Sunday, 25 October 2020

American Southwest Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

American Southwest Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Mar
3:08
American Southwest Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

American Southwest Credit Union Regular Shares

2.90%

Synchrony Bank 36 Month CD

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on Synchrony Bank’s secure website

NCUA Insured

American Southwest Credit Union’s checking account options

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How American Southwest Credit Union’s checking accounts compare

As we mention in our roundup of the best online checking accounts, the best products will earn interest, as well as have no account and ATM fees and a user-friendly online interface. These two checking accounts win on a couple of these fronts, but not enough to make them must-have accounts. We say consider one of the accounts on our list to be able to earn interest on your funds without any added hassle.

American Southwest Credit Union’s savings account options

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How American Southwest Credit Union’s savings accounts compare

Although American Southwest Credit Union’s Share Savings account earns dividends, it’s not competitive compared to those on our list of the best online savings accounts. Sure, it has a very low deposit requirement and no monthly fees, but it offers virtually nothing in the way of additional perks. If you’re not ultimately after one of the credit union’s other products that require you to open this account, we wouldn’t recommend seeking this account alone. The Safari Club is a nice bonus for parents who are members and want to teach their kids about savings, but it also isn’t a must or a reason to seek out American Southwest Credit Union specifically.

American Southwest Credit Union’s CD rates

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How American Southwest Credit Union’s CD rates compare

Despite American Southwest Credit Union boasting of offering competitive rates on its certificates, these CD rates don’t stack up against those on our list of the best CD rates. Not only that, but the minimum deposit amount on the higher tier is astronomical compared to the rate it offers. We say give these CDs a hard pass and take the time to find something that will provide you with a bigger bang for your buck.

American Southwest Credit Union’s money market account option

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How American Southwest Credit Union’s money market account compares

Many banks and credit unions these days are offering very low rates on money market accounts, and American Southwest Credit Union is no exception. You can earn about double these rates on some of the accounts on our list of the best money market rates, with virtually the same or better requirements. We’d advise you to strongly consider one of those instead.

American Southwest Credit Union’s IRA options

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How American Southwest Credit Union’s IRA CD rates compare

As with the regular certificates, the rates on American Southwest Credit Union’s IRA CDs don’t compare to those on our list of the best IRA CD rates, even with the potential bonus. When you’re saving for retirement, you want to make sure you’re giving your funds the best possible opportunity to grow. We urge you to do your research to find the best IRA product, which could include one on our list.

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Emilia Benton

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Source: https://www.magnifymoney.com/blog/reviews/american-southwest-credit-union/

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