does not provide any basic budgeting or automatic savings tools that many digital savings products do.

Customer Service goes through SaveBetter and office hours are limited. To reach an actual representative for questions regarding your Ponce Bank High Yield Money Market account, you’ll need to call: 844-994-EARN (3276). And the hours of operation are just Monday to Friday from 9:00 a.m. – 4:00 p.m. Eastern Standard Time.

How to Open the Account

If you’d like to open the Ponce Bank high yield money market account and earn the advertised interest rate, you’ll first need to navigate to the Ponce Bank offer page on Save Better here.

Once there, follow these steps:

  1. Click the forest green “Save now” button.
  2. Enter your email address, and set a strong password.
  3. Enter your name and go over the terms and conditions (link at the bottom). Once done, confirm that you have read them. Click “Continue“.
  4. Then you’ll need to confirm your email address.
  5. From there, you’ll enter your date of birth, Social Security number and contact details. Then click “Continue“.
  6. Review and submit your application.
  7. Once approved you’ll need to connect the bank in which you’ll be transferring funds from. You’ll need your bank account number and routing number to complete this step.

Items to have handy to complete the process:

  • Driver’s license or government-issued ID
  • Social Security Card (if you don’t have the number memorized)
  • Bank account number and routing number of the institution you’ll be transferring the funds from.

Final Thoughts

If you’re strictly after a high yield, variable-rate money market account and do not need regular access to these funds, then this Ponce Bank high yield money market account may be a good option for you.

If you value in-person banking and easy access to cash and your money held, then this product may not be a good fit for you.

Also keep in mind you’ll be interfacing with SaveBetter and their app(s) to manage the account and will not have any interaction with Ponce Bank itself.