Tuesday, 27 October 2020

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

Allegacy Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
02 Mar
7:48
Allegacy Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Allegacy Federal Credit Union Daily Access

2.10%

American Express National Bank High Yield Savings Account

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on American Express National Bank’s secure website

NCUA Insured

1.20%

CD Rates

Allegacy Federal Credit Union 12 Month Regular CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

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on Goldman Sachs Bank USA’s secure website

NCUA Insured

1.70%

CD Rates

Allegacy Federal Credit Union 3 Year Regular CD

2.90%

Synchrony Bank 36 Month CD

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on Synchrony Bank’s secure website

NCUA Insured

2.20%

CD Rates

Allegacy Federal Credit Union 5 Year Regular CD.

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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on Goldman Sachs Bank USA’s secure website

NCUA Insured

Allegacy Federal Credit Union’s checking account options

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How Allegacy Federal Credit Union’s checking accounts compare

All of Allegacy Federal Credit Union’s checking accounts pay interest, and it’s easy to avoid the monthly fees on the accounts that charge them. However, the rates paid are low, consistently falling below both the national average and the best available national checking rates. For most customers, the SmartRate Checking account is the standout option, requiring no minimum deposit, charging no monthly fees, refunding certain ATM fees and paying the highest available checking rate.

Allegacy Federal Credit Union’s savings account options

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How Allegacy Federal Credit Union’s savings accounts compare

Allegacy Federal Credit Union offers an interesting lineup of savings accounts. The credit union only has one true standard savings account, but it also offers a health savings account, two club accounts and the unique AllHealth Wellness Savings account, which dramatically increases its APY depending on the health club activities of members. Rates on most accounts are subpar, falling below the national averages. However, the top tier of the AllHealth Wellness Savings account pays a very high rate that’s not quite competitive with the best available savings accounts but still handily trumps the amount paid by the average savings account.

Allegacy Federal Credit Union’s CD account options

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How Allegacy Federal Credit Union’s CD accounts compare

Allegacy Federal Credit Union is to be commended for their extensive line of CD products. Traditional CDs run from 3 months to 5 years and have multiple income tiers, with higher deposits garnering good yields. Beyond that, the credit union has specialty CDs that appeal to first-time homebuyers and yield seekers. Overall, rates are good, topping the national averages in most cases. However, yields don’t reach the level of the best CD rates available in the nation.

Allegacy Federal Credit Union’s money market account options

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How Allegacy Federal Credit Union’s money market accounts compare

Allegacy Federal Credit Union excels when it comes to money market accounts. Though only offering two accounts, they both come with no fees and no minimums. Although higher balances are required to earn interest, the rates paid are high. The top tiers of the entry-level Money Market account pay more than double the national average. The High-Tier Money Market pays rates that directly compete with the best money market accounts in the country.

Allegacy Federal Credit Union’s IRA options

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How Allegacy Federal Credit Union’s IRA products compare

Across the board, Allegacy Federal Credit Union’s IRA CD rates are excellent. For nearly every maturity, the credit union’s IRA CD rates beat the national average, even at the lowest tier level. The top tiers all clear the national average, in some cases by a significant margin. No one rate reaches the top IRA CD rates available nationwide, but overall, the credit union offers a solid IRA CD lineup.

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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/allegacy-federal-credit-union/

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