Saturday, 28 November 2020

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

Austin Telco Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
07 Dec
11:21

Austin Telco Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Austin Telco Federal Credit Union Share Savings Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.12%

CD Rates

Austin Telco Federal Credit Union 12 Month Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.63%

CD Rates

Austin Telco Federal Credit Union 36 Month Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.98%

CD Rates

Austin Telco Federal Credit Union 60 Month Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Austin Telco Federal Credit Union’s checking account options

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How Austin Telco Federal Credit Union’s checking account compares

There’s not much to say except that the rate earned on the Free Checking account is extremely low. You could also be paying a lot in ATM fees if you travel frequently and end up using a lot of out-of-network machines.

There are better alternatives among our list of checking accounts that offer higher rates, free checks and ATM refunds.

Austin Telco Federal Credit Union’s savings account options

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How Austin Telco Federal Credit Union’s savings account compares

We like the low minimum opening balance and that there are no monthly maintenance fees, but the APY is a pittance compared to online competitors. That, plus this account requires a higher minimum balance to earn the advertised APY, whereas ones on our list of the best savings accounts don’t.

If you’re after a high-yield savings account, you’re better off looking elsewhere.

Austin Telco Federal Credit Union’s CD rates

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How Austin Telco Federal Credit Union’s CD rates compare

Austin Telco Federal Credit Union makes up for their checking and savings accounts by offering decent CD rates. Depending on the term, they’re comparable to competitors, either on par or falling a few basis points lower.

The downside is that there are restrictive membership requirements, so if you don’t want to open a savings account or live near a branch then you have no choice but to pick an alternative like our top CD account picks.

Austin Telco Federal Credit Union’s money market account options

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How Austin Telco Federal Credit Union’s money market accounts compare

While it’s nice that you get a higher rate of return compared to the Share Savings or Free Checking account, we’re still not impressed. Other accounts we’ve reviewed offer much higher rates and some with lower minimum balance requirements. Many also offer ATM access and limited check writing capabilities.

Even if you’re using this account to stash away funds for a rainy day — meaning you don’t care about check writing and ATM access — you’re still better off finding another money market accounts, like these ones offering some of the best money market rates.

Austin Telco Federal Credit Union’s IRA account options

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How Austin Telco Federal Credit Union’s IRA CD rates compare

Unfortunately, these IRA CD rates fall short compared to the best IRA CD rates we’ve seen. As well, the minimum opening deposit is higher than other accounts we’ve reviewed. If you’re already a member of Austin Telco Federal Credit Union and do regular banking with them, it may make sense to open an IRA CD. For the rest, the restrictive membership requirements may not be worth it.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/austin-telco-federal-credit-union/

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