Tuesday, 18 June 2019

Affinity Plus Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Affinity Plus Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
09 Dec
10:31

Affinity Plus Federal Credit Unionā€™s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.00%

Savings

Affinity Plus Federal Credit Union Membership Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bankā€™s secure website

Member FDIC

1.25%

CD Rates

Affinity Plus Federal Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USAā€™s secure website

Member FDIC

1.75%

CD Rates

Affinity Plus Federal Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bankā€™s secure website

Member FDIC

2.50%

CD Rates

Affinity Plus Federal Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USAā€™s secure website

Member FDIC

Affinity Plus Federal Credit Unionā€™s checking account options

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How Affinity Plus Federal Credit Unionā€™s checking accounts compare

Affinity Plus Federal Credit Union offers a limited roster of checking accounts, but they all land in the low-fee camp, with either no monthly service charges or ones that are easily avoidable. The accounts have either no or low minimum balance requirements, and they carry no ATM fees. But only one account pays interest, and the rate is below the national average for checking accounts. Those looking for the best available national checking account rates can find much better options elsewhere.

Affinity Plus Federal Credit Unionā€™s savings account options

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How Affinity Plus Federal Credit Unionā€™s savings accounts compare

Except for the relatively high interest rate paid on balances of $500 or less in the Membership Savings account, all savings accounts at Affinity Plus Federal Credit Union pay the same low interest rate, which falls below the national average savings rate. The enhanced rate paid for small balances in the Membership Savings account is more of a competitor with the best rates available on savings accounts nationwide, but it still falls short of those lofty levels. On the plus side, none of the savings accounts carries a monthly maintenance fee.

Affinity Plus Federal Credit Unionā€™s CD account options

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How Affinity Plus Federal Credit Unionā€™s CD accounts compare

Nearly all the CDs at Affinity Plus Federal Credit Union pay rates above the national average. The exceptions are the Certificate Builder and Wahoo CDs, which pay below-average rates but carry special features. None of the rates at the credit union is competitive with the best CD rates available around the country.

Affinity Plus Federal Credit Unionā€™s money market account options

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How Affinity Plus Federal Credit Unionā€™s money market accounts compare

All three of Affinity Plus Federal Credit Unionā€™s money market accounts provide standard services, such as check-writing. But none of the accounts has ATM access, and there is no way to reduce the high overdraft fee. Fees can be avoided, but only by maintaining high balances with the A+ and Nova Money Market accounts. But yields are above average for all accounts, with the Nova Money Market paying more than double the national average. Even the best rates, however, fall well short of the best available money market rates in the nation.

Affinity Plus Federal Credit Unionā€™s IRA options

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How Affinity Plus Federal Credit Unionā€™s IRA products compare

Most IRA CDs at Affinity Plus Federal Credit Union pay rates above the national average. The exceptions are the Certificate Builder and Wahoo CDs, which pay below-average rates in exchange for their special features. On the whole, the IRA CD rates at the credit union canā€™t compete with the best available IRA CD rates.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/affinity-plus-federal-credit-union/

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